Sculptor Capital Co-Founder Daniel Och Accused of ‘Mismanagement’ by Hedge Fund (Pensions&Investments)
The hedge fund firm formerly known as Och-Ziff “deteriorated” under the “mismanagement” of its founder Daniel Och, forcing those who succeeded him to spend years stabilizing the Wall Street firm, the company said in court filings. Mr. Och’s handling of a 2016 African bribery scandal involving the firm now rebranded as Sculptor Capital Management damaged the fund’s business and balance sheet while leaving staffers reeling, lawyers said Oct. 19 as part of a legal dispute over whether Mr. Och can get access to the firm’s internal files.
Bill Ackman Sold Netflix Stock in April. Then the Shares Popped Almost 30%. (The Wall Street Journal)
Shares of Netflix have jumped 28% since billionaire investor William Ackman said his hedge fund dumped the stock, taking a loss on the sale. On April 20, Mr. Ackman told Pershing Square investors in a letter that he had sold his Netflix shares, purchased earlier in the year as the stock tumbled. Mr. Ackman said Netflix’s changes to incorporate advertising made it challenging to predict long-term subscriber growth and revenues. That has indeed been the case. Netflix shares jumped 26% last week, their best stretch since January 2015, after its latest earnings report showed the company drew more subscribers than expected.
U.S. Hedge Fund Third Point Opens Tel Aviv Office to Scout Investments (Reuters)
Billionaire investor Daniel Loeb is searching for more promising startups and is setting his sights on Israel to find them. Loeb’s $14 billion New York-headquartered hedge fund Third Point LLC is opening an office in Tel Aviv on Monday, creating an outpost in a city known for its booming technology sector. For Third Point, one of the hedge fund industry’s most successful firms, the Tel Aviv office will become its first international location. For Third Point Ventures, Third Point’s venture capital arm, it will be a second hub, in addition to its Menlo Park office in Silicon Valley, to scout investments focusing on data infrastructure, cybersecurity and enterprise software, Loeb said.
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Hedge fund Bridgewater Associates hires Goldman Sachs MD (eFinancialCareers.com)
Bridgewater Associates is a hedge fund that places great emphasis on people. One of its newest hires is ex-Goldman Sachs managing director, Yuriy Podoshev. Podoshev spent the last 15 years working for Goldman Sachs, where he was latterly global head for loans engineering. He joined GS as a senior developer for interest rates derivatives in late 2006 and rose to become New York head of interest rates operations and trade processing technology in early 2010. A year later, he was made global head of money markets trading and sales technology. He made MD and global head of loans engineering in 2020.
Global Stocks could be Heading for a Decades-Long Bear Market, Says Top Hedge Fund Manager: ‘There isn’t a Rainbow at the End of all This’ (Fortune)
Stock markets have been on a wild ride this year, leaving investors guessing for months when the time will come to buy the dip. However, one top hedge fund manager has warned that the economic outlook is gloomier than many realize, and stocks could be left suffering for years, or even decades. Boaz Weinstein, who founded New York City–based Saba Capital Management in 2009, told the Financial Times in an interview published on Monday that he was “very pessimistic” about what will happen to markets when central banks undo the stimulus programs they put in place to fight soaring inflation.
