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.
Up 30% in 2022, What Next for Elementa? (Hedge Nordic)
Stockholm (HedgeNordic) – As stocks have broadly plummeted in unison this year, 2022 is shaping up to be rather disappointing for stock-picking managers. This market rout, however, has worked to the benefit of long/short equity fund Elementa, which is enjoying its best year on record with a year-to-date advance of over 30 percent. “At the beginning of the year and throughout a large portion of 2021, we struggled to find interesting long positions that would meet our high standards in terms of risk/reward whereas we saw a lot of opportunities on the short side, hence our positioning resulted in a negative net exposure throughout the year,” recalls Elementa founder and CIO Marcus Wahlberg. “Our strong performance comes from a combination of great alpha in our long book together with a 60 percent performance in our short book,” says Wahlberg.
Brookfield Tops the Charts as US Leads the Way in Music Deals (Preqin)
Top US music deals and funds reflect the value of rights ownership as the industry continues to evolve. Private capital investors are seeing value in music rights ownership as streaming services and social media firms introduce new ways to distribute music. The US has played host to some of the largest music rights deals over the last three years. $2bn: Private capital giant Brookfield Asset Management completed one of the largest music deals in the US in 2022 YTD with the $2bn purchase of New York-based music publisher Primary Wave. The deal gives Primary Wave $1.7bn in capital funding and offers Brookfield music rights to multiple artists, including American punk singer Joey Ramone.
Don’t Expect Britain’s First Hedge Fund Premiership to be Smooth or Enjoyable | Ed Conway (Sky News)
Rishi Sunak is not just our first British Asian prime minister, our first Hindu PM. He is not just the youngest prime minister of the modern era. He is also the youngest since the Napoleonic wars and the first millennial PM. Just as intriguingly, and possibly even more consequentially, he is Britain’s first hedge fund prime minister too. Before he was a politician, Mr Sunak worked in finance, both at Goldman Sachs and Chris Hohn‘s hedge fund – The Children’s Investment Fund Management. His time in the sector was relatively short, but it nonetheless makes for a CV quite unlike almost every other resident of 10 Downing Street.
Greenlight Continues to Cut Its Exposure (Institutional Investor)
In a year of caution, Greenlight has turned even more cautious. According to its third-quarter letter, obtained by Institutional Investor, the value-driven hedge fund firm headed by David Einhorn had cut its net long exposure to a mere 10 percent as of the end of September.
Monday 10/24 Insider Buying Report: MIST, USAU (Nasdaq.com)
On Wednesday, Milestone Pharmaceuticals (MIST)’s Director, Robert James Wills, made a $73,950 buy of MIST, purchasing 15,000 shares at a cost of $4.93 each. Wills was up about 13.6% on the buy at the high point of today’s trading session, with MIST trading as high as $5.60 at last check today. Milestone Pharmaceuticals is trading up about 3.7% on the day Monday. And on Thursday, Director Luke Anthony Norman bought $36,411 worth of US Gold Corp (USAU), buying 10,000 shares at a cost of $3.64 a piece. Before this latest buy, Norman bought USAU at 2 other times during the past twelve months, for a total investment of $62,658 at an average of $3.95 per share. US Gold Corp is trading down about 0.1% on the day Monday. Norman was up about 1.1% on the purchase at the high point of today’s trading session, with USAU trading as high as $3.68 in trading on Monday.
$6 Million Bet On This This Stock? Check Out These 3 Penny Stocks Insiders Are Buying (Benzinga)
Axcella Health: The Trade: Axcella Health Inc. (AXLA) 10% owner Nestle SA bought a total of 3,658,536 shares at an average price of $1.64. To acquire these shares, it cost around $6 million. OPKO Health: The Trade: OPKO Health, Inc. OPK 10% owner Frost Gamma Investments Trust acquired a total of 100,000 shares at an average price of $1.72. The insider spent around $171.92 thousand to buy those shares.
Insider Trading: October 24, 2022 (BIV.com)
Insider John Kim, director. Company: Well Health Technologies Corp. (TSX:WELL). Shares owned: 484,379. Trade date: Oct. 7. Trade total: $356,880. Trade: Sale of 124,000 shares at prices from $2.87 to $2.88 per share. Insider Patrick John McGrath, 10% owner. Company: Blue Moon Metals Inc. (TSX-V:MOON). Shares owned: 9,775,714. Trade date: Oct. 11. Trade total: $70,000. Trade: Sale of 7,000,000 shares at a price of $0.01 per share.
