Hedge Funds Are Betting Elon Musk Will Be Forced to Buy Twitter (Bloomberg)
Hedge funds including David Einhorn’s Greenlight Capital and Pentwater Capital Management are wagering that Elon Musk won’t get his way this time. Musk, the world’s richest person and a renowned sparring partner with regulators over securities laws, is trying to back out of his agreement to buy Twitter Inc. for $44 billion. Several hedge funds have purchased stock, options or bonds — speculating that Musk will lose a trial scheduled to begin Oct. 17 in Delaware Chancery Court.
War on Wall Street: Why Billionaire Daniel Och is Suing His Former Hedge Fund for Paying His Own Protégé Too Much (Independent.co.uk)
In 2016, the billionaire hedge fund manager Daniel Och agreed to pay nearly $2.2m to settle charges that he had broken US laws against bribing foreign government officials. Och, US regulators said, had been warned by his own lawyer and his chief financial officer not to do business with an “infamous” Israeli businessman who regularly played bribes to public servants of the Democratic Republic of Congo, but did so anyway.
The Hedge Fund Industry is Facing a Shakeout as Underperforming Shops Shutter. Here’s What a $13 Billion Hedge Fund is Doing to be One of the Winners. (Business Insider)
The writing is on the wall for hedge funds whose performance have taken massive hits over the last few months. The hedge fund industry at large is in the early innings of a correction and more consolidation, Ilana Weinstein, founder and CEO of executive search firm The IDW Group, said at a SALT conference panel on Tuesday, highlighting the massive drops in performance by growth investing giants including Tiger Global, Maverick Capital, Lone Pine, and D1 over the last few months. Chase Coleman’s Tiger Global Management is down 49.8% for the year so far, while Dan Sundheim‘s D1 Capital Partners has lost 28% over the same period, Bloomberg reported earlier this month. The S&P 500 and the average hedge fund, according to Hedge Fund Research, dropped 18% and 4% year to date, respectively.
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World’s Biggest Hedge Fund Bridgewater: A Large Recession Is Coming To America, Will Be Difficult (Moguldom)
Economists, analysts, and market participants are divided on whether the U.S. is headed for a recession but the world’s biggest hedge fund is betting that the U.S. is the epicenter of a global financial bubble, making it the country most at risk for a crushing recession when the bubble bursts. Greg Jensen, co-chief investor of Bridgewater Associates, predicted that asset prices won’t bounce back to pre-pandemic highs. He spoke Monday, Sept. 12 at the SALT hedge fund conference in New York.
Rhenman Strengthens IR Function (Hedge Nordic)
Stockholm (HedgeNordic) – Rhenman & Partners Asset Management has hired Erica Nordström Löf as Relationship Manager to assist the day-to-day management of healthcare-focused hedge fund manager’s investor relations function headed by co-founder Carl Grevelius. Nordström joins Rhenman & Partners from Ålandsbanken Abp, where she worked as Private Banker. She spent most of her career at UBS in Switzerland, most recently as Client Advisor and Director for ultra-high-net-worth individuals in Northern Europe.
