Bridgewater Associates Launches Sustainable Investing Venture (Hedge Week)
Bridgewater Associates (Bridgewater), a global leader in institutional portfolio management and the largest hedge fund in the world, has launched a new sustainable investing venture. Karen Karniol-Tambour and Carsten Stendevad will serve as Co-Chief Investment Officers (Co-CIO) for Sustainability, overseeing the effort, including the design and implementation of investment solutions for clients pursuing sustainability goals alongside their financial targets.
Sean George to Leave Sweden (Hedge Nordic)
Stockholm (HedgeNordic) – Hedge fund manager Sean George has decided to leave Strukturinvest Fondkommission and Sweden for new challenges abroad. Consequently, Hamiltonian Global Credit Opportunities (Hamiltonian GCO), the credit-focused hedge fund founded and co-managed by George, is closing down at the end of April, a few months after reaching $100 million under management.
Hedge Fund Investment Firm Brevan Howard to Start Investing in Cryptocurrencies (Bitcoin.com)
Brevan Howard, one of Europe’s largest hedge funds with $13.7 billion in assets under management, is reportedly set to start buying cryptocurrencies. The investment firm previously bought a 25% stake in One River Asset Management, which runs a number of cryptocurrency funds. Major Hedge Fund to Start Investing in Cryptocurrencies: Investment management firm Brevan Howard is reportedly preparing to start buying cryptocurrencies, Bloomberg reported, citing a person familiar with the matter. The firm’s cryptocurrency investments will be overseen by Distributed Global’s co-founders Johnny Steindorff and Tucker Waterman. Distributed Global is an asset management company that focuses on digital assets.
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The Rage of Carson Block (Institutional Investor)
A year before Carson Block launched Muddy Waters Capital, his hedge fund firm, he started trying to line up a prime broker – an investment bank that could lend him stocks so he could then sell them short. But the task was proving arduous. The problem, he believes: Block had made his name calling out China frauds, and Wall Street loved China.
Pershing Square Tontine Finds Itself in the Pressure Zone (MSN)
I must admit that I’ve likely frustrated readers regarding my take on Pershing Square Tontine Holdings (NYSE:PSTH). With the popularity of special purpose acquisition companies, folks want to know whether they should buy, sell or look for another opportunity. Frankly, PSTH stock is difficult to figure out because it has a mixture of positives and negatives. Of course, the biggest factor working in favor of the blank-check firm is the sponsor, legendary investor and hedge fund manager Bill Ackman. When it comes to SPACs, you live or die by its sponsor. Typically, a SPAC has about two years to identify a reverse merger target and seal the deal. If nothing happens, shareholders get their money back.
A New Hedge Fund, David Tepper-Backed CastleKnight Management, has Crushed its First 6 months of Trading (Business Insider)
CastleKnight Management hasn’t wasted any time since it began trading last October. In six months, the David Tepper-backed firm has surged 63.2%, a source familiar with the firm told Insider. In 2021, through the end of March, the manager is up 34% after returning 10.8% last month. The average hedge fund has returned more than 6% in the first quarter of 2021, according to Hedge Fund Research.
Tribune Confirms Wyss Departure From Rival Bid, Ending Talks (Bloomberg)
Tribune Publishing Co. confirmed that a rival bid for the newspaper giant lost its biggest funding source, leaving hedge fund Alden Global Capital positioned to succeed in taking over the company. Swiss billionaire Hansjoerg Wyss is dropping out of the $18.50-a-share bid led by Choice Hotels International Inc. Chairman Stewart Bainum Jr., Bloomberg News reported April 17. After conducting due diligence for the past two weeks, Wyss decided not to go forward with the proposal, people familiar with the situation said.
Exclusive-New York’s Infinity Q Winds Down Hedge Fund as Valuation Issues Spread (Reuters)
BOSTON (Reuters) – New York investment firm Infinity Q Capital Management LLC is liquidating its hedge fund as the fallout from a U.S. regulatory probe into its valuation practices spreads, according to a person with knowledge of the matter. The hedge fund wind-down, first reported by Reuters, may expand the Wall Street firm’s client losses and spark further questions over who is to blame for the valuation problems first surfaced by the Securities and Exchange Commission (SEC).
Credit Suisse Faces Lawsuit from Pension Fund Over Greensill, Archegos Issues (Pensions&Investments)
St. Clair Shores (Mich.) Police and Fire Retirement System filed a lawsuit against Credit Suisse Group, accusing the firm of misleading investors and allowing high-risk clients — including Greensill Capital and Archegos Capital Management – to take on excessive leverage. In a securities class action filed April 16 in U.S. District Court for the Southern District of New York, the pension fund said Credit Suisse along with CEO Thomas Gottstein, former Chief Risk and Compliance Officer Lara Warner and Chief Financial Officer David Mathers “issued materially false and misleading statements regarding the company’s business metrics and financial prospects.”
Insider Trading: April 19, 2021 (BIV.com)
Insider Barbara Hislop, director. Company: Canfor Corp. (TSX:CFP). Shares owned: 1,005,861. Trade date: April 5, 6, 7. Trade total: $5,686,318. Trade: Sale of 198,800 shares at prices from $27.76 to $29.15 per share. Insider John Edward Robins, officer Company: Great Bear Royalties Corp. (TSX-V:GBRR). Shares owned: 1,451,256. Trade date: April 5, 6. Trade total: $1,211,360. Trade: Acquisition of 395,600 shares at prices from $2.85 to $3.20 per share.
Deutsche Bank Board Member Investigated Over Alleged Insider Trading (CityA.M)
Germany’s financial regulator has reportedly filed a criminal complaint against a Deutsche Bank board member over alleged insider trading of Wirecard shares. BaFin has filed a complaint against Alexander Schutz over suspicions he used insider information in 2019 and 2020 when trading Wirecard shares, the Financial Times reported. Munich prosecutors told the newspaper they had received the complaint and were awaiting further details. They will evaluate the matter once all the documents have been received.
A Director at HP (NYSE: HPQ) is Selling Shares (Analyst Ratings)
Yesterday, a Director at HP (HPQ), Stacey Mobley, sold shares of HPQ for $2.29M. Following Stacey Mobley’s last HPQ Sell transaction on November 15, 2016, the stock climbed by 19.4%. In addition to Stacey Mobley, one other HPQ executive reported Sell trades in the last month. Based on HP’s latest earnings report for the quarter ending January 31, the company posted quarterly revenue of $15.65 billion and quarterly net profit of $1.07 billion.
Director Dealing: 3 UK Stocks with Insider Buying (The Motley Fool)
One thing I always keep an eye on as part of my research is director dealing (corporate insiders buying and selling shares in their own companies). Company insiders have an information advantage over the rest of us. If they’re buying or selling company stock, we can potentially gain valuable investment insights. Here, I’m going to highlight three UK shares that have seen insider buying activity over the last month. Should I follow these insiders and buy shares in these companies for my own portfolio?
