Credit Suisse’s Archegos Inquiry Rips Bank’s Due Diligence (Bloomberg)
Credit Suisse Group AG failed to properly monitor tens of billions of dollars of exposure that piled up while handling trades for Archegos Capital Management that generated relatively little revenue, according to people briefed on the findings of the bank’s internal inquiry. The report into how the bank lost about $5.5 billion tied to the collapse of Bill Hwang’s family office paints a picture of due diligence failings as employees chased business that made little economic sense, the people said, asking not to be identified because the conclusions aren’t yet public. Credit Suisse will probably post findings alongside earnings on Thursday.
Preqin Quarterly Update: Hedge Funds, Q2 2021 (Preqin)
After a strong 2020 and Q1 2021, hedge funds continued their momentum into the second quarter. The Preqin All-Strategies Hedge Fund benchmark returned +7.42% in Q1 and +4.20% in Q2. In fact, the asset class was positive in every month in H1 2021 – this has occurred only four times in the past 25 years. In terms of strategies, equity strategies went up 5.97% – more than any other top-level strategy. Credit had the lowest performance but still managed to return 2.07% to investors.
Anthem, Humana Join Hedge Fund to Launch PBM (Medcity News)
The hedge fund SS&C Technologies Holdings will be the majority stakeholder, while the two payers will each hold a minority interest in the PBM, dubbed DomaniRx. The joint venture will develop a claims adjudication platform to support its operations. Anthem and Humana have entered into a joint venture with hedge fund and private equity administrator SS&C Technologies Holdings to create DomaniRx, a pharmacy benefit manager.
Warren Buffett’s Next ‘Elephant-Sized’ Acquisition May Face Antitrust Risks After Regulators Tanked 2 Megadeals this Month (Business Insider)
Warren Buffett has been hunting for his next “elephant-sized” acquisition for several years now. The famed investor and Berkshire Hathaway CEO may think twice about pulling the trigger after seeing two billion-dollar deals collapse this month. Berkshire’s energy unit struck a $10 billion deal to buy Dominion Energy’s natural gas transmission and storage business last summer. After completing the bulk of the transaction in November, it scrapped its plan to buy the Questar Pipeline Group from Dominion for $1.7 billion earlier this month.
The CFO, Treasurer and EVP of Nucor (NYSE: NUE) is Selling Shares (Analyst Ratings)
Today, the CFO, Treasurer and EVP of Nucor (NUE), James Frias, sold shares of NUE for $554.3K. Following James Frias’ last NUE Sell transaction on April 29, 2021, the stock climbed by 16.3%. In addition to James Frias, one other NUE executive reported Sell trades in the last month. Based on Nucor’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $8.79 billion and quarterly net profit of $1.51 billion.
SEBI Imposes Rs 3 Lakh Fine on Shilpa Shetty and Raj Kundra for Insider Trading (The Indian Express)
Capital Markets regulator Securities and Exchange Board of India (SEBI) imposed a fine of Rs 3 lakh on Shilpa Shetty, Raj Kundra and Viaan Industries, the company they own, violating its insider trading rules. The Bollywood actor, her businessman husband and their company delayed a mandatory disclosure to stocks exchanges by more than three years.
Snap Inc (SNAP) CEO Evan Spiegel Sold $75 million of Shares (Guru Focus)
CEO of Snap Inc, Evan Spiegel, sold 991,465 shares of SNAP on 07/27/2021 at an average price of $75.65 a share. The total sale was $75 million.
