Activist Third Point Takes Stake in Richemont, Miss Tweed Says (Bloomberg)
Activist investor Dan Loeb’s Third Point LLC has built a stake in Swiss luxury-goods company Richemont and is pushing for changes to boost the stock price, the website Miss Tweed reported. Third Point is now engaging with Richemont, according to the report. Another hedge fund has taken a smaller position in the company and also is pressuring Richemont Chairman Johann Rupert, Miss Tweed reported, without saying where it got the information. Richemont declined to comment about the article, according to a spokeswoman contacted by Bloomberg News. Third Point didn’t immediately respond to a request for comment.
Credit Suisse Strikes Deal to Refer Hedge Fund Clients to BNP Paribas (Business Recorder)
ZURICH: Credit Suisse said on Monday it had struck a deal to refer hedge fund clients to rival BNP Paribas following the Swiss lender’s decision to exit prime broking and some derivatives businesses in the wake of the Archegos scandal. The news comes after Switzerland’s second-biggest bank said last week it would all but stop funding hedge funds by shutting most of its prime brokerage business, a division blamed for racking up $5.5 billion in losses when investment fund Archegos Capital Investment defaulted in March.
Hedge Funds Gained Ground In October (Wealth Briefing Asia)
A global measure of hedge fund returns showed that the sector advanced in October, helped by some recent equities’ losses being reversed and a rise in short-term interest rates. The investible HFRI 500 Fund Weighted Composite Index advanced 1.7 per cent in October, while the HFRI Fund Weighted Composite Index® (FWC) added 1.6 per cent, according to data released today by the Chicago-based group, Hedge Fund Research. With the October gain, total capital invested in the global hedge fund industry rose to an estimated $4.04 trillion.
Insider Trading: November 8, 2021 (BIV.com)
Insider Ali Tajskandar, 10% owner. Company: Wishpond Technologies Ltd. (NASDAQ:WISH). Shares owned: 5,189,477. Trade date: October 22, 25. Trade total: $69,352. Trade: Acquisition of 57,000 shares at prices from $1.20 to $1.24 per share. Insider Neil S. Subin, 10% owner. Company: Scully Royalty Ltd. (NYSE:SRL). Shares owned: 180,000. Trade date: October 22. Trade total: US$ 26,175. Trade: Sale of 2,452 shares at a price of US$11.14 per share.
The Executive Co-Chairman of KKR & Co (NYSE: KKR) is Selling Shares (Analyst Ratings)
On November 5, the Executive Co-Chairman of KKR & Co (KKR), Henry Kravis, sold shares of KKR for $383.9M. This is Kravis’ first transaction since reporting a Sell transaction on HCA back in May 2016 In addition to Henry Kravis, one other KKR executive reported Sell trades in the last month. Based on KKR & Co’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $3.14 billion and quarterly net profit of $1.32 billion.
Notable Lazydays Holdings Insider Trades $2.3M In Company Stock (Benzinga)
William P Murnane, Chief Executive Officer at Lazydays Holdings (NASDAQ:LAZY), made a large buy and sell of company shares on November 5, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that William P Murnane exercised options to purchase 69,917 Lazydays Holdings shares at a price of $11.10 per share for a total of $776,079 on November 5. They then sold their shares on multiple transactions in the open market. They sold at prices ranging from $21.65 to $21.85 to raise a total of $1,519,063 from the stock sale.
