Falcon Edge Capital leads funding round in SME lender Of Business (VCCircle)
New York-based hedge fund Falcon Edge Capital has led an investment of $110 million (Rs 817 crore) in SME financing platform Of Business. Existing investors Matrix Partners India, Creation Investments, and Norwest Venture Partners also participated in the round which saw 73 employees and 12 angel investors sell stock worth $13 million, the Gurugram-based startup said in a statement.
Hedge Fund Balyasny on Quant and Tech Hiring Spree (eFinancialCareers)
Balyasny Asset Management, the multi-strategy hedge fund based in Chicago, has been doing some significant quantitative and technology hiring in London. The fund, which recently ranked 23rd in Fortune’s best small and medium finance workplaces list, has been busy recruiting both senior and junior staff from rivals. Dan Azzopardi joined this month as a managing director and head of macro technology from Rokos Capital Management, where he spent nearly three and a half years as CTO after nearly 11 years in markets technology at Barclays. Azzopardi will presumably be managing Balyasny’s macro tech stack.
Lynx Wins 20 Year Award – But is Not Relaxing (Hedge Nordic)
Stockholm (HedgeNordic) – Lynx CTA, one of Sweden’s oldest hedge funds, has just received the prestigious EuroHedge award for “Long Term Performance (20 years)” in the Managed Futures category. Over these past 20 years, Lynx has made multiple advances to its systems and operations but some aspects of the programme – such as the core belief in trend following, the presence of diversifying non-trend models and return optimisation targets – have not changed.
Pressmaster/Shutterstock.com
Lone Pine, Candlestick, and Holocene among the big-name hedge funds hit hard in March (Business Insider)
March was not pleasant for many hedge funds. Big-name managers like Lone Pine, Holocene, Candlestick, Suvretta, and more lost money as industry-wide alpha – or returns beyond the overall market — is on pace for its worst year since 2015, according to client data from Morgan Stanley’s prime brokerage unit. March ended with a massive market event, thanks to the implosion of Bill Hwang’s family office Archegos that dealt major losses to banks like Credit Suisse and Nomura. Meanwhile other banks, such as Morgan Stanley, offloaded some losses to hedge fund clients with the implied trade-off that those managers would get in on the hottest IPOs, according to a CNBC report.
Credit Suisse Ignored Warnings Before Archegos and Greensill Imploded (The Wall Street Journal)
Credit Suisse Group AG’s double-barreled financial crisis shares a common theme: a bank that looked the other way when warning signs argued for pulling back on lucrative corners of its business. The Swiss bank with a big Wall Street presence was caught off guard starting in late February when $10 billion in complicated investment funds it ran with financing firm Greensill Capital unraveled, despite years of internal warnings about the relationship.
