Millennium is Amassing big Beasts of Hedge Fund Tech in Miami (eFinancialCareers.com)
It’s not just Ken Griffin who’s hiring in Miami. Millennium Management, the hedge fund founded by Izzy Englander is also building out its Miami technology hub, and is massing some of its most senior engineering staff in Florida in the process. As we reported earlier this week, Millennium is quietly building a technology hub in India, but it’s Miami where its technology action is most intense. Englander discussed the founding of the Miam tech center in his February investor letter, and sources say several of Millennium’s top technologists are already there.
Hedge Fund Tycoon Seeks Permission to Build a Mechanical Building and a Multipurpose Facility on Scottish Island (TDPelMedia)
The creation of “a global attraction” on the Scottish Island that served as the inspiration for The Wicker Man carries the risk of upsetting planners, according to a multimillionaire hedge fund mogul. For Mr Tanera in the Summer Isles, English hedge fund tycoon Ian Wace, who is wed to model Saffron Aldridge, spent £1,695,000 in 2017. The most recent Sunday Times Rich List estimates Mr. Wace’s net worth at £680 million. He is in charge of a six-year renovation plan for Tanera Mr. that may turn it into a luxurious retreat with space for up to 60 paying guests.
Three Arrows Capital Founders Break Their Silence, Look to Move to Dubai: Report (Coin Desk)
The founders of insolvent crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies, have broken their silence in an interview with Bloomberg. The duo described the collapse as “regrettable,” but denied claims they pulled money from the fund before its collapse, according to the report. The collapse of Three Arrows, also known as 3AC, was seemingly triggered by the fall of the Terra ecosystem and sent ripples in the crypto market. Investors are claiming the defunct fund still owes them $2.8 billion. On Monday, a 1,157-page court filing revealed the extent of the hedge fund’s debt following the implosion, with individual claims worth over $1 billion.
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Hedge Fund Star Andurand Sees Oil Demand Bouncing Back to Trend (Bloomberg)
Oil demand may outshine expectations even if the global economy falters, according to star trader Pierre Andurand. Consumption growth has lagged behind its four-decade trend over the past few years because of Covid-19 lockdowns, and ought to revert back to normal levels, the hedge fund manager said on Twitter. His biggest commodities fund returned about 160% in the first half of this year.
Macro and CTA Hedge Funds Soared While Tech-Heavy Funds Tanked. Here are the Biggest Winners and the Losers for the First Half of 2022. (Business Insider)
Many hedge funds had a rough ride during the first half of 2022. Hedge fund assets dropped below $4 trillion in June, due to poor performance and investor withdrawals, new Hedge Fund Research data showed. Institutional investors pulled out roughly $27.5 billion from hedge funds during the second quarter, the highest quarterly outflow since the first quarter of 2020. High inflation and a looming economic recession is to blame for the drop in flows, HFR said.
