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.
SS&C GlobeOp Forward Redemption Indicator falls to 1.82% in July (Hedge Week)
The SS&C GlobeOp Forward Redemption Indicator for July 2022 measured 1.82%, down from the 2.42% recorded in June. “SS&C GlobeOp’s Forward Redemption Indicator for July 2022 was 1.82%, virtually unchanged from the 1.81% reported a year ago and well-below historical levels for July redemptions,” said Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “The positive trend in asset retention hedge funds are enjoying in 2022 indicates investor confidence in managers continuing to post favorable risk-adjusted returns against major indices in the ongoing highly volatile market environment.”
LGT Capital Partners Beats Target with Latest Fund (Opalesque.com)
Swiss private equity firm LGT Capital Partners has closed its third co-investment fund – Crown Co-investment Opportunities III (CCO III) – on $2.0 billion, beating its initial target size of $1.5 billion. The firm’s predecessor co-investment fund CCO II closed on $1.3 billion in 2019. The focus of the investment strategy is on buyouts in North America, Europe and opportunistically Asia-Pacific. “Co-investments have increasingly become a component of diversified private market portfolios. By investing in CCO III, investors get direct access to high quality transactions well-diversified by sector, manager, geographic region and vintage year. At the same time, they can draw on our dedicated resources and years of experience to execute transactions thoroughly and efficiently,” said Wolfgang Müller, a Partner at LGT Capital Partners.
Friday 7/22 Insider Buying Report: LMT, INKT (Nasdaq.com)
At Lockheed Martin, a filing with the SEC revealed that on Wednesday, Director John Donovan purchased 632 shares of LMT, at a cost of $396.16 each, for a total investment of $250,373. Donovan was up about 1.0% on the buy at the high point of today’s trading session, with LMT trading as high as $400.10 at last check today. Lockheed Martin is trading up about 0.8% on the day Friday. Before this latest buy, Donovan made one other purchase in the past twelve months, buying $250,230 shares for a cost of $440.55 each. And at Mink Therapeutics, there was insider buying on Tuesday, by Director Ulf Wiinberg who purchased 20,000 shares for a cost of $1.38 each, for a total investment of $27,646. This purchase marks the first one filed by Wiinberg in the past year.
When It Comes to Achieving ESG Goals, Is Short Selling More Effective Than Shareholder Activism? (Institutional Investor)
Shareholder activism and divestment have been the favorite strategies of investors interested in achieving environmental, social, and governance goals. But taking short positions on companies that don’t follow ESG rules might help, too. James Jampel, founder of the $700 million hedge fund HITE Asset Management, believes that shorting can play a powerful role in helping the economy reduce carbon emissions. It may even work better than shareholder engagement, because it allows investors to avoid the conflict of interest that arises from holding long positions in ESG laggard companies, he said.
Gavin Baker’s Atreides Plans to Raise Opportunistic Venture Fund (Bloomberg)
Atreides Management LP, a $3 billion hedge fund led by Gavin Baker, is seeking to raise a vehicle dedicated to opportunistic venture wagers amid a challenging period for startups. “It is easy to say ‘Be fearful when others are greedy and greedy when others are fearful,’ but much harder to do in practice,” Baker, 46, told clients in a letter seen by Bloomberg. “The next 9 to 12 months will be one of the best times in history to be greedy and deploy capital within venture.”
Lone Pine Posts Quarterly Loss (Institutional Investor)
The Tiger Cub founded by Stephen Mandel, Jr., is sharply lagging the overall market. Lone Pine Capital is the latest Tiger Cub and hedge fund in general to report a sharp loss in the second quarter. The firm, founded by Stephen Mandel, Jr., posted a roughly 13 percent decline in its long-short fund, Lone Cypress, in the June three-month period, extending its loss for the…
Cryptocurrency’s First Insider Trading Scheme Leads to 3 Being Charged (Fox News)
A former employee of the cryptocurrency exchange platform Coinbase and two others were charged by the U.S. Securities and Exchange Commission for alleged insider trading valued at more than $1.1 million, according to a lawsuit filed Thursday in U.S. District Court in Seattle. Prosecutors said this is the first insider-trading case involving cryptocurrency markets, the Seattle Times reported. “Fraud is fraud is fraud, whether it occurs on the blockchain or on Wall Street,” U.S. attorney Damian Williams said in a news release.
$8.6 Million Bet On This Basic Materials Stock? 3 Penny Stocks Insiders Are Buying (Benzinga)
PureBase Corporation: The Trade: PureBase Corporation (PUBC) Director John Bremer acquired a total of 130,568,517 shares at an average price of $0.09. To acquire these shares, it cost around $8.57 million. ReWalk Robotics: The Trade: ReWalk Robotics Ltd. (RWLK) 10% owner Lind Global Macro Fund LP acquired a total of 263,002 shares at an average price of $2.35. To acquire these shares, it cost around $617.99 thousand.
