Ken Griffin’s Citadel Plans 51-Story Office Tower on Park Avenue (The Real Deal)
New details are emerging on hedge fund billionaire Ken Griffin’s planned office skyscraper in Midtown. Griffin’s Citadel is eyeing a 51-story, Norman Foster-designed tower at 350 Park Avenue, where it will redevelop properties leased from Steve Roth’s Vornado Realty Trust and Rudin Management, people familiar with the matter told Bloomberg. Citadel would occupy about 54 percent of the 1.7 million-square-foot building, which would rise to 1,350 feet. Plans for the tower, which would replace Vornado’s 350 Park Avenue, where Citadel keeps some of its existing New York offices, as well as Rudin’s 40 East 52nd Street, were confirmed by Vornado last month. Initial proposals say the building is expected to be completed in 2032.
Angelo Gordon Launches New $800m Unit to Target Growing Private Debt Demand (Opalesque)
Credit and real estate investment major Angelo Gordon & Co. has launched AG Twin Brook Capital Income Fund (TCAP) with more than $800m in total assets. The $52bn alternative investment firm said in a press release that TCAP is a non-traded business development company (BDC) that has approximately $530 million in equity and over $1 billion in total investment commitments at launch. Effective January 1, TCAP completed its merger with AGTB Private BDC, with TCAP as the surviving company; AGTB Private BDC, TCAP’s predecessor vehicle, was an affiliated, privately offered BDC with the same investment manager and investment objective as TCAP, the release noted.
Investor Ubben Takes 0.8% Stake in Bayer, Boosting Share Price (Reuters)
Activist investment fund Inclusive Capital Partners, run by hedge fund veteran Jeffrey Ubben, said on Monday it had acquired a 0.83% stake in Bayer, as the German drugs and agriculture group continues to suffer from a weak market value. Inclusive Capital said in a statement it had acquired 8.18 million Bayer shares as of Jan. 5, which works out at about 407 million euros ($435 million) based on that day’s closing price.
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Hedge Fund Fees Fall to Lowest Level Since 2008 Financial Crisis (Hedge Week)
Hedge fund fees declined slightly in Q3 2022, with the average industry-wide management fee declining 1 basis point from the prior quarter to an estimated 1.35%, according the latest HFR Market Microstructure Report. The average incentive fee, meanwhile, fell by 4 bps to 16.01%, with both estimated fees representing their lowest levels since HFR began publishing these estimates in 2008. For funds launched in Q3 2022, average management fees increased by 3 bps from the prior quarter to an estimated 1.35%. Average incentive fees for funds launched in the third quarter of 2022 was estimated at 17.23%, representing a decline of nearly 70 bps from the prior quarter though remaining above the overall industry-wide average.
Hedge Fund Takes On Toughest ESG Market With Long-Short Bet (Bloomberg)
A European ESG classification that’s proved too strict for many of the world’s biggest asset managers has just been embraced by a hedge fund manager in London. Trium Capital LLP, whose ESG Emissions Impact Fund outperformed 96% of peers last year, has launched a long-short strategy it says will be green enough to merit the European Union’s top environmental, social and governance designation, known as Article 9.
Hybrids in Tough Real Estate Market (Hedge Nordic)
HedgeNordic (Stockholm) – Swedish real estate companies have been active issuers of hybrids – notes subordinate to senior debt with both equity and debt characteristics. Regarded as partly equity by credit rating agencies, hybrids help issuers improve credit ratings and hence, reduce the cost of funding. The “real estate hybrids” space has experienced a tumultuous period since higher interest rates started eroding profitability and limiting options for debt refinancing.
Glenview Posts Mixed Results in 2022 (Institutional Investor)
One of the firm’s main funds made money, while the other lost less than half what the S&P 500 did. All things considered, 2022 wasn’t a bad year for Glenview Capital Management. Granted, the hedge fund firm headed by Larry Robbins suffered a 3.1 percent loss in December in its flagship Glenview Capital Partners fund, reducing its fourth-quarter gain to 4.1 percent, according to…
Binance Under Scrutiny as Prosecutors Probe Hedge Fund Connection (Investing.com)
The U.S. attorney’s office for the Western District of Washington has reportedly sent subpoenas to investment companies demanding documents of their conversations with Binance over the past several months. As reported by the Washington Post, Federal officials are still considering a potential settlement with Binance and analyzing whether the information they have is adequate to file charges. The subpoenas do not necessarily indicate that authorities will seek charges against Binance or its founder and CEO Changpeng Zhao aka CZ.
Hedge Funds Boost Dollar Shorts on Bets for Slower Fed Hikes (Bloomberg)
Hedge funds are growing ever more bearish on the dollar, underscoring speculation the Federal Reserve will slow the pace of its interest-rate hikes. Bets against the greenback swelled to 30,457 contracts last week, the most since August 2021, according to data from the Commodity Futures Trading Commission on eight currency pairs. Swap contracts show investors now expect the Fed funds effective rate to peak below 5%, down from 5.06% after data on Friday showed US wage growth cooled last month.
Monday 1/9 Insider Buying Report: COIN, VIR (Nasdaq.com)
At Coinbase Global, a filing with the SEC revealed that on Wednesday, Director Tobias Lutke purchased 11,012 shares of COIN, for a cost of $34.62 each, for a total investment of $381,235. Lutke was up about 9.6% on the purchase at the high point of today’s trading session, with COIN trading as high as $37.93 in trading on Monday. Coinbase Global is trading up about 13.1% on the day Monday. Before this latest buy, Lutke bought COIN on 20 other occasions during the past twelve months, for a total investment of $7.85M at an average of $57.04 per share. And also on Wednesday, Director Charles Elliott Sigal bought $127,129 worth of Vir Biotechnology, buying 5,000 shares at a cost of $25.43 a piece. Vir Biotechnology is trading off about 1.5% on the day Monday. Sigal was up about 3.8% on the purchase at the high point of today’s trading session, with VIR trading as high as $26.38 at last check today.
Insiders Selling Qualcomm, Skechers And 2 Other Stocks (Benzinga)
HP: The Trade: HP Inc. (HPQ) President and CEO Enrique Lores sold a total of 34,000 shares at an average price of $27.13. The insider received around $922.42 thousand from selling those shares. Skechers U.S.A.: The Trade: Skechers U.S.A., Inc. (SKX) President Michael Greenberg sold a total of 20,833 shares at an average price of $42.12. The insider received around $877.52 thousand as a result of the transaction.
