Sale of Tribune Newspapers to Hedge Fund Is Approved by Shareholders (The New York Times)
In the end, the hedge fund got its way. Shareholders of Tribune Publishing, whose titles include The Chicago Tribune, The Baltimore Sun and The New York Daily News, on Friday voted to approve the company’s sale to Alden Global Capital, an investor with a reputation for slashing costs and cutting jobs.
Hedge Funds Like Millennium, Citadel, and Blackstone have Dumped Shares in the Michael Klein-Backed SPAC Set to Acquire Lucid Motors (Business Insider)
Churchill Capital Corp. IV stock fell dramatically after its 300% ascent earlier this year. The special-purpose acquisition company is slated to take Lucid Motors public. Hedge funds like Blackstone and BlueCrest sold their stakes entirely, while Coatue bought shares. The once-red hot market for special-purpose acquisition companies (SPACs) has finally cooled. The Michael Klein-backed Churchill Capital Corp. IV, once a darling of the SPAC market, encapsulates its recent crash back down to earth in the past two months. The stock is trading at around $18 as of May 20, down from its peak of $64 per share in February. The current price is still more than the $10 each share was worth when the SPAC was formed.
Certares and Knighthead Close Inaugural Co-Managed Travel, Tourism and Hospitality Fund at USD1.5bn (Hedge Week)
Certares Management (Certares), an investment specialist dedicated to the travel, tourism and hospitality sectors, and Knighthead Capital Management, (Knighthead), a credit investment management firm, have closed the CK Opportunities Fund at approximately USD1.5 billion in total commitments. The Fund exceeded its initial target of USD1 billion over a six-month fundraising period in a fully virtual environment. The Fund received strong support from a diversified global investor base, including leading sovereign wealth funds, family offices, pensions, endowments and foundations, and financial institutions.
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These are the UK’s Wealthiest Hedge Fund Managers in 2021 (Financial News)
For the City, the last 12 months proved to be a record year in minting new billionaires, as Britain created more wealthy business people during the pandemic than at any other time in the last three decades. This year’s Sunday Times Rich List identified a significant amount of wealth added on to the fortunes of the Square Mile’s top hedge fund managers, whose combined fortunes add up to £20.5bn.
Meet Jim Simons, the Wealthiest Hedge Fund Manager in the World (Nairametrics)
Recently, we did a post about George Soros, one of the most successful hedge fund managers in the world. Well, Mr Soros is not the wealthiest hedge fund manager, despite his success in the career path. That title goes to Jim Simons and we are going to take a brief look at who he is, in this article. Meet Jim Simons: Jim Simons is the founder of Renaissance Technologies, an esteemed quantitative trading hedge fund firm that sits on top of a massive $55 billion fortune.
Archegos Fiasco Spurs Regulators to Demand Banks’ Answers Soon (Bloomberg)
Britain’s top banking regulator is pressing ahead with an international push for answers on how banks’ exposure to Archegos Capital Management got so massive, leading to more than $10 billion in losses. The Prudential Regulation Authority has started a probe, asking firms including Credit Suisse Group AG, UBS Group AG and Nomura Holdings Inc. to hand over information related to their lending to Archegos by next month, according to people familiar with the matter.
A Show of Support for GlaxoSmithKline’s Hedge Fund Fight (Money Week)
Several large shareholders have signalled that they will support GlaxoSmithKline (GSK) in its battle with hedge fund Elliott Management, giving a “huge boost” to the pharma company’s “under-fire” management, say Alex Lawson and Emma Dunkley in The Mail on Sunday. Elliott is said to be pushing for a “dramatic” new plan that could see the FTSE100 firm “sold off in parts or swallowed up by a foreign rival”. However, BlackRock, GSK’s biggest investor, its fifth-largest shareholder Dodge & Cox,and insurer Royal London have reportedly urged firm’s chairman Jonathan Symonds to carry on with plans to overhaul its drugs pipeline and to spin off its consumer healthcare division next year.
Investing in Culture (Hedge Nordic)
Stockholm (HedgeNordic) – Successful founders and CEOs need the right skill set to manage a business and attract and optimize talent. Nina Hammerstad, formerly Chief People and Operation Officer at the world’s largest sovereign wealth fund, has decided to use her skill set to embark on an entrepreneurial journey in the hyper-competitive investment management industry. Hammerstad established Oslo-based partner-owned firm REQ, which consists of two separate legal entities: asset management arm REQ Capital and real estate-focused arm REQ Alternative Investments.
Facebook’s Overtaken Amazon as Top Hedge Fund Holding, According to Goldman Sachs. Here’s What Else Funds have Loaded Up On. (Market Watch)
Copying is a tried-and-true strategy. Of course it’s better to know the answers yourself, but if not, just find someone smarter who does. It’s the very essence of momentum trading — buying what others just bought. In fact the great investing trend of the last 50 years, passive investing, is just copying what some index provider put together. So here’s to mimicry. The parrot should be the official bird of Wall Street.
Stringer Takes NYC Mayoral Campaign to Ken Griffin and Dan Loeb’s Steps (Bloomberg)
(Bloomberg) — Hedge fund managers Ken Griffin and Dan Loeb got a home visit from city Comptroller Scott Stringer on Thursday, who took his mayoral campaign to the steps of the financiers’ luxury Manhattan apartments to protest multimillion-dollar donations to candidates running for New York City mayor. “I am going to protect city government from greedy men,” Stringer said, while standing outside the Central Park high rise of Griffin, the founder and CEO of Citadel. “I don’t think that you should have two billionaires who are now cherry-picking two candidates.”
Former Executive of Healthe Care Australia Pleads Guilty to Insider Trading (Mirage News)
Mr Gregory Campbell of Surfers Paradise, Queensland, today appeared in the County Court of Victoria and pleaded guilty to one count of insider trading. Mr Campbell was the National Development and Construction Manager at Healthe Care Australia Pty Limited (Healthe Care) and a member of the company’s executive team in 2016. On 19 October 2016, Mr Campbell acquired 392,257 shares in Pulse Health Limited (Pulse) for a total value of approximately $127,384 while in possession of inside information relating to Pulse. On 21 October 2016, Mr Campbell sold the shares for a profit of over $30,000.
Insiders Buy the Holdings of IHE ETF (Nasdaq.com)
Elanco Animal Health Inc (Symbol: ELAN), which makes up 4.66% of the iShares U.S. Pharmaceuticals ETF (Symbol: IHE), has seen 2 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $17,088,308 worth of ELAN, making it the #7 largest holding.
The Executive Chair of Microchip (NASDAQ: MCHP) is Buying Shares (Analyst Ratings)
On May 19, the Executive Chair of Microchip (MCHP), Steve Sanghi, bought shares of MCHP for $3M. In addition to Steve Sanghi, 3 other MCHP executives reported Buy trades in the last month. Based on Microchip’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.47 billion and quarterly net profit of $116 million.
