David Tepper’s Promises to Charlotte: Those He Kept and Those Left Unfulfilled
(IslandPacket.com)
David Tepper’s purchase of the Carolina Panthers in 2018 ushered in a new Charlotte sports era, one that has seen the addition of a Major League Soccer team and venue upgrades at Bank of America Stadium. But Tepper — a hedge fund billionaire and founder of Appaloosa Management — has also been embroiled with tumultuous public-private projects, including a failed Panthers headquarters in Rock Hill, South Carolina, and what appears to be an unfulfilled Charlotte FC presence at the former Eastland Mall site.
Bill Ackman Goes After Visa, Pornhub (The Street)
The credit card company is being sued for monetizing child pornography. A federal Judge in California is allowing a lawsuit against Visa to proceed, and a prominent CEO and hedge fund manager has now weighed in on the matter. The suit, titled Serena Fleites v. MindGeek et al., (which can be read here) alleges that Visa helped the privately owned Canadian company MindGeek monetize child pornography through its website PornHub.
Citadel Grabs Miami Office Space Ahead of Building Its Own Tower (Bloomberg)
Ken Griffin’s Citadel is tying up deals for office space as it prepares to expand in Miami, where the firm is establishing its headquarters. Citadel has taken a floor at 200 South Biscayne Blvd., where it already has temporary offices, and leased roughly 90,000 square feet (8,360 square meters) at 830 Brickell, an under-construction tower where Thoma Bravo and Microsoft Corp. have signed on as tenants, according to people familiar with the matter who asked not to be identified citing private information.
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Angelo Gordon Investors Just Learned of a Rape Claim Against a Former Exec. ‘Transparency is a Concern,’ Pension CEO Says. (Business Insider)
Two pension clients of the hedge fund Angelo Gordon say they only recently learned about the 2019 accusations of sexual assault against a former top executive of the fund’s direct lending arm, Twin Brook Capital Partners. The CEO of a $18 billion pension fund in Maine told Insider that staff were first notified on June 22 about the lawsuit, which has raised transparency concerns for the investor.
FundFront and Haven Cove Partnering to Further Expand Access to Hedge Fund Strategies (PRNewswire)
LONDON, Aug. 3, 2022 /PRNewswire/ — FundFront, the innovative alternative investment platform that simplifies access to leading hedge fund strategies, and Haven Cove Capital Management (“Haven Cove”), today announced the introduction of Haven Cove’s flagship fund on the FundFront platform, bringing a new addition to its curated menu of high performing hedge funds available to financial advisors and their investors. Recently launched and now available on the FundFront platform is FundFront Haven Cove (HCO), which offers investors access to the performance of Haven Cove Absolute Return Fund, a systematic European liquid credit & equity strategy that aims to achieve consistent absolute returns with low volatility.
HSBC to Distribute Hedge Funds to Clients in China (FundSelectorAsia.com)
HSBC China has announced that its local private banking clients can now invest in hedge funds through a new trust plan issued by China Resources SZITIC Trust Company. The underlying fund is managed by Pinpoint Private Fund Management, with which the bank has had more than 10 years of strategic collaboration. HSBC said it hopes to provide eligible investors with alternative investment options to achieve a more diversified asset allocation to tackle the impact of market volatility.
This Warren Buffett-Esque Fund Must be Bought Given its Huge and Unwarranted Discount (Telegraph.co.uk)
Our search for profitable ways to invest in American assets takes a doubly unusual turn today: the shares we have in mind not only trade in London but are those of an investment trust. We are tipping it because its valuation looks anomalous to say the least. It’s a fund we have shied away from in recent years after an unhappy entanglement in 2017 and 2018: Pershing Square Holdings fell heavily after our initial tip and we took an opportunity to exit when it had recovered almost all the lost ground. The shares have gone on to gain 129pc since then and that burst in the share price since our sale reflects the changes that have taken place at the trust.
Investors Grow Frustrated with Hedge Funds After Historic Losses (Money Control)
Industry is on track to post one of its worst years on record as long-short players struggle. Laurence Fletcher in London Hedge funds are heading for one of their worst years of performance on record, leaving investors frustrated with how many managers have failed to offset sharp falls in equity and bond markets. Funds were down 5.6 per cent on average in the first six months of 2022, according to HFR. While a narrower HFR daily index of performance shows them clawing back around 0.5 per cent last month, the industry is nevertheless on track for its second-worst…
Wednesday 8/3 Insider Buying Report: RILY, GWRS (Nasdaq.com)
On Tuesday, B. Riley Financial’s Director, Randall E. Paulson, made a $2.09M buy of RILY, purchasing 40,000 shares at a cost of $52.21 each. So far Paulson is in the green, up about 4.9% on their buy based on today’s trading high of $54.79. B. Riley Financial is trading up about 1.2% on the day Wednesday. Before this latest buy, Paulson purchased RILY at 6 other times during the past twelve months, for a total cost of $5.94M at an average of $55.23 per share. And on Monday, Director Andrew M. Cohn bought $1.5M worth of Global Water Resources, buying 111,000 shares at a cost of $13.50 a piece. Before this latest buy, Cohn bought GWRS at 10 other times during the past twelve months, for a total cost of $1.53M at an average of $16.10 per share.
Notable Chipotle Mexican Grill Insider Makes $5.04M Sale (Benzinga)
Curtis E Garner, and insider at Chipotle Mexican Grill (CMG), reported a large insider sell on August 1, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Monday showed that Garner sold 3,300 shares of Chipotle Mexican Grill. The total transaction amounted to $5,038,769. Chipotle Mexican Grill shares are trading down 0.28% at $1552.99 at the time of this writing on Tuesday morning.
