Sexual Misconduct Allegations Lead to Crispin Odey’s Removal from Hedge Fund (VigourTimes)
A group of partners at Odey Asset Management has announced the removal of Crispin Odey, the prominent City tycoon and donor to the Conservative Party, from the hedge fund he established, in response to numerous allegations of sexual harassment. The executive committee of the firm, led by CEO Peter Martin and CFO Michael Ede, released a strongly-worded statement stating that Odey will no longer have any involvement in the partnership. Odey, now 64 and the founder of Odey Asset Management in 1991, managed assets worth nearly £4 billion.
Citadel Slashes Boohoo Stake After Shares Drop (Hedge Week)
Ken Griffin‘s Citadel has slashed its holding in UK fashion retailer Boohoo from 8.9% to just 1.8% after shares in the business fell from 62p at the time of the hedge fund’s initial investment, to just 34p, according to a report by BusinessLive. The report cites a recent regulatory filing with the London Stock Exchange as revealing Citadel’s move, which comes as Frasers Group, the fashion retailer owned by former Newcastle United owner and Sports Direct boss Mike Ashley, has acquired a 5% stake in the business.
Hedge Fund BFAM Shuts London Office, Senior Staff Exits (Bloomberg)
BFAM Partners (Hong Kong) Ltd. parted ways with one of its most senior portfolio managers and shut its London office, marking the latest shake up at the hedge fund which was a high profile trader of China high-yield property debt. Emmanuel Slezack, who led equity volatility trading, joins earlier departures by Eugene Fung and Danny Scinto, the company said in an email. The three were previously senior portfolio managers heading separate strategies under founder and Chief Investment Officer Benjamin Fuchs.
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Software Company Enfusion Draws Takeover Interest from Private Equity, Irenic Capital (Reuters)
Software company Enfusion Inc (ENFN.N) is attracting takeover interest from private equity firms and strategic buyers, several people familiar with the matter said. Enfusion’s management has been approached in recent months by Francisco Partners, Vista Equity Partners and investment firm Irenic Capital Management, said the sources who asked not to be identified because the talks are private.
Insider Trades & Hedge Fund Hits: Elliott Aims to Oust NRG Chief (Investing.com)
Activist investor Elliott seeks to remove NRG Energy’s CEO: Elliott Investment Management, an activist investment firm, is ratcheting up pressure on NRG Energy (NYSE:NRG) to replace CEO Mauricio Gutierrez and other top executives, according to a Wall Street Journal report. The Journal cited sources familiar with the matter. In a statement to Reuters, an NRG spokesperson said the power company’s board continues to fully back Gutierrez and his management team.
Japanese Hedge Funds Gain as Bank Risk Spikes, Yen Falls to Historic Low as Nikkei Advances (Opalesque.com)
Opalesque Industry Update – Japanese and Emerging Markets hedge funds extended gains to begin 2023, driven by optimism toward peaking U.S. and global inflation, and the near end of the US-led interest rate increasing cycle. Asian currencies, including the Japanese Yen and Chinese Yuan, fell to historic lows against the US Dollar, driving strong gains in the Nikkei; the HFRI Japan Index advanced +1.8 percent YTD through May. Similarly, the HFRI 500 Emerging Markets Index added +1.3 percent YTD through May, with gains across Equity Hedge and Cryptocurrency exposures, as reported with the releases of the HFR Asian Hedge Fund Industry Report and the HFR Emerging Markets Hedge Fund Industry Report from HFR.
Dalio Predicts China-Like Boom for India (Hedge Week)
India will experience significant economic growth, similar to that seen during China’s economic transformation in the 1980s, according to a report by the Hong Kong Standard, citing Ray Dalio, the founder of hedge fund Bridgewater. Dalio praised the leadership of Minister Narendra Modi following a meeting with the Indian prime minister saying that his policies are enabling India to experience “the fastest growth rates and biggest transformations in the world.”
Justice Alito, Paul Singer and the Plague of Sore Losers (The Wall Street Journal)
ProPublica’s big story (“ProPublica’s Fishing Expedition,” Review & Outlook, June 22) is that Justice Samuel Alito went on the fishing trip and then agreed with six other justices who didn’t go on the fishing trip, forming a 7–1 majority? That isn’t exactly man-bites-dog news. Besides, the Supreme Court explains its decisions in written opinions. If the legal reasoning is in any way unsound, criticize that. But if the legal reasoning is sound, there’s no story.
Monday 6/26 Insider Buying Report: CMTL, BRO (Nasdaq.com)
On Wednesday, Comtech Telecommunications’s Director, Mark R. Quinlan, made a $888,570 buy of CMTL, purchasing 100,000 shares at a cost of $8.89 each. So far Quinlan is in the green, up about 11.9% on their purchase based on today’s trading high of $9.94. Comtech Telecommunications is trading up about 7.5% on the day Monday. This purchase marks the first one filed by Quinlan in the past twelve months. And also on Wednesday, Director Bronislaw Edmund Masojada purchased $263,120 worth of Brown & Brown, purchasing 4,000 shares at a cost of $65.78 a piece. This buy marks the first one filed by Masojada in the past year. Brown & Brown is trading off about 0.5% on the day Monday. Masojada was up about 1.6% on the purchase at the high point of today’s trading session, with BRO trading as high as $66.80 in trading on Monday.
Over $27M Bet On Zymeworks? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
RumbleON: The Trade: RumbleON, Inc. (RMBL) 10% owner Stone House Capital Management LLC acquired a total of 250,000 shares an average price of $10.45. To acquire these shares, it cost around $2.61 million. Zymeworks: The Trade: Zymeworks Inc. (ZYME) 10% owner Ecor Capital LLC acquired a total of 3,350,000 shares at an average price of $8.12. To acquire these shares, it cost around $27.2 million.
