Activist Investor Elliott Pushes for Changes at Goodyear, Shares Jump (Reuters)
Activist investor Elliott Investment Management L.P. disclosed a large investment in Goodyear Rubber & Tire Co (GT.O) on Thursday and said it is pushing the company to strengthen its financial position by selling stores and starting an operational review. Elliott holds a 10% economic interest in the company, making it one of Goodyear’s biggest investors. It is also urging a change in leadership and wants the company to add five new directors to its board.
Ken Griffin’s Hand-Picked Math Prodigy Runs Market-Making Empire (Bloomberg)
Among all the tales Wall Street leaders tell of pivotal moments that led them to their powerful perches, Citadel Securities Chief Executive Officer Peng Zhao’s may be the only one that involves sifting through trash. It starts with youthful hubris and ends as a parable about perseverance — something the firm will need to realize its ambitions amid a slew of proposed US regulations.
Man Group Names Robyn Grew as First Female CEO (The Wall Street Journal)
London hedge-fund giant Man Group has named Robyn Grew as its next chief executive officer, an appointment that will make her the first woman in the role when she succeeds Luke Ellis later this year. Ms. Grew, currently president of Man Group, will take over in September, when Mr. Ellis retires after seven years at the helm. Since she started at publicly listed Man Group in 2009, Ms. Grew has overseen trading and execution, managed the solutions business and acted as head of ESG and general counsel, among other roles. She has also spearheaded Man Group’s diversity program. She previously held roles at institutions including Barclays Capital and Lehman Brothers.
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Taiga Celebrates 15 Years from May 2008 Launch (Hedge Nordic)
Stockholm (HedgeNordic) – Some 15 years ago in May of 2008, Ola Wessel-Aas and Andreas Petterøe at Taiga Fund Management launched their long-biased long/short equity fund in one of the most challenging markets in a lifetime. The S&P 500, for instance, lost about six percent in the first four months of 2008, only to drop another 34 percent through the end of the year as the global economy teetered on the brink of collapse.
BlackRock, Vanguard, Fidelity Among Fund Groups Called Out Over Failure to Tackle Human Rights Abuses (Financial News)
BlackRock, Vanguard, Fidelity Investments and State Street Global Advisors have been accused of failing to use their influence to tackle some of the most egregious human rights abuses. ShareAction, the responsible investment charity, analysed 77 of the world’s largest asset managers with a combined $77tn in assets to see how they are responding to issues, such as labour rights and public health through their investment strategies.
US Default Risk Worse than 2011, Says Veteran Hedge Fund Manager (Hedge Week)
Veteran hedge fund manager Sushil Wadhwani has warned that a deeply divided US Congress may push the country to the brink of a default and credit downgrade before it resolves its current standoff over the debt ceiling, according to a report by Bloomberg. Speaking on Bloomberg TV, Wadhwani, the chief investment officer for PGIM Wadhwania and an advisor to UK Chancellor Jeremy Hunt, said it may take a market shock worse than that seen in 2011 to “get these folks to agree”.
European Hedge Fund Launch Activity Dips in 2022 (Opalesque)
Opalesque Industry Update, for New Managers – The number of hedge fund launches in Europe declined last year amid poor performance and the continued strong growth of multi-strategy multi-manager firms, according to UK-headquartered data provider With Intelligence. Fifty-seven new funds began trading in Europe in 2022, down from 74 in 2021, which was boosted backlog of start-ups delayed by the coronavirus pandemic. Just 45 launches got going in 2020. Last year’s launches managed assets of $6.8bn at year-end, the lowest total since 2016, when new European funds raised $6bn.
Why the Biggest ESG Fund in the US Won’t Buy Tesla (Financial News)
Parnassus Investments chief investment officer Todd Ahlsten has a distinction few others can claim — he is running the largest ESG fund in the US. The Parnassus Core Equity currently weighs in at $26bn and Ahlsten has run the strategy since 2001 when he was 29 years old. Including other versions of the strategy, such as the ABN AMRO Parnassus US ESG Equities Fund available in Europe, that figure is closer to $33.5bn.
Wednesday 5/10 Insider Buying Report: CIVI, IHRT (Nasdaq.com)
At Civitas Resources, a filing with the SEC revealed that on Friday, Chief Legal Officer & Sec. Travis L. Counts purchased 6,835 shares of CIVI, at a cost of $68.20 each, for a total investment of $466,126. Civitas Resources is trading off about 1.6% on the day Wednesday. Before this latest buy, Counts made one other buy in the past twelve months, purchasing $234,471 shares at a cost of $65.94 a piece. And also on Friday, CEO Robert W. Pittman bought $253,441 worth of iHeartMedia, buying 88,028 shares at a cost of $2.88 a piece. Before this latest buy, Pittman purchased IHRT on 4 other occasions during the past twelve months, for a total cost of $1.65M at an average of $8.10 per share. iHeartMedia is trading off about 7.4% on the day Wednesday.
Over $3M Bet On This Real Estate Stock? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
Heartland Express: The Trade: Heartland Express, Inc. (HTLD) CEO Michael J Gerdin acquired a total 103,254 shares an average price of $14.91. To acquire these shares, it cost around $1.54 million. GitLab: The Trade: GitLab Inc. (GTLB) Alphabet Inc acquired a total of 706,292 shares at an average price of $27.57. To acquire these shares, it cost around $19.47 million.
