Ken Griffin’s Millions Could Flip Illinois Supreme Court on Abortion and Unions (Bloomberg)
Republicans are seeking to regain control of Illinois’s highest court for the first time in more than 50 years, with decisions on abortion access and workers’ rights on the line. If they win, they can thank billionaire Ken Griffin. Voters on Nov. 8 will pick their candidates in two judicial races to serve a decade-long term on the state Supreme Court, which the Republicans haven’t controlled since 1969. Democrats currently have a 4-3 majority, which narrowed from 5-2 in 2004. The margin has been put at risk recently after a big push by Republican contributors led by Griffin, the founder of hedge fund Citadel, who contributed more than $10 million in the past two years to a group supporting Republican justices.
Stealthy Crypto Hedge Fund Edge Capital Raises $66.8M for DeFi Bets (Coin Desk)
Crypto hedge fund Edge Capital Management, which has very little public information, has raised $66.78 million across two decentralized finance (DeFi)-focused funds, according to regulatory filings on Oct. 19 with the U.S. Securities and Exchange Commission (SEC). The U.S.-based Edge DeFi Fund LP has raised about $28 million from eight investors since sales opened on Feb. 1 of this year, according to the filing. The firm plans for the offering to last for more than one year for the fund. The other Cayman Islands-based Edge DeFi Offshore Fund has sold about $38.6 million to six investors since opening for sales at the start of October 2021.
UK Fund Manager Schroders LDI Assets Fall by 20 bln Stg (Reuters)
British fund manager Schroders (SDR.L) lost 20.2 billion pounds ($22.79 billion) in third-quarter assets from the unit that houses its under-fire liability-driven investment (LDI) business, it said on Thursday. LDI is a money-spinner for asset managers like Schroders, Legal & General (LGEN.L) and BlackRock (BLK.N), sold mainly to pension funds. UK bond yields rocketed in just a few trading sessions last month following a “mini-budget”, which triggered a rush for cash by pension funds to cover their LDI derivatives positions.
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Activist Hedge Fund Starboard Continues Busy Week With New Stake in Vertiv (Investing.com)
Shares of Vertiv Holdings (NYSE:VRT) rose 12% Thursday following news that activist hedge fund Starboard Value LP has accumulated a 7.4% stake in the provider of digital infrastructure. A 13D filing shows the firm started accumulating the position in late August. Vertiv went public in February of 2020 after a merger with SPAC GS Acquisition Holdings. According to Bloomberg News, which first reported the Starboard stake, the hedge fund is seeking operational improvements at Vertiv.
Investors Withdrew an Estimated $26bn from Hedge Funds in 3Q 2022 (Opalesque.com)
Opalesque Industry Update – As a result of the volatility and positioning for generational inflation and increased likelihood of an economic recession, institutional investors withdrew an estimated $26.0 billion from hedge funds in 3Q 2022, as reported today by HFR®, the established global leader in the indexation, analysis and research of the global hedge fund industry, in the latest release of the HFR Global Hedge Fund Industry Report.
