Kris Mastronardi to Join King Street as Global Head of Strategy (PRNewswire)
King Street Capital Management (“King Street” or “the Firm”), a leading global alternative investment firm, today announced that Kris Mastronardi will join the Firm as a Managing Director and Global Head of Strategy, based in New York. Mr. Mastronardi will report to Brian Higgins, King Street’s Co-Founder, Managing Partner and Co-Portfolio Manager. In the newly created role of Global Head of Strategy, Mr. Mastronardi will work closely with the Firm’s Management Committee to spearhead strategic growth opportunities, including partnerships and client solutions. He will also engage closely with the Firm’s Global Investment Committee on the Firm’s investment strategy and positioning.
Marshall Wace Partners to Share £720m Profits (Hedge Week)
Partners at Marshall Wace are to share profits of £720 million after the hedge fund’s algo-driven proprietary trading systems generated big gains during market volatility, according to a report by the Financial Times. The report cites a filing for the $60 billion firm’s results for the year to February as revealing that the profits came as turnover increased by 62 per cent to more than £1.5 billion.
Citadel’s Anniversary Extravaganza: Billionaire Ken Griffin Treats Employees to Disney World and a Coldplay Concert Amid a Stellar Year for the Hedge Fund (Business Insider)
Citadel has plenty of reasons to celebrate this year, and the hedge fund giant is doing it in style. This weekend, founder Ken Griffin treated Citadel and Citadel Securities’ employees and their partners and children to an all-inclusive weekend in Disney World. Some 10,000 people attended the event, and about a quarter were children. The billionaire, worth $32.3 billion by Forbes’ estimate, footed the bill for hotel, food, park tickets to the “happiest place on earth” as well as Universal Studios, and travel.
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Why This Crypto Hedge Fund Is Ignoring ‘Buy Signals’ And Prefers To Stay In Cash For Now (Forbes)
Dr. Matthew McBrady is the head of strategy at crypto hedge fund Strix Leviathan, where he advises on the firm’s trading and investment strategies and oversees future growth strategy. As an investor, McBrady most recently served as chief investment officer of BlackRock’s multi-strategy hedge fund, a $1.5 billion fund he helped build and run beginning in 2014.
Hedge Fund Veteran Mark Yusko Predicts Bitcoin Will Replace Gold, Unveils Massive BTC Price Target (The Daily Hodl)
A seasoned hedge fund manager says that Bitcoin (BTC) will eventually replace gold, and predicts the king crypto will hit a six-figure price tag. In a new interview with Stansberry Research, veteran hedge fund manager Mark Yusko of Morgan Creek Digital predicts that China will be the home of the next world reserve currency, but that Bitcoin (BTC) will replace it sooner after.
Two-Month Rout Wipes Out Most of Bridgwater’s 2022 Gains (Hedge Week)
Bridgewater Associates has seen most of its gains made during the first three quarters of the 2022 wiped out during the first two months of Q4, according to a report by Pensions & Investments, after the firm was on course for its best annual performance in over a decade. The report cites unnamed sources as revealing that Bridgegwater’s Pure Alpha fund lost about about 13% in October and November, slashing its YTD gain to 6%. At teh end of September the fund was up 22% and on course for its best return since the 27% seen back in 2010.
Hedge Fund Bets Next Korean Hit will be Webtoons (The Business Times)
FOLLOWING the success of K-pop bands such as BTS and dramas including Squid Game, one fund manager is betting that “webtoons” will be the next Korean cultural phenomenon to take the world by storm. GVA Asset Management, which manages about US$600 million in assets, believes Americans and Europeans will soon catch on to South Korea’s online comics, following the lead of consumers at home and in Japan. It put US$15 million into unlisted webtoon producer Kenaz this year, becoming its largest shareholder.
CVC Capital Racks Up $6.5bn for Its Latest European Direct Lending Fund (Opalesque)
CVC Credit, the global credit management business of CVC Capital Partners, has closed its third European direct lending fund, EUDL III, at €6.3 billion ($6.5 billion). The Luxembourg-based French private equity and investment advisory firm said in a press release, CVC Credit raised the funds, “a significant increase” over a previous European direct lending fund. Andrew Davies, Partner and Co-Head of Private Credit, said: “The European private credit market is undergoing profound secular growth and with the support of the CVC Network, we are ideally placed to capitalize on that opportunity.”
Friday 12/2 Insider Buying Report: LYV, MGPI (Nasdaq.com)
On Thursday, Live Nation Entertainment’s Director, Jimmy Iovine, made a $1.01M purchase of LYV, buying 13,740 shares at a cost of $73.28 each. Live Nation Entertainment is trading off about 0.2% on the day Friday. This purchase marks the first one filed by Iovine in the past twelve months. And at MGP Ingredients, there was insider buying on Friday, by Donn S. Lux who purchased 10,000 shares at a cost of $84.06 each, for a trade totaling $840,643. Before this latest buy, Lux bought MGPI on 3 other occasions during the past twelve months, for a total cost of $1.40M at an average of $93.66 per share. MGP Ingredients is trading off about 0.8% on the day Friday. Lux was up about 47.8% on the purchase at the high point of today’s trading session, with MGPI trading as high as $124.28 in trading on Friday.
$11.5 Million Bet On This Penny Stock? Check Out These 3 Penny Stocks Insiders Are Buying (Benzinga)
TD Holdings: The Trade: TD Holdings, Inc. (GLG) CEO Renmei Ouyang acquired a total of 10,000,000 shares at an average price of $1.15. To acquire these shares, it cost around $11.5 million. BK Technologies: The Trade: BK Technologies Corporation (BKTI) 10% owner BK Technologies Holdings, LLC bought a total of 50,000 shares at an average price of $2.75. To acquire these shares, it cost around $137.36 thousand.
Insider Trading: December 5, 2022 (BIV.com)
Insider Mark H Rachesky, 10% owner. Company: Lions Gate Entertainment Corp. (Nasdaq:LGF). Shares owned: 4,113,927. Trade date: Nov. 17, 18. Trade total: US$4,328,431. Trade: Acquisition of 634,795 shares at prices from US$6.68 to US$6.90 per share. Insider Gordon Crawford, director. Company: Lions Gate Entertainment Corp. (Nasdaq:LGF). Shares owned: 1,738,629. Trade date: Nov. 17, 18. Trade total: US$634,533. Trade: Acquisition of 100,000 shares at prices from US$6.26 to US$6.48 per share.
