Cipriani to Get New Lifeline With Money From Hedge Fund (The Wall Street Journal)
King Street Capital said to be in advanced talks to refinance about $150 million of operating debt. A New York City investment fund is poised to provide a financial boost to Cipriani, nearing a deal that would refinance loans for the Italian hospitality company’s U.S. operations while helping fund its future expansion. King Street Capital Management is in advanced talks to refinance about $150 million of operating debt held by Cipriani’s U.S. subsidiary, according to people familiar with the matter.
Citadel Securities Ready for Crypto ETFs When Regulators Approve (Bloomberg)
Ken Griffin’s Citadel Securities is willing to make markets in exchange-traded funds that hold cryptocurrencies, if regulators allow it. “We will be ready if and when those products are approved, but we are taking a measured approach,” Kelly Brennan, head of the firm’s ETF group, said in an interview at Bloomberg’s headquarters in New York, adding that the firm can’t provide liquidity until regulatory issues are resolved.
Miami-Based Hedge Fund Windward Management Chooses SS&C’s Front-to-Back Solution for Trading, Operations and Portfolio Accounting (Hedge Week)
Windward Management LP, a Miami-based hedge fund management firm, has launched its operations with SS&C Technologies’ front-to-back office solution. SS&C will provide fund administration, order and execution management, investor relations, compliance and regulatory services. Windward Management LP, run by Marc Chalfin (CIO), uses a deep, fundamental, value with a catalyst approach, making concentrated long and short equity investments where there are significantly skewed and asymmetric risks/rewards. In addition, SS&C will support fund and investor accounting, FATCA and CRS compliance and Form 13-F filings.
Photo by Austin Distel on Unsplash
Preqin Picks: Tricor China and Tsinghua University PBC School of Finance’s Insights on China Hedge Funds (Preqin)
Tricor China and Tsinghua University PBC School of Finance (Tsinghua PBCSF) jointly released China Hedge Fund Report 2022, which presents interpretations of how hedge fund investment strategies in the Chinese capital market are evolving, especially in terms of market share, performance, and compliance with applicable rules and regulations. Based on careful analysis of market practices, we hope to provide suggestions to foreign investors looking to establish and operate hedge funds in China.
Bain-Backed $44 Billion Wealth Manager is Bullish on India REITs (Money Control)
Indian infrastructure and real estate investment trusts present a good buying opportunity for investors seeking a hedge against inflation as the nascent market grows, according to a $44 billion wealth manager backed by Bain Capital. IIFL Wealth Management Ltd. is recommending its clients allocate as much as 10% to the hybrid investments, co-founder and joint Chief Executive Officer Yatin Shah said in an interview.
The 29 Year-Old Hong Kong Quant on a Curious Non-Compete (eFinancialCareers)
When Christian Yenko quit his job as a quant trader at hedge fund Segantii Capital Management in Hong Kong in April, he decided it was time to pursue his passion for cuisine at the most prestigious cooking school in the world. Yenko has a non-compete clause typical of many large hedge funds, but rather than spend it on the beach, he applied to the Cordon Bleu school in Paris.
Citadel, AQR’s Flagship Portfolios Far Outpacing Broader Stock Market (Reuters)
NEW YORK, June 6 (Reuters) – Hedge funds AQR and Citadel posted rises in their flagship portfolios last month that outpaced the broader stock market’s double digit losses. Citadel’s multi-strategy Wellington fund had a modest rise in May and now boasts gains of 13% for the year. Ken Griffin‘s Citadel told investors that the fund inched up 0.23% in May when the S&P 500 index (.SPX) ended flat. May’s small increase follows a more robust 7.45% gain in April when the S&P tumbled nearly 9%.
Jane Street Follows Elliott in Suing LME Over Nickel Trades (Bloomberg)
Wall Street trading powerhouse Jane Street is seeking around $15 million in damages from the London Metal Exchange over its decision in March to cancel nickel trades after an unprecedented short squeeze. The action by the firm that’s known for its dominance in markets such as exchange-traded funds and corporate bonds follows a similar and larger claim by Elliott Investment Management, which is seeking $456 million from the LME.
US Hedge Fund Inclusive Capital Partners Circles British Housebuilder Countryside with £1.5bn Bid (This is Money)
A US hedge fund has stepped up its campaign to take over British housebuilder Countryside Partnerships. Inclusive Capital Partners is attempting a hostile £1.5billion takeover after being rejected twice by the board. It owns 9.2 per cent of Countryside, and has taken its 295p-per-share offer directly to investors. It believes Countryside would be better off in private hands, which would facilitate a turnaround. The biggest shareholder, Browning West, which owns 15.3 per cent, has now written to the board asking it to kick off a sale process.
Tuesday 6/7 Insider Buying Report: UAL, COMM (Nasdaq.com)
At United Airlines Holdings, a filing with the SEC revealed that on Friday, Director Edward Shapiro bought 50,000 shares of UAL, for a cost of $44.71 each, for a total investment of $2.24M. United Airlines Holdings is trading trading flat on the day Tuesday. And on Thursday, CEO Charles L. Treadway purchased $499,941 worth of CommScope Holding, purchasing 59,927 shares at a cost of $8.34 a piece. Before this latest buy, Treadway bought COMM at 2 other times during the past year, for a total investment of $1.00M at an average of $9.32 per share. CommScope Holding is trading off about 2.2% on the day Tuesday.
Executives Sell Around $200M Of 5 Stocks (Benzinga)
Allstate: The Trade: The Allstate Corporation (ALL) Director, Chairman, President & CEO Thomas J Wilson sold a total of 241,828 shares at an average price of $133.07. The insider received around $32.18 million from selling those shares. Carlyle Group: The Trade: The Carlyle Group Inc. (CG) Director David M Rubenstein sold a total of 2,000,000 shares at an average price of $38.67. The insider received around $77.34 million as a result of the transaction.
Nancy Pelosi’s Husband Just Purchased Up to $2.1 Million Worth of Apple and Microsoft Stock Options (Business Insider)
House Speaker Nancy Pelosi’s husband, Paul Pelosi, purchased up to $2.1 million in Apple and Microsoft stock options in May, according to new personal financial disclosures filed with Congress. Paul Pelosi purchased between $750,000 and $1.5 million worth of Apple stock options between May 13 and May 23, and between $300,000 and $600,000 worth of Microsoft stock options on May 24, the filings indicate.
