Citadel Internship Pays $5,000 a Week — and Provides Free Housing in NYC (New York Post)
A summer internship at Citadel offers perks that include a salary of up to $5,000 a week, free corporate housing in one of 10 different world financial centers like New York and an opening retreat at a Four Seasons in South Florida, according to a report. Billionaire Ken Griffin’s hedge fund, which has some $58 billion in assets under management, picked a crop of 300 interns for their summer program this year out of a pool of more than 69,000 applicants, an acceptance rate of just 0.5%, Insider reported.
Eisler Capital is Still Gobbling Up Bank Traders (eFinancialCareers.com)
Eisler Capital is still adding to its team. A new addition this month is Hersh Patel. He was an emerging markets trader at Bank of America for eight years (and Barclays for nine before that) before joining Eisler. He’ll be a portfolio manager for the fund, based in London. Eisler is a bit of an enigma. A lot of top hedge funds have been attracting top bank traders this year, but few have been as prominent as Eisler (and BlueCrest, although that isn’t really a hedge fund) – the sums being offered to new PMs at the fund have been described as “lottery wins” and “ridiculous amounts of money.” The downside seems to be typical for a hedge fund – huge expectations, and a low threshold for failure.
KKR Exec to Run Marshall Wace’s US Business (Hedge Week)
London-headquartered hedge fund firm Marshall Wace has appointed Todd Builione, a partner and global head of private wealth at its private equity backer KKR, to run its US business in New York, according to a report by The Financial Times. Builione will join Marshall Wace as head of North America in September, replacing Michael Sargent, who is due to retire in January after almost 20 years with the firm. Prior to joining KKR ten years ago, Builione ran Highbridge Capital Management’s hedge fund business and also worked at Goldman Sachs.
Source: pexels
Long/Short Hedge Fund Bets on Energy Transition Being the Most Attractive Investment Opportunity Today (Opalesque)
The global energy transition could require up to $128tln of investment between now and 2050. That means a lot of feet on the ground busily investing in all projects and industries that would promote that transition. Investors who want to partake can join one of these active members; one of which is Tall Trees Capital Management LP, launched by Lisa Audet in Greenwich, Connecticut. Audet has the backing of more than 30 years of investment experience, including 10 years of managing global long/short energy and commodity investments at Discovery Capital Management, a Tiger Cub, and of Tiger Management, which seeded her Fund when it launched in April 2022. According to her, energy transition represents the most attractive investment opportunity available in the market today.
Here Are Coinbase’s Biggest Shareholders (The Wall Street Journal)
Coinbase’s biggest shareholders include asset managers, venture capital investors and hedge funds. Below are the largest shareholders in order as of the end of March, according to FactSet data. The Vanguard Group, ARK Investment Management, Nikko Asset Management, Nikko Asset Management Americas, Fidelity Management & Research, BlackRock Fund Advisors, SSgA Funds Management, Morgan Stanley Investment Management, Geode Capital Management, Goldman Sachs (Private Banking).
Macro hedge funds: A Steady Ship in Stormier Seas (UBS.com)
Recent US economic data has clouded the outlook for US monetary policy. The US ISM Services purchasing managers index fell to 50.3 in May, below consensus and indicative of flat service sector growth. US labor data was mixed. While US nonfarm payrolls outshone expectations for the fourteenth consecutive month in May, a monthly fall in the household survey and uptick in the unemployment rate to 3.7% offered a hint of slackening in a tight US jobs market. We believe that persistent risks may mean macroeconomic uncertainty will stay high. Gauges of US equity market volatility arguably do not reflect these risks—the VIX Index stands below 15 and at post-pandemic lows. And with the potential for higher volatility in less liquid markets over the coming “holiday” months, investors concerned about swings in their portfolio’s value should consider diversifying with alternative investments like hedge funds.
Sequoia Is Splitting Into Three VC Firms (Forbes)
The world’s most storied global venture capital firm is breaking itself up. Sequoia, known for early investments in U.S. tech companies such as Airbnb, WhatsApp and Zoom in the U.S., as well as international heavyweights like ByteDance and GoTo via its China and India funds, is splitting into three fully distinct firms. Sequoia’s global leadership confirmed the news in a letter to limited partners on Tuesday morning signed by the leaders of the three firms, Roelof Botha, Neil Shen and Shailendra Singh. The resulting firms — Sequoia Capital representing the U.S. and Europe, HongShan in China and Peak XV Partners in India and Southeast Asia — plan to complete the separation “no later than” March 2024.
Crypto Hedge Fund Arca Axes 30% of Staff (Hedge Week)
Ongoing challenges in the digital assets market, including regulatory uncertainty, have prompted Los Angeles-based cryptocurrency hedge fund Arca to lay off 30% of its staff, according to a report by CoinDesk. The report quotes a spokesperson for the firm as saying: “Growth has been hard to predict in this extended bear market and uncertain regulatory environment. Our headcount adjustment will allow us to preserve capital and resources giving us a greater chance of success until this sector experiences a shift in sentiment and a clear regulatory picture.”
Over $4M Bet On Diversified Healthcare Trust? Check Out These 4 Stocks Under $5 Insiders Are Aggressively Buying (Benzinga)
Diversified Healthcare Trust: The Trade: Diversified Healthcare Trust (DHC) Director Adam D Portnoy acquired a total 3,154,641 shares an average price of $1.38. To acquire these shares, it cost around $4.34 million. Rain Oncology: The Trade: Rain Oncology Inc. (RAIN) 10% owner Tang Capital Partners LP acquired a total of 1,088,273 shares at an average price of $1.06. The insider spent around $1.16 million to buy those shares.
Tuesday 6/6 Insider Buying Report: BOH, EIG (Nasdaq.com)
At Bank of Hawaii, a filing with the SEC revealed that on Thursday, Robert W. WO Jr. bought 6,500 shares of BOH, at a cost of $39.85 each, for a total investment of $259,045. So far WO Jr. is in the green, up about 7.8% on their buy based on today’s trading high of $42.96. Bank of Hawaii is trading up about 2.5% on the day Tuesday. This purchase marks the first one filed by WO Jr. in the past year. And at Employers Holdings, there was insider buying on Thursday, by CEO Katherine H. Antonello who purchased 6,880 shares at a cost of $36.46 each, for a total investment of $250,845. Before this latest buy, Antonello made one other buy in the past year, purchasing $491,530 shares at a cost of $37.81 a piece. Employers Holdings is trading up about 1.7% on the day Tuesday. So far Antonello is in the green, up about 5.3% on their purchase based on today’s trading high of $38.38.
