Ken Griffin’s Citadel Securities Fights to Block Rival From Using Leaked Algorithm (Bloomberg)
Citadel Securities told a London court that officials at British hedge fund GSA Capital LLP can’t unsee information taken from a secret algorithm that is at the center of a lawsuit. The U.S. firm, founded by Ken Griffin, is seeking around $40 million over claims that GSA obtained a secret trading strategy from a senior trader at Citadel Securities while using texts and WhatsApp messages to hide all traces of the plan. In addition to the damages, Citadel Securities wants to block GSA from using the trading model.
$42 Billion Tiger Global is Trying to Diversify Its Staff — and Its Hired a McKinsey Recruiter to Help It Look Beyond ‘a Limited Number of New York Investment Firms’ for Talent (Business Insider)
Tiger Global, the $42 billion hedge fund run by billionaire Chase Coleman, is hoping to expand beyond its normal hunting grounds for talent, the firm told investors in a letter dated Oct. 30. The manager, which is up 34.7% in its main public fund through the first three quarters, said it has typically limited its talent search to a limited number of firms based in New York. To help diversify its team, the firm hired Lisa Rikkers, a longtime hiring manager from McKinsey, in August to be its first director of talent.
Odey Asset Management Names Leader for New Emerging Markets Team (Pensions&Investments)
Robert Marshall-Lee will join Odey Asset Management to lead a new global emerging markets team, effective in March. The role is new. The team will manage long-only equity strategies, a news release said. Mr. Marshall-Lee’s recruitment marks the first external appointment in the hedge fund firm’s development of a new institutional and international product offering, the release said.
Image By Monkey Business – Adobe
Bridgewater’s Dalio Supports Ant IPO Suspension, Bullish on China (Reuters)
SHANGHAI (Reuters) – Ray Dalio, founder of Bridgewater Associates, expressed support on Wednesday for China’s abrupt decision to suspend Ant Group’s record $37 billion listing, citing the need to curb risks from financial innovation. At the same time, Dalio, who calls himself a “chronic bull on China”, also told an online conference that not investing in the rising Asian power is “very risky”.
Bill Ackman Is Right to Hedge on Corporate Credit (Bloomberg)
Billionaire investor Bill Ackman, founder of hedge fund Pershing Square Holdings Ltd., is reloading on his bearish bet on corporate credit, according to the Financial Times. That makes sense. Credit spreads – the premium charged for riskier company bonds above government debt – have largely returned to pre-Covid levels, even before a working vaccine has passed approval. In some cases they’re at record lows amid the euphoria on the Pfizer vaccine. As the recovery becomes increasingly priced in, why not hedge for potential bumps in the road?
Crisis Pressures Stakes Held by Largest LPs (Green Street)
The amount of capital deployed to hedge funds by the biggest investors declined sharply this year, as the coronavirus pandemic and resulting volatility hurt performance and weighed on new subscriptions. The 25 sovereign wealth funds, pensions and endowments that make up Hedge Fund Alert’s eighth annual ranking of the world’s most aggressive hedge fund investors have a combined $267 billion committed to the sector. That marks a 16% drop from $318 billion a year earlier. The decrease coincides with an overall decline in hedge fund assets amid unprecedented uncertainty about the economy and nervousness about the presidential election. Year to date, the amount of money invested in hedge funds globally fell 3% to about $3.2 trillion, according to eVestment.
Soros’s Money Managers in U.K. Poised for $38 Million Payday (Bloomberg)
The investment unit for George Soros’s family office in the U.K. expects to pay 28.8 million pounds ($38.2 million) to its partners and staff within the next three years as part of long-term compensation plans. SFM U.K. Management, which increased its employees to about 20 last year, has set aside 13.9 million pounds for 2020 under compensation commitments that vest over several years, up from an earmarked payment of 8.4 million pounds in 2019. The firm’s money managers separately received 34.5 million pounds for their performance last year after profits more than doubled, according to filings.
The Sr.V.P. Sales & Marketing of Service International (NYSE: SCI) is Buying Shares (Analyst Ratings)
Yesterday, the Sr.V.P. Sales & Marketing of Service International (SCI), Steven Tidwell, bought shares of SCI for $591.1K. Following this transaction Steven Tidwell’s holding in the company was increased by 53.65% to a total of $3.31 million. Based on Service International’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $918 million and quarterly net profit of $127 million.
Praxis Precision Medicines Inc (PRAX) CEO Marcio Souza Bought $100,304 of Shares (Guru Focus)
CEO of Praxis Precision Medicines Inc, Marcio Souza, bought 3,846 shares of PRAX on 11/10/2020 at an average price of $26.08 a share. The total cost of this purchase was $100,304. Praxis Precision Medicines Inc has a market cap of $1.03 billion; its shares were traded at around $27.98 . GuruFocus has detected 1 severe warning sign with Praxis Precision Medicines Inc.
Pfizer CEO Joins Pharma Executives Selling Stock in Rally (MSN Money)
(Bloomberg) — Pfizer Inc. Chief Executive Officer Albert Bourla pocketed about $5.6 million after selling stock, the latest executive to reap the rewards of insider share transactions amid a vaccine-fueled rally for some pharmaceutical companies. Bourla disposed of more than 130,000 shares on Monday, according to a filing with the U.S. Securities and Exchange Commission. Sally Susman, executive vice president and chief corporate affairs officer at Pfizer, also offloaded about $1.8 million in stock.
Exclusive: Amazon Accuses India’s Future of Insider Trading as It Seeks to Block Reliance Deal (U.S.News)
NEW DELHI (Reuters) – Amazon.com Inc has asked India’s market regulator to investigate Future Retail Ltd for insider trading, a letter seen by Reuters showed, as it seeks to prevent its business partner from becoming part of rival Reliance’s empire. The U.S. giant has been pressing the Securities and Exchange Board of India (SEBI) to review Reliance’s August deal to buy retail, logistics and other assets from Future Group for $3.4 billion including debt.
