Billionaire Says ‘Civic Hero’ Rittenhouse Should be Acquitted (Independent.co.uk)
Billionaire investor Bill Ackman has called Kyle Rittenhouse a “civil hero” and claimed that the jury will find the 18-year-old innocent. Mr Rittenhouse is accused of shooting three demonstrators – two of whom died – during a night of unrest in Kenosha, Wisconsin, after police shot a Black man, Jacob Blake, seven times in the back in August 2020.
Ken Griffin Says Bitcoin will be Replaced by Ethereum-Based Currency (Coin Telegraph)
Kenneth Griffin, billionaire CEO of American hedge fund Citadel, thinks a currency on the Ethereum network will replace Bitcoin (BTC) as crypto’s top dog. Citadel manages over $40 billion of capital — a quarter of the trading volume in the United States stock market. During this Wednesday’s Nov. 10 DealBook summit hosted by The New York Times, Griffin said that he anticipates that the “Bitcoin-based conception [will be] replaced by the Ethereum-based conception in the next generation of cryptocurrencies.”
AVI Calls for Third Point Director to be Ousted Amid Row Over Discount Control (Portfolio Adviser)
Activist shareholder retaliates after board of Dan Loeb’s UK feeder fund rejects proposals to narrow its discount. Activist shareholder Asset Value Investors (AVI) is urging shareholders to oust a director from billionaire Dan Loeb’s UK feeder fund in retaliation for the board’s refusal to put its discount control mechanism to a shareholder vote. Third Point Investors Limited (TPIL) is the UK-listed version of Loeb’s New York-based hedge fund, Third Point. AVI, which owns 10% of TPIL, has been pushing to allow shareholders to sell shares back at price reflecting the underlying assets instead of the share price, which carries a 15% discount.
Photo by Austin Distel on Unsplash
U.K. Hands Out £600,000 Broker Fine Linked to Tax Scandal (Bloomberg)
The U.K. markets regulator handed out its second penalty in relation to Cum-Ex trades, fining a broker more than 600,000 pounds ($803,500) for missing suspect trades with one of the key figures in the European tax scandal. Sunrise Brokers LLP was fined over its relationship with hedge-fund manager Sanjay Shah, the Financial Conduct Authority said in a statement Friday. The watchdog said Sunrise traded in such huge volumes in 2015 that it amounted to more than 20% of the whole Danish stock exchange.
Hedge Funds Start Q4 on a High Note with Majority in the Black (Hedge Week)
The global hedge fund business started the fourth quarter of 2021 on a high note, with aggregate industry performance at +1.88 per cent in October and just over 70 per cent of funds reporting to eVestment seeing positive results for the month, according to the just-released October 2021 eVestment hedge fund performance data. Year to date (YTD) performance for the hedge fund industry stands at +10.86 per cent, very close to surpassing the +11.07 per cent aggregate return the industry posted in 2020. Commodity-focused funds continue to be among the strongest performing segments of the hedge fund business, with October average returns at +3.10 per cent and YTD performance at +22.63 per cent. Commodities funds’ YTD 2021 performance is much stronger than the +5.84 per cent these funds posted for all of 2020.
Hilbert Rolls Out Crypto Fund Range (Hedge Nordic)
Stockholm (HedgeNordic) – Having started out as a pure digital-currency asset manager, Stockholm-based Hilbert Group has now been listed on Nasdaq First North as a digital asset investment firm focused on four business verticals: asset management, proprietary trading, private equity investments, and data and analytics. The asset management arm focuses on managing Hilbert Digital Asset Fund, its flagship product that offers investors broad exposure to the crypto market, and on expanding its product range with the upcoming launch of three additional funds.
