Ken Griffin Ramps Up Credit Bets, Anticipating US Recession (Bloomberg)
Ken Griffin, whose hedge fund churned out a record $16 billion for clients last year, is increasing his focus on credit trading as he braces for a potential US recession. “We’re much more cautious about 2024,” the billionaire founder of Citadel said in an interview in Hong Kong, adding that the world’s largest economy is unlikely to avoid a downturn that year. “We’ll look at the credit markets as a source of opportunity. Credit should be a meaningful contributor later this year” and next for Citadel, he said.
Sarissa’s Denner Quits Biogen Board as Firm Seeks Seats at Alkermes (Reuters)
Activist investor Sarissa Capital may have cleared a stumbling block in its push for board seats at Alkermes (ALKS.O) when one of its candidates resigned from the board of a company that has a commercial relationship with the drugmaker. The hedge fund’s founder, Alex Denner, 53, one of three Sarissa candidates running for seats on Alkermes’ 11-member board, on Monday said he would give up his board seat at biotech company Biogen (BIIB.O).
Founders of Failed Crypto Hedge Fund 3AC Lived it Up in Bali in Wake of Collapse (TheIndependent.sg)
SINGAPORE: Cryptocurrency fund Three Arrows Capital Pte Ltd (3AC) collapsed last year, with debts totalling $3.3 billion (S$4.43 billion), shocking the crypto market and demolishing the savings of millions of amateur investors. However, according to a recent report from the New York Times, its founder Zhu Su, a Singaporean, and Kyle Davies, an American, lived it up in Bali, Indonesia, after the collapse of the company.
Image by Sergei Tokmakov Terms.Law from Pixabay
Biopharma Funds Rebound in May (Institutional Investor)
Several funds in this volatile sector moved back into the black last month. Another month, another big round of performance for a number of biopharma-focused healthcare hedge funds. Many of the funds posted strong gains in May, and this helped several of them move back into the black for the year, if only temporarily.
Hedge Fund Balyasny Joins Rivals in Locking Up Client Capital for Longer (Bloomberg)
Balyasny Asset Management told clients it will lock up their money for two years, as the hedge fund joins the parade of peers in extending how long they can keep investors’ capital. The changes will take effect Sept. 1, according to an investor. Currently, an undisclosed percentage of clients may pull 25% of their money every quarter.
Odey Swan Fund Assets Collapsed 37% in Two Days Before Closing (Bloomberg)
The assets of Odey Asset Management’s Swan fund slumped 37% in the run-up to the firm’s decision to shut it down as clients rushed for the exit following fresh sexual assault allegations against its founder Crispin Odey. The fund managed $81.2 million on June 12, down from $128.3 million on June 8, according to data compiled by Bloomberg. Last week, the Financial Times published new investigation into Odey’s conduct over two decades that included multiple allegations of sexual harassment and assault.
Unveiling the Future of Investing: Fintech Hedge Funds (GizmoLead.com)
A. Definition and overview of fintech hedge funds: Fintech hedge funds represent a convergence of financial technology (fintech) and the traditional hedge fund model. These funds leverage advanced technologies, data analytics, and automation to enhance investment strategies, decision-making, and risk management. Fintech hedge funds combine the agility and innovation of fintech with the established framework of hedge funds, aiming to generate alpha and deliver superior returns for investors.
Jada Fund of Funds Invests in Investcorp’s $500 Million Saudi Pre-IPO Growth Fund (Wamda.com)
Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) has invested in Bahrain’s Investorcorp, a $500 million pre-IPO growth fund. The fund, launched last year, aims to invest in a diversified portfolio of high-growth startups looking to go public over the next few years. Last August, Investcorp led a $100 million pre-IPO funding round in TruKKer, a trucking marketplace, with over 45,000 trucks on its platform, and NourNet, a local ICT company serving 1,200 corporate clients operating across over 20 industries.
Wednesday 6/14 Insider Buying Report: AMPS (Nasdaq.com)
On Monday, Director William F. Concannon bought $329,367 worth of Altus Power, buying 60,000 shares at a cost of $5.49 each. This purchase marks the first one filed by Concannon in the past twelve months. Altus Power is trading down about 2% on the day Wednesday. Concannon was up about 7.3% on the buy at the high point of today’s trading session, with AMPS trading as high as $5.89 at last check today.
$1M Bet On This Tech Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
ACI Worldwide: The Trade: ACI Worldwide, Inc. (ACIW) Director, President and CEO Thomas W Warsop III acquired a total of 43,000 shares an average price of $23.63. To acquire these shares, it cost around $1.02 million. Topgolf Callaway Brands: The Trade: Topgolf Callaway Brands Corp. (MODG) Director Adebayo O Ogunlesi acquired a total of 100,000 shares at an average price of $19.45. To acquire these shares, it cost around $1.94 million.
