Hedge Fund Steps in to Preserve Oak Furnitureland (The Times)
Oak Furnitureland has become the latest struggling retailer to be sold through a pre-pack administration. The chain has been acquired by Davidson Kempner Capital Management, a hedge fund, as part of a fast-track insolvency process handled by Deloitte, the accountancy firm. Oak Furnitureland operates 105 showrooms in Britain and employs 1,491 people. Davidson Kempner is to review the business, which potentially could lead to store closures.
Captrust buys $1.6bn Lakeside Wealth Management (Opalesque.com)
Captrust Financial Advisors, an independent registered investment advisor, has added Chesterton, Indiana-based Lakeside Wealth Management, a wealth management firm with $1.6 billion in assets under management. The Chesterton, Indiana-based said in a press release that this latest addition increases Captrust’s nationwide headcount to more than 700 advisors with more than $390 billion in client assets under advisement and $45 billion in assets under management. Lakeside provides retirement plan design, investment management, and participant education for institutions and financial planning, retirement goal setting, and legacy planning for wealth management clients. Founded in 2002 by CEO Mark Chamberlain, the firm is also led by President Tim Rice and senior leaders Chip Mang and Timothy VerSchure, who will all be joining Captrust as principals.
Nordic Top Performers at Investors Choice Awards (Hedge Nordic)
Stockholm (HedgeNordic) – Eight Nordic hedge funds have been recognized as “Top Performer” winners at the Investors Choice Awards 2020 in the EMEA (Europe, the Middle East, and Africa) region. These funds will compete for the “Investors Choice” awards in their respective categories. The now-closed equity long/short fund Bodenholm received “Investors Choice” awards two years in a row. There are two types of awards handed out by Allocator, the data platform organizing the Investors Choice Awards. The “Top Performer” awards are granted to a select few funds that outperformed their wider peer group, with the winners determined purely based on risk-adjusted returns.
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Ex-JPMorgan Credit Trader’s Hedge Fund Starts With $200 Million (Bloomberg)
BirchLane Capital, a hedge fund started by a former top credit trader at JPMorgan Chase & Co. who helped unwind bets made by the so-called London Whale, has started trading with more than $200 million of assets. Fajr Bouguettaya, who left JPMorgan in 2018 to set up BirchLane in London, received the bulk of his funding from a single investor, according to a person with knowledge of the matter. He has recruited a team of about 10 for the firm, including some former JPMorgan credit-derivative traders, said the person, who asked not to be identified because the information is private. The hedge fund will invest in bonds and credit derivatives in global markets.
Why Bill Ackman dropped his stake in Warren Buffett’s Berkshire Hathaway (CMCMarkets.com)
There was a palpable sense of shock when hedge fund manager Bill Ackman turned his back on the man he called his mentor — Warren Buffett. Surprisingly, the news that the CEO of Pershing Square Capital Management [PSHD] had dumped his $1bn stake in Warren Buffett’s Berkshire Hathaway [BRK] on 27 May sent both funds’ share prices up 2% and 3% respectively. During Pershing Square’s Q1 earnings call, Bill Ackman told shareholders that the reason for dropping his stake was to free up capital to invest in new opportunities.
VC Marc Andreessen Explains One Way Hedge Fund Managers are Different from Everybody Else (CNBC)
Venture capitalist Marc Andreessen explained one way successful hedge fund managers are different from most people: They’re willing to change their minds in the face of new evidence. The vast majority of people hate being told they’re wrong, Andreessen said, and consider their ideas almost like children. But the hedge fund managers who excel will listen and digest information, he said.
SEC Probing Kyle Bass’s Statements Over UDF Short Position: DJ (Bloomberg)
The U.S. Securities and Exchange Commission is looking into whether statements made by hedge fund manager Kyle Bass in relation to his short position in Texas real-estate lender United Development Funding IV conveyed false or misleading statements amounting to market manipulation, Dow Jones reported, citing people familiar with the matter that it didn’t identify.
Hedge Funds Nurse Losses on Bets Against Greek, Italian Shares (Reuters)
LONDON (Reuters) – Some hedge funds that bet against a series of Greek and Italian companies are nursing losses after the European Union’s breakthrough plan for a 750 billion euro (£673 billion) recovery fund sent stock markets surging across southern Europe. The funds, which include Citadel, Marshall Wace and AKO Capital, still hold short positions on companies such as Italy’s Banco BPM and Greece’s Piraeus Bank ahead of a June 18-19 EU summit to debate the recovery fund, aimed at helping European economies recover from the impact of the coronavirus pandemic.
Brahman Launches ESG Fund (Institutional Investor)
Brahman Capital has launched a new hedge fund that will focus on environmental, social, and governance factors. Brahman Partners V began trading on June 1, according to a person familiar with the firm. The fund, which requires a minimum investment of $50,000, has so far raised $50 million, according to a…
Monday 6/15 Insider Buying Report: FLXS, TDG (Nasdaq.com)
At Flexsteel Industries, a filing with the SEC revealed that on Thursday, COO Derek P. Schmidt bought 35,506 shares of FLXS, for a cost of $11.78 each, for a total investment of $418,346. So far Schmidt is in the green, up about 13.8% on their purchase based on today’s trading high of $13.41. Flexsteel Industries is trading up about 2.5% on the day Monday. Before this latest buy, Schmidt bought FLXS on 2 other occasions during the past twelve months, for a total cost of $140,018 at an average of $9.39 per share. And at TransDigm Group, there was insider buying on Friday, by Director Michael Graff who bought 618 shares at a cost of $448.07 each, for a trade totaling $276,907. TransDigm Group is trading up about 2.5% on the day Monday.
Notable Insider Buys This Past Week: Keurig, Change Healthcare And More (Benzinga)
Here are a few of the most noteworthy insider purchases reported in the past week. Keurig Dr Pepper: Keurig Dr Pepper Inc (KDP) saw an executive and a director purchase nearly 127,900 shares altogether. At per-share prices between $28.00 and $28.60, that totaled more than $3.64 million. Note that 10% owner JAB Holdings bought 7.38 million shares back in May. Change Healthcare: The chief financial officer at Change Healthcare Inc (CHNG) stepped up to the buy window last week. He picked up 100,000 shares via trust of this Nashville-based health care technology company for $12.00 apiece. That cost him $1.20 million, and it lifted his stake to 140,000 shares.
Insider Trading: June 15, 2020 (BIV.com)
Insider Stephen Anthony Marshall, officer> Company: Revolugroup Canada Inc. (TSX-V:REVO). Shares owned: 21,186,666. Trade date: June 5. Trade total: $1,072,110. Trade: Sale of 2,749,000 shares at a price of $0.39 per share. Insider Eric S. Sprott, 10% owner. Company: Kore Mining Ltd. (TSX-V:KORE). Shares owned: 15,564,444. Trade date: June 5. Trade total: $539,400. Trade: Acquisition of 870,000 shares at a price of $0.62 per share.
The Vice Chairman of Algonquin Power & Utilities (NYSE: AQN) is Selling Shares (Analyst Ratings)
Today, the Vice Chairman of Algonquin Power & Utilities (AQN), Christopher Kenneth Jarratt, sold shares of AQN for $1.14M. In addition to Christopher Kenneth Jarratt, 5 other AQN executives reported Sell trades in the last month. The company has a one-year high of $16.85 and a one-year low of $9.53. AQN’s market cap is $7.28 billion and the company has a P/E ratio of 17.80.
