U.S. Appeals Court Restores Platinum Partners Executives’ Fraud Convictions (Reuters)
NEW YORK (Reuters) – A U.S. appeals court on Friday restored the fraud convictions of two former top executives at the now-defunct Platinum Partners hedge fund, saying a trial judge erred in acquitting one defendant and granting the other a new trial. In a 102-page decision, the 2nd U.S. Circuit Court of Appeals in Manhattan said sufficient evidence supported the July 2019 jury convictions of Platinum co-founder Mark Nordlicht and co-chief investment officer David Levy.
Haidar Hits a New High (Institutional Investor)
Bridgewater, Discovery, Brevan Howard, and other macro funds were also in the black in October. High-flying Haidar Jupiter Fund posted another strong monthly gain in what was generally a profitable month for macro hedge funds. Haidar surged an estimated 6.48 percent in October and is now up about 81.36 percent for the year, according to an e-mail communication with investors seen by Institutional Investor.
Hedge Fund Mantle Ridge Considers Potential Activist Push at Dollar Tree (Bloomberg)
Mantle Ridge has been speaking to investors about raising a special purpose vehicle to build a stake in discount retailer Dollar Tree Inc., according to people familiar with the matter. The New York-based hedge fund has reached out to sovereign wealth funds and family offices regarding the potential vehicle, said the people, who asked to not be identified because the matter isn’t public. No final decision has been made and Mantle Ridge could opt against pursuing an investment. It’s not clear what kind of changes Mantle Ridge may seek at the Chesapeake, Virginia-based company.
Arcmont Asset Management Wraps Up Second Senior Loan Fund at $5.8bn (Opalesque)
European private debt asset management firm Arcmont Asset Management has completed the fundraising of its Senior Loan Fund II and associated vehicles, attracting total investable capital of €5 billion ($5.8bn). The private debt specialist said in a press release that the €5 billion raised exceeded Arcmont’s initial target, with the success of the fundraise reflecting the strong support received from both new and existing investors globally, including public and private pension funds, insurance companies, sovereign wealth funds, and family offices. More than half of the commitments were from investors in Arcmont’s prior funds, with strong participation from Europe, the United States, and the Asia Pacific.
Over Three-Quarters of Hedge Funds Say Regular Online Meetings Help Develop Talent in a Remote Working Environment (Hedge Week)
The Alternative Investment Management Association (AIMA) has just published new research exploring where hedge funds are sourcing talent and the steps taken to retain employees during the so-called ’Great Resignation’ and what roles (such as ESG specialists) will be most in demand in near future. Asked what they are doing to help develop talent in a remote working environment, the most popular answer given by hedge funds was regular online meetings (78 per cent), followed by webinars and online seminars (50 per cent) and coaching – both external and internal – (44 per cent).
How A New Hedge Fund Is Breaking Industry Barriers By Going Cloud Native (Forbes)
For years, top quantitative hedge funds have invested millions of start-up capital to gain a technical edge. Now cloud is leveling the playing field so that the best ideas win. The flexibility and extensibility of a cloud-native approach saves on time and start-up capital while also addressing regulatory, security, and talent needs. Michael DeAddio, COO and co-founder of systematic hedge fund Dark Forest, explains how his firm is finding new routes to alpha in the cloud. Hedge funds have often been on the leading edge of technology, as they seek whatever advantage they can in beating the market and their peers.
Investors Flee Brazil Hedge Funds After Surge in Interest Rates (Bloomberg)
Brazilian hedge funds are hemorrhaging money as the sharp rise in interest rates increases the appeal of safer bets in fixed-income assets. Investors pulled about 12.5 billion reais ($2.2 billion) out of domestic hedge funds in October, according to Brazil’s capital-markets association Anbima. It comes after a 13.4 billion reais net outflow in September, the biggest monthly withdrawal since 2017.
Friday 11/5 Insider Buying Report: BRDS, OPBK (Nasdaq.com)
On Thursday, BRDS’ Director, James E. Mutrie, made a $4.3M buy of BRDS, purchasing 430,000 shares at a cost of $10.00 each. Investors can pick up BRDS even cheaper than Mutrie did, with shares changing hands as low as $8.21 in trading on Friday — that’s 17.9% under Mutrie’s purchase price. BRDS is trading up about 0.1% on the day Friday. And at OP Bancorp, there was insider buying on Wednesday, by Director Ock Hee Kim who purchased 80,000 shares for a cost of $12.64 each, for a total investment of $1.01M. OP Bancorp is trading up about 0.2% on the day Friday. Investors have the opportunity to snag OPBK at a price even lower than Kim did, with the stock trading as low as $12.46 at last check today which is 1.4% under Kim’s purchase price.
A Director at Customers Bancorp (NYSE: CUBI) is Selling Shares (Analyst Ratings)
Yesterday, a Director at Customers Bancorp (CUBI), Lawrence Way, sold shares of CUBI for $6.08M. Following Lawrence Way’s last CUBI Sell transaction on June 13, 2018, the stock climbed by 25.3%. In addition to Lawrence Way, 2 other CUBI executives reported Sell trades in the last month. Based on Customers Bancorp’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $239 million and quarterly net profit of $116 million. In comparison, last year the company earned revenue of $140 million and had a net profit of $50.52 million. The company has a one-year high of $56.49 and a one-year low of $13.85. Currently, Customers Bancorp has an average volume of 659.99K.
Curo Group Holdings Insider Sold $2.3M In Company Stock (Benzinga)
Michael Mcknight, Director at Curo Group Holdings (NYSE:CURO), made a large insider sell on November 4, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that Mcknight sold 133,890 shares of Curo Group Holdings at prices ranging from $17.00 to $17.50. The total transaction amounted to $2,333,121.
