Another Top Citi Trader in NYC Left for a Hedge Fund (eFinancialCareers.com)
Citi’s institutional clients group (investment bank) may have achieved a 60% increase in profits in the first nine months of 2021, but this isn’t preventing senior traders at the bank from leaving for new roles. Last week, Bloomberg reported that Matt Zhang, a 14 year Citi veteran, co-head of structured products trading and solutions, and creator of Sprint (spread products investment technologies team), was leaving to set up his own $1bn fund to trade crypto assets and invest in crypto companies. Now, another Citi trading veteran has left for hedge fund Millennium.
How the $60 Billion Quant Giant D. E. Shaw Analyzes Google Data to Supercharge Its Macro Strategy (Business Insider)
To the untrained eye, this spring saw the return of Americans eating out and shopping at their favorite restaurants and stores at nearly the same level as pre-COVID times. According to Google mobility data, which tracks people’s locations with Google apps on their cell phones, retail and recreation visits in April, as well as the summer months, were roughly 5% off from where they were in January of 2020. In other words, Americans were back to the dining and shopping routines they had before the pandemic.
Bitcoin Bull Mark Yusko Sees Trouble at $60,000, Calls the Cryptocurrency ‘Overbought’ Right Now (CNBC)
A bitcoin bull is on pullback watch. Hedge fund manager Mark Yusko believes investors will take profits due to the cryptocurrency’s sharp rally over the last few weeks. “There are a lot of people that think we could hit $100,000 by the end of the year. The stock to flow model says we should,” the Morgan Creek Capital Management CEO and CIO told CNBC’s “Trading Nation” on Friday. “I also wouldn’t be surprised of a little consolidation. Look, we’re up 40% this month which is only 15 days old.”
Photo by Austin Distel on Unsplash
Quant Hedge Fund Pioneer Aspect Capital Launches China-Focused Futures Strategy (Hedge Week)
Quantitative hedge fund and CTA pioneer Aspect Capital has unveiled a new systematic momentum-based investment strategy focused on Chinese financial and commodities futures, tapping into the expanding global institutional investor appetite for opportunities there. The Aspect China Diversified Fund – which launches with more than USD100 million in external capital – uses the London-based firm’s systematic medium-term trend-following models to trade more than 40 onshore Chinese futures markets spanning six asset classes: agriculturals, bonds, energies, industrials, metals and stock indices.
Sculptor Is Launching a SPAC (Institutional Investor)
Sculptor Capital Management has filed plans to launch a blank-check company. The firm best known for its multistrategy hedge fund is seeking to raise at least $200 million for Sculptor Acquisition Corp. I, making it the first hedge fund firm to plan a public listing of a special purpose acquisition company…
When This Hedge Fund Buys Local Newspapers, Democracy Suffers (WXXI News)
Have you heard of the hedge fund Alden Global Capital? If you’re a reader of local newspapers — particularly the Chicago Tribune, The Baltimore Sun or New York Daily News — you’re going to want to make sure the answer is yes. That’s because the fund is stepping in to buy — and then gut — newsrooms across the country. And that has consequences for democracy, as journalist McKay Coppins writes in The Atlantic. Below are highlights from his conversation with Morning Edition’s A Martínez.
Opalesque Roundup: Hedge Funds 2021 Momentum Halts, Slides in September: Hedge Fund News, Week 41 (Opalesque)
In the week ending October 15th 2021, eVestment released their September 2021 hedge fund performance figures. Aggregate performance for the global hedge fund business dipped into negative territory in September, at -0.55%. This is only the second month this year the industry posted negative aggregate returns and just under 40% of funds eVestment tracks posted positive returns last month, the lowest level since September of last year. Year to date (YTD) hedge fund industry performance stands at +8.85%.
Notable Apollo Global Management Insider Trades $12M In Company Stock (Benzinga)
Joshua Harris, Director at Apollo Global Management (NYSE:APO), made a large buy and sell of company shares on October 15, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission states that Joshua Harris exercised options to purchase 192,246 Apollo Global Management shares for $0 on October 15. They then sold their shares on multiple transactions in the open market. They sold at prices ranging from $65.95 to $68.13 to raise a total of $12,902,312 from the stock sale.
The Senior Officer of Hill Street Beverage Co (Other OTC: HSEEF) is Buying Shares (Analyst Ratings)
Today, the Senior Officer of Hill Street Beverage Co (HSEEF), Rudy Sawatzky, bought shares of HSEEF for $350K. Following this transaction Rudy Sawatzky’s holding in the company was increased by 32% to a total of $1.76 million. Based on Hill Street Beverage Co’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $655.3K and GAAP net loss of -$660,387. In comparison, last year the company earned revenue of $388.5K and had a GAAP net loss of $796.4K. Currently, Hill Street Beverage Co has an average volume of 70. HSEEF’s market cap is $9.34 million and the company has a P/E ratio of -2.00.
C3.ai Inc (AI) CEO Thomas M Siebel Sold $22.4 million of Shares (Guru Focus)
CEO of C3.ai Inc, Thomas M Siebel, sold 484,149 shares of AI on 10/15/2021 at an average price of $46.17 a share. The total sale was $22.4 million.
SEC Awards $40 Million to Two Whistleblowers (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has announced awards of approximately $40 million to two whistleblowers whose information and assistance contributed to the success of an SEC enforcement action. The first whistleblower, whose information caused the opening of the investigation and exposed difficult-to-detect violations, will receive an award of approximately $32 million. The first whistleblower also provided substantial assistance to the staff, including identifying witnesses and helping the staff to understand complex fact patterns. The second whistleblower, who submitted important new information during the course of the investigation but waited several years to report to the Commission, will receive an award of approximately $8 million.
