Risks and Rewards: How Maso Capital’s Pioneering Asia-Pacific Event Driven Focus is Paying Off (Hedge Week)
Maso Capital, an event driven and convertible arbitrage-focused hedge fund based in Hong Kong, was established in 2012 by Manoj Jain and Sohit Khurana, who previously managed money for Och-Ziff’s Asia-focused strategies. Along with merger and convertible arb strategies, the firm – which now has more than USD500 million in assets under management – has more recently built a burgeoning presence in the growing market for Special Purpose Acquisition Companies, or SPACs, in the Asia-Pacific region.
Kohl’s Urged to Consider Sale by Activist Investor (The Wall Street Journal)
Activist Engine Capital sends letter also pressing department-store chain to consider a separation of its e-commerce business. An activist investor is urging department-store chain Kohl’s Corp. to consider a sale of the company or a separation of its e-commerce business. New York-based hedge fund Engine Capital LP wants the retailer to examine the two alternatives to improve its lagging stock price, according to a letter sent to Kohl’s board Sunday. Engine owns a roughly 1% Kohl’s stake.
Hedge Fund Cinctive Sees Potential Bargains as Volatility Roils Markets (Reuters)
BOSTON, Dec 6 (Reuters) – Cinctive, a hedge fund that nearly tripled assets since its 2019 launch, is looking to capitalize on the market volatility stirred up by the Omicron variant of the coronavirus and worries over a hawkish shift from the Federal Reserve. Among the areas the fund believes are attractive are financial companies, which should benefit from rising interest rates, according to people familiar with the firm’s thinking.
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Steve Cohen-Backed Start-Up Bets on 24-hour Trading so Investors Can React Instantly to Tweets (CNBC)
Hedge-fund billionaire and NY Mets owner Steve Cohen has invested in a crypto start-up that aims to launch a stock exchange with 24-hour trading. Cohen’s venture-capital fund Point72 Ventures is leading a $14 million funding round for 24 Exchange, a Bermuda-based crypto and foreign exchange trading platform that wants to bring the non-stop trading of the digital currency world to the stock market.
Millennium, Citadel Winning the War to Keep Client Cash Longer (Bloomberg)
It’s a sellers’ market for some prominent hedge funds, and they’re using that advantage to keep client cash locked up for longer. Izzy Englander’s $57 billion Millennium Management told investors last month that it had raised a record $10 billion for a fund that takes a minimum of five years to exit. At least four other large multi-manager funds have changed their terms or started new share classes this year, all extending the time it takes for investors to get out.
Apollo Global Grabs Griffin Capital Units in the Push to Reach Wealthy Individuals (Opalesque)
Apollo Global Management has agreed to acquire the U.S. wealth distribution and $5 billion asset management businesses of Griffin Capital, as it looks to boost its offerings for rich clients. Terms of the deal were not disclosed, although the private-equity giant said it expects to close in the first half of 2022 and to be breakeven to per-share earnings in 2022 and become a “meaningful” driver of earnings growth in the coming years. Griffin has “one of the only scaled distribution teams” in the U.S. exclusively focused on alternative investments. Apollo executives currently have relationships with private banks, wirehouses, registered investment advisers, and family offices.
Bridgewater’s Dalio Clarifies His Recent Comments on China (Reuters)
Dec 6 (Reuters) – Billionaire investor Ray Dalio, who founded the world’s largest hedge fund, Bridgewater Associates, said on social media on Sunday he wanted to “clarify” comments he made last week in which he appeared to brush off human-rights abuses in China.
Third Point Posts Large Monthly Loss (Institutional Investor)
Dan Loeb has lived and died with private and newly public companies this year. Dan Loeb’s Third Point suffered a big setback in November. Third Point Offshore Fund lost nearly 7 percent, while Third Point Investors Limited, a feeder fund into Third Point Offshore, lost 7.7 percent for the month, according to the hedge fund firm’s November monthly report.Even so, the two funds are still…
American Hedge Fund Elliott Advisors ‘Has Eye on Housebuilder Taylor Wimpey’ (The Times)
The board of Taylor Wimpey has been put on alert after it emerged that an activist investor was building a stake. Elliott Advisors, the American hedge fund that has been lobbying for board changes at GlaxoSmithKline, has built a small stake. The housebuilder, one of Britain’s biggest, operates from 23 regional businesses in the UK and constructs homes ranging from flats to six-bedroom houses. The company, which has been led by Pete Redfern, 51, since 2007, built about 15,500 homes in 2019 and is expected to complete about 14,000 homes this year.
Monday 12/6 Insider Buying Report: OPEN, PETQ (Nasdaq.com)
On Thursday, Opendoor Technologies’ Director, Pueo Keffer, made a $2M buy of OPEN, purchasing 137,533 shares at a cost of $14.51 a piece. Opendoor Technologies is trading up about 3.9% on the day Monday. Before this latest buy, Keffer bought OPEN on 5 other occasions during the past year, for a total investment of $4.98M at an average of $16.38 per share.And on Wednesday, Chief Executive Officer Mccord Christensen bought $1.00M worth of PetIQ, buying 50,000 shares at a cost of $20.09 a piece. Before this latest buy, Christensen made one other buy in the past twelve months, purchasing $1.00M shares for a cost of $20.09 each. PetIQ is trading off about 4.2% on the day Monday. So far Christensen is in the green, up about 14.1% on their buy based on today’s trading high of $22.92.
The Chief Scientific Officer of Arbutus Biopharma (NASDAQ: ABUS) is Selling Shares (Analyst Ratings)
On December 3, the Chief Scientific Officer of Arbutus Biopharma (ABUS), Michael J Sofia, sold shares of ABUS for $1.02M. Based on Arbutus Biopharma’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $3.34 million and GAAP net loss of -$19,158,000.
