Hedge Fund Millennium poached a Bank of America MD in Paris (eFinancialCareers)
As global hedge funds build their presence in Paris they are poaching from banks on the ground. The latest ex-bank to trader to turn up at a hedge fund is Grégoire Thomas, the former Paris-based head of equity synthetics and securities lending at Bank of America. We reported Thomas’ exit from BofA in April. According to his LinkedIn profile, he’s just joined the Paris office of Millennium Management. Millennium opened a Paris office in late 2019 and has been slowly adding staff ever since. Other recent Paris recruits include Louis-Marin Carlier, a quant trader who worked for Millennium in Switzerland before briefly joining One Eleven Capital, and then returning to Millenium in the French capital.
Morrisons Could Become Subject to a Bidding War as New York Hedge Fund Apollo Mulls Offer (Yorkshire Post)
New-York based asset manager Apollo Global Management confirmed that it is “in the preliminary stages of evaluating a possible offer for Morrisons” on behalf of investment firms managed by Apollo. It added that no formal approach has yet been made to the board of the Bradford-based chain.
GSK Supports CEO Emma Walmsley Following Elliott’s Demands for Leadership Overhaul (PMLive.com)
In response to a 17-page letter from activist hedge fund Elliott Management last week, GlaxoSmithKline (GSK) has thrown its support firmly behind chief executive officer Emma Walmsley. In Elliott’s letter, the hedge fund highlighted ‘leadership failures’ regarding the company’s plans for the consumer health/biopharma separation as well as ‘years of underperformance’.
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‘Big Short’ Investor Michael Burry Compared the Meme-Stock Craze to the Dot-com and Housing Bubbles – and Warned of an Impending Crash (Business Insider)
Michael Burry warned the frenzied buying of meme stocks reminded him of the dot-com boom and housing bubble in a recent Barron’s interview, and predicted the social-media favorites would plummet in value soon. The Scion Asset Management chief noted the people who went all-in on technology stocks at the turn of century, and those who took out massive loans to buy multiple homes in the mid-2000s, didn’t expect the good times to end. Meme-stock investors are falling into the same trap and risk getting burned, he said.
French Systematic Hedge Fund Quantology Launches Nasdaq-Focused US Equity Strategy (Hedge Week)
Quantology Capital Management, a Paris-based systematic long/short equity-focused hedge fund firm, has launched a new strategy, Quantology US Equity. The new fund aims to outperform the Nasdaq 100 Index, described by Quantology as “the best performer and the hardest index to outperform over the last 10 years.” The launch comes as the firm’s Quantology Absolute Return strategy ended the first half of 2021 in negative territory, down just over 1 per cent having lost 0.5 per cent in June.
Britney Spears Judge Agrees to Let $100B Hedge Fund Resign as Co-Conservator of Pop Star’s Estate After her Bombshell Appearance at Hearing (DailyMail.co.uk)
Bessemer Trust’s request to withdraw as co-conservator of Britney Spears’ estate has been approved by a judge. Judge Brenda Penny of the Los Angeles Superior Court ruled that the request would be ‘immediately effective’ just one day after the company filed to be removed as a co-conservator of the pop-star’s estate on an ‘expedited basis’, People reported. The $100 billion hedge fund had signed on as co-conservator of Britney’s estate in November, which has been handled by her father Jamie Spears since 2008.
Notable Insider Buys In The Past Week: Asana, Transocean, IPOS, SPACS And More (Benzinga)
Sprinklr Inc (CXM) CEO Ragy Thomas purchased more than 31,200 shares, and three 10% owners added a combined 3.09 million shares as well. At the initial public offering price of $16.00 apiece, those shares totaled nearly $50.00 million altogether. Note that the stock closed the week trading at $20.88 per share. A beneficial owner of Minneapolis-based Bright Health Group Inc (BHG) received more than 1.94 million shares of common stock in its IPO. At $18.00 per share, that added up to nearly $35.00 million, and it lifted the owner’s stake to 47.92 million shares. However, shares were last seen trading at $16.70 apiece.
An Insider at eXp World Holdings (NASDAQ: EXPI) is Selling Shares (Analyst Ratings)
Today, an Insider at eXp World Holdings (EXPI), Penny Sanford, sold shares of EXPI for $211.2K. Following Penny Sanford’s last EXPI Sell transaction on June 02, 2021, the stock climbed by 4.8%. Over the last month, Penny Sanford has reported another 6 Sell trades on EXPI for a total of $2.01M. Based on eXp World Holdings’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $584 million and quarterly net profit of $4.85 million. In comparison, last year the company earned revenue of $271 million and had a net profit of $165K. The company has a one-year high of $90.00 and a one-year low of $7.57. Currently, eXp World Holdings has an average volume of 919.89K.
Facebook Inc (FB) COB and CEO Mark Zuckerberg Sold $27 million of Shares (Guru Focus)
COB and CEO of Facebook Inc, Mark Zuckerberg, sold 77,300 shares of FB on 06/30/2021 at an average price of $348.84 a share. The total sale was $27 million.
Former Bank Vice President And Friend Charged In Insider Trading Securities Fraud Scam (Imperial Valley News)
San Francisco, California – Former Silicon Valley Bank vice president Mounir Gad has agreed to plead guilty to two counts of securities fraud in connection with a scheme to profit by sharing material non-public information regarding the acquisition of companies. The announcement was made by Acting U.S. Attorney Stephanie M. Hinds and Federal Bureau of Investigation Special Agent in Charge Craig D. Fair. The Office of the United States Attorney filed an information earlier Wednesday charging Gad, 34, of San Jose, and Nathan Guido, 38, of San Jose, with the crimes.
Torontonian Charged in Multimillion-Dollar Insider Trading Case in U.S. (Advisor.ca)
A Toronto trader working at a Canadian asset management company has been charged in the U.S. for insider trading and running a multimillion-dollar front-running scheme. The U.S. Department of Justice claims Sean Wygovsky engaged in securities and wire fraud as part of a scheme where he allegedly stole confidential information about his employer’s trade orders to make hundreds of personal trades in the same stocks.
