Quant Hedge Fund Finds Its Mid-Ranking Engineers are Glum (eFinancialCareers.com)
If you’re a mid-ranking engineer in a hedge fund, you should probably be feeling ok with your lot. The tech stack might be cranky and the hours might be long, but you’re probably not paid too badly, and you will surely be some solving interesting problems. This may not be enough. Two Sigma, the New York-based quantitative hedge fund which pays its software engineers anything from $240k and $412k according to Levelsfyi, surveyed its engineers and discovered that mid-ranking people were a bit unhappy.
U.S. Supreme Court Rejects Platinum Partner Executives’ Appeal of Fraud Convictions (Reuters)
WASHINGTON, Oct 3 (Reuters) – The U.S. Supreme Court on Monday declined to hear an appeal by two former Platinum Partners executives of their conviction on charges that they defrauded bondholders of one of the defunct hedge fund’s portfolio companies as they seek a new trial. The justices, on the first day of their new term, turned away an appeal by Platinum co-founder Mark Nordlicht and co-chief investment officer David Levy of a lower court ruling that reversed the trial judge’s decision to overturn their convictions after jurors found them guilty.
The Nordic HFM Winners: OAM, Lynx and Storm (Hedge Nordic)
Stockholm (HedgeNordic) – Three Nordic asset managers, Oslo Asset Management, Lynx Asset Management and Storm Capital Management, were awarded during the HFM European Performance Awards 2022 ceremony at the Natural History Museum in London last week. The winners of the 2022 HFM European Performance Awards were announced in London on September 29, with the winners determined by a judging panel made up of institutional and private investors, as well as investment consultants.
Pressmaster/Shutterstock.com
Michael Burry Flags ‘Passive Investing Bubble’ as Another Market Risk (New York Post)
“The Big Short” hedge fund manager Michael Burry cautioned that he sees another significant risk to market stability in the form of a “passive investing bubble” that he expects to burst. Burry, who has frequently warned that the US economy is in the midst of a major downturn, argued a boom in forms of passive investment, such as ETFs and other index funds, has created a fresh hazard for investors in the current bear market.
New Hedge Fund Launches Plunge to Lowest Level Since 2008 (Hedge Week)
New hedge fund launches have plunged to the lowest level since Q4 2008 as according to the latest HFR Market Microstructure Report. The estimated number of new hedge fund launches fell to only 80 in the second quarter of the year, a significant decline from the estimated 185 launches in Q1, representing the lowest launch rate since only 56 new funds launched in Q4 2008. In the trailing 12 months ending Q2 2022, an estimated 510 total new hedge funds have launched.
Host of Mini-Budget Champagne Party ‘Profited from Falling Pound’ (The Times)
A hedge fund manager and Tory donor who hosted Kwasi Kwarteng for a champagne reception on the day of the mini-budget is likely to have profited from the fall in the value of the pound. Andrew Law, a financier worth £750 million, helped to fund Liz Truss’s leadership campaign. The Times has been told Law was shorting the pound in the run-up to the mini-budget, meaning he probably profited from sterling’s fall amid market chaos.
