Citi, ValueAct Capital Extend Information Sharing, Engagement Agreement Through 2021 (Reuters)
NEW YORK (Reuters) – Citi Group (C.N) and hedge fund ValueAct Capital said on Thursday they would extend an existing information-sharing agreement for another two years through the end of 2021. The agreement allows ValueAct, one of Citigroup’s largest shareholders, to engage with bank executives and directors on strategy, governance and planning matters, the firms said in a joint announcement. Citi and ValueAct originally made the agreement in January after starting discussions in 2018 following fund investments in the bank.
CQS’s Hintze Listened to Climate Skeptics and Touts ESG (Bloomberg)
Billionaire Michael Hintze sat in the front row at an invitation-only lecture of the Global Warming Policy Foundation, the main U.K. think tank that’s pushing back against policies to fight climate change. The London hedge fund manager was listening to former Australian Prime Minister Tony Abbott lament how Western societies had turned global warming into a religion while forgetting their roots in “the scriptures about man created in the image and likeness of god and charged with subduing the earth.” The title of the October 2017 speech: “Daring to Doubt.”
Here Are The Billionaires Backing Tom Steyer’s Presidential Campaign-Besides Himself (Forbes)
With an estimated net worth of $1.6 billion, Democratic hopeful Tom Steyer doesn’t need much help raising money for his presidential campaign. In just three months the hedge fund billionaire put in $47.6 million of his own money, according to the latest filings from the Federal Election Commission. Still, he’s gotten some support from fellow members of the three-comma-club. Forbes found eight billionaires and their spouses who have contributed to Steyer’s campaign. All three heirs to the Gap retail fortune donated. So did Daniel Och, the New York hedge fund founder. Along with Jim and Penny Coulter, who got rich after Jim founded private equity giant TPG. So far, Steyer has only gotten $19,840 from the bunch. None of his big-money donors, not even his wife, Kat Taylor, have donated exclusively to him.
Image By Monkey Business – Adobe
Dan Och Doesn’t Live In New York Anymore, But He Does Have A $95 Million Apartment There (Deal Breaker)
The hedge fund he founded, named for himself and led for 24 years-including through a damaging bribery scandal-isn’t doing so well, thanks to said bribery scandal (and is also no longer named for him and possibly no longer returning his calls). Dan Och, though? Yea, Dan Och is doing fine. Mr. Och paid roughly $95 million for the penthouse unit as well as a smaller unit on a lower floor of the building, located at 220 Central Park South…. Mr. Och’s new four-bedroom apartment spans about 9,800 square feet, according to marketing materials for the property.
Hedge Funds had a Tough Go of It in 2019 – Here are 7 Biggest Names that Threw in the Towel (Business Insider)
The $3.3 trillion hedge fund industry saw several big names call it quits in 2019, as Appaloosa founder David Tepper and Moore Capital chief Louis Bacon both decided to turn their funds into family offices, while Bridgewater‘s co-CEO Eileen Murray announced she is leaving her post next year. Other names, like BlueMountain co-founders Stephen Siderow and Andrew Feldstein, were partially pushed out of the industry thanks to poor performance. In the last couple years, big names like Jonathon Jacobson, Leon Cooperman, Jason Karp, John Griffin, Eric Mindich, and more have closed down their funds.
2019 Case Study: Two Sigma Investments, LP and Affiliates – Structure, Operating Strategies & Trading Strategies (GlobeNewswire.com)
Dublin, Dec. 19, 2019 (GLOBE NEWSWIRE) — The “Case Study: Two Sigma Investments, LP and Affiliates” company profile has been added to ResearchAndMarkets.com’s offering. In this comprehensive and unprecedented 65-page, 67-exhibit, and 16,100-word case study, the publisher details the structure, operating strategies and trading strategies of quantitative hedge fund powerhouse, Two Sigma Investments, LP and affiliates. Along with a chronology of notable developments and collection of data from its launch until mid-2019, this analysis also includes comparisons with other legendary quantitative trading firms, including (principally) David Shaw‘s eponymous D. E. Shaw & Co., Inc.; Izzy Englander‘s Millennium Management, LLC; and Jim Simons‘ Renaissance Technologies, LLC.
Hedge Fund Performance Update: November 2019 (Preqin.com)
The Preqin All-Strategies Hedge Fund benchmark returned +1.29% in November. This builds on gains of 0.88% in October and pushes the 2019 YTD and 12-month returns to +9.66% and +7.27% respectively. All but one of the top-level strategies made gains in November, with equity strategies performing best (+1.86%). This factsheet presents the hedge fund performance benchmarks for November 2019. Plus, the 2019 YTD and 12-month return figures for all top-level strategies, structures, denominations and size classifications.
Office Space: Insider Trading (Deal Breaker)
We don’t know much about working at cloud-computing company Palo Alto Networks. We do know that it is based in Silicon Valley (in spite of the name, Santa Clara), and so is probably infused with some degree of the ethos of that place (matcha bars, overuse of the word “disruption,” etc.), and also that the traffic is terrible. We’re sure that, regardless of its leadership’s belief that it is different and special and unique as a snowflake, as are all the other unicorns striding about the Valley, it also shares many of the discontents of every other white-collar job in America: office birthday parties, loud receptionists in adjoining cubicles, malfunctioning office equipment, a multiplicity of bosses whose own precise roles are unclear but who are constantly demanding some sort of accountability in the form of reports, Bobs from McKinsey prowling the halls asking, “What is it that you do here?”…
Indian IT Professional Friends Charged with Insider Trading in US (TheWeek.in)
New York, Dec 19 (PTI) An Indian IT professional and his four friends have been charged by the Securities and Exchange Commission (SEC) with insider trading for repeatedly trading on confidential earnings information about a Silicon Valley cloud-computing company, reaping millions of dollars in trading profits. Janardhan Nellore, 42 a former IT administrator at the technology company in Silicon Valley, was at the center of the trading ring, using his IT credentials and work contacts to obtain highly confidential information about his employer’s quarterly earnings and financial performance, the Commission said in a statement.
Dolby Laboratories Inc (DLB) President and CEO Kevin J Yeaman Sold $1.1 million of Shares (Guru Focus)
President and CEO of Dolby Laboratories Inc., Kevin J Yeaman, sold 17,406 shares of DLB on 12/17/2019 at an average price of $65.86 a share. The total sale was $1.1 million. Dolby Laboratories Inc is an audio and imaging technologies company that transforms entertainment and communications at the cinema, at home, at work and on mobile devices. It derives its revenue from licensing audio technologies. Dolby Laboratories Inc has a market cap of $6.88 billion; its shares were traded at around $68.65 with a P/E ratio of 28.13 and P/S ratio of 5.78.
The EVP, Chief Legal & Compliance of Cornerstone Building Brands (NYSE: CNR) is Selling Shares (Analyst Ratings)
Yesterday, the EVP, Chief Legal & Compliance of Cornerstone Building Brands (CNR), Todd Moore, sold shares of CNR for $195.3K. Following Todd Moore’s last CNR Sell transaction on April 02, 2019, the stock climbed by 2.9%.
