Inside the sprawling network of hedge fund spin-offs from Israel Englander’s Millennium Management (Business Insider)
One could argue that Millennium Management‘s greatest advantage over other hedge funds is its ability to keep talented people in-house. The massive hedge fund — which manages some $46 billion in assets across hundreds of teams — has a unique structure that lets portfolio managers operate in independent silos. The setup, which is grants PMs even more autonomy than fellow multi-strategy funds though with tight risk and loss parameters, helps billionaire founder Israel Englander convince staffers who might leave a more traditional fund to stay in-house — and recruit top talent into his firm.
Hedge Fund Billionaire Chris Hohn: ‘Asset Management Industry is a Joke’ on Climate Change (Financial News)
Billionaire activist investor Sir Chris Hohn has slammed asset managers for failing to be more active on the climate emergency — particularly within funds that claim to prioritise environmental, social and governance (ESG) concerns. “ESG for most asset managers is a total greenwash and investors need to wake up and realise that their asset managers talk but don’t actually do,” said Hohn. The billionaire founder of TCI Fund Management, a $30bn hedge fund, made the comments on a Global Summit webinar addressing shareholder activism and ESG investing on 22 October.
Chris Hohn
Mike Novogratz Likes Stocks, Bitcoin Ahead of the Election: ‘The Liquidity Tsunami is Just Too Big’ (CNBC)
Billionaire investor Michael Novogratz said Friday he’s bullish on both stocks and cryptocurrencies despite the uncertainty around the upcoming election and the shape of the economic recovery. The Galaxy Digital CEO said on CNBC’s “Squawk Box” that he expects a Democratic sweep in next month’s election, with Joe Biden defeating President Donald Trump and Democrats taking the Senate.
Major Hedge Fund Moving to West Palm Beach from New York (MSN Money)
A $41 billion hedge fund based in New York plans to temporarily lease space in the Phillips Point office complex as part of a larger move to bring its headquarters to West Palm Beach, three real estate sources said on Thursday. Paul Singer‘s Elliott Management Corp. also will open an office in Greenwich, Ct., as well as keep a presence in Manhattan, according to Bloomberg News, which first reported Elliott’s move to West Palm Beach but did not identify a location.
Hugh Hendry Sees ‘Beige’ Market, Says Fed Policy Too Tight (Bloomberg)
Hugh Hendry, former hedge fund manager, says a lot of “zealotry” has been taken out of central banking and explains why he thinks monetary policy is too tight. He speaks with Bloomberg’s Jonathan Ferro on “Bloomberg The Open.” (Source: Bloomberg)
US Election: Biden Win May “Counter-Intuitively” Boost Oil Markets, Says Energy Hedge Fund Westbeck (Hedge Week)
A victory for Joe Biden in next month’s US presidential election may “counter-intuitively” help boost global oil markets, according to London-based energy-focused hedge fund Westbeck Capital. The firm – whose flagship Westbeck Energy Opportunity Fund takes a long/short directional approach to international oil markets, trading equities, futures and options – outlined its bullish stance on the Democrat candidate in a market update this week. The challenger’s proposals for a USD2.5-3 trillion fiscal stimulus would herald a short-term bump in oil demand, boosting both the US economy and also emerging market growth, since US dollar debasement would likely accelerate, the firm observed.
The Hedge Fund For Millennials By Millennials (RitzHerald.com)
Fate Capital is targeting the younger generation of investors, allowing them the opportunity to increase their investment income via premium collection. This is made possible by writing options contracts on their long-term portfolio, which by design also reduces overall portfolio risk and volatility. The strategy is not new and has been used to profitably trade in bullish, bearish and neutral markets, but most funds simply overlook this strategy. Since the aim of most funds is to increase their AUM (the higher the AUM, the higher the management fees), and in turn the bigger the fund the more difficult it becomes to find liquidity in the options market.
ThirdYear Capital launches macro fund with Agathon Capital and Universal-Investment (Opalesque.com)
ThirdYear Capital has launched a new macro UCITS fund together with Agathon Capital and Universal-Investment. The ART Global Macro fund invests in liquid and exchange-traded instruments such as equities, government bonds and futures. The fund was launched with EUR 20 million and is administered by Universal-Investment. ThirdYear Capital is known for its quantamental trading strategies. The firm is led by Martin Rossner who was previously with Man Group.
How China’s Pork Disruption is Shaping Contrarian Hedge Fund Russell Clark’s Global Crop Price Stance (Hedge Week)
London-based global equity hedge fund Russell Clark Investment Management is eyeing a rise in global agricultural crop prices amid potential wider global food inflation, as a result of the disruptive impact of swine flu on China’s pig population. China – the world’s foremost pig producer and consumer – has seen the cost of pork double after the African Swine Flu virus wiped almost two-thirds of the country’s pigs between 2018 and 2020, with prices there now six times those of the US. In a note this week, Clark suggested that the global pork market is set to stay “very tight for a prolonged period of time”, stemming partly from China needing to rebuild its herd post-virus, and also a lack of increased exports from the EU – the dominant global pork exporter – due to a separate swine flu outbreak in Germany.
The Executive Vice-President & Divisional Head of Telia Company AB (Other OTC: TLSNF) is Buying Shares (Analyst Ratings)
Today, the Executive Vice-President & Divisional Head of Telia Company AB (TLSNF), Anders Olsson, bought shares of TLSNF for $487.8K. This recent transaction increases Anders Olsson’s holding in the company by 11% to a total of $665.7K. In addition to Anders Olsson, 2 other TLSNF executives reported Buy trades in the last month.
Tradeweb Markets Inc (TW) CEO Lee Olesky Sold $2.2 million of Shares (Guru Focus)
CEO of Tradeweb Markets Inc, Lee Olesky, sold 37,011 shares of TW on 10/22/2020 at an average price of $60.16 a share. The total sale was $2.2 million. Tradeweb Markets Inc has a market cap of $13.81 billion; its shares were traded at around $60.80 with a P/E ratio of 70.70 and P/S ratio of 12.22. The dividend yield of Tradeweb Markets Inc stocks is 0.53%.
Divis Lab Insider Trading Case: CFO & 7 Other Members Settle Case with Sebi (CNBC)
SEBI in September had charged the CFO of Divis Laboratories and 7 other members of insider trading. Now, all 8 people have settled the case with SEBI without admitting or denying the findings of the probe. They have agreed to pay a cumulative amount of around Rs 31 million versus the alleged unlawful gain of Rs 9.7 million. According to Macquarie, while the settlement does remove the overhang for a short period, they will closely monitor any governance lapses in the company. Macquarie continues to maintain an outperform rating on the stock with a target price of Rs 3,764 per share.
Sebi Levies Fine on Biocon Employee for Violating Insider Trading Norms (MSN Money)
Markets regulator Sebi on Friday levied a fine on an employee of Biocon Ltd for violating insider trading norms while dealing in the scrip of the firm. The employee, Vandana Singh (noticee), general manager regulatory affair of Biocon at the time of investigation and also a designated person, is facing a fine of Rs 3 lakh for violating provisions of Prohibition of Insider Trading (PIT) norms. An investigation carried out by the regulator found that Singh, who held 9,550 shares of the company, acquired through the exercise of employee stock option plan (ESOP), sold 3,550 shares between May 2018 to September 2018 without seeking pre-clearance from the compliance officer.
Citrix Systems Inc (CTXS) EVP & Chief People Officer Donna Nappen Kimmel Sold $2 million of Shares (Guru Focus)
EVP & Chief People Officer of Citrix Systems Inc, Donna Nappen Kimmel, sold 14,668 shares of CTXS on 10/22/2020 at an average price of $135.39 a share. The total sale was $2 million. Citrix Systems Inc provides virtualization, networking and cloud infrastructure solutions. It provides a complete and integrated portfolio of application delivery, virtualization, mobility, network delivery and file sharing solutions.
