BlueCrest Wins Bid to Avoid Paying Millions in Compensation (Bloomberg)
Michael Platt’s investment firm BlueCrest Capital Management, which is fighting a multi million pound UK fine, won a court bid to block the financial watchdog’s attempt to demand more than $700 million in compensation for investors. BlueCrest was hit with a £40 million ($51 million) fine by the Financial Conduct Authority in 2021 over allegations it favored partners over external investors in an internal fund.
Mets Owner Steve Cohen Gives $5 Million to Help Psychedelics Go Mainstream (New York Post)
New York Mets owner Steve Cohen and his wife dished out $5 million to fund the effort to bring mind-bending psychedelic drugs into the mainstream. The seven-figure sum was donated by the Steven & Alexandra Cohen Foundation, an organization the hedge fund billionaire founded to inspire community service and philanthropy across many sectors, including psychedelic research.
Man, AQR Among Funds with Trades Stung by Ocado’s Share Surge – Research (Reuters)
Global hedge funds including Man Group and AQR Capital Management faced potential losses on their bets against Ocado after the online grocer’s stock price surged on Thursday, said data and research group Breakout Point. Ocado shares soared by over 40% on Thursday after The Times newspaper reported speculation of possible bid interest by U.S. suitors, including Amazon, in the company, which has been squeezed by a cost of living crisis in Britain.
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One of Citadel’s Top Credit Portfolio Managers Quit for UK Rival (eFinancialCareers)
Dan Shatz, one of the top credit portfolio managers at Citadel‘s New York office, has left the fund. He’s joining the British hedge fund Marshall Wace. Shatz joined Citadel in June 2020 after an 11-year career in credit trading at JPMorgan. He co-founded his own fund, Column Park Asset Management, but left for Citadel six years later. Michael Gorun, his colleague at Column Park, joined at the same time. Both men worked in the global credit business at Citadel, run by Pablo Salame, the former co-head of securities at Goldman Sachs.
Hedge Funds Fees Vary According to Strategy, Says New Study (Hedge Week)
A new study of new hedge funds launched by established managers from private funds industry law firm Seward & Kissel, reveals a sharp divergence in the management fees charged depending on investment strategy. The first-ever Seward & Kissel Established Manager Hedge Fund Study is an analysis of new hedge funds and new classes of funds launched by established managers within their existing businesses. It finds that new funds pursuing traditional investment strategies charged an average management fee of 1.9%, while the funds pursuing bespoke investment strategies charged an average management fee of .925%.
Ray Dalio Says Living a Happy, Successful Life Comes Down to 3 Simple Things (Inc.com)
The billionaire hedge fund manager and bestselling author on defining success, the value of money, and how establishing a few guiding principles can make all the difference. Think “billionaire” and Ray Dalio probably doesn’t spring to mind, even though over time Bridgewater Associates, the hedge fund he launched from his apartment in 1975, became the largest hedge fund in the world. Even though he’s worth approximately $19 billion. Even though his book Principles: Life and Work has sold over million copies. And even though he’s the co-creator of PrinciplesYou, the best personality assessment I’ve taken.
LME Casts Doubt on Elliott’s Nickel Damages Claim in Judicial Review (Reuters)
The London Metal Exchange’s clearing house questioned the size of the damage claim brought by Elliott Associates and Jane Street Global Trading over losses from cancelled nickel trades, court documents show. U.S.-based hedge fund Elliott and market maker Jane Street are demanding damages of $456.4 million and $15.3 million respectively in a three-day judicial review ending on Thursday in a London court.
Bankrupt Hedge Fund 3AC’s Return as a VC Stirring Up Crypto Community (CoinDesk)
3AC co-founder Kyle Davies told CoinDesk that the new entity aims to provide support for projects that are building for a decentralized future, but skeptics have recalled the original firm’s tainted past. Three Arrows Capital (3AC) is stirring up the crypto community again, this time with a surprise comeback using the same name, only in the guise of a venture capital (VC) firm. On Wednesday OPNX, the bankruptcy claims exchange co-founded by CoinFLEX executives and two people behind the defunct hedge fund Three Arrows Capital (3AC), announced that they have a new partner: 3AC Ventures. The partners will “invest in projects building in the OPNX ecosystem and working toward a decentralized future,” OPNX tweeted.
Wednesday 6/21 Insider Buying Report: QRHC, AKAM (Nasdaq.com)
On Friday, Quest Resource Holding’s CFO, Brett Wade Johnston, made a $106,020 purchase of QRHC, buying 18,000 shares at a cost of $5.89 each. Johnston was up about 5.5% on the purchase at the high point of today’s trading session, with QRHC trading as high as $6.21 at last check today. Quest Resource Holding is trading off about 1.8% on the day Wednesday. And at Akamai Technologies, there was insider buying on Friday, by Chief Executive Officer F. Thomson Leighton who bought 818 shares for a cost of $91.80 each, for a total investment of $75,091. Before this latest buy, Leighton bought AKAM on 51 other occasions during the past twelve months, for a total investment of $2.90M at an average of $82.54 per share. Akamai Technologies is trading down about 0.8% on the day Wednesday. Bargain hunters can grab AKAM at a price even lower than Leighton did, with shares changing hands as low as $89.82 at last check today which is 2.2% below Leighton’s purchase price.
Tesla, Nvidia And 2 Other Stocks Insiders Are Selling (Benzinga)
United Airlines: The Trade: United Airlines Holdings, Inc. (UAL) EVP & Chief Growth Officer Gregory L Hart sold a total of 12,000 shares at an average price of $52.26. The insider received around $627.12 thousand from selling those shares. Salesforce: The Trade: Salesforce, Inc. (CRM) Chair and CEO Marc Benioff sold a total of 500,000 shares at an average price of $209.14. The insider received around $104.57 million from selling those shares.
