Michael Tiedemann: Here’s What’s Fueling Our Growth (Barron’s)
THAT WORRY ACCOMPANIES WEALTH may seem paradoxical, but Michael Tiedemann says his firm’s 400-plus client households almost invariably fret about their heirs. “Most of them share the fear that the wealth they’ve generated is going to somehow do damage to the next generation or the ones following it, that their kids will be preyed on, and that their work ethic won’t translate,” says the CEO of New York-based Tiedemann Advisors, Barron’s 11th ranked RIA firm. Speaking with Barron’s Advisor, Tiedemann – whose firm manages $17 billion of assets under management – explains how he and his team of 37 advisors help clients address their concerns. He reveals that impact investing has become a magnet for new business. And he warns that stimulus from the Fed and the Treasury has created peril in the stock market.
Cohen’s Point72 to Open Warsaw Office for Some Back Office Teams (Reuters)
BOSTON(Reuters) – Billionaire investor Steven A. Cohen’s Point72 Asset Management is opening the $16.2 billion firm’s latest satellite location in Warsaw and moving some back office operations to lower-cost Poland. Point72, based in Stamford, Connecticut with 1,500 employees around the world, expects to hire 150 people in Warsaw by the end of 2021.
BlackRock’s Profit Jumps 21% as Investors Surge Into Bond Funds (The Wall Street Journal)
Money management giant BlackRock Inc.’s quarterly profit rose 21% as investors leaned on bond funds to make new bets in volatile markets roiled by the coronavirus pandemic. A quarter ago, asset managers came under acute pressure as markets sold off. But after the Federal Reserve rushed in to stabilize markets, many investment firms reaped the benefits of the Fed’s intervention in the second quarter. Higher asset prices translate to bigger revenues for managers like BlackRock as they take a cut of fees on money they oversee…
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Global Hedge Fund Industry Buffeted by Headwinds, Says New Report (Hedge Week)
The global hedge fund industry is currently facing a number of headwinds, from fee pressure, increased redemptions and liquidations, to the decreasing new fund launches as investors around the world look towards defensive strategies, according to a new report from ResearchAndMarkets.com. But despite the tough times, the industry saw a double-digit annualised return in 2019 for the first time in the past six years.
Hedge Funds Hit by Unconventional Policies (Hedge Nordic)
Stockholm (HedgeNordic) – A new study by Alexei Orlov of the U.S. Securities and Exchange Commission and Massimo Guidolin of the Bocconi University tested whether and how hedge fund strategies are exposed to monetary policy shocks. According to the study, the impact of unconventional monetary policies applied by major central banks has been found to be negative on hedge fund performance. Proxying the hedge fund industry with the Credit Suisse Hedge Fund Index, Orlov and Guidolin measured the performance of ten hedge fund strategies against 18 unconventional monetary policy announcements by the Federal Reserve and the European Central Bank between 2008 and 2016.
Mets sale: Sheldon Adelson can push Josh Harris-David Blitzer bid ahead of Steve Cohen, Alex Rodriguez-Jennifer Lopez (MSN)
Two days ago, a new name was dropped into the conversation regarding the sale of the New York Mets: billionaire casino mogul Sheldon Adelson. Some speculated he was the mystery fourth bidder, joining hedge fund manager Steve Cohen, as well as a group led by ex-New York Yankees slugger Alex Rodriguez and fiancee Jennifer Lopez, and the duo of Josh Harris and David Blitzer, who own the New Jersey Devils and Philadelphia 76ers. Others thought Adelson, along with private equity giant Silver Lake Partners, might be coming on board to push the Harris-Blitzer offer over the finish line. After all, Adelson is worth almost $31 billion. Silver Lake is worth $43 billion. That money, when combined with that of Harris and Blitzer, would create a group with massively deep pockets which could outbid Cohen, who’s worth $11 billion.
“From Hope to Worry”: Positive Market Movements Still Hinge on Vaccine Progress, Says BlueBay (Hedge Week)
BlueBay Asset Management, the London-based fixed income and emerging markets manager, is warning the recent uptick in economic activity could give way to “a more difficult backdrop” in August, as the future direction of the global economy continues to hinge heavily on developments surrounding a potential coronavirus vaccine. BlueBay chief investment officer Mark Dowding said recent economic data showed a “more rapid bounce” during May and June than many predicted following the Covid-19 lockdown.
Friday 7/17 Insider Buying Report: BCLI, PRSP (Nasdaq.com)
On Wednesday, Brainstorm Cell Therapeutics’s Director, Sankesh Abbhi, made a $607,659 buy of BCLI, purchasing 46,779 shares at a cost of $12.99 a piece. Abbhi was up about 9.3% on the purchase at the high point of today’s trading session, with BCLI trading as high as $14.20 at last check today. Brainstorm Cell Therapeutics is trading up about 4.8% on the day Friday. This buy marks the first one filed by Abbhi in the past year. And also on Wednesday, Director, CEO John M. Curtis bought $403,237 worth of Perspecta, buying 18,354 shares at a cost of $21.97 a piece. This buy marks the first one filed by Curtis in the past year. Perspecta is trading up about 3.8% on the day Friday. Curtis was up about 8.2% on the buy at the high point of today’s trading session, with PRSP trading as high as $23.77 in trading on Friday.
Novanta Inc (NOVT) CFO Robert Buckley Sold $1 million of Shares (Guru Focus)
CFO of Novanta Inc, Robert Buckley, sold 9,564 shares of NOVT on 07/15/2020 at an average price of $104.92 a share. The total sale was $1 million. Novanta Inc, designs, develops, manufactures and sells precision photonic and motion control components and subsystems to original equipment manufacturers in the medical, industrial, electronics and scientific markets.
A Major Shareholder at Addvantage Technologies Group (NASDAQ: AEY) is Selling Shares (Analyst Ratings)
Yesterday, a Major Shareholder at Addvantage Technologies Group (AEY), Susan Chymiak, sold shares of AEY for $756.4K. In addition to Susan Chymiak, one other AEY executive reported Sell trades in the last month. Currently, Addvantage Technologies Group has an average volume of 311.01K. The company has a one-year high of $6.49 and a one-year low of $1.50. Company insider trades’ information is brought to you by the DailyInsider, a proprietary algorithm that analyzes insider trading activity to detect the most attractive trading opportunities.
Wells Fargo Extends Insider Trader Restrictions to More Employees (AmericanBanker.com)
Wells Fargo is applying internal rules aimed at preventing insider trading to a larger slice of its workforce, citing regulatory scrutiny and the challenges in tracking which workers may come into contact with potentially market-moving information. In recent weeks, the $1.95 trillion-asset bank has notified certain commercial banking employees who were not previously subject to the policy that they will be in the future. The policy requires covered employees to disclose to Wells Fargo any trading accounts that are in their own names, as well as any trading accounts maintained by their spouses, domestic partners and dependent children.
Paycom Software Inc (PAYC) CFO Craig E. Boelte Sold $2.3 million of Shares (Guru Focus)
CFO of Paycom Software Inc, Craig E. Boelte, sold 8,000 shares of PAYC on 07/15/2020 at an average price of $293.26 a share. The total sale was $2.3 million. Paycom Software Inc is a provider of cloud-based HCM software solution delivered as Software-as-a-Services. It provides functionality and data analytics that businesses need to manage the complete employment life cycle from recruitment to retirement.
