New York Hedge Fund Kellner Capital Marks 40th Anniversary (Hedge Week)
Kellner Capital, a hedge fund with a strong focus on merger arbitrage opportunities, is marking its 40th anniversary. Throughout its history, the firm has analysed roughly 10,000 deals, has achieved a deal completion rate of over 95 per cent, and generated 35 years of positive returns for investors. The firm was founded by George Kellner in 1981, making it one of the oldest continually running hedge funds in existence. During its tenure, the firm has remained steadfast in its commitment to merger arbitrage as a core strategy, protecting investors from market risk and providing consistent returns. Kellner Capital has also continually expanded throughout the years having launched separately managed accounts as well as a mutual fund in 2012.
Mike Novogratz’s Galaxy Digital Buys BitGo for $1.2bn in the Biggest Crypto Deal to Date (Opalesque)
Mike Novogratz‘s Galaxy Digital, a Bitcoin-focused firm, is set to acquire digital asset custody provider BitGo BitGo for $1.2 billion in cash and stock, the largest-ever acquisition of a company offering bitcoin services. The acquisition of the U.S.-regulated crypto custody specialist, the first $1 billion deal in the cryptocurrency industry, comes as the total value of the cryptocurrency market soars to $2 trillion. The merger will position Galaxy as a crypto-focused financial services firm offering storage, trading, asset management, tax services, and more for institutions. It comes as the crypto sector’s entire market value soars to $2 trillion.
US Regulators Mull New Rules that could Threaten Robinhood, Citadel (SCMP.com)
Robinhood Markets and Citadel Securities had starring roles in the GameStop trading frenzy that rocked financial markets this year. Now, they have among the most to lose as US regulators threaten a clean up. In his most revealing comments so far about how Washington might respond to the meme-stock mania, Securities and Exchange Commission (SEC) Chairman Gary Gensler shined a spotlight on online brokerages and market makers that dominate the business of executing retail investors’ equity orders.
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In a Hedge Fund’s Bid for Tribune’s Newspapers, a Hidden Risk Lurks in the Fine Print (The Washington Post)
In its bid to acquire Tribune Publishing, the hedge fund Alden Global Capital vowed to provide $375 million in cash to the owner of the Chicago Tribune, the Baltimore Sun and other titles — a theoretically welcome influx to an investment-starved newspaper chain. But industry and financial experts have looked at the fine print and see something starkly different: Alden, they say, has already signaled that it plans to saddle Tribune with debt that could further hollow out the company, and it may not have $375 million available to begin with.
U.S. SEC Chair Says Reviewing Short-Selling, Swap Rules After GameStop, Archegos Sagas (Reuters)
The U.S. securities regulator is considering measures to require big investors to disclose more about short positions, or bets that stocks will fall, use of derivatives to bet on other stock moves and to protect small investors from trading apps that use features common to video games in order to boost risky trading activity. The review of rules by the Securities and Exchange Commission (SEC) was prompted by January’s GameStop (GME.N) saga and the meltdown of Archegos Capital, its new chair plans to tell lawmakers.
Sculptor Hedge Fund Rebounds With First Inflows Since 2014 (Bloomberg)
Sculptor Capital Management’s flagship hedge fund is finally beginning to turn around. The firm’s multistrategy vehicle scored its first quarter of net inflows since 2014, marking the end of years of client withdrawals that totaled about $30 billion. The fund and its associated portfolios attracted a net $78 million of fresh cash, bringing total assets in those products to $10.9 billion as of March 31, the firm said in a statement Wednesday.
Argentium Launches New Systematic Crypto Arb Multi-Strat Hedge Fund (Stock House)
LONDON , May 6, 2021 /PRNewswire/ — A senior markets executive who spent time at JPMorgan and Credit Suisse is preparing to launch a crypto hedge fund in London called Argentium Digital Asset Management. FCA regulated platform AK Jensen is providing infrastructure to the firm’s recently launched Cayman vehicle called The Argentium Chimera Fund. Paul Frost-Smith , most recently CEO and Head of Markets at Haitong Securities, has spent the last two years working with developers and co-founders Larry Grant and Marc Deveaux to build three crypto- strategies, known collectively as Chimera.
Third Point Extends Its Strongest Start in 11 Years (Institutional Investor)
The multistrategy fund’s gains have been led by equity long bets as well as several other strategies. Dan Loeb’s Third Point Offshore has gotten off to its best start since 2010 even though it lagged the overall market in April. The multistrategy fund rose just 1.7 percent last month compared with a 5.3 percent gain for the S&P 500.
Thursday 5/6 Insider Buying Report: AMG, PTRS (Nasdaq.com)
At Affiliated Managers Group, a filing with the SEC revealed that on Tuesday, Director Reuben Jeffery III bought 2,500 shares of AMG, for a cost of $160.49 each, for a total investment of $401,225. Jeffery III was up about 6.2% on the buy at the high point of today’s trading session, with AMG trading as high as $170.45 in trading on Thursday. Affiliated Managers Group is trading off about 0.7% on the day Thursday. Before this latest buy, Jeffery III bought AMG on 2 other occasions during the past twelve months, for a total cost of $714,625 at an average of $95.28 per share. And at Partners Bancorp, there was insider buying on Wednesday, by Director Michael W. Clarke who bought 31,950 shares for a cost of $7.71 each, for a total investment of $246,216. Before this latest buy, Clarke bought PTRS on 4 other occasions during the past twelve months, for a total investment of $394,389 at an average of $7.31 per share. Partners Bancorp is trading off about 0.1% on the day Thursday.
The EVP & Pres. Access Segment of Oshkosh (NYSE: OSK) is Selling Shares (Analyst Ratings)
Yesterday, the EVP & Pres. Access Segment of Oshkosh (OSK), Frank Nerenhausen, sold shares of OSK for $2.56M. Following Frank Nerenhausen’s last OSK Sell transaction on February 03, 2021, the stock climbed by 32.1%. In addition to Frank Nerenhausen, 2 other OSK executives reported Sell trades in the last month.
Oppenheimer Holdings Inc (OPY) CFO Jeffrey J Alfano Sold $1.7 million of Shares (Guru Focus)
CFO of Oppenheimer Holdings Inc, Jeffrey J Alfano, sold 33,744 shares of OPY on 05/05/2021 at an average price of $49.6 a share. The total sale was $1.7 million.
Westpac Insider Trading Case could Set Precedent, Expert Says (Investor Daily)
As the third insider trading lawsuit brought against a company in Australia, the Westpac case could force significant changes for the financial services industry and corporations at large, a legal expert has said. ASIC launched its civil proceedings against Westpac on Wednesday, alleging traders at the big four bank had used insider knowledge in a $12 billion interest rate swap transaction. If ASIC’s claim proceeds to trial and Westpac is ultimately found guilty, it will be a landmark case, University of Sydney Business School associate professor Juliette Overland has said.
