Voya Prime Rate Trust Selects Saba Capital as New Investment Adviser (Hedge Week)
Voya Prime Rate Trust has selected Saba Capital Management, LP (Saba) to serve as the new investment adviser to the Fund. The Fund’s current investment adviser, Voya Investments (VIL), and the Fund’s current sub-adviser, Voya Investment Management Co (Voya IM), both previously announced their respective resignations, effective as of 22 June, 2021. VIL and Voya IM are committed to ensuring a smooth transition to Saba and serving the Fund, its Board and its shareholders during the Adviser Transition.
Cazoo Shuns London For $7 Billion SPAC Deal With Dan Och (Forbes)
Cazoo will make its stock-market debut in New York after agreeing to a merger deal with Dan Och’s Ajax I’s blank cheque company. The Carvana-like car sales portal will raise $1.65 billion through the deal deal to fund its expansion in the United Kingdom and Europe. The business buys, repairs, sells cars to drivers and has sold around 20,000 cars since its launch in December 2019, with around 6,000 customers leasing vehicles on a subscription. The deal will see Cazoo founder Alex Chesterman and Och chasing a bigger slice of the $700 billion market for used cars sales in Europe.
Billionaire Mike Novogratz Says He would Work 24×7 to Cover Bill Hwang’s $30 Billion Hedge Fund Liquidation if He were an Investigative Reporter (Business Insider)
Billionaire investor Mike Novogratz tweeted on Monday that he would work round the clock to furnish details on former Tiger “cub” trader Bill Hwang’s $30 billion hedge fund liquidation if he was an investigative reporter. “When the facts come out, my sense is the Bill Hwang blow up will be the most spectacular personal loss of wealth in history,” the CEO of crypto merchant bank Galaxy Digital said in a tweet. “If I was an investigative reporter, I’d be working 24-7 since this is cover story material. How he quietly got so rich and how fast it all disappeared.”
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Ex-SEC Chairman Clayton to Advise Brevan-Backed Firm on Crypto (Bloomberg)
One River Asset Management, a $2.5 billion firm whose cryptocurrency funds are backed by hedge fund titan Alan Howard, brought on former Securities and Exchange Commission Chairman Jay Clayton as an adviser, lending credibility to an emerging asset class that still lacks comprehensive regulation. Clayton will be one of three advisers to One River founder and Chief Executive Officer Eric Peters. The other two are Kevin Hassett, who served as chairman of the Council of Economic Advisers under President Donald Trump, and Jonathan Orszag, an economic consultant who previously worked in the Clinton administration.
Billionaire Hedge Fund Manager Ray Dalio Says Government Outlawing Bitcoin Is ‘a Good Probability’ (Bitcoin News)
The Bridgewater Associates co-founder and chief investment officer, Ray Dalio, says that there is a good probability that the government will outlaw bitcoin in the same way gold was outlawed in the U.S. in the 1930s. Ray Dalio Thinks Governments Can Outlaw Bitcoin: Ray Dalio shared his view on whether the government could outlaw bitcoin in an interview with Yahoo Finance Wednesday. He is the co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm. His clients include endowments, governments, foundations, pensions, and sovereign wealth funds.
Nomura, Credit Suisse Warn of Big Losses After Archegos Share Dump (Reuters)
Losses at Archegos Capital Management, run by former Tiger Asia manager Bill Hwang, had triggered a fire sale of stocks on Friday, a source familiar with the matter said. Nomura, Japan’s largest investment bank, warned on Monday it faced a possible $2 billion loss due to transactions with a U.S. client while Credit Suisse said a default on margin calls by a U.S.-based fund could be “highly significant and material” to its first-quarter results.
Insider Trading: March 29, 2021 (BIV.com)
Insider Gordon Crawford, director. Company: Lions Gate Entertainment Corp. (NYSE:LGF). Shares owned: 757,251. Trade date: March 11, 12. Trade total: US$1,559,226. Trade: Acquisition of 100,000 shares at prices from US$15.40 to US$15.70 per share. Insider Tony Geheran, officer. Company: Telus Corp. (TSX:T). Shares owned: 100,814. Trade date: March 12. Trade total: $950,400. Trade: Sale of 36,000 shares at a price of $26.40 per share.
Monday 3/29 Insider Buying Report: DBI, GBDC (Nasdaq.com)
On Wednesday, Designer Brands (DBI)’s Director, Joseph A. Schottenstein, made a $3.85M buy of DBI, purchasing 273,099 shares at a cost of $14.11 a piece. Schottenstein was up about 27.4% on the purchase at the high point of today’s trading session, with DBI trading as high as $17.97 in trading on Monday. Designer Brands is trading up about 10.8% on the day Monday. And on Thursday, Chairman Lawrence E. Golub bought $59,296 worth of Golub Capital BDC (GBDC), buying 4,000 shares at a cost of $14.82 each. Before this latest buy, Golub purchased GBDC on 60 other occasions during the past year, for a total cost of $16.74M at an average of $12.94 per share. Golub Capital BDC is trading off about 0.4% on the day Monday. So far Golub is in the green, up about 2.1% on their purchase based on today’s trading high of $15.13.
Autodesk Inc (ADSK) President and CEO Andrew Anagnost Sold $11.5 million of Shares (Guru Focus)
President and CEO of Autodesk Inc, Andrew Anagnost, sold 43,735 shares of ADSK on 03/26/2021 at an average price of $264.07 a share. The total sale was $11.5 million. Autodesk Inc is engaged in the software industry. It develops software for a number of markets such as construction and media.
The Executive of Impala Platinum Holdings (Other OTC: IMPUF) is Selling Shares (Analyst Ratings)
Yesterday, the Executive of Impala Platinum Holdings (IMPUF), Lee-Ann Samuel, sold shares of IMPUF for $10.31M. In addition to Lee-Ann Samuel, 15 other IMPUF executives reported Sell trades in the last month. Following Lee-Ann Samuel’s last IMPUF Sell transaction on December 24, 2020, the stock climbed by 4.1%.
