Millennium Returns $15 Billion in Pursuit of Longer-Term Cash (Bloomberg)
(Bloomberg) — Izzy Englander’s Millennium Management plans to return a record $15 billion to investors at year-end, a big step toward creating a more stable capital base. As it has done since 2018, Millennium will return money to clients from a share class that can be redeemed in full over a year, according to investors. The amount it’s sending back now is so big that it exceeds the assets of most hedge funds operating today. At the same time, the firm is raising about $10 billion for a longer-term share class that extends the full redemption period to five years. Investors whose money is returned can choose to reinvest it in the longer-term structure.
A Former Two Sigma Trader Turned Crypto Exec Lays Out How Bitcoin Could Close in on $100,000 in Q4 — and How to Secure Ultra-High Yields in the Derivatives Market (Business Insider)
Jakob Palmstierna is a former Two Sigma trader who now heads up product for crypto trading firm GSR. He explains how GSR operates in the crypto derivatives market, including a strategy that offers high yields. And he explains his outlook for the fourth quarter of this year, with bitcoin moving in on $100,000. Traders are flocking to the crypto market in search of alpha with the hope of exploiting the kind of inefficiencies that have mostly been siphoned away from traditional asset classes. Jakob Palmstierna made this switch years ago, when it was considered risky, rather than trendy.
Activist Fund Oasis Protests Eneos, Goldman Takeover of Roadbuilder Nippo (Reuters)
TOKYO (Reuters) – Eneos Holdings’ bid to take its subsidiary, roadbuilder and property developer Nippo Corp, private with Goldman Sachs is meeting opposition from activist fund manager Oasis Management, which says the offer price is too low. Hong Kong-based Oasis, which has a 4.5% stake in Nippo, has taken the unusual step of going public with what it says are assurances from Eneos, Japan’s biggest refiner, and Nippo that they are open to alternative bids.
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Emissions-Focused Hedge Fund Reaps Rewards for Trium in Battle Against Climate Change (Hedge Week)
Launched in September 2019, the Trium ESG Emissions Impact Fund uses a market neutral long/short investment strategy to target high-emitting companies in hard-to-abate sectors – such as energy, mining and chemicals – where successful transformations in the form of decarbonisation and lower CO2 emissions can offer attractive long-term returns. The Fund is led by portfolio manager Joe Mares (photographed above), a financial markets veteran of almost 25 years, who previously managed a global long/short equity portfolio at Société Générale. That followed stints at high-profile hedge funds Moore Capital and GLG, where at the latter he had been lead equities and commodities analyst for star manager Greg Coffey. Mares began his career at Morgan Stanley in 1997, specialising in equity research for the energy and shipping sectors.
Credit Suisse will Advise Hedge Fund Clients to Shift to BNP (The Economic Times)
Credit Suisse Group AG and BNP Paribas SA reached an agreement in which the Swiss firm will recommend its hedge fund clients move to the French bank after it decided to exit the business. The Swiss lender said it signed a referral agreement to “support its Prime Services and Derivatives Clearing customers in their selection of alternative providers for such services,” according to a statement on Monday. It didn’t provide further details. Credit Suisse is exiting the prime brokerage unit that lost billions in the collapse of Archegos Capital Management as it moves more capital into its steadier wealth management business.
