Och-Ziff to Shut European Hedge Fund as New CEO Shifts Focus (Bloomberg)
Och-Ziff Capital Management Group LLC is shutting its European hedge fund as the firm refocuses on its main products under the new leadership of Robert Shafir, according to people with knowledge of the matter. The OZ Europe Master Fund, which has lagged the firm’s other multi-strategy funds this year and last, saw assets decline to $230 million from about $900 million two years earlier, according to one of the people and company filings. Investors are expected to transfer their capital into the flagship OZ Master Fund, which will execute the European strategies as part of its global multi-strategy portfolio, said the person. Och-Ziff is also weighing returning capital to investors in other smaller funds.
Elliott Seeks to Replace Telecom Italia Chair (MarketWatch)
Activist fund Elliott Management moved to replace some of Telecom Italia SpA’s (TIT.MI) board members, including the company’s chairman, in a management shake-up after the fund accumulated a stake in the Italian company. Telecom Italia said Thursday that Elliott has requested some changes to the shareholders’ meeting agenda, including proposing the replacement of Chairman and Vivendi SA (VIV.FR) CEO Arnaud de Puyfontaine.
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Hedge-Fund Billionaire Buying Bitcoin Is Cautionary Tale (Bloomberg)
Bitcoin continues to redefine the word volatility. The cryptocurrency is down more than 50 percent from its December peak; but that still leaves it up more than 600 percent from its value a year ago. On Thursday, it dipped below $8,000, marking a decline of more than a third this month alone. Its fellow digital currencies including Ripple and Ethereum have inflicted similar losses on holders — or hodlers, as crypto-fanatics call the ever-bullish aficionados who grin and bear their losses in expectation of a renewed rally. The renewed slide comes after my Bloomberg News colleagues Alastair Marsh and Nishant Kumar reported on Wednesday that billionaire hedge fund manager Alan Howard made “sizable personal investments” in cryptocurrencies and associated technology last year. Some of his fellow partners at Brevan Howard Asset Management have also put their own money into the new-fangled structures, they reported.
Top Wall Street Quant Cliff Asness Bets Higher in Micron Technology, Inc. (MU) and Apple Inc. (AAPL) (SmarterAnalyst.com)
Cliff Asness did not make his way to becoming a 51-year-old quant wizard and billionaire without knowing the ins and outs of alternative strategies. When it comes to conventional trading, Asness cares less about beating out the market and more about delivering a strong average return in this alternative arena. Applied Quantitative Research (AQR) Capital Management sprang to life back in 1998 thanks to Asness, along with co-founders David Kabiller, John Liew, and Robert Krail; and this hedge fund is a billionaire-making machine. Asness stands with the tallest fortune at $3 billion- and it seems that he now believes Micron Technology, Inc. (NASDAQ:MU) and Apple Inc. (NASDAQ:AAPL) could bolster his net worth.
Insider Buying: Transocean LTD (NYSE:RIG) Director Buys 2,000,000 Shares of Stock (RegistrarJournal.com)
Transocean LTD (NYSE:RIG) Director Frederik Wilhelm Mohn bought 2,000,000 shares of the company’s stock in a transaction dated Friday, March 2nd. The stock was bought at an average cost of $9.29 per share, with a total value of $18,580,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission.
Insider Selling: WSFS Financial Co. (WSFS) EVP Sells 10,353 Shares of Stock (StockNewsTimes.com)
WSFS Financial Co. (NASDAQ:WSFS) EVP Paul D. Geraghty sold 10,353 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $50.19, for a total transaction of $519,617.07. Following the completion of the transaction, the executive vice president now directly owns 19,743 shares in the company, valued at $990,901.17. The sale was disclosed in a document filed with the SEC.
Insider Buying: Unifi, Inc. (UFI) Director Purchases 16,312 Shares of Stock (TheLincolnianOnline.com)
Unifi, Inc. (NYSE:UFI) Director Robert J. Bishop acquired 16,312 shares of the business’s stock in a transaction on Friday, February 23rd. The stock was acquired at an average cost of $35.23 per share, with a total value of $574,671.76. Following the acquisition, the director now directly owns 10,288 shares in the company, valued at $362,446.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
Insider Buying: Halcon Resources Co. (HK) CEO Buys 50,000 Shares of Stock (RegistrarJournal.com)
Halcon Resources Co. (NYSE:HK) CEO Floyd C. Wilson purchased 50,000 shares of the business’s stock in a transaction dated Friday, March 9th. The stock was bought at an average price of $5.22 per share, with a total value of $261,000.00. Following the acquisition, the chief executive officer now directly owns 1,669,486 shares in the company, valued at $8,714,716.92. The transaction was disclosed in a document filed with the SEC.
Insider Selling: Costco Wholesale Co. (COST) VP Sells 11,674 Shares of Stock (TheLincolnianOnline.com)
Costco Wholesale Co. (NASDAQ:COST) VP Paul G. Moulton sold 11,674 shares of the business’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $188.98, for a total transaction of $2,206,152.52. Following the completion of the sale, the vice president now directly owns 33,573 shares of the company’s stock, valued at $6,344,625.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission.
Insider Buying: St. Joe Co (JOE) Director Purchases 13,000 Shares of Stock (LedgerGazette.com)
St. Joe Co (NYSE:JOE) Director Fairholme Capital Management L bought 13,000 shares of the business’s stock in a transaction dated Monday, March 12th. The shares were bought at an average price of $19.23 per share, with a total value of $249,990.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission.
