GB News Owner Paul Marshall Shares £721m Payday (Telegraph.co.uk)
GB News owner Sir Paul Marshall is to share a pot of more than £720m after his London-based hedge fund posted a surge in profits. Sir Paul is among a group of 23 partners at Marshall Wace who will split the money after the company’s revenues soared by nearly two-thirds to £1.5bn in the year to February, driven by a surge in performance fees on the back of bumper returns.
‘We See Ourselves as a Growth Company’: Regal’s Phil King Eyes Growth After Perpetual Tilt (The Age)
Regal Funds Management chief investment officer Phil King has laid out ambitious growth plans for his hedge fund despite a rejected takeover tilt at storied wealth manager Perpetual, as he conceded the market believes the audacious deal is unlikely to proceed. Sydney-based hedge fund Regal last month made a bold move for Perpetual, one of Australia’s oldest wealth managers, which has a separate agreement in place to merge with rival Pendal.
Walleye Builds Out London Team (Hedge Week)
US multi-strategy hedge fund Walleye Capital is busy adding staff to its London operation having opened a new office in the city in May of this year, according to a report by eFinancialCareers. With $4 billion under management, the Minnesota-based firm is small compared to the mega multi-strategy funds such as $58 billion Millennium Management, which moved to new premises in London this week. Walleye though is actively hiring for staff across it options volatility, fixed income relative value, and fundamental market neutral equities strategies.
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Bridgewater Erases Most of Year’s Gains After Two-Month Rout (Bloomberg)
Bridgewater Associates erased most of the returns it notched through this year’s first three quarters, ruining what was shaping up to be the hedge fund giant’s best annual performance in more than a decade. The Pure Alpha fund tumbled about 13% in the fourth quarter through November, cutting its year-to-date gain to 6%, according to people familiar with the matter. It had surged 22% as of the end of September, putting it on track for its best year since 2010, when it rose about 27%.
The Spectacular Unspectacular 20th Anniversary (Hedge Nordic)
Stockholm (HedgeNordic) – Reaching the 20th anniversary in the often short-lived and fast-paced hedge fund world is quite an achievement. In fact, some activity in the Nordics in recent years with funds launching, merging and closing resembled more of a come-and-go party. With pleasure then we can congratulate PriorNilsson Yield of Torgny Prior’s and PO Nilsson’s PriorNilsson Fonder on its 20th anniversary these days.
Here’s How Hedge Funds Are Speculating on Justice (WashingtonPost.com)
For centuries, turning other people’s legal claims into moneymaking opportunities has been frowned upon. That started to change in the 1990s, when Australia allowed insolvent companies to engage outside funders to sustain legal claims they might otherwise have run out of money to pursue. Third-party funding of civil litigation caught on in the UK and some European countries in the 2000s. Gradual acceptance in the US helped turn the field known as litigation finance, or “lit finance,” into a multibillion-dollar industry, spawning a niche asset class that’s drawn in private equity funds and institutional investors.
Here’s How One Hedge Fund is Going Against the Grain and Beating the Markets (MarketWatch)
White shoe Boston fund managers GMO — founded by Jeremy Grantham — is shooting out the lights this year with its “equity dislocation” investment strategy. This strategy, unveiled almost exactly two years ago, buys the cheapest “value” stocks and then bets against the most expensive “growth” ones. This “equity dislocation” portfolio has earned a stunning 21% from Oct. 31, 2021 until Oct. 30, 2022, according to GMO reports. It’s up 13% since January 1. Its average returns over 2 years have been 15% a year.
Singapore on the Rise as Hedge Fund Hub (Finews.asia)
Singapore has benefited from demand from hedge funds seeking an alternative hub in the region after political unrest hit Hong Kong in 2019 followed by persistent Covid curbs. The number of hedge funds with an existing presence in Hong Kong that expanded to Singapore reached 16 between the start of 2019 and end-2021, according to public registry data, marking a more than three-fold increase compared to the previous three-year period.
Dubai-Arrested Hedge Fund Founder Wanted in Denmark Over Alleged $2bn Fraud can be Tried in Germany (ArabianBusiness.com)
Sanjay Shah, the hedge-fund founder in a Dubai jail and wanted by Denmark for allegedly masterminding a $2bn Cum-Ex tax fraud scheme, can also be tried in Germany, a local court ruled. A case against Shah, who is currently locked up in a Dubai jail, and six others can go to trial, a spokesman for the Hamburg Regional Court said, without giving further details. Sueddeutsche Zeitung reported the ruling earlier.
Thursday 12/1 Insider Buying Report: FAST, BODY (Nasdaq.com)
At Fastenal, a filing with the SEC revealed that on Tuesday, Executive Vice President Jeffery Michael Watts purchased 5,940 shares of FAST, for a cost of $50.58 each, for a total investment of $300,433. Watts was up about 2.7% on the purchase at the high point of today’s trading session, with FAST trading as high as $51.95 in trading on Thursday. Fastenal is trading up about 0.1% on the day Thursday. And on Wednesday, CHIEF OPERATING OFFICER Kathy P. Vrabeck purchased $175,250 worth of Beachbody, purchasing 250,000 shares at a cost of $0.70 each. Before this latest buy, Vrabeck made one other buy in the past twelve months, purchasing $499,987 shares at a cost of $1.07 each. Beachbody is trading trading flat on the day Thursday.
$5 Million Bet On Lifecore Biomedical? Check Out These 4 Stocks Insiders Are Buying (Benzinga)
HireRight Holdings: The Trade: HireRight Holdings Corporation (HRT) 10% owner General Atlantic (SPV) GP (Bermuda), LLC acquired a total of 591,824 shares an average price of $11.85. To acquire these shares, it cost around $7.01 million. Lifecore Biomedical: The Trade: Lifecore Biomedical, Inc. (LFCR) 10% owner Joshua Landes bought a total of 627,746 shares at an average price of $7.97. To acquire these shares, it cost around $5 million.
