Anti-Woke Billionaire Nets Millions from NatWest Debacle (Telegraph.co.uk)
GB News owner Sir Paul Marshall’s hedge fund has made a multi-million pound gain on its bet against NatWest shares following the exit of Dame Alison Rose. Regulatory filings show that Marshall Wace has the biggest short position in the lender’s shares meaning it stands to gain from falls in the bank’s market price. The fund netted paper gains of around £5m on Wednesday after NatWest’s share price slumped more than 3.7pc after the departure of its chief executive Dame Alison Rose, which wiped more than £850m off the value of the lender.
The Fall of Crispin Odey, an Old-School City Icon (MoneyWeek)
Earlier this year, Crispin Odey joined colleagues at Grosvenor House in Mayfair for “the hedge-fund world’s equivalent of the Oscars”, says the Financial Times. Odey Asset Management won “firm of the year”. Few of those celebrating the win at the black-tie gala would have guessed that, within months, the £3bn asset manager would all but cease to exist.
Point72 Leads Hedge Fund Pharma FOIA Requests in June (Hedge Week)
Point72 topped a list of 14 different financial institutions making a total of 46 Freedom of Information Act (FOIA) requests to the US Food and Drug Administration last month about adverse events and drug-manufacturing-facility inspections, according to a report by Law Street Media. The report cites data from PoliScio Analytics’ competitive-intelligence database FOIAengine, which tracks FOIA requests in as close to real-time as their availability allows, as revealing Steve Cohen‘s firm made 14 requests, followed by fellow hedge fund managers Balyasny Asset Management with 10 requests, and Farallon Capital Management with seven.
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20-Year Celebration: Asgard Eyes Promising Risk Premia Opportunities (Hedge Nordic)
Stockholm (HedgeNordic) – One of the most decorated Nordic hedge funds is celebrating its 20-year anniversary in July. Asgard Fixed Income Fund has enjoyed an annualized return of 11 percent over the past two decades, with an impressive return of 13.4 percent since Morten Mathiesen took over as CIO in 2008. Fixed-income boutique Asgard Asset Management specializes in identifying and capturing risk premiums in interest rate markets to achieve high risk-adjusted and mostly uncorrelated returns. Kenny Friis Gade, Deputy CIO at Asgard Asset Management, explains that the foundation for their investment management is a strong belief in the existence of risk premiums in interest rate markets.
Shareholders Approve Sale of Arconic to Hedge Fund Apollo Global Management (NorthCountryNow.com)
MASSENA — Shareholders have approved the sale of Arconic to hedge fund Apollo Global Management, Inc. Apollo Global Management, Inc. provides asset management services. According to the Wall Street Journal, Apollo “offers its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity.” The company was founded by Marc Rowan in 1990 and is headquartered in New York, NY.
