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.
Investment Giant Brookfield is Shuttering Its $1 Billion Multi-Strategy Hedge Fund (Business Insider)
Canadian asset management behemoth Brookfield Corporation is shutting down its multi-strategy hedge fund Brookfield Hedge Solutions Advisors. BHS Advisors, a multi-strategy hedge fund platform within the $825 billion conglomerate, is winding down after four years, according to people familiar with the matter. It had 66 employees — including 38 investment professionals — and managed $1.3 billion in assets, according to a March securities filing.
Hedge Fund Returns Are Generally Improved In 2023 As Equities Funds Lead The Way (Forbes)
Hedge funds are having a much better year in 2023 than many did last year, although the size of returns varies significantly based on who’s doing the measuring. For example, hedge funds administered by Citco generated an overall weighted-average return of 2.77% for the second quarter, bringing their year-to-date return to 8.04%. However, the PivotalPath Composite Index is up only 3.5% year to date after a June return of 1.6%. Equity hedge funds have been leading the way in both hedge fund indices this year, although larger funds have dominated Citco’s returns while PivotalPath reported mixed returns based on size.
Hedge Fund Manager Explains How Bitcoin Could Reach $300K (CoinDesk)
Morgan Creek Capital CEO and CIO Mark Yusko discusses his crypto markets analysis as bitcoin (BTC) and most other major cryptocurrencies shrug off the 25-basis-point interest rate hike by the U.S. Federal Reserve. Plus, how BTC could reach $300,000.
Wednesday 7/26 Insider Buying Report: RILY, BRTX (Nasdaq.com)
At B. Riley Financial, a filing with the SEC revealed that on Tuesday, Director Randall E. Paulson purchased 5,000 shares of RILY, at a cost of $55.00 each, for a total investment of $275,000. B. Riley Financial is trading down about 0.5% on the day Wednesday. Before this latest buy, Paulson purchased RILY at 8 other times during the past twelve months, for a total cost of $3.85M at an average of $42.34 per share. And at BioRestorative Therapies, there was insider buying on Tuesday, by President, CEO, COB Lance Alstodt who bought 4,200 shares for a cost of $2.44 each, for a trade totaling $10,248. Before this latest buy, Alstodt bought BRTX at 9 other times during the past year, for a total investment of $13,761 at an average of $2.99 per share. BioRestorative Therapies is trading up about 8.2% on the day Wednesday. So far Alstodt is in the green, up about 8.6% on their buy based on today’s trading high of $2.65.
$1M Bet On Verrica Pharmaceuticals? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Verrica Pharmaceuticals: The Trade: Verrica Pharmaceuticals Inc. (VRCA) Director Paul Manning acquired a total of 200,000 shares an average price of $5.02. To acquire these shares, it cost around $1 million. FB Financial: The Trade: FB Financial Corporation (FBK) 10% owner James Ayers acquired a total of 12,000 shares at an average price of $32.80. To acquire these shares, it cost around $393,600.
