Hedge Fund Tycoon Paul Marshall Calls for Man Utd Overhaul After European Super League Fiasco (Hedge Week)
Sir Paul Marshall, co-founder of UK hedge fund giant Marshall Wace, and ex-Goldman Sachs Asset Management chairman Lord Jim O’Neill are demanding an overhaul of Manchester United’s corporate structure to give supporters more say in the club’s affairs following this week’s European Super League fiasco. Marshall and O’Neill have written to Manchester United co-chairman Joel Glazer demanding sweeping reforms to the way the football club is run, including changes in its share class, a new fan-controlled supervisory board, and an end to the Glazer family’s majority stake. The missive comes after plans for a breakaway competition involving the continent’s footballing elite collapsed within days amid a furious backlash from fans, football administrators and politicians.
Ray Dalio Gives Employees a Personality Test—Here’s One Dalio Created that You Can Take for Free (CNBC Make It)
Billionaire Ray Dalio believes in the usefulness of personality assessments – he has used a number of different personality tests for recruitment and management purposes at his hedge fund, Bridgewater Associates. Now, with the help of expert psychologists, including organizational psychologist and bestselling author Adam Grant, Dalio has developed a new online personality assessment that anyone can take for free.
A Hedge Fund, a Jewish School and $1.1 Billion in Cum-Ex Trades (Bloomberg)
Sanjay Shah, a former hedge fund manager charged in two countries over the Cum-Ex scandal, is accused by German prosecutors of using a Jewish school in New York to execute trades totaling 920 million euros ($1.1 billion) as part of a plan to deceive tax authorities. Shah and a partner at his Solo Capital Partners LLP in 2011 sought to take advantage of the tax-exempt status of Ezra Academy in Queens for the trades, Hamburg prosecutors said in a February indictment seen by Bloomberg News. The men used “purportedly authentic” documents to buy shares on behalf of the school and claim refunds, prosecutors said.
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The Hedge Fund Set to Buy Tribune Publishing Mismanaged Employees’ Pensions, Federal Investigators Found (The Washington Post)
Hedge fund Alden Global Capital probably violated federal pension protections by putting $294 million of its newspaper employees’ pension savings into its own funds, according to a Labor Department investigation. Alden is the leading bidder for Tribune Publishing’s titles, including the Chicago Tribune and Baltimore Sun. It has already purchased at least 200 newspapers, often aggressively cutting staff and selling off the papers’ assets to boost profits.
Hedge Fund Assets Climb to $3.8 Trillion in First Quarter – HFR (Pensions&Investments)
Worldwide aggregate hedge fund assets reached an estimated $3.801 trillion as of March 31, data by Hedge Fund Research showed. The total represents a 5.6% increase from $3.6 trillion three months earlier, the fourth straight quarter of rising assets, according to the firm’s quarterly asset flow report released Wednesday. Hedge fund assets fell 11% to $2.957 trillion in the quarter ended March 31, 2020, due primarily to the economic impact of the COVID-19 pandemic.
