Tudor Jones Says Next Round of China Tariffs Could Tip Us Into a Recession (CNBC)
Hedge fund billionaire Paul Tudor Jones believes the market is underestimating the economic impact of tariffs. “We’ll really have to see the impact they are going to have and if the next round of tariffs gets implemented. It’s a huge deal. I would say if they get implemented and we go to the $500 billion, I think certainly it’s possible it could tip us into recession,” Tudor Jones said in an interview on Bloomberg TV on Wednesday.
Majestic Wine Shares Rise as US Hedge Fund Joins Bidders for Stores (The Guardian)
Shares in Majestic Wine jumped after a report that the US hedge fund Elliott Advisors has put in a bid to buy the British retailer’s 200 stores. The move would represent the latest bet on the fortunes of bricks-and-mortar retail from Elliott, after it last week bought the US bookshop chain Barnes & Noble, which will be run alongside Waterstones, the British books chain it bought in April 2018.
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Hedge-Fund Managers are Overwhelmed by Data, and They’re Turning to an Unlikely Source: Random People on the Internet (Business Insider)
With the amount of data available growing astronomically, hedge funds continue to search for the most efficient way to filter through it all to gain an edge, all while industry margins shrink as fees drop and outflows continue. Open-source platforms such as QuantConnect and Quantopian are now offering hedge funds data analysis on the cheap, either through investing in a fund or licensing a freelancer’s work. Managers who have been notoriously secretive must now decide if they want to open up their processes to freelancers online.
Summer Cleanup Within Coeli’s Hedge Fund Range (Hedge Nordic)
Stockholm (HedgeNordic) – Stockholm-headquartered asset manager Coeli has liquidated one hedge fund and plans to close down another two at the end of June. Following these closures, Coeli will have two hedge funds under its umbrella: Coeli Absolute European Equity and Coeli Altrua Macro. Coeli Norrsken Event Fund, which was re-launched as a Luxembourg-based alternative investment fund in April of 2018 after previously being structured as a Swedish special fund, was liquidated at the end of May.
Judge Approves Empire Generating Bid Rules (The Wall Street Journal)
Empire Generating Co. won court approval to sell its stake in an upstate New York power plant to an investment vehicle backed by hedge fund Black Diamond Capital Management LLC. Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., signed off Monday on bid rules naming Empire Acquisition—the investment vehicle backed by Black Diamond Capital Management and MJX Asset Management LLC—the stalking horse, or lead bidder, for the assets. The two funds, which focus on distressed-debt investments, own about 55% of…
Hedge Funds’ Four-month Run in the Black Ends in May with 1.47 per cent Fall (Hedge Week)
Global trade disputes and oil price downturns took a toll on hedge funds in May, bringing an end to the industry’s four-month run of positive returns. For the month, the hedge fund industry was down 1.47 per cent, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. By comparison, the S&P 500 Total Return Index was down 6.35 per cent for the month. Year-to-date through the end of May, hedge funds returned 5.23 per cent, while the S&P was up 10.59 per cent on the year.
Former Koch Investment Pros Set to Launch (HFAlert.com)
Three portfolio managers who previously worked together in Koch Industries’ investment-management division are starting a hedge fund with backing from their former employer. Daniel Nesbitt, Thong Nguyen and Utkarsh Samant already have received investor commitments totaling $200 million for a fund they plan to launch from their Greenwich, Conn., firm, Keebeck Alpha. Word has it that Koch will contribute a good chunk of the day-one capital. The partners are setting up a multi-strategy hedge fund that would target global equities and futures, among other markets. Exactly when they plan to begin trading is unclear. Nesbitt is working in Wichita, Kan., while Nguyen and Samant are in Greenwich.
As New Jersey Cuts Hedge Fund Ties, CalPERS’ Experience Shows That Can Take Years (Pensions&Investments)
New Jersey’s plan to slash about $2 billion of its hedge fund investments sounds simple: Pick the top managers, ask others for redemptions and collect the cash. Yet overseers of the state’s pension system can look cross-country to see how long that can take. Five years after California’s biggest retirement plan decided to pull out of all hedge funds, its managers are still waiting to retrieve roughly $150 million from Chatham Asset Management.
