Hedge Fund and Insider Trading News: Paulson & Co., Millennium Management, Cisco Systems, Inc. (CSCO), Clearone Inc (CLRO), Exterran Corp (EXTN), and More

Glass Lewis Backs Paulson Co’s Proposals in Detour Proxy Fight (Reuters)
Dec 5 (Reuters) – Proxy adviser Glass Lewis on Wednesday backed Paulson & Co.’s call to overhaul Detour Gold Corp’s board, days after another adviser stopped short of recommending more aggressive changes demanded by the activist investor. Detour’s existing management has been resisting Paulson’s push for a board shakeup and the immediate dismissal of interim Chief Executive Officer Michael Kenyon and Chairman Alex Morrison. Paulson has about 6 percent stake in Detour.

Citadel, Point72 Hammered by Monthly Losses in November Comedown (Bloomberg)
Billionaires Ken Griffin, Izzy Englander and Steve Cohen posted monthly losses in November that rank among their worst ever as stock hedge funds dumped holdings at a rate not seen since the financial crisis. Griffin’s Citadel lost about 3 percent last month, its poorest showing since the first quarter of 2016. Englander’s Millennium Management slid 2.8 percent, its third-worst month on record. Cohen’s Point72 Asset Management dropped about 5 percent, largely wiping out its 2018 gains, according to people familiar with the firms.

Phongphan/Shutterstock.com

Millennium Management Poaches Another Goldman Sachs Veteran (efinancialCareers.com)
Millennium Management continues to pick on Goldman Sachs as it looks to fill seats left vacant by rampant poaching from ExodusPoint, the new hedge fund led by former Millennium star trader Michael Gelband. The latest win for Millennium is former Goldman Sachs managing director Ankit Raj, who joined the hedge fund last month as a fixed income portfolio manager in New York. Millennium has had an interesting year when it comes to staffing. It has lost at least a dozen portfolio managers and traders to ExodusPoint in New York and London as Gelband continues to target his former employer, with which he reportedly left on iffy terms. Millennium Management hasn’t stood still while watching some of its talent walk out the door. The hedge fund has hired a number of former sell-side quants and traders over the last few months, including several with ties to Goldman Sachs.

Former Soros Manager to Run Schroders Liquid Hedge Fund (Portfolio-Adviser.com)
Schroders has added to its range of liquid hedge funds with the launch of a fund managed by former Soros Fund Management employee, Robert Donald. The Schroder Gaia Helix fund is a daily-dealing Ucits vehicle containing long/short and long-only alpha equity strategies. It sits on the asset manager’s multi-strategy Gaia platform which contains eight other funds representing about $6.5bn (£5bn) in assets under management. Donald (pictured) is a former employee of Man GLG and George Soros’s hedge fund-turned-family-office, Soros Fund Management, which he joined in 2009 as a portfolio manager.