Coinbase Had No Financial Exposure to Celsius, Three Arrows Capital, Voyager (Coin Desk)
Publicly-traded cryptocurrency exchange Coinbase (COIN) had no financing exposure to crypto lender Celsius, hedge fund Three Arrows Capital (3AC) or crypto broker Voyager Digital, according to a Coinbase blog post on Medium on Wednesday. All three troubled firms are seeking bankruptcy protection. “We have not engaged in these types of risky lending practices and instead have focused on building our financing business with prudence and deliberate focus on the client,” wrote Coinbase Institutional head Brett Tejpaul, Prime finance head Matt Boyd and credit and market risk head Caroline Tarick.
Morning Coffee: Hedge Fund Manager with Bikini Instagram Sets Up in London. Young Quants Make the Most of Being Paid to Do Nothing (eFinancialCareers.com)
Nobody with any common sense wants to go back to the days that near-to-retirement MDs call the “Old City”, with its daily cocktail of alcoholism and nepotism, slack working practices and abominable treatment of women and minorities. But on the other hand, there’s a distinct lack of joy about the modern industry; too many people act like they’ve been sentenced to finance. London needs people like Bill Perkins, who’s setting up a new office of his hedge fund there, to show them how to have a good time. Perkins is a legendary natural gas trader, who has been running Skylar Capital for ten years out of Houston.
This Hedge Fund Manager is Suddenly One of Twitter’s Top 10 Shareholders in a Bet that Musk will Lose (CNBC)
Matt Halbower, founder and CEO of Pentwater Capital Management, is betting that Twitter will prevail in its lawsuit against Tesla CEO Elon Musk, leading to a takeout not far from the original price tag of $54.20 a share
Pixabay/Public Domain
Hedge Fund Business Models Adapting to Keep Up with New Regulation (Hedge Week)
Hedge funds are investing an increasing amount of time, effort and money into dealing with legislation requirements, with new Hedgeweek research charting the extent that larger managers are leaning into recruitment and smaller managers into outsourcing. A survey from June – which informed Hedgeweek’s latest Insight Report, Regulatory Risk: Confronting the new global hedge fund compliance challenges – found that 50% of larger hedge funds (AuM >$1bn) are looking to expand their internal legal and compliance teams, and 44% of smaller hedge funds (AuM <$250m) planning to increase their outsourcing of compliance functions.
Preqin Quarterly Update: Hedge Funds Q2 2022 (Preqin)
Despite a stressful Q2 2022, hedge funds once again protected investors, but less so than many had expected. Equity and debt markets were under pressure in the second quarter as investors suppressed prices due to rate hikes and an increased risk of global recession. US investors’ focus was on inflation changes and the Federal Reserve’s policy response to CPI movements. The US central bank aggressively increased the target range twice during the quarter in response to high inflation, shocking the markets with a 75bp hike in June.
Kennedy Capital Management, Inc.: KCM Announces 5-Star Morningstar Rating for ESG Fund and Launch of Two Small Cap Funds (Finanznachrichten.de)
Kennedy Capital Management, Inc. (KCM), a specialist in small and mid-cap investment management services, announced that its Kennedy Capital ESG SMID Cap Fund (KESGX) has received an initial 5-Star1 overall Morningstar Rating™, and its three-year performance ranks in the top 7%. These total return achievements are measured against 576 funds in Morningstar’s Small Blend Category as of June 30, 2022. Kennedy Capital ESG SMID Cap Fund (KESGX): KESGX is managed by Christian McDonald, CFA®, a 16-year veteran of KCM. “We are pleased to be rated as a top performer in our Morningstar Category,” said McDonald.
$8.6 Million Bet On This Basic Materials Stock? 3 Penny Stocks Insiders Are Buying (Benzinga)
PureBase Corporation: The Trade: PureBase Corporation (PUBC) Director John Bremer acquired a total of 130,568,517 shares at an average price of $0.09. To acquire these shares, it cost around $8.57 million. ReWalk Robotics: The Trade: ReWalk Robotics Ltd. (RWLK) 10% owner Lind Global Macro Fund LP acquired a total of 263,002 shares at an average price of $2.35. To acquire these shares, it cost around $617.99 thousand.
Insider Buying: The VOXX International Corporation (NASDAQ:VOXX) President Just Bought 3.0% More Shares (Nasdaq.com)
Whilst it may not be a huge deal, we thought it was good to see that the VOXX International Corporation (NASDAQ:VOXX) President, Patrick Lavelle, recently bought US$96k worth of stock, for US$6.31 per share. Although the purchase is not a big one, increasing their shareholding by only 3.0%, it can be interpreted as a good sign. VOXX International Insider Transactions Over The Last Year: The Independent Director Beat Kahli made the biggest insider purchase in the last 12 months. That single transaction was for US$333k worth of shares at a price of US$10.37 each. That means that even when the share price was higher than US$8.32 (the recent price), an insider wanted to purchase shares.
Republican Senator Josh Hawley Demands Democrats Hold Hearing to Discuss Banning Nancy Pelosi, Her Colleagues and Their Spouses from Trading Stocks After Her Husband Paul Buying 20,000 Shares in Semiconductor Firm (Dailymail.co.uk)
The Missouri Republican wrote to Sen. Gary Peters, the Michigan Democrat who chairs the Senate Homeland Security and Government Affairs Committee. He called for a hearing on lawmaker stock trades to mark up legislation to ban them. Hawley hinted in the letter that Peters had previously expressed a ‘willingness’ to discuss a stock ban with him before. The letter pointed to Paul Pelosi’s recent purchasing of 20,000 shares in semiconductor firm Nvidia, worth between $1 million and $5 million. The purchase came ahead of a Senate vote on a bill to inject $52 billion into the semiconductor market.
Insider Buying: Comtech Telecommunications Corp. (NASDAQ:CMTL) Director Acquires 10,000 Shares of Stock (DefenseWorld.net)
Comtech Telecommunications Corp. (NASDAQ:CMTL) Director Lisa Lesavoy purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, July 19th. The shares were bought at an average cost of $10.22 per share, for a total transaction of $102,200.00. Following the completion of the purchase, the director now directly owns 18,476 shares of the company’s stock, valued at $188,824.72. The purchase was disclosed in a document filed with the Securities & Exchange Commission.
SEC Issues More than $17 Million Award to a Whistleblower (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has announced an award of more than $17 million to a whistleblower who provided information and assistance in a covered action and related action. The whistleblower’s information prompted SEC staff to open a new investigation that led to the successful covered action. The whistleblower also provided SEC Enforcement staff with detailed information and documents throughout the investigation. Further, because the same information led to the success of the related action, the whistleblower is also entitled to an award based on amounts collected in the related action.
