Glenn Stevens-Advised Hedge Fund has Licence Suspended (AFR.com)
A Perth-based hedge fund that counts former Reserve Bank governor Glenn Stevens on its investment committee has had its licence suspended by the corporate regulator for holding insufficient assets. The Australian Securities and Investments Commission has suspended NWQ Capital Management’s financial services licence until January 25, 2024. “ASIC suspended the licence because NWQ failed to maintain financial requirements required of an AFS licence holder by not having sufficient net assets to meet the conditions of its licence,” the regulator said in a statement.
Tom Brady Should Get Tax Break From Investing In Birmingham City FC (Forbes)
Tom Brady has become a minority owner of the English soccer team Birmingham City FC, which, along with its stadium, was acquired by hedge fund manager Tom Wagner last month. Forbes estimates that Brady got paid more than $530 million over his 23 NFL seasons: $333 million from playing contracts, according to Spotrac, and roughly $200 million from his endeavors off the field.
Billionaire Investor Ackman Says He is Shorting 30-Year Treasuries (Reuters)
Billionaire investor William Ackman on Wednesday said his hedge fund Pershing Square Capital Management has placed a bet against U.S. 30-year Treasuries, calling it both a hedge on the impact of higher long-term rates on stocks and a good standalone bet. “We are short in size the 30-year T,” Ackman wrote on messaging platform X, formerly known as Twitter. He argued that if long-term inflation is 3% not 2%, the 30-year Treasury yield could rise to 5.5%, adding “and it can happen soon.” On Wednesday, the yield on the 30-year Treasurys climbed to 4.16%, the highest close of the year.
Odey AM Lowers Risk Profile of Odey European Inc Fund – Reports (Investmentweek.co.uk)
Odey Asset Management has lowered the risk profile of its flagship hedge fund, Odey European Inc. The fund was handed to fund manager Freddie Neave after Crispin Odey was ousted from the firm in June in the wake of sexual misconduct allegations against him. According to a report by Reuters, Neave said in an investor letter that he had reduced the hedge fund’s investments in stocks and bonds. In June, he also sold out of the fund’s gold futures and increased its amount of cash in hand in a bid to increase liquidity.
Thursday 8/3 Insider Buying Report: XOM, ADC (Nasdaq.com)
On Monday, Exxon Mobil Corp (XOM)’s Director, Jeffrey W. Ubben, made a $48.97M purchase of XOM, buying 458,000 shares at a cost of $106.93 a piece. Investors can snag XOM even cheaper than Ubben did, with shares changing hands as low as $105.30 at last check today — that’s 1.5% under Ubben’s purchase price. Exxon Mobil Corp is trading up about 0.7% on the day Thursday. Before this latest buy, Ubben made one other buy in the past twelve months, purchasing $88.45M shares for a cost of $88.45 a piece. And at Agree Realty Corp. (ADC), there was insider buying on Wednesday, by Richard Agree who bought 11,751 shares for a cost of $62.95 each, for a total investment of $739,725. This purchase marks the first one filed by Agree in the past twelve months. Agree Realty Corp. is trading up about 2.4% on the day Thursday. Agree was up about 2.7% on the purchase at the high point of today’s trading session, with ADC trading as high as $64.63 at last check today.
M&T Bank, Yelp And 2 Other Stocks Insiders Are Selling (Benzinga)
Snap: The Trade: Snap Inc. (SNAP) Chief Technology Officer Robert Murphy sold a total of 1,298,803 shares at an average price of $10.56. The insider received around $10.56 million from selling those shares. Carlisle Companies: The Trade: Carlisle Companies Incorporated (CSL) President, CIT John E Berlin sold a total of 3,966 shares shares at an average price of $275.99. The insider received around $1.09 million from selling those shares.
UK Hedge Fund Trader Shah, Key ‘Cum-ex’ Suspect, Seeks to Block Extradition to Denmark (Reuters)
Sanjay Shah, a British hedge fund trader accused of masterminding a $1.8 billion dividend-tax fraud, is attempting to overturn a decision to extradite him from Dubai to face criminal charges in Denmark, a London court heard on Thursday. Nigel Jones, a lawyer for Shah and linked defendants in a complex, parallel civil case brought by Denmark’s tax authority in London, told the High Court that Shah had launched an appeal – but that a decision had been repeatedly deferred since June 6.
