‘Unvarnished’ Bio of Ray Dalio Scheduled for Next Fall (STLToday.com)
NEW YORK (AP) — An “unauthorized, unvarnished” biography of billionaire hedge-fund manager Ray Dalio will be published next fall, authored by a Wall Street Journal investigative reporter whom the Bridgewater Associates founder has called biased and dishonest. “The Fund: Ray Dalio, Bridgewater Associates and the Unraveling of a Wall Street Legend,” by Rob Copeland, was announced Wednesday by St. Martin’s Press. The publisher is billing the book as a counterpoint to Dalio’s “mystique of success,” with Copeland drawing upon hundreds of interviews for an in-depth portrait of Dalio and Bridgewater.
One of the World’s Biggest Hedge Funds to Charge Fee That’s Fueling Talent War (Bloomberg)
Brevan Howard Asset Management is preparing to charge some clients in its main hedge fund a new fee structure that’s fueled the ability of giant funds to poach top traders. The firm will start a share class in its flagship Brevan Howard Master Fund to introduce the so-called “pass through” fees, according to people familiar with the matter and regulatory filings. It intends to raise money next month under the arrangement in its $10 billion strategy that has been closed to new cash, said one of the people, who asked not to be identified because the details are private.
PriorNilsson Sees Opportunities in Real Estate (Hedge Nordic)
Stockholm (HedgeNordic) – The Swedish housing market, one of the hottest property markets during the pandemic, shows early signals of a global housing cooldown amid central banks’ efforts in tackling soaring inflation. PriorNilsson Fonder has launched a long-biased long/short equity fund, PriorNilsson Fastighet, to capitalize on opportunities in both Swedish and global real estate markets. “We find that the turbulence in the market creates great opportunities to buy undervalued assets, where we broadly believe that the market has discounted a worse scenario than the underlying businesses actually face,” explains Gustav Sällberg, who is responsible for managing PriorNilsson Fastighet. “We find that the market mayhem creates an attractive entry point for our clients’ long-term returns – as it is a long-biased fund.”
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Hedge Funds Bullish on Long/Short and Global Strategies Despite Recent Woes (Hedge Week)
More than 40% of hedge fund managers expect LPs to increase investment allocations to long/short and global strategies in the next 12 months, research from EisnerAmper suggests. The result was taken from a survey conducted during the advisory and accounting firm’s 7th Annual Alternative Investment Summit last month. Last year, the strategy received 67% of the vote. Other strategies tipped for LP investment this year include event-driven (33%), credit (29%), and quant (19%).
Hedge Funds Go into Battle with Mike Ashley as Bets Against Asos Hit All-Time High (Telegraph.co.uk)
Prominent hedge funds from both sides of the Atlantic have gone into battle with Mike Ashley over his stake in Asos by increasing bets against the fast-fashion retailer. Citadel, the Chicago fund founded by billionaire Ken Griffin, and Mayfair outfit Marshall Wace, are among a clutch of investors to have increased short positions in Asos since Mr Ashley’s stake – made via Frasers Group – was revealed this weekend. Some 8.4pc of Asos stock is on loan to short-sellers, the highest on record, and surpassing large bets placed against the company in 2016, according to regulatory filings.
Market Turbulence Has Only Solidified Hedge Funds’ Favorite Research Providers (Institutional Investor)
Morgan Stanley repeats atop this year’s All-America Research Team: Hedge Fund Cut. The year 2022 has been a challenging one for most investors — “including hedge funds,” according to Marko Kolanovic, chief global market strategist and co-head of global research at JPMorgan Chase & Co. Throughout the last ten months, hedge fund managers have had to navigate high levels of volatility, as well as macroeconomic and geopolitical risks, Kolanovic said. “The most important one is the surge of inflation and related response of central banks and bond markets,” he added. “Also critically important was the geopolitical escalation in Europe and its impact on global growth and the commodity and bond markets.”
Carrara Capital Chooses SS&C for Inaugural Fund Launch (PRNewswire.com)
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced that Carrara Capital has appointed SS&C GlobeOp as its fund administrator for its recently-launched multi-strategy fund. Carrara Capital will use SS&C GlobeOp’s extensive suite of hedge fund services, including fund administration, investor services (including AML), Australia tax management and FATCA/CRS Reporting. SS&C’s local team will oversee services for the Carrara Global Opportunities Fund, which launched earlier this year. The fund aims to generate consistent risk-adjusted returns investing across currencies, fixed income, global equities, credit and private opportunities.
Nordic Capital Closes Europe’s Largest PE Fund This Year at $8.8bn Hard Cap (Opalesque.com)
Nordic Capital has closed Europe’s largest PE fund of the year on €9 billion ($8.8bn), beating its initial €8 billion target after just nine months on the road. With a 100% re-up rate, Nordic Capital Fund XI is over 45% bigger than its predecessor large-cap fund, which raised €6.1bn in October 2020. Fund XI attracted investors from across the globe, with investors from every continent including 34% from North America, 31% from Europe, 23% from Asia, 10% from the Middle East, and 1% from RoW. The investor base comprises a well-diversified mix of institutional investors: public and private pension funds (42%); sovereign wealth funds (23%); fund of funds (14%); endowments and family offices (11%) and financial institutions (10%).
Wednesday 10/26 Insider Buying Report: UNP, TCBI (Nasdaq.com)
On Monday, Union Pacific’s Director, Teresa Finley, made a $259,799 buy of UNP, purchasing 1,380 shares at a cost of $188.26 each. Finley was up about 5.1% on the purchase at the high point of today’s trading session, with UNP trading as high as $197.94 in trading on Wednesday. Union Pacific is trading up about 0.7% on the day Wednesday. This buy marks the first one filed by Finley in the past year. And also on Monday, Chief Risk Officer Timothy J. Storms purchased $251,724 worth of Texas Capital Bancshares, purchasing 4,400 shares at a cost of $57.21 a piece. Texas Capital Bancshares is trading up about 1.7% on the day Wednesday. So far Storms is in the green, up about 4.9% on their buy based on today’s trading high of $60.02.
$9 Million Bet On 89bio? 3 Stocks Insiders Are Buying (Benzinga)
89bio: The Trade: 89bio, Inc. ETNB Director Rajeev Shah acquired a total of 1,172,741 shares an average price of $7.65. To acquire these shares, it cost around $8.97 million. Tricida: The Trade: Tricida, Inc. TCDA 10% owner Nimish Shah acquired a total of 351,866 shares at an average price of $10.68. To acquire these shares, it cost around $3.76 million.
