Hedge Fund Manager John Paulson BANS Longtime Business Partner Fahad Ghaffar from String of Hotels in Puerto Rico Over 2019 Video – After He Filed $50 Million Lawsuit Against Him (DailyMail)
Billionaire John Paulson has banned his long-term business partner from his string of hotels in Puerto Rico – days after he launched a $50million lawsuit against him. Paulson, 67, has worked with Fahad Ghaffar in Puerto Rico since 2013, but a legal complaint has now lodged a wedge between the two men – with Ghaffar claiming the investment was ‘misrepresented’ to him. Ghaffar, 42, invested the money into Paulson’s F40 luxury car company in 2022, under the agreement that it would be converted into a 50 percent equity stake.
Dalio’s Shakespearean Turn Is a Sign of the Times (Bloomberg)
Playing Shakespeare’s King Lear is the crowning ambition for some actors, but in 2023 we’re seeing superstar hedge fund managers Daniel Och and Ray Dalio trying out for the role in real life. In the original version of the story, mixing myth with perhaps some nuggets of historical truth, a pre-Roman Leir of Britain retires and turns his kingdom over to his two daughters and sons-in-law, who betray and neglect him. He goes to France to enlist the help of his third daughter, who provides him with an army to retake his kingdom, where he rules for three more years before dying peacefully.
Hedge Fund Point72 Hires Credit Specialist from Third Point (Reuters)
U.S. hedge fund Point72 Asset Management, which manages $30.6 billion in assets, is hiring a credit specialist from rival fund Third Point, two sources familiar with the matter said. Louis Wang, who is on garden leave since April, will work as a portfolio manager in Stamford, Connecticut-based Point72’s macro investment business, starting in November, one of the sources said.
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How an Upcoming Supreme Court Ruling Could Benefit Alito Patron (NewRepublic.com)
A billionaire benefactor of Supreme Court Justice Samuel Alito has a significant financial stake in companies supervised by the Consumer Financial Protection Bureau, as the watchdog faces the crosshairs of an upcoming case before the high court, The New Republic has learned. Paul Singer, a controversial money manager and longtime GOP megadonor, has a hedge fund that holds at least a $90 million stake in financial companies that would stand to benefit were the court to rule against the CFPB in the pending case, captioned Consumer Financial Protection Bureau v. Community Financial Services Association of America.
‘Volatility is Opportunity’: Why This Manager Loves Shorting Stocks (AFR.com)
Four years ago, Angela Aldrich stood on a stage in New York and told the world her newly minted hedge fund Bayberry Capital Partners was shorting a winemaker listed on the other side of the world, Treasury Wine Estates. In Australia, investors were shocked. The company, Australia’s largest wine producer, had been on a three-year tear, jumping more than 300 per cent, and was showing little sign of slowing down.
Amundi and Sand Grove Capital Launch Event Driven UCITS Fund (Opalesque.com)
Opalesque Industry Update – Amundi, the largest European asset manager, and Sand Grove Capital Management LLP, announce the launch of the Amundi Sand Grove Event Driven Fund. Available on the Amundi Alternatives UCITS platform, the Fund employs a global event-driven equity strategy with a European tilt and seeks to capitalise on mispricings in corporate events such as takeovers, mergers, exchange offers, restructurings and liquidations. The Fund draws on Sand Grove’s founder and CIO Simon Davies’ 22 years of expertise in event-driven investing, cultivated over multiple market cycles as well as Amundi’s market-leading UCITS managed account platform.
China Hedge Fund Makes Rare Activist Push Targeting US, HK Firms (Bloomberg)
A Chinese hedge fund manager is launching a rare activist campaign to boost returns. Huakun Ding, founder of Goldenwise Capital Group, set his sights on New York-listed GEE Group Inc., buying a stake of more than 5% and pushing for changes including a potential sale of the human resources firm. GEE shares have jumped 28% since Goldenwise’s Aug. 15 filing.
Nordkinn Gears Up for Next Decade with Key Appointment (Hedge Nordic)
Stockholm (HedgeNordic) – Shortly after celebrating its tenth anniversary this summer, Nordkinn Fixed Income Macro Fund welcomed Anders Augusén as an investment manager effective September 1. Augusén, renowned for his long and successful career as a portfolio manager at Brummer & Partners-backed Nektar Asset Management, also co-founded and co-managed Frost Asset Management’s now-closed fixed-income relative value fund. Before joining Nordkinn, he briefly worked at Barclays Corporate and Investment Bank.
Monday 9/18 Insider Buying Report: IOVA, CHPT (Nasdaq.com)
At Iovance Biotherapeutics, a filing with the SEC revealed that on Friday, Director Wayne P. Rothbaum purchased 5,000,000 shares of IOVA, at a cost of $5.30 each, for a total investment of $26.5M. So far Rothbaum is in the green, up about 14.2% on their purchase based on today’s trading high of $6.05. Iovance Biotherapeutics is trading up about 13.1% on the day Monday. Before this latest buy, Rothbaum made one other buy in the past year, purchasing $65M shares at a cost of $6.50 a piece. And at ChargePoint Holdings, there was insider buying on Wednesday, by Bruce R. Chizen who bought 500,000 shares at a cost of $5.79 each, for a trade totaling $2.9M. This purchase marks the first one filed by Chizen in the past twelve months.
Over $6M Bet On ModivCare? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
ModivCare: The Trade: ModivCare Inc. (MODV) Director Adam Gray acquired a total of 213,248 shares an average price of $29.82. To acquire these shares, it cost around $6.36 million. Semler Scientific: The Trade: Semler Scientific, Inc. (SMLR) Director Eric Semler acquired a total of 77,771 shares at an average price of $27.61. To acquire these shares, it cost around $2.15 million.
