Multi-Asset Fund Manager Fulcrum Seizes on “Fertile” Market Environment with Two New Hedge Fund Launches (Hedge Week)
Fulcrum Asset Management, the USD4.4 billion London-based multi-asset manager, is preparing to launch two new hedge fund strategies – an equity diversifier fund and a market neutral offering. The two funds, Fulcrum Equity Dispersion and Fulcrum Thematic Equity Market Neutral, are existing strategies carved out of the firm’s Diversified Absolute Return Fund. Fulcrum Equity Dispersion will launch as a separate fund after three years within the DAR strategy, having generated strong performance during volatile periods.
Hedge-Fund Case Could Prove Fresh Black Eye for U.S. Prosecutors (Bloomberg)
A federal judge in Manhattan demanded answers from prosecutors after a hedge-fund founder and trader convicted of mismarking securities produced documents they say show the government concealed evidence that might have cleared them. U.S. District Judge Katherine Polk Failla said on Friday she intended to hold a hearing on the matter, with the strong possibility of witness testimony. Saying the two men had asked her to “make some very very serious factual conclusions about the conduct of the government,” she gave federal prosecutors a month to make a full review of their handling of the case.
Warren Buffett’s $800 million Bet on Bank of America is Almost a Guaranteed Winner, Berkshire Hathaway Investor Bill Brewster Says (Business Insider)
Warren Buffett recently bought more than $800 million worth of Bank of America stock, boosting his Berkshire Hathaway conglomerate’s stake in the banking titan to north of 11%. The billionaire investor seized the chance to bolster his position in a quality company on the cheap, Bill Brewster, a Berkshire shareholder who runs Sullimar Capital Group and cohosts the “Value: After Hours” podcast, told Business Insider in a recent interview.
Notable Insider Buys: Guess, FedEx And More (Benzinga)
Insiders continued to add shares despite overall market volatility and economic uncertainty. Here are some of the most noteworthy insider purchases reported in the past week. Guess: Guess?, Inc. (GES) saw its chief executive, Carlos Alberini, purchase 100,000 shares recently via family trust. At per-share prices between $9.85 and $10.39, that totaled more than $1.01 million, and it brought his stake to almost 239,000 shares. The total float is more than 41 million shares. Frequency Therapeutics: A Frequency Therapeutics Inc (FREQ) director recently indirectly acquired more than 55,500 shares of this biotech for $18.00 apiece. That totaled just shy of $1 million. Note that two executives were selling smaller batches of shares throughout June and July.
The President and Managing Member of Crocker Ventures, of Merrimack Pharmaceuticals (NASDAQ: MACK) is Selling Shares (Analyst Ratings)
Yesterday, the President and Managing Member of Crocker Ventures, of Merrimack Pharmaceuticals (MACK), Gary Crocker, sold shares of MACK for $596.1K. This is Crocker’s first Sell trade following 14 Buy transactions. In addition to Gary Crocker, 2 other MACK executives reported Sell trades in the last month.
