RenTech Has Been Pulling Money Out of Deutsche Bank for Months (Bloomberg)
Renaissance Technologies, the hedge fund giant that Deutsche Bank AG has counted as one of its largest clients, has been taking money out of its prime brokerage accounts with the German lender over the past few months, according to people familiar with the move. While Renaissance, the secretive firm known for its unrivaled Medallion Fund, remains a major client of Deutsche Bank, it has been moving business to Barclays Plc and Bank of America Corp., among others, according to the people, who asked not to be identified because the information isn’t public.
Osram Accepts $3.8 Billion Offer From Bain and Carlyle (Bloomberg)
Osram Licht AG’s supervisory and managing boards accepted a 3.4 billion euro ($3.8 billion) takeover bid from Bain Capital and Carlyle Group LP, ending the German lighting company’s relatively brief and at times contentious period as a standalone company. Bain and Carlyle are offering 35 euros a share, 21% more than the stock’s close on Tuesday, amid reports about the latest offer. The price is still 15% lower than its peak this year in February. They’ve put a minimum acceptance level of 70% on the deal, excluding shares owned by Osram, and the acceptance period will run until early September. The stock rose 1.4% to 32.94 euros at the open of trading in Frankfurt.
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Why did hedge funds lose their lustre in South Africa? (Briefly.co.za)
The recent decline of hedge funds has sparked mixed reactions among stakeholders with most of them raising unending concerns as to why this glorious form of investment is speedily losing its long-lived glory. The recent trend in the hedge fund market has surprised many people, particularly those that believe in this form of investment as being a haven with minimal risks. Why did hedge funds lose their shine in South Africa? Hedge funds in South Africa are now at the crossroads of regaining their reputation, which has long been impaired by a significant drop in asset value. While several reasons may have contributed to this historical drop, their credibility as a pool of capital from accredited investors remains in question.
These Stocks Contributed to Pershing Square’s Stellar Performance (Market Realist)
Bill Ackman’s Pershing Square is having an even better year with year-to-date gains of 45.3%, as per the fund’s performance report, which is a significant outperformance as compared to the S&P 500 (SPY), which has gained 6.4% in the first half of the year. The fund’s remarkable performance came after a series of disappointing years, with losses of 20.5%, 13.5%, 4%, and 0.7%, respectively, in 2015, 2016, 2017, and 2018, respectively.
FN Weekend: The Very Best of Financial News (FNLondon)
How many funds would a Woodford freeze if a Woodford could freeze funds? Well, just the one for now is the answer to this question, which has clearly only been posed to force in some novelty wordplay. Unfortunately for investors in Neil‘s flagship income fund, they won’t be getting their money out for at least another month. There’s bad news too for employees of Woodford Investment Management, as the fallout from the early June fund suspension continues to spread – including across the wider equity income universe.
Casino Owner Twin River Rapidly Becoming Hedge Fund Favorite (Casino.org)
Twin River Worldwide Holdings, Inc. (NYSE:TRWH), the owner of four casinos in three states, became a public company through its acquisition of Dover Downs Gaming & Entertainment, launching an initial public offering (IPO) on the New York Stock Exchange in late March. In just over three months as a public company, the owner of the Tiverton Casino Hotel in Rhode Island has rapidly gained a following in the hedge fund community. Currently, 10 hedge funds own shares of Twin River, a massive amount for a $1.22 billion company that does not have two full quarters of trading under its belt.
Friday 7/5 Insider Buying Report: BBIO, CHNG (Nasdaq.com)
On Monday, Bridgebio Pharma’s, Michael Thomas Henderson, made a $119,000 buy of BBIO, purchasing 7,000 shares at a cost of $17.00 a piece. Henderson was up about 69.4% on the purchase at the high point of today’s trading session, with BBIO trading as high as $28.80 in trading on Friday. Bridgebio Pharma is trading down about 3% on the day Friday. This purchase marks the first one filed by Henderson in the past twelve months. And also on Monday, Director Bansi Nagji bought $65,000 worth of Change Healthcare, buying 5,000 shares at a cost of $13.00 a piece. This purchase marks the first one filed by Nagji in the past twelve months. Change Healthcare is trading up about 0.7% on the day Friday. So far Nagji is in the green, up about 16.5% on their purchase based on today’s trading high of $15.15.
Ola Rollén’s Acquittal now Final Following the Prosecution’s Decision not to Appeal (PRNewswire.com)
NACKA STRAND, Sweden, July 5, 2019 /PRNewswire/ — The Norwegian economic crime authority (Økokrim) today announced its decision not to appeal the acquittal verdict in the case against Hexagon President and CEO Ola Rollén. Thus, Rollén’s acquittal from the insider trading allegation, announced 26 June 2019, is forever final – yet another vindication for Rollén who has firmly denied any wrongdoing. In conclusion: Following the most fundamental of principles – innocent until proven guilty by a court of law – has proven to be the right decision for Hexagon and its shareholders.
CFTC Announces $2 Million Award to Joint Whistleblowers (HedgeCo.Net)
(HedgeCo.Net) The Commodity Futures Trading Commission has announced an award of approximately $2 million to two model whistleblowers who provided the agency with significant information that prompted the CFTC to open an investigation. The CFTC found numerous violations of the Commodity Exchange Act (CEA) that were directly based on information from the whistleblowers. The multiple interviews and numerous documents the whistleblowers provided were highly informative and formed the basis of the CFTC’s investigation. The whistleblowers also reported the same information to another organization, which conducted a separate investigation and shared its findings with the CFTC. Those findings significantly assisted the CFTC in building its case. The award will be divided evenly between the whistleblowers because they jointly submitted the tip and award application to the CFTC.
A Director at Carnival Corp (NYSE: CCL) is Buying Shares (Analyst Ratings)
Today, a Director at Carnival Corp (CCL), Randall Weisenburger, bought shares of CCL for $930K. Following Randall Weisenburger’s last CCL Buy transaction on May 29, 2013, the stock climbed by 18.1%. Following this transaction Randall Weisenburger’s holding in the company was increased by 19.43% to a total of $5.68 million. Based on Carnival Corp’s latest earnings report for the quarter ending May 31, the company posted quarterly revenue of $4.84 billion and quarterly net profit of $451 million. In comparison, last year the company earned revenue of $4.36 billion and had a net profit of $561 million. CCL’s market cap is $31.86B and the company has a P/E ratio of 10.86. Currently, Carnival Corp has an average volume of 776.3K.
