Phil King’s Regal builds stake in Platinum Asset Management (AFR.com)
Phil King’s ambitious hedge fund group Regal Partners has emerged with a 5.5 per cent stake in the Kerr Neilson-founded Platinum Asset Management, in a shock twist for the consolidating stock-picking industry and the intentions of the newly listed Regal. Regal’s interest was disclosed in an after-market filing revealing that it has accumulated more than 32 million Platinum shares since June 14, worth $56.1 million at Tuesday’s closing price of $1.74.
British Hedge Fund Trader to Be Sent to Denmark to Face Tax Case (Bloomberg)
A British hedge fund trader lost his battle to avoid extradition to Denmark to face charges that he helped facilitate the Cum-Ex tax trades that swindled the Danish treasury of about 9 billion Danish kroner ($1.2 billion). Anthony Patterson, 51, should be sent to the Nordic country, London judge Timothy Godfrey, said Tuesday, to be tried alongside Sanjay Shah. The trader acted as an assistant to Shah, the alleged mastermind of the complex tax transactions, helping to plan the trades in return for some 1.5% of the fraudulently reclaimed tax, according to Danish authorities.
Crypto Intelligence Firm Coin Metrics Partners With Hedge Fund Two Sigma for Institutional Push (Coin Desk)
Hedge fund Two Sigma’s trading data system Venn is teaming up with Coin Metrics, a provider of intelligence to cryptocurrency investors, to help make crypto market infrastructure friendlier for institutions accustomed to traditional capital markets. Venn’s suite of investment evaluation, due diligence and asset allocation workflows will be combined with Coin Metrics’ mix of reference data and indexes, calculated in USD and euros for over 475 assets, the companies said on Tuesday.
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Foresight, Preparation, and Conviction (Hedge Nordic)
Stockholm (HedgeNordic) – The market environment in 2022 was ripe for the agile, diversified and active investor, as market participants had to navigate and respond to a multitude of risks – inflationary surges, interest rate hikes, recessions and war, among others. AIM Diversified Strategies, a fund that invests in hedge fund strategies run by giants such as Citadel Advisors and D.E. Shaw & Co., has enjoyed its best year so far by taking a less diversified and less active approach – relative to the already inactive nature of fund of funds investing.
August Was Another Challenging Month For Hedge Funds Amid Losses In Multi-Strategy, Equities (Forbes)
Equities became one of the worst hedge fund strategies in August after being one of the strongest in the overall returns in July. Equities was one of only two strategies in the red last month at -0.8% — with multi-strategy being the only worse strategy at -1.4% for August. Given that the August performance was so mixed, it should be no surprise to see that only 56.5% of hedge funds administered by Citco generated positive returns, compared to 69.9% in July.
AQR, DRW Commodities, Winston, Capstone and Flow Traders Launch ‘Nickel Crisis’ Legal Action Against the LME (Hedge Week)
AQR Capital Management, Winton Capital Management, DRW Commodities, Flow traders and Capstone Investment Advisors are bringing a lawsuit against The London Metal Exchange (LME) over its decision to cancel trades worth billions of dollars during a short squeeze in the price of nickel, according to a report by Bloomberg. The LME says the filing of the commercial court claim in London, which was made public by court records released last week, is without merit and it will oppose the application.
