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.
Cathie Wood’s Ark ETF is getting crushed – the basic investing Lesson We can all Learn (Yahoo Finance)
It’s been two years since Cathie Wood’s ARK Invest’s breakout during the pandemic, and in the time since, the fund has hit a major rough patch. In 2021, the fund’s holdings in Roku, Teladoc, and Zoom sank the ETF’s value. However, the latest market implosion crushed the reeling firm. Ark was down more than 60% through August, fifty percentage points worse than the S&P 500.
The 2022 Preqin Private Capital Fund Terms Advisor (Preqin)
Our Preqin Capital Fund Terms Advisor assists GPs, LPs, and their legal and investment advisers by providing detailed information and benchmarks on the key economic and non-economic terms across private capital. We draw on Preqin Pro data to cover headline management fee rates and the mechanisms for reducing them, charging intervals, transaction and monitoring fees, fund organizational expenses, and distribution mechanisms. You will also find details of advisory committees, GP and minimum LP commitments, and how changes to contractual terms are handled with ‘key-man’ provisions and no-fault divorce clauses. Our guide shines a light on the range of current practices and how fund terms are evolving in response.
Hedge Funds Brave Stock Chaos To Lift Bets By Most In Five Years (FA-Mag.com)
Professional speculators are refusing to surrender to a punishing stock market prone to choppy trends and endless volatility — boosting bullish and bearish positions at the fastest rate in five years. As the S&P 500 plunged almost 5% last week after a surprisingly hot inflation reading, hedge funds snapped up single stocks while betting against the broad market with products like exchange-traded funds, data from Goldman Sachs Group Inc.’s prime brokerage show. Taking their long and short exposures together, the total gross trading flow rose for a fifth straight week in the largest notional increase since 2017.
Tuesday 9/20 Insider Buying Report: IE, DLR (Nasdaq.com)
At Ivanhoe Electric, a filing with the SEC revealed that on Friday, Chief Executive Officer Robert M. Friedland bought 416,666 shares of IE, for a cost of $8.00 each, for a total investment of $3.33M. So far Friedland is in the green, up about 8.1% on their buy based on today’s trading high of $8.65. Ivanhoe Electric is trading up about 0.3% on the day Tuesday. Before this latest buy, Friedland made one other purchase in the past twelve months, buying $1.54M shares at a cost of $8.60 a piece. And on Thursday, CHIEF EXECUTIVE OFFICER A. William Stein purchased $566,100 worth of Digital Realty Trust, purchasing 5,000 shares at a cost of $113.22 each. Before this latest buy, Stein made one other purchase in the past year, buying $629,750 shares at a cost of $125.95 each. Digital Realty Trust is trading down about 0.5% on the day Tuesday. Bargain hunters can grab DLR even cheaper than Stein did, with shares trading as low as $109.95 at last check today which is 2.9% under Stein’s purchase price.
$3.3 Million Bet On This Technology Stock? 3 Stocks Insiders Are Buying (Benzinga)
Third Harmonic Bio The Trade: Third Harmonic Bio, Inc. (THRD) 10% owner Atlas Venture Associates Opportunity I, LLC acquired a total of 7,366,470 shares at an average price of $17.00. To acquire these shares, it cost around $5.1 million. Spok Holdings: The Trade: Spok Holdings, Inc. (SPOK) Director Todd J Stein bought a total of 139,704 shares at an average price of $7.29. To acquire these shares, it cost around $1.02 million.
