Jupiter Fund Management Boss Nicola Pease Quits After Just Three Years for ‘Personal Reasons’ (This is Money)
Nichola Pease has quit as boss of Jupiter Fund Management for ‘personal reasons’ after just three years. Her sudden departure, two years after her 30-year marriage to hedge fund manager Crispin Odey ended, is likely to trigger questions from shareholders at the asset manager’s annual general meeting on May 10. Pease, 62, joined in 2020 and will be replaced by David Cruickshank as non-executive chairman and chairman of the nomination committee.
Ray Dalio Says China, US on ‘Brink of War’ (AFR.com)
Washington | Ray Dalio, the billionaire founder of hedge fund Bridgewater, says America and China are on the “brink of war”, and the situation will only deteriorate in the run-up to the US presidential election next year. Following a 13-day trip through China, Mr Dalio, whose fund Bridgewater Associates has managed billions of dollars for the sovereign wealth fund China Investment Corp, says he is in a “privileged and awkward position of being deeply attached to the two greatest powers in the world”.
Wagamama’s Hedge Fund Standoff Gets Spicier (Bloomberg)
After the hors d’oeuvre, the main course. It was a given that activist pressure on Restaurant Group Plc would ramp up sooner or later, after the owner of the Wagamama restaurant chain delivered an underwhelming strategic plan last month that sent the shares down 15%. The latest dish arrives with some fresh ingredients and a sharpness that will make it harder for the company’s leadership to resist the calls for change. First, the forces arrayed against TRG have become more substantial. Seth Fischer’s Oasis Management Co., which opened its campaign in mid-February by urging an independent strategic review, said on Tuesday that it has almost doubled its stake in the underperforming London-listed company to 12.3%. That would make it the largest shareholder, based on data compiled by Bloomberg. The Hong Kong-based investment firm complained it had been rebuffed in earlier attempts to engage with the board. It is now carrying a bigger megaphone.
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Team Evolution at Calculo (Hedge Nordic)
Stockholm (HedgeNordic) – After starting as a one-person fund boutique in 2018 and becoming a two-person shop in May 2022, Calculo Capital has now announced the appointment of Mark Steeltoft as a Client Specialist. The commodity-focused trend-follower will remain a two-person boutique as quantitative analyst Victor Lund Klestrup Hansen is pursuing his career outside Calculo Capital.
Recasting the Upcoming GameStop Movie: Here’s Who Should Play Ken Griffin, Steve Cohen, and the Rest of the Gang (Business Insider)
Today, we’ve got stories on a Goldman Sachs shareholder asking about David Solomon’s use of the bank’s jets, Wall Street’s “new” money, and what you need to do to fix your gut. But first, let’s run it from the top one more time. 1. Action! Wall Street is getting the Hollywood treatment again. The meme-stock saga, headlined by GameStop’s meteoric rise, is being made into a movie. Details are scant on the film, which is set to be released in October, but we know some of the cast…
Asia Hedge Fund Startups Raised Just $3.5 bln in 2022 (Reuters)
Asia hedge fund startups raised only $3.5 billion last year – the lowest amount since the global financial crisis, industry data showed, with activity in Hong Kong hit hard by COVID restrictions and heightened geopolitical risks. While more launches in the region are expected this year, demand for hedge funds will still be subdued, market participants say.
Top Hedge Fund Says ‘Violent’ Emerging-Market Rout Is Coming (Bloomberg)
The hedge fund that beat 99% of peers last year with a bearish stance on emerging markets says the selloff since February has proven its skepticism right and risky assets will face even bigger losses later this year. Man Group Plc, the world’s biggest publicly listed hedge fund, told Bloomberg in February that the rally in emerging markets between October and January wasn’t justified by economic fundamentals and was set to reverse. The prediction proved correct, with sovereign dollar bonds from emerging markets handing investors a 2.2% loss since then, and the benchmark MSCI emerging-markets equity index falling almost 7%.
Hedge Fund Returns Rebound Continues in Q1 (Hedge Week)
Hedge funds continued to rebound with even better weighted average returns in the first quarter of this year than Q4 2022, with Multi-Strategy and Equities funds continuing as the top performers, according to a data released by Citco. Data from the fund administrator, which has over $1.8 trillion in assets under administration (AUA), saw an overall weighted average return of 4.49% in the first quarter of this year – up from 4.11% in Q4.
Riksbank Shoot Themselves in the Foot (Hedge Nordic)
Stockholm (HedgeNordic) – The Swedish central bank raised the policy rate by 0.5 percentage points to 3.5 percent amid higher-than-expected underlying inflation during the first months of the year. The Riksbank’s executive board led by Governor Erik Thedeen suggested the hiking process is nearing a peak with one last expected interest hike in June or September, triggering a weakening of the Swedish crown. The Riksbank acknowledges that the weak crown has made its inflation-fighting job more difficult.
Dubai Set to be Hedge Fund Hub as 60 Firms Eye DIFC Move Amid $4.8tn Market (Arabian Business)
Dubai is set to become a global hub for hedge funds, with more than 60 investor groups looking to establish offices in DIFC. That is the view of a report titled “Dubai: The next global hedge fund centre – opportunities and outlook” released by Dubai International Financial Centre (DIFC) and financial analysts Refinitiv. DIFC is becoming one of the world’s largest providers of financial markets data and infrastructure.
Thursday 4/27 Insider Buying Report: ENPH, ASB (Nasdaq.com)
On Wednesday, Enphase Energy’s Director, Thurman J. Rodgers, made a $5.49M purchase of ENPH, buying 32,900 shares at a cost of $166.88 a piece. Enphase Energy is trading up about 2.1% on the day Thursday. This purchase marks the first one filed by Rodgers in the past year. And at Associated Banc-Corp, there was insider buying on Wednesday, by Director Michael J. Haddad who purchased 5,750 shares for a cost of $17.35 each, for a trade totaling $99,773. Associated Banc-Corp is trading up about 1.6% on the day Thursday. Haddad was up about 3.1% on the purchase at the high point of today’s trading session, with ASB trading as high as $17.89 at last check today.
$1.7M Bet On This Healthcare Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Fate Therapeutics: The Trade: Fate Therapeutics, Inc. (FATE) Director Jeremy Green acquired a total of 276,639 shares an average price of $6.17. To acquire these shares, it cost around $1.71 million. BCB Bancorp: The Trade: BCB Bancorp, Inc. (BCBP) Director James G Rizzo acquired a total of 2,000 shares at an average price of $11.21. To acquire these shares, it cost around $22.42 thousand.
