George Soros’s Foundation Cuts 40% of Staff Just 1 Month After 92-Year-Old Billionaire Handed His Empire Over to His Millennial Son (Fortune)
George Soros’s philanthropic foundation is slashing its workforce almost in half just weeks after his millennial and “more political” son took the reins of the multibillion-dollar empire. Open Society Foundations, which was founded by the billionaire investor in 1979, announced on Friday that it would be making “significant changes” to its operating model over the coming months. It comes after Alexander Soros, George Soros’s fourth child, was named chair of the organization’s board of directors in December, and just one month after he inherited complete control of the foundation from his father.
Billionaire Investor Seth Klarman’s Big Contrarian Play: Buying Commercial Real Estate Ahead of a Potential Recession (The Motley Fool)
Key Points: Seth Klarman runs Baupost Group, a hedge fund that focuses on value stocks, distressed debt, liquidations, foreign equities, and bonds. Baupost Group has regularly beaten the market since it was founded in 1982. As a value investor, Klarman said he thinks there may be opportunities in commercial real estate. Many investors believe commercial real estate is the next shoe to drop in this uncertain economy. In this uncertain economy, several sectors have taken hits at various times over the past few years. Some investors think commercial real estate (CRE) could be the next shoe to drop.
16Rock Launches New Muni Hedge Fund (BondBuyer.com)
16Rock Asset Management LLC has launched a new hedge fund aimed at using a multi-strategy approach to capture the $4 trillion municipal markets’ recurring opportunities. The new fund, which launched Saturday and is open to trade, is called the 16Rock Municipal Opportunities Fund LP and will compete in the small universe of municipal hedge funds. With a primary focus on investment-grade securities, the fund has lower leverage, aims to provide capital preservation, and also uses hedging strategies designed to minimize interest rate, event and directional risk, according to James Pruskowski, chief investment officer.
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Man Group Takes Majority Stake in Boutique Money Manager Asteria (Hedge Week)
UK hedge fund manager Man Group has agreed to acquire a 51% stake in Asteria, an ESG-focused boutique money manager owned by Italian private bank Fideuram – Intesa Sanpaolo Private Banking (F-ISPB), which will retain the other 49% of the business. The investment team at Geneva-based Asteria, focuses on “innovative solutions for the wealth management space” and already has three funds with sustainable investment objectives.
Barclays Seeks to Stop Being Corporate Banker to Odey Asset Management, Financial Times Reports (Reuters)
Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period.
