Brevan Howard Takes Minority Stake in Structured Credit Manager 1543 Capital (Hedge Week)
Brevan Howard, the high-profile global macro hedge fund firm co-founded by Alan Howard, has taken a minority stake in 1543 Capital, an alternative credit and structured finance-focused investment manager, as part of a new strategic partnership. The partnership will see Brevan Howard take a board seat in the credit manager, which has around USD450 million in assets. The hedge fund giant will also acquire capacity rights to invest in future funds managed by 1543, whose focus spans asset-based investing, commercial real estate debt and equity, consumer and student loans, and trade finance.
Steve Cohen’s Former NYC Penthouse Marked Up 18% to $36 Million in Just Four Months (Bloomberg)
Billionaire Steve Cohen sold his luxury Manhattan condo in June, finally getting $30.5 million after multiple price cuts. The buyers, who never moved in, are relisting the apartment for sale — at an 18% markup. The 9,000-square foot (836-square-meter) duplex penthouse at One Beacon Court, with postcard views of Central Park, is now seeking $36 million, according to the new listing by Compass agent Kyle Blackmon. It’s a bold wager that rising demand for high-end properties in the borough will translate to a quick spike in values, even while buyers still have plenty of choices.
Organizational Changes at CARN (Hedge Nordic)
Stockholm (HedgeNordic) – Norwegian investment manager CARN Capital, which manages long/short equity fund CARN Latitude, is undergoing a few organizational changes. Head of Sustainability Melanie Brooks is leaving the Oslo-based asset manager at the end of October, a new investment analyst is joining as a replacement, founding partner Andreas Bomann-Larsen has taken over as CEO, and its board of directors has been strengthened.
British Hedge Funds Show ‘Patriotic Bias’ Towards UK Stocks, Study Finds (Hedge Week)
A ‘patriotic bias’ towards London-listed stocks has increased among UK hedge funds during the Covid-19 pandemic, and is stifling managers’ efforts to diversify portfolios, according to a new industry survey. Institutional prime broker IG Prime surveyed 250 hedge fund portfolio managers and hedge fund traders, exploring what influences their diversification strategies, the internal and external factors shaping investment decisions, and what they consider when trading internationally.
Bridgewater’s Jensen Says Stagflation is ‘Real Risk’ to Assets (Bloomberg)
While inflation concerns mount for the U.S. economy, the real danger may be the combination of rising prices and a stagnating economy, said Bridgewater Associates co-Chief Investment Officer Greg Jensen. “The problem is stagflation — that’s the real risk, and so many portfolios are massively exposed,” Jensen said Wednesday at the Bloomberg Invest virtual conference.
Fund Terms and Conditions are Business Critical (Preqin)
Transparency is key to keep LPs and GPs aligned, writes Preqin CEO Mark O’Hare in his Foreword to Preqin’s 2021 Private Capital Fund Terms Advisor. Fund terms and conditions are business critical. More than half (57%) of investors we surveyed have walked away from an investment because of terms and conditions, and a quarter do so on a regular basis. Transparency within the industry is vital to ensure that the interests of GPs and LPs remain aligned. More investors are concerned about how performance fees are charged (51%) and GP commitments to funds (50%) than the amount charged (36%), our survey finds.
Billionaire investor Carl Icahn reveals an almost 5% stake in Southwest Gas – and blasts the utility’s $2 billion deal to buy Questar Pipeline (Business Insider)
Carl Icahn disclosed an almost 5% stake in Southwest Gas, and derided the utility’s nearly $2 billion deal to buy Questar Pipeline, in a Securities and Exchange Commission filing on Tuesday. The billionaire investor and Icahn Enterprises boss revealed his position after Reuters reported on Monday that Southwest was close to purchasing Questar from Dominion Energy. Despite Icahn’s opposition, the two energy companies have announced the transaction will go ahead.
Wednesday 10/6 Insider Buying Report: MXL, NCV (Nasdaq.com)
On Tuesday, MaxLinear’s Steven G. Litchfield, made a $499,730 purchase of MXL, buying 10,414 shares at a cost of $47.99 each. So far Litchfield is in the green, up about 3.9% on their purchase based on today’s trading high of $49.85. MaxLinear is trading up about 0.5% on the day Wednesday. Before this latest buy, Litchfield bought MXL on 3 other occasions during the past twelve months, for a total investment of $499,615 at an average of $53.83 per share. And at AllianzGI Convertible & Income Fund, there was insider buying on Friday, by Director James S. Macleod who bought 12,892 shares at a cost of $5.94 each, for a trade totaling $76,636. AllianzGI Convertible & Income Fund is trading up about 0.3% on the day Wednesday. So far Macleod is in the green, up about 2.6% on their purchase based on today’s trading high of $6.10.
Asana Insider Trades $49M In Company Stock (Benzinga)
Dustin Moskovitz, President, CEO And Chair at Asana (NYSE:ASAN), made a large insider buy on October 4, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Monday showed that Moskovitz purchased 500,000 shares of Asana at at prices ranging from $99.21 to $100.00. The total transaction amounted to $49,981,963. Following the transaction, Moskovitz now owns 9,360,961 shares of Asana, worth $968,251,001.
The EC of Designer Brands (NYSE: DBI) is Buying Shares (Analyst Ratings)
Yesterday, the EC of Designer Brands (DBI), Jay Schottenstein, bought shares of DBI for $2.76M. This recent transaction increases Jay Schottenstein’s holding in the company by 4.27% to a total of $69.94 million. Following Jay Schottenstein’s last DBI Buy transaction on September 20, 2021, the stock climbed by 1.2%. Based on Designer Brands’ latest earnings report for the quarter ending July 31, the company posted quarterly revenue of $817 million and quarterly net profit of $42.86 million.
