Coeli Axes Multi Asset Fund (Hedge Nordic)
Stockholm (HedgeNordic) – Swedish asset manager Coeli Asset Management has announced the liquidation of Coeli Multi Asset after learning of a major investor’s intention to redeem all investments in the hedge fund. Coeli Multi Asset’s institutional share class gained a cumulative 7.8 percent in the first two years of operation, but all the gains were erased in January this year after booking a loss of 9.9 percent. Coeli Multi Asset entered into liquidation on February 4 this year.
Ben Melkman’s Light Sky Macro is Shutting Down (The Wall Street Journal)
A macro investor told clients this week that he plans to shut down his hedge-fund firm, Light Sky Macro LP, according to people familiar with the matter. Ben Melkman’s Light Sky, which managed roughly $1 billion recently, started in March 2017 with investments from other hedge-fund managers including Steven A. Cohen and Daniel Loeb. Mr. Melkman was previously a partner and portfolio manager at Brevan Howard Asset Management, where he attracted notice for a profitable wager he made on Argentina…
Tananbaum’s GoldenTree Attacks Volatility Era With Crypto Play (Bloomberg)
Steve Tananbaum has a playbook for markets roiled by inflation, rising rates and geopolitical volatility — and crypto is a centerpiece. The veteran credit investor and founding partner of GoldenTree Asset Management is broadening his flagship hedge fund to include trading in digital-assets and financing deals in exchange for tokens. He sees opportunities to earn outsize returns and doesn’t want to forgo them by sticking to traditional strategies.
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Huntsman Says Starboard’s Director Nominees Add “No Incremental Value” (Reuters)
March 2 (Reuters) – Huntsman Corp said on Wednesday director candidates nominated by Starboard Value to the chemical maker’s board lack expertise, add no incremental value and are not independent of the activist investment firm. Starboard, which owns an 8.6% stake in Huntsman, launched a proxy contest in January when it nominated the four people.
Some US Russia Sanctions Could be Counterproductive, Says Citadel’s Griffin (Hedge Week)
A US decision to curb Russian access to US technology and US dollars in retaliation for the invasion of Ukraine, could backfire, according to hedge fund manager Ken Griffin. In an interview with Bloomberg, the Citadel chief executive said that denying Russia access to US tech could hurt Sillicon Valley and force Russia to look elsewhere – such as China – for software solutions.
Key Trends Transforming Fund Administration (Preqin)
Private equity fund administration has evolved to offer sophisticated products and comprehensive services for GPs. How are increasing LP sophistication and diversification shaping the industry and the types of services GPs need to offer? LPs want more transparency, data points around investment performance, and ESG reporting. While LPs can do in-house analysis, they need data from the GPs and service providers.
Billionaire Investor Bill Ackman Implores Biden to ‘Set a Real Red Line’ and Consider Military Intervention in Ukraine (Business Insider)
Bill Ackman called for President Joe Biden to consider sending US troops to defend Ukraine in a post on Twitter Monday. “Is there a point at which we say it is un-American to sit back and watch this transpire?” the billionaire investor said in a series of tweets addressed to Biden. “Do we wait for him to kill millions before we intervene?” Ackman added.
Wednesday 3/2 Insider Buying Report: STRA, BX (Nasdaq.com)
At Strategic Education, a filing with the SEC revealed that on Monday, Executive Chairman Robert S. Silberman purchased 13,001 shares of STRA, at a cost of $60.24 each, for a total investment of $783,181. Silberman was up about 2.9% on the purchase at the high point of today’s trading session, with STRA trading as high as $61.97 in trading on Wednesday. Strategic Education is trading up about 3.8% on the day Wednesday. Before this latest buy, Silberman bought STRA on 2 other occasions during the past twelve months, for a total cost of $890,460 at an average of $63.60 per share. And on Friday, Director Ruth Porat purchased $631,050 worth of Blackstone, purchasing 5,000 shares at a cost of $126.21 each. Blackstone is trading up about 1.4% on the day Wednesday.
Executives Sell More Than $47M Of 5 Stocks (Benzinga)
Lordstown Motors: The Trade: Lordstown Motors Corp. (RIDE) 10% owner Stephen Burns disposed a total of around 5,285,000 shares at an average price of $2.56. The insider received around $13.53 million as a result of the transaction. Morningstar: The Trade: Morningstar, Inc. (NASDAQ: MORN) Executive Chairman Joseph Mansueto sold a total of 31,244 shares at an average price of $278.07. The insider received around $8.69 million from selling those shares. AbbVie: The Trade: AbbVie Inc. (NYSE: ABBV) Vice Chairman Robert A Michael sold a total of 77,391 shares at an average price of $148.82. The insider received around $11.52 million as a result of the transaction.
Hedge Fund Alden Faces Another Setback in Bid to Buy Post-Dispatch Owner Lee (Biz Journals)
A Delaware court has issued another ruling against the Florida hedge fund attempting a hostile takeover of Lee Enterprises, the newspaper chain that owns the St. Louis Post-Dispatch. Alden Global Capital in February sued Lee, arguing that the Davenport, Iowa, company was wrongfully applying a plurality board standard at its annual meeting March 10, when three directors, Mary Junck, Herbert Moloney and Kevin Mowbray, are up for election.
