Tom Steyer Takes a Week off Campaign Trail to Report for Jury Duty (Fox News)
Apparently running for president is not a valid excuse for getting out of jury duty. Tom Steyer, the billionaire hedge fund manager who is running for the Democratic presidential nomination, is taking a week off the campaign trail to fulfill his civic duty and report for jury duty in San Francisco. “It is every American’s civic duty to serve on a jury with their peers,” Steyer said in a statement Monday. “At a time when Donald Trump is constantly undermining our legal norms, I can think of no stronger response to his criminal behavior than fulfilling my civic obligation.”
OCP Asia, Turnbull’s Keshik Swoop on Lithium Play Alita Resources (AFR.com)
Hong Kong-based alternatives manager OCP Asia and Alex Turnbull’s hedge fund Keshik Capital are set to emerge as major shareholders in ASX-listed lithium company Alita Resources. Street Talk understands OCP and Keshik will tip fresh funds into the lithium concentrate producer as part of a $60 million recapitalisation, and each walk away with a 10 per cent stake and board seats. The pair’s investment is expected to be unveiled as early as Tuesday and be one of a number of significant changes at Alita.
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David Shaw Makes Waves in the Semiconductor World (TipRanks)
David Shaw got his start in 1988, when he convinced the Wall Street investment firm Paloma Partners to back him in the new field of quantitative trading. Shaw, a brainy buy with a PhD in computer science and a complete neophyte in financial world, told his backers, “I think I can use technology to trade securities.” He was right. His firm, now the D.E. Shaw Group, has taken it’s initial $28 million in capital and grown it into a $47 billion hedge fund, earning more than $25 billion for its investors. Shaw himself stepped retired from active leadership of the firm in 2001, although he remains connected to the trading operations.
A Goldman Sachs VP Joined a NY Macro Fund that’s Growing in London (eFinancialCareers.com)
It’s not just banks that are adding new traders in the depths of the supposed summer break. Tenaron Capital Management, a New York-headquartered hedge fund, has been hiring too. Tenaron just recruited Nicholas Hall, a vice president European swaps trader from Goldman Sachs in London. Hall joined as a portfolio manager this August, according to his LinkedIn profile.
Hedge Fund Billionaire Ray Dalio Says Invest in China Now (RealDaily.com)
Ray Dalio, founder of one of the world’s most successful hedge funds, cautioned investors against pulling out of China in this time of turmoil. Despite the escalating U.S.-China trade war, Dalio said that not investing in China would be risky. Dalio, who runs Bridgewater Associates, reiterated his bullish thesis in an interview on Youtube, where he laid out his thoughts on how China remains the world’s rising economic power. “Would you have not wanted to invest with the Dutch in the Dutch empire? Would you have not wanted to invest in the industrial revolution and the British empire? Would you not want to invest in the United States and the United States empire? I think it’s comparable,” he said.
5 Key Takeaways From Kettera Hedge Fund Platform: July Performance Breakdown (FuturesMag.com)
July Returns Robust In Tactical Asset Allocation Strategies: Sneak peek at July hedge fund and managed futures returns from Kettera Hydra Platform Investor Letter. Kettera Hydra platform gives qualified investors the ability to access top-tier fully vetted macro, managed futures, FX and hedge fund managers at lower investment minimums and the same fee structure as directly managed accounts.
Opalesque Roundup: Hedge Fund and Private Equity Investors Add Social Media Menu: Hedge Fund News, Week 31 (Opalesque.com)
In the week ending August 16th 2019, a new investor and operational due diligence (ODD) analyst survey revealed that investors shift focus to social media analysis during hedge fund and private equity background investigations. In new launches, London-based emerging-markets investor Actis has wrapped up fundraising for its first longer-duration infrastructure fund; Rational Funds, a family of funds rooted in the investment philosophy of applying a rational approach to investing, announced the launch of the Rational Special Situations Income Fund (RFXIX), which utilizes an investment strategy primarily focused on non-agency residential mortgage backed securities, and Stockholm-headquartered asset manager Coeli Asset Management is launching a new climate-focused, market-neutral energy equity fund.
The Truth about Pay at Millennium Capital Management (eFinancialCareers.com)
If you’re a trader who wants to work for a hedge fund, Millennium Investment Management has something going for it. The hedge fund is divided globally into 200 independently run teams, each of which is rewarded proportionate to its own results. Whereas other large funds pay on the basis of ‘netting’ (gains minus losses) across strategies, Millennium’s pay structure is more granular – if your team’s strategy does well, you’ll be rewarded, even if all other teams at the fund make a loss. What does this mean for salaries and bonuses at an individual level? Millennium doesn’t divulge pay globally, but the fund’s two UK-based entities, Millennium Capital Management Ltd. (the UK holding company, which includes all administrative and investment staff) and Millennium Capital Partners LLP (the partnership comprised predominantly of the investment staff) have just published pay figures and headcount for the year ending 31 December 2018.
Monday 8/19 Insider Buying Report: CFR, UAL (Nasdaq.com)
At Cullen/Frost Bankers (CFR), a filing with the SEC revealed that on Friday, Director Carlos Alvarez bought 30,000 shares of CFR, at a cost of $85.08 each, for a total investment of $2.55M. So far Alvarez is in the green, up about 2.0% on their purchase based on today’s trading high of $86.74. Cullen/Frost Bankers is trading up about 1.6% on the day Monday. Before this latest buy, Alvarez made one other buy in the past twelve months, purchasing $5.06M shares at a cost of $93.71 a piece. And on Wednesday, Director Edward Shapiro bought $820,000 worth of United Airlines Holdings (UAL), buying 10,000 shares at a cost of $82.00 each. Before this latest buy, Shapiro bought UAL at 2 other times during the past year, for a total cost of $4.1M at an average of $91.07 per share. United Airlines Holdings is trading up about 1.6% on the day Monday. Shapiro was up about 3.6% on the buy at the high point of today’s trading session, with UAL trading as high as $84.92 at last check today.
The President & CEO of Clovis Oncology (NASDAQ: CLVS) is Buying Shares (Analyst Ratings)
Today, the President & CEO of Clovis Oncology (CLVS), Patrick Mahaffy, bought shares of CLVS for $279.6K. Following this transaction Patrick Mahaffy’s holding in the company was increased by 5.74% to a total of $5.18 million. In addition to Patrick Mahaffy, 3 other CLVS executives reported Buy trades in the last month. Based on Clovis Oncology’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $32.98 million and GAAP net loss of $120 million.
Cantor Fitzgerald and BMO Capital Charged for Improper Handling of ADRs (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has announced that broker Cantor Fitzgerald & Co. will pay more than $647,000 and broker BMO Capital Markets Corporation will pay over $3.9 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). With today’s actions, the SEC has charged 13 financial institutions in its ongoing investigation into abusive ADR pre-release practices, which, thus far, has included monetary settlements exceeding $427 million. ADRs – U.S. securities that represent foreign shares of a foreign company – require a corresponding number of foreign shares to be held in custody at a depositary bank.
Zuckerberg Sells Shares of Facebook (Guru Focus)
Facebook Inc. (NASDAQ:FB) founder and CEO Mark Zuckerberg sold 112,520 shares for an average price of $184.50 per share on Aug. 14. The social media company has a market cap of $520.92 billion and an enterprise value of $418.13 billion. It has insider ownership of 0.17% and institutional ownership of 91.07%. Over the last 12 months, the stock has risen 5% and, as of Friday, was trading 12.56% below its 52-week high and 48.31% above its 52-week low.
Rapid7 Inc (RPD) CFO Jeffrey Kalowski Sold $2 million of Shares (Guru Focus)
CFO of Rapid7 Inc, Jeffrey Kalowski, sold 37,500 shares of RPD on 08/15/2019 at an average price of $53.73 a share. The total sale was $2 million. Rapid7 Inc is a provider of security data and analytics solutions that enable organizations to implement an active approach to cyber security. Rapid7 Inc has a market cap of $2.61 billion; its shares were traded at around $53.48 with and P/S ratio of 9.65. GuruFocus has detected 2 severe warning signs with Rapid7 Inc.
