Tyrus Capital to Buy UK-based Business of Tyndaris LLP (Reuters)
LONDON (Reuters) – Monaco-based hedge fund Tyrus Capital said on Monday it had agreed to buy the UK-based business of Tyndaris LLP for an undisclosed sum in a deal that will nearly double Tyrus’ assets under management to $2 billion. The deal will see Tyrus acquire Tyndaris’ real estate lending strategy and convertible debt strategy, with around $900 million in assets. As part of the deal, which is subject to regulatory approval, Tyrus will take on 15 staff from Tyndaris.
Nuveen Ohio Quality Municipal Income Fund Shareholders Vote Overwhelmingly to Support Fund’s Board (BusinessWire.com)
NEW YORK–(BUSINESS WIRE)–Nuveen Ohio Quality Municipal Income Fund (NYSE: NUO) (the “Fund”) today announced that at its Annual Meeting of Shareholders held on December 5, 2019, shareholders voted overwhelmingly to re-elect the Fund’s current trustees who were up for election – three Class I Trustees re-elected by the holders of common shares and preferred shares, voting together as a single class, and two Trustees re-elected by the holders of preferred shares voting as a separate class. Shareholders rejected nominees proposed by hedge fund Saba Capital Management, L.P. and its affiliates (“Saba”) and also rejected by a significant margin Saba’s non-binding proposal to declassify the Fund’s Board.
Billionaire Tom Steyer Takes Aim at 2020 Democratic Competitors in Economic Speech (ABC News)
Presidential candidate and billionaire Tom Steyer is touting his business acumen as he implores Democratic voters to nominate a candidate who can effectively take on President Donald Trump on what some have called his strongest issue: the economy. “[H]ere’s what American voters must understand: despite his racism, his lies, and his impeachable crimes — if Democrats don’t nominate someone who can go head-to-head with him on the economy, Donald Trump will win in 2020,” Steyer will say in Iowa on Monday, according to early excerpts released by his campaign.
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World’s Best Hedge Fund Returns Are Found in Tiny Singapore (Bloomberg)
On most mornings, Chong Chin Eai starts his day with a jog through Singapore’s Botanic Gardens. After taking his son to school, he trades futures on his laptop at home until it’s time for lunch, after which he might have a massage or perhaps a nap. If that sounds snoozy, Chong’s returns are anything but. His Vanda Global Fund Ltd., started with $24 million from friends and family and named after Singapore’s national orchid, is the world’s best-performing hedge fund this year, gaining more than 300%.
How Renaissance Technologies’ Hedge Fund Founder Became the Godfather of Quant Trading (Inquirer.com)
If you’re looking for a holiday gift business book, consider The Man Who Solved the Market, a thrilling new tome revealing how Wall Street billionaire Jim Simons created a quantitative computer trading model that literally minted money. Simons, a former U.S. government code breaker, first made a career in academia as a brilliant mathematician before switching to finance. He cofounded the firm that ultimately became Renaissance Technologies, joining forces along the way with computer science experts, physicists, engineers, and traders, including Trump booster Robert Mercer and Philadelphia activist David Magerman.
Most Investors Don’t Want to Touch Media Anymore. But Axios is Going to Raise Another $20 Million (Vox.com)
A few years ago, investors were eager to throw money at digital media startups. Not anymore. But there are some exceptions: Axios, the three-year-old publisher best known for its short, fast-paced reports about the Trump White House and the rest of Washington, is close to a deal that will add millions to its balance sheet. Axios is likely to soon raise at least $20 million in a funding round led by Glade Brook Capital, which will value the company at about $200 million, according to people familiar with the deal. Both Axios and Glade Brook declined to comment.
Lucerne Fund Gains 42% With Focus on European Growth Companies (Bloomberg)
One of the best-performing hedge funds investing in Europe isn’t headquartered on the Continent, or even in the U.K. Instead, it’s making winning calls more than 3,000 miles away in Greenwich, Connecticut. Lucerne Capital Management surged about 42% this year through November, according to an investor document seen by Bloomberg. From its offices in the U.S., it has managed to best its peers during a year when Europe’s stock benchmark has gained 25%.
Hedge Fund Alpha: Cycle or Sunset? (Hedge Nordic)
Stockholm (HedgeNordic) – Fresh research confirms that hedge funds have been struggling to deliver alpha since the global financial crisis of 2008. According to a study by Rodney Sullivan from the University of Virginia’s Darden School of Business, in the decade following the financial crisis, the average hedge fund delivered negative alpha of 0.8 percent per year after fees and costs. The study titled “Hedge Fund Alpha: Cycle or Sunset?” was conducted by Rodney Sullivan, executive director of Darden’s Richard A. Mayo Center for Asset Management and a former vice president at AQR Capital Management.
SEC Obtains $3 Million Settlement in Insider Trading Action (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has announced settled insider trading charges against two Oklahoma oil and gas executives who engaged in insider trading in a medical device company and generated more than $1.5 million in illicit profit. The SEC’s complaints, filed in the U.S. District Court for the Western District of Oklahoma, allege that Oklahoma oil and gas executive John Kenneth Davidson learned of a potential merger involving medical device company Covidien PLC from his personal friend and neighbor, a member of Covidien’s board of directors. According to the complaint, Davidson ignored a warning from the director that he should not trade on this information and purchased Covidien shares.
Deere (DE) CEO & President John C May Ii Sold $2.3 million of Shares (Guru Focus)
CEO & President of Deere., John C May Ii, sold 13,187 shares of DE on 12/16/2019 at an average price of $173.83 a share. The total sale was $2.3 million. Deere & Co is engaged in manufacturing agricultural, construction, turf, and forestry machinery. It also provides secured and lease-based financing to support dealer inventory and customer purchases.
The President & CEO of Children’s Place (NASDAQ: PLCE) is Buying Shares (Analyst Ratings)
Today, the President & CEO of Children’s Place (PLCE), Jane Elfers, bought shares of PLCE for $1.01M. Following this transaction Jane Elfers’ holding in the company was increased by 7.12% to a total of $14.74 million.
Norwegian Police Charge Hexagon CEO with Insider Trading (Reuters)
OSLO, March 15 (Reuters) – Norwegian police have charged Ola Rollen, the chief executive of Swedish measurement technology firm Hexagon AB, with insider trading, the country’s white-collar crimes unit said on Wednesday. Rollen, one of Sweden’s most successful chief executives, is accused of insider trading in connection with an investment in Norwegian company Next Biometrics ASA in October 2015, a transaction that did not involve Hexagon.
Mobileye Insider Trading Defendants to Pay $6 Million (CalcalisTech.com)
The insider trading case involving Israeli automotive chipmaker Mobileye will end up costing the defendants $6 million in exchange for not admitting guilt, according to settlement agreement documents filed in a New York court last week and reviewed by Calcalist. The fine is more than six times the profit the defendants allegedly collected. Calcalist first reported on the brewing settlement in early November.
