Covalis Criticises Italy’s Institutional Investor Club Ahead of Enel AGM (Reuters)
Rebel Enel investor Covalis criticised Italy’s institutional investor club Assogestioni for not seeking an independent chair at the utility and called for a new organisation to promote corporate governance reform. Hedge fund Covalis, which owns around 1% of state-controlled Enel, has presented a slate of six nominees for the board of the energy group, challenging the list presented by Italy’s Treasury.
Neil Chriss Joins Paloma as CEO and Co-CIO (Opalesque)
An experienced hedge fund manager and finance industry leader, Chriss will also serve alongside Paloma‘s founder, Chairman, and co-Chief Investment Officer, S. Donald Sussman, as co-Chief Investment Officer. “Paloma was founded on a new approach to investing, and for 42 years, it has worked to break new ground in extracting value from ever-changing markets. The current market environment is advantageous for multi-strategy hedge funds like Paloma, and I believe Neil will help us maximize a range of robust investment opportunities for our investors. Neil has broad and deep experience investing in all the strategies in which Paloma is active. He brings both fresh ideas and seasoned leadership, and his experience across the financial sector will complement our strong team,” said Sussman. “I look forward to working closely with Neil and the rest of the Paloma management team as we together build Paloma for its next half century.”
US Hedge Fund Manager Wagner to Acquire Birmingham City Stake (Bloomberg)
The Chinese owners of Birmingham City Football Club have agreed to sell their shares to US hedge fund manager Tom Wagner. Chinese investor Paul Suen’s Hong Kong-listed Birmingham Sports Holdings Ltd. will transfer its 24% stake in the Championship tier club’s owner to Shelby Companies Ltd., an entity managed by Wagner, according to a club press release confirming a Bloomberg News report. Co-owners Oriental Rainbow Investments and Achiever Global Group also agreed to transfer an additional 21.64% to Wagner, as well as St. Andrew’s stadium.
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Peter Nygard Ordered to Pay Billionaire Neighbor $203 Million in Damages After Driveway Feud Escalated to Accusations of Arson and Ku Klux Klan Links (Business Insider)
A hedge fund billionaire has been awarded $203 million after a New York court ruled he was defamed by his former Bahamas neighbor Peter Nygard following a decade-long feud ignited by a shared driveway. Nygard, a disgraced fashion mogul facing several sex trafficking charges, was ordered by a New York court-appointed judge to pay the biggest defamation settlement in the state’s history to Moore Capital Management founder Louis Bacon after peddling several wild allegations.
Hedge Funds Face Into Bank Turmoil With Epic Short Treasury Bets (Advisor Perspectives)
Hedge funds supercharged bearish Treasury bets to historic levels just days before the US banking turmoil took a turn for the worse and spurred a stampede for the world’s safest assets. Leveraged funds boosted overall shorts on US bond futures to a fresh record in the week of May 2, according to a gauge of aggregate net positions based on the latest data from the Commodity Futures Trading Commission. That’s a seventh straight week of ramped-up bearish bets — the longest streak since 2017.
