Odey Opens Doors In Switzerland (Finalternatives)
Odey Asset Management has opened an office in Geneva, Switzerland, its first office in the country. …Odey first mulled a Swiss office five years, when firm founder Crispin Odey said he was “seriously considering leaving” the U.K. to skirt both higher British taxes and new European Union hedge fund regulation. The firm remains based in London, and last year opened its first office in the U.S., in New York.
Japanese hedge fund challenges regulators in insider trade case (Reuters)
A small Japanese hedge fund has made a rare challenge against financial regulators over a 2010 insider trading case, disputing a finding that one of its fund managers acted on an insider tip of a share offering by energy firm Inpex Corp. The Securities and Exchange Surveillance Commission (SESC)previously found a fund manager at Stats Investment Management sold Inpex shares on insider information from a Nomura Securities salesman, based on the salesman’s admission of providing information to Stats as well as to Nissay Asset Management and Finno Wave Investments.
Virgin America IPO takes off (CityAM)
The US airline part-owned by Sir Richard Branson is preparing to go public after posting its first annual profit in March. Branson owns a 22 per cent stake in the airline through Virgin Group with VAI Partners, controlled by hedge fund Cyrus Capital Partners, its biggest shareholder with a 71.6 per cent stake. Barclays and Deutsche Bank Securities are leading the listing of the upscale carrier which began flying in 2007 and now has routes to 23 airports in the US and Mexico.
Ex-Harbinger COO Settles SEC Claims of Aiding Falcone (Bloomberg)
Harbinger Capital Partners LLC’s former chief operating officer settled U.S. regulatory claims that he helped the hedge fund’s owner, Philip Falcone, misappropriate about $113 million to pay personal taxes. Peter Jenson, 48, agreed to pay $200,000 and to be barred from the securities industry for at least two years, the Securities and Exchange Commission said in a statement today. Jenson admitted wrongdoing as part of the settlement, which still must be approved in federal court.
Ireland To OK Hedge-Fund Direct Lending (Finalternatives)
One of the hedge fund industry’s biggest bases is set to allow one of its fastest-growing strategies to take root. Ireland is set to permit direct lending by hedge funds for the first time under new regulations set to come into force by the end of the year. Currently, hedge funds domiciled in the country are not permitted to make loans. The Irish central bank’s change of heart comes amidst a credit crunch in Europe, as banks shy away from lending to smaller firms.
Hedge fund pay day on Dollar deal (CNBC)
Israeli Hedge Fund Harnesses Big Data (Finalternatives)
Apica Green is a multi-million dollar Israeli hedge fund that is based in Tel Aviv and has 360,000 researcher/analysts. If you’re picturing the HR nightmare this would entail, relax: those thousands of researchers and analysts aren’t actual employees of the firm, they’re people who share their investment tips online. And boy do they share—Apica Green has captured millions of online investment recommendations since 2004, thousands per day, from a wide variety of sources including both financial sites and social media outlets.
Ex-Citi FX trading head Prasad readies macro hedge fund- sources (Reuters)
Former global head of foreign exchange at Citigroup Inc (NYSE:C), Anil Prasad, is preparing to launch his own hedge fund in the first quarter of 2015, three sources familiar with the matter said. The launch comes as global regulatory changes restrict banks from trading with their own money, prompting so-called proprietary desk traders to strike out on their own. Prasad left Citi earlier this year. He will be joined by Farhang Mehregani, the former chief investment officer of Sciens Alternative Investments as one of the partners, two of the sources said.
Miura Global Closes Funds to New Investors (InstitutionalInvestorsAlpha)
New York-based hedge fund firm Miura Global Management is closing its funds to new investors, according to a letter sent to clients and obtained by Alpha. The firm will continue to accept money from existing investors and to “leave capacity for some ‘organic’ growth,” it said in its second-quarter letter. Miura Global is what’s known as a Tiger Seed because it received investment capital from hedge fund legend and Tiger Management founder Julian Robertson, Jr.
Steve Cohen Attends Party, Dresses Like A ‘Schlub’ (DealBreaker)
Something you probably know about Steve Cohen is that the last number of years have not been so kind to him. Almost a dozen of his employees have been charged with and convicted of securities fraud. The government won’t let him manage outside money. He had to rename his fund, rendering a warehouse full of SAC fleeces useless. No one will buy his apartment. The New York Times thinks his house is only 14,000 square feet. He just wrote a check for $848 million, money that could’ve gone toward Super Duper Weenie products or Guy Fieri cookbooks.
Marc Faber predicts 20% to 30% drop in stocks (CNBC)
Permabear Marc Faber said Monday he expects stocks to drop 20 percent 30 percent by October. “Don’t forget many stocks are already down 10 percent. The home builders are down roughly 15 percent. Airlines have just dropped around 10 percent,” he said on CNBC’s “Halftime Report.” Faber, publisher of the “Gloom, Boom & Doom Report,” also noted that several large-cap stocks were down by double-digit percentages.
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