Funds
US-based multi-strategy managers dominate a new ranking of 64 investment firms managing $10 billion or more in hedge fund assets.
Four of the top ten firms on the inaugural ‘$10bn+ Power List’ from Alternative Fund Insight (AFI) specialise in multi-strategy hedge fund vehicles, including Miami-headquartered Citadel and New York-based Millennium Management.
Collectively, the wider group of 64 firms manages $1.75 trillion, around 44% of the hedge fund industry’s $4 trillion total AUM.
The AFI ranking, based on reporting and publicly available data and as of the start of 2023, is topped by Westport, Connecticut-based Bridgewater Associates – retaining its long-held
New York-based hedge fund Versor Investments sees potential growth and profitability in Squarespace, having recently taken a sizable position in the online website building platform, according to a report by BestStocks.
The fund reportedly purchased 28,413 shares of the company’s stock in the fourth quarter, value of approximately $630,000 at the time of purchase signalling their confidence in the company’s future.
Overall, Versor Investments’ acquisition has set tongues wagging within both the financial community as well as other investors who are keeping a keen eye on Squarespace’s stock performance, BestStocks noted.
Several equities research analysts have issued reports on Squarespace’s
Hedge funds returned to positive territory in March, advancing 0.34% for the month, but the industry is lagging the broader stock market, which gained 3.67%, according to data published by Backstop BarclayHedge.
Year-to-date, the hedge fund industry has advanced 2.60% through the end of March, though the S&P 500 Total Return Index gained 7.50% over the same period.
Backstop Barclay Hedge tracks the performances of more than 6,900 hedge funds, funds of funds and CTAs.
A healthy majority of hedge fund subsectors reported positive returns in March. Leading the way was the Technology Index, advancing 4.31% for the month, the
Daniel Loeb, founder and CEO of event driven hedge fund Third Point, is considering taking SiriusPoint private – less than three years after he agreed to combine his hedge fund’s reinsurance business, Third Point Re, with rival Sirius International Insurance Group to form the global specialty insurer, according to a report by Reuters.
The billionaire investor is reportedly exploring options to take the specialty re/insurer SiriusPoint private to help boost the company’s financial position and better execute on its turnaround strategy.
According to Reinsurance News, Loeb holds a 9.34% stake in SiriusPoint, having previously overseen the merger of his reinsurance unit,
New York-based activist hedge fund Pura Vida has entered a boardroom battle at global aesthetics device company Cutera Inc with plans to push ahead with “an orderly CEO succession process”, according to a report by Reuters.
Amid perceived factionalisation, Pura Vida, which owns a 7% stake in Cutera, said it wants the board to “move the company forward with an orderly CEO succession process” with the help of a prominent executive search firm.
During the search, Pura Vida wants the current CEO to remain at the helm.
If the board fails settle its disagreements, Pura Vida aims to push ahead
Hong Kong-headquartered Tiger Cub hedge fund Karst Peak Capital’s Sydney-based healthcare partner Hashan De Silva is starting his own fund, according to a report by the Financial Review. De Silva’s firm will launch with seed capital from Karst Peak Capital founder Adam Leitzes, who formerly worked at Julian Robertson’s Tiger Management.
The new VC-style healthcare fund – dubbed dubbed KP RX – will reportedly invest in Australian and New Zealand healthcare companies.
De Silva was Hong Kong-based Karst Peak’s first Australian hire in early 2021. He joined from joining from sell-side research at CLSA and Macquarie. The healthcare specialist’s buy-side stockpicks
Citadel, the US hedge fund behemoth led by Ken Griffin, has built up short positions in 21 UK stocks, according to new Financial Conduct Authority (FCA) short selling disclosure data, as new IMF data shows a worsening economic outlook for the UK.
Citadel’s bearish bets emerge as new data published by the International Monetary Fund suggests the UK economy’s performance in 2023 will be the worst among the G20 nations.
Citadel, which has $62 billion in assets under management, has taken negative wagers against a diverse range of well-known UK companies, including ASOS, abrdn, Wetherspoons, boohoo, Deliveroo, The Gym Group
An Odey Asset Management commodities-focused hedge fund run by portfolio manager Henry Steel, and personally backed by the firm’s founder Crispin Odey, has been shuttered following losses linked to large Russian positions last year, according to a report by Bloomberg.
Global macro hedge fund firm Rokos Capital Management has reported double digit losses for March as big market swings during the month, triggered by the banking crisis, hurt some, but not all, hedge fund returns, according to a report by Reuters.
A late month market rally helped equities strategies to small gains, according to investors and industry data.
An unnamed Reuters source familiar with the matter revealed that London-based Rokos ended the month down roughly 15%, taking year to date losses to nearly 9.5%, a sharp contrast to last year’s 51% gain.
Other big-name funds fared better last month including
GMO Financial Holdings, an investment firm focused on crypto and foreign-exchange margin trading businesses, has acquired a 10% stake in multi-strategy crypto hedge fund AWR Capital for an undisclosed sum, according to a report by CoinDesk.
As part of the deal, London-based AWR will become a market maker at GMO Financial Holdings subsidiary GMO Coin, one of Japan’s largest FX and digital-assets exchanges.
In addition, AWR has appointed Phillip Gillespie as managing partner to lead its business development strategy and expand the fund’s operations. Gillespie is an algorithmic trading veteran and former CEO of crypto market maker B2C2.
