Managers
Indian hedge fund firm Avendus Capital sees bets on the country’s banking sector as its preferred option for stock market wagers amid what it sees as a favourable upcoming interest rate cycle and the bottoming out of net interest margins, according to a report by the Economic Times.
A number of energy-focused hedge funds including Cayler Capital and Northern Trace Capital posted losses last month amid low volatility in global oil markets which presented challenges for traders and algorithmic strategies, according to a report by Bloomberg.
Reports that the Bank of Japan is likely to discuss the reduction of bond purchases as early as next week has prompted hedge funds to pivot on yen options trades and up their bullish bets on the currency, according to a report by Bloomberg.
Citadel, Ken Griffin’s $63bn Miami-based hedge fund firm, which, according to LCH Investments, is the most profitable hedge fund of all time, lost money in May, with its flagship Wellington fund down 0.8%, according to a report by Business Insider.
Activist hedge fund firm Elliott Investment Management is pushing SoftBank Group to launch a $15bn share buyback programme after rebuilding a stake in the Japanese technology investor worth more than $2bn, according to a report by the Financial Times.
Dymon Asia Capital, the Asia-focused hedge fund firm founded by Danny Yong and Keith Tan in 2008, is expanding its Hong Kong office bucking a local trend that has seen many international financial firms reduce their floorspace in the city.
A fall in the main US stock market indexes last week which hit hedge funds’ long bets prompted managers to cut their exposure to domestic stocks, according to a report by Reuters citing a note by Morgan Stanley’s prime brokerage division.
A group of institutional investors, led by the Teacher Retirement System of Texas, has written an open letter to the hedge funds industry, calling for managers to adopt “cash hurdles”, which must be reached before management fees are charged.
A wave of takeover bids at UK companies targeted by short sellers has caught out hedge funds including Millennium Management, GLG and Gladstone Capital Management, prompting others to think twice about betting against UK stocks, according to a report by the Financial Times.
Taula Capital, the new hedge fund firm founded by former Millennium Management senior trader Diego Megia, has closed to new money on its first day of trading after launching with $5bn in AUM, according to a report by Bloomberg.
