Managers
A rally in prices across the energy complex, which has seen crude prices climb above $80 a barrel and petrol prices surge to multi-month highs, has prompted hedge funds to up their bullish wagers in the sector, according to a report by Bloomberg.
US-based hedge funds sold around $700m in New York-listed shares of Chinese companies during July amid a rally in the country’s stocks, according to a report by Bloomberg citing data from Morgan Stanley’ prime brokerage division.
Concerns over US life insurance company Lincoln National’s exposure to commercial real estate have prompted two hedge funds to wager that the company’s bonds will fall, or that its default risk will increase, according to a report by Reuters.
Canadian asset management firm Brookfield Corporation is closing down Brookfield Hedge Solutions Advisors, a $1.3bn multi-strategy hedge fund platform within the $825 billion conglomerate, according to a report by Business Insider.
Hedge fund Marshall Wace has made a multi-million pound gain on a bet against NatWest as the bank’s stock tumbled in value following the departure of Chief Executive Alison Rose and Peter Flavel, the boss of private bank subsidiary Coutts, according to a report by The Telegraph.
Hedge funds’ net purchases of Chinese stocks accelerated to the highest pace seen in nine months this week as the government revealed plans to stimulate economic growth in the world’s second largest economy, according to a report by Bloomberg.
Activist hedge fund firm Soroban Capital Partners has succeeded in its efforts to force a leadership change at US rail company Union Pacific (UP) after Jim Vena was announced as the company’s new Chief Executive officer, according to a report by Associated Press.
Vena, a former Chief Operating Officer at UP, was Soroban’s favoured candidate for the role because of his past connection with the business and vast experience gained during a 40-year tenure at Canadian National.
News of his appointment, which takes effect next month, saw the company’s stock jumping by more than 10% on Wednesday to $238.
Soroban,
TMR Capital, a British Virgin Islands-based activist investment hedge fund, firm wants to see the break-up of Wagamama owner The Restaurant Group, and is eyeing a bid for two of the company’s four divisions, according to a report by The Telegraph.
Converium Capital, a hedge fund firm founded by former Fir Tree partners Aaron Stern, and Elliot Ruda, and ex-Clarke executive Michael Rapps in 2021, is sticking with its bet on El Salvador bonds, despite the debt posting a 180% return over the past year, according to a report by Bloomberg.
M1 Capital, a South Africa-domiciled specialist equity hedge fund investment firm, is suing its prime broker Credit Suisse for $100m over an allegedly incorrect margin call, according to a report by Financial News.
In its claim, M1 alleges that Credit Suisse made an incorrect margin call which triggered the sale of stock that the hedge fund had pledged as collateral.
The firm is seeking $108m in compensation to cover the value of the shares sold in the margin call made in 2020, which it says the bank had incorrectly calculated and was not due.
