Managers
Said Haidar’s flagship Jupiter hedge fund was back in the black last month after notching an estimated 27.3% gain, going at least some way to reversing some of the heavy losses seen in recent months, according to a report by Bloomberg.
Algonquin Power & Utilities is being urged to sell a majority of its renewable assets to reduce debt and improve earnings by activist hedge fund Starboard Value, which recently revealed it had a built a 7.5% holding in the business and is now the power company’s largest shareholder, according to a report by Reuters.
Algonquin, which has seen its debt pile rise to around $7.5bn following a series of acquisitions in recent years, said in May it would launch a review of its renewable energy group, following a push for changes by by Corvex Management and other activist firms.
Algonquin’s
Hedge funds are betting that the US Federal Reserve is nearing the end of its current programme of interest rate hikes and have swung to an overall bearish dollar position for the first time since March, according to a report by Bloomberg.
The report cites data from the CFTC as revealing that leveraged investors switched to a net short position on the US currency of 20,091 contracts in the week ending 7 July, having been long by a net 5,196 contracts in the previous week.
Bloomberg’s gauge of the dollar has dropped 1.6% this year on signs the Fed is
Chinese construction company Kaisa Group Holdings has seen its efforts to restructure its debt become more complicated after Singapore-based hedge fund Broad Peak Investment Advisers filed a winding-up petition against the company in a Hong Kong court, according to a report by Bloomberg.
The report cites a court filling made on Monday as revealing that Broad Peak took the court action over the alleged nonpayment of RMB170m ($24m) of offshore bonds.
Kaisa has responded by saying that it will “seek legal measures to resolutely oppose the petition” and that it plans to continue working with offshore creditors on a restructuring
Verition Fund Management has become the latest hedge fund to announce plans to open an office in Dubai, following a host of other managers who have expanded to the UAE’s financial hub, including BlueCrest, Millennium Management and ExodusPoint Capital Management, according to a report by Reuters.
New York-headquartered hedge fund Millennium Management is planning to expand its operation in India by launching a recruitment drive to fill more than 20 vacancies at its office in Bengaluru, according to a report by The Financial News.
The report cites an unnamed source with knowledge of the matter as revealing that Millennium, which manages around $59bn in assets, currently has 21 open roles in the city.
Vacancies include a Java engineer, a team lead for treasury technology, a compliance surveillance analyst and a quantitative developer, while the firm is also reportedly looking to recruit a quantitative researcher.
In June,
The prospect of political change coupled with soaring inflation, which has pushed Argentina’s benchmark stock index to a record high, have prompted foreign hedge funds to weigh in on the country’s equities market, according to a report by Reuters.
Argentina’s S&P MerVal index hit an all-time high in local peso terms last month, and also hit its highest level since 2018 in dollar terms, having more than doubled in value in the first six months of this year.
With a general election looming large in October, and the prospect of the ruling Peronist alliance being re-elected having been hit hard
Man Group, the world’s largest listed hedge fund manager, is to acquire Varagon Capital Partners, a US middle market private credit manager with $11.8bn of assets under management and $15.4bn of total client commitments.
European hedge funds have slashed their exposure to US banks since the beginning of the year, while more or less maintaining existing positions in their European peers, according to a report by Reuters.
The report cites a recent client report from Goldman Sachs seen by Reuters as revealing that overall, shares in European banks are outperforming US counterparts as they did not face the deposit flight experienced in the United States following the failure of Silicon Valley Bank, Signature Bank and First Republic Bank earlier this year.
The STOXX Europe 600 Banks index is up roughly 8% this year, while
Citadel’s flagship Wellington multi-strategy fund outperformed the broader hedge fund industry in the first six months of this year, racking up a return of 7.15%, according to a report by Reuters citing an unnamed source with knowledge of the matter.
The fund was up by 0.95% in June alone, while the hedge fund industry on average managed a gain of just 0.63% in the first half of the year, according to figures from hedge fund data provider HFR.
Other Citadel funds chalked up H1 gains too, according to Reuters’ source, with the Citadel Tactical Trading fund seeing a 2.07% gain
