Managers
Hedge funds sold European equities last week to invest in stocks in the United States and Japan on the back of strong economic data boosting equity markets in both countries, according to a report by Reuters, citing client notes from JP Morgan, Morgan Stanley and Goldman Sachs.
A strong US jobs report and news that an agreement had been reached to avert a US debt ceiling crisis saw the S&P 500 Index jump to its highest since last August on Friday, while investors betting on the Bank of Japan will retain its ultra-loose policy, pushed the Nikkei to a 33-year
Engine Capital LP, an activist hedge fund that owns approximately 2% of the outstanding shares of Avantax, Inc, has written a letter to the company’s board of directors, urging the tax-focused wealth management services provider to consider “strategic alternatives”, including a sale of the business.
Engine has commended the company for the sale of its TaxAct software division to Cinven to focus on its core business, but believes that despite returning the proceeds of that sale to stockholders through a Dutch tender offer and regular share buybacks, the company’s stock “continues to trade at a meaningful discount to its strategic
Ongoing challenges in the digital assets market, including regulatory uncertainty, have prompted Los Angeles-based cryptocurrency hedge fund Arca to lay off 30% of its staff, according to a report by CoinDesk.
Speculation that the Bank of Japan isn’t likely to change tack on its existing easy-money monetary policy anytime soon has prompted hedge fund and asset managers to up their bearish positions in the yen, according to a repot by Bloomberg.
While hedge fund managers are lining up to launch a raft of new multi-billion dollar multi-strat funds this year, they could be doomed to failure because of ‘insane’ start-up costs, industry veteran Tom Wagner has warned, according to a report by Bloomberg.
London-based investment manager Lansdowne Partners LLP, one of the UK’s oldest hedge fund firms, is continuing its push into long-only investing by agreeing to acquire $1.1 billion UK equities manager CRUX asset Management, according to a report by Reuters.
While the hype surrounding the launch in November last year of ChatGPT has sparked a surge in hedge fund stock market bets on the AI sector, money managers are also backing the tech to free up staff from a host of previously mundane tasks, according to a report by Bloomberg.
The vision is that so-called generative AI will allow humans to engage in more rewarding work, and already hedge funds are reportedly deploying the tech to automate and speed up reviewing market research, writing basic code and summarising fund performance.
Quants at systematic hedge fund Campbell & Co have spent months
Pershing Square Capital Management founder Bill Ackman believes that Jamie Dimon should run for US president calling him an “exemplary leader” after the JPMorgan CEO expressed an interest in pursuing public office, according to a report by Bloomberg.
Ackman also praised Dimon for having ‘superbly managed’ the company through every crisis.
His comments came after Dimon speaking in an interview with Bloomberg TV said: “Maybe one day I’ll serve my country in one capacity or another.”
Back in 2018 Dimon, who once famously said: “My heart is Democratic, but my brain is kind of Republican”, quipped about running for office
Hong Kong based long-short equity hedge fund firm Rockhampton Management, which also has an office in Tokyo, is going back to its Japan-focused routes after deciding to shutter its pan-Asia hedge fund, according to a report by Bloomberg.
Moore Capital Management and Third Point were among the hedge funds to make bullish bets on Alibaba Group Holding Ltd in the first quarter of this year, along with money manager Michael “Big Short” Burry, according to a report by Bloomberg.
