Managers
BlackRock’s assets under management increased to $9.1 trillion during Q1, but net income fell 19% over the past year, as the fund management giant saw hedge fund fees tumble sharply amid squeezed margins and subdued markets, according to a report by the Financial Times.
Overall, revenue fell 10% year-on-year to $4.2 billion, with performance fees on its hedge funds and other alternative investment offerings decreasing more than 40% to $55 billion, BlackRock said on Friday.
Net income fell 19 per cent year on year to $1.1 billion, or $7.93 a share, and ahead of the $7.67 expected by analysts polled by
Global Futures and Options, a digital assets-focused platform co-led by Arnab Sen, founder of Hong Kong-based hedge fund Harbour Capital Management, has teamed with the London Stock Exchange to launch a clearing service for crypto index futures and options trades.
GFO-X, which is licensed by the UK’s Financial Conduct Authority, is a start-up platform aimed at global institutional investors who want to trade digital asset derivatives.
LSEG’s Paris-based LCH SA clearing unit will introduce a new, segregated clearing service, DigitalAssetClear, for cash-settled dollar-denominated digital assets traded on GFO-X.
The new service is expected to launch in Q4 this year, pending
Hedge funds increased their exposure to stocks in the financial sector amid the banking turmoil in March, swooping in for a buying opportunity at lower prices, according to a report by Reuters.
Hedge funds raised their exposure to financials more than any other sector, new analysis by S&P shows.
Managers used the bank stress as an early buying opportunity, dismissing speculation that a significant crisis was at play, with an S&P Global Market Intelligence note showing hedge funds grew their exposure to financials by 5.5%, having earlier reduced it by 3.9% in February.
In contrast, traditional asset managers cut their
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
Light Street Capital Management has generated double-digit gains in the first quarter of 2023, having earlier suffered a 54% annual loss in 2022, according to a report by Bloomberg.
Glen Kacher’s Menlo Park, California-headquartered firm has seen its Mercury hedge fund advance 19.2% in the first three months of this year. Meanwhile, its Tungsten strategy, which takes a long-only investment approach, also added 28.7% in the first quarter, according to a person familiar with the matter.
As a result of the 2022 rout in technology companies, the attendant losses and redemptions wiped out some 70% of the firm’s assets.
The
Bronte Capital’s Amalthea hedge fund has taken long bets in UBS and First Citizen, both of which it believes have picked up good assets for a good price as a result of the Credit Suisse and Silicon Valley Bank turmoil, according to a report by the Financial Review.
The Amalthea fund gained 4.92% in Australian dollar terms in March compared to the benchmark MSCI-All Countries World Index’s 3.9%. However, over the Q1 period it was up 7.55%, lagging the benchmark’s 9.23% for the same three-month period.
John Hempton, Bronte’s chief investment officer, said the fund could have produced much bigger
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
Marshall Wace has built the biggest short position against NatWest ever recorded by the Financial Conduct Authority, as fears over the global banking system cause turbulence in financial stocks, according to a report by The Times.
