Managers
The recent bond market turmoil triggered by the collapse of Silicon Valley Bank, Signature Bank and Credit Suisse, caught out many macro and trend-following hedge funds, according to a report by the Financial Times, with monthly losses among the worst seen since the Dotcom bust.
Sachem Head Capital Management, an activist hedge fund firm founded by Scott Ferguson in 2012, has urged US aluminium sheet maker Arconic to execute its plan to sell itself, after acquiring a stake in the business, according to a report by Reuters.
Aragon Global Management, the global equities hedge fund firm founded by Anne Dias, the former wife of Citadel boss Ken Griffin, has closed its Chicago office and relocated its headquarters to Miami, according to a report by Bloomberg.
Aragon, which manages about $320 million, joins a growing list of hedge fund firms that have set up shop in the tax-friendly Sunshine State, including Griffin’s Citadel, which also swapped Chicago for Miami alongside the billionaire’s market-making firm Citadel Securities.
According to an unnamed Bloomberg source, as well as its new HQ in Miami, Aragon is to maintain its existing office in
Struggling US home furnishings retailer Bed bath & Beyond has terminated its fundraising deal with hedge fund Hudson Bay Capital, and is instead looking to the public market to raise funds as it looks to stave off bankruptcy.
Envestnet Inc has added three new directors to its board following pressure from activist investment firm Impactive Capital, which has been pushing for the fintech to prove its performance by cutting costs, according to a report by Reuters.
The new board members are banking executive Barbara Turner, veteran board member Wendy Lane, and Lauren Taylor Wolfe, the co-founder of Impactive Capital, who have all joined the board in the last few days.
Envestnet, which provides technology and automation software for financial advisors and banks, has also said it will suggest that all of its directors stand for election every year,
Citadel, the hedge fund firm founded by Ken Griffin, is to make a ‘comeback’ in Japan with plans to reopen its Tokyo office later this year, almost 15 years after closing operations there during the global financial crisis, according to a report by the Financial Times.
New York–based hedge fund Marathon Asset Management made a profit of around $30 million in just a few days, after a well-timed bet on Credit Suisse Group AG bonds paid off, according to a report by Bloomberg.
An anonymous Bloomberg source revealed that Marathon accumulated around $150 million worth of bonds in Credit Suisse’s senior operating company (OpCo) at discount rate, days before the bank made its offer to buy back the debt at an inflated price.
The stricken bank was subsequently acquired by rival UBS in a Swiss government-backed rescue deal, but the bonds bought by Marathon were tendered
Nickel Digital Asset Management, the London-based digital assets hedge fund manager founded by Bankers Trust, Goldman Sachs and JPMorgan alumni, is calling for more crypto exchanges to integrate with Off Exchange Settlement solutions, which it says will dramatically reduce counterparty risk, protecting investor capital against FTX-like events.Â
Standard General is suing the US Federal Communications Commission over its decision to hold hearings into the hedge fund’s planned $5.4 billion acquisition of TV station operator Tegna, according to a report by Reuters.
New York-based hedge fund firm Mass Ave Global, has written to investors informing them that it has decided to liquidate its China and Asia-focused funds and close its office in Hong Kong, according to a report by Reuters.
In a letter to investors in the firm’s flagship Mass Ave Global Partners fund, seen by Reuters, the firm wrote: “After careful consideration, we have determined that it is in the best interest of the master fund, the offshore fund and the US fund that all investors will be compulsorily redeemed and withdrawn.”
While not specifying a reason for the fund closures,
