Managers
ExodusPoint Capital Management and Millennium Management were among the big-name multi-strategy hedge funds that posted small losses amid last week’s market volatility, faring far better than their macro and quant counterparts, according to a report by Bloomberg.
Unnamed Bloomberg sources revealed that ExodusPoint, which was founded by Michael Gelband and focuses on fixed-income trades, lost almost 2% in March through to last Wednesday, paring year-to-date gains to 0.5%, while Izzy Englander’s Millennium lost 1.3% through to Thursday, bringing losses so far in 20223 to 0.8%.
Macro managers meanwhile, including Graham Capital Management Kos Capital Management, fared less well during last
London-based Sparta Capital, an activist hedge fund founded by US firm Elliott Advisors, has become the second activist investment firm too take a stake in troubled online retailer THG, according to a report by the Sunday Times.
Global macro major Brevan Howard has grounded several traders in a move aimed at limiting losses after the collapse of Silicon Valley Bank and Signature Bank triggered big swings in the bond market, according to a report by Bloomberg.
A number of hedge fund firms, including Bridgewater Associates, Millennium Management and Marshall Wace, have upped their short bets against European banking shares following the collapse of Silicon Valley Bank and Signature Bank, according to a report by Reuters, citing data from Breakout Point.
The data provider also revealed that as of 15 February, Citadel, Wellington Management, Capital Fund Management and Odey Asset Management already had short positions, some long-standing.
Breakout Point’s analysis of public filings from Austria, Italy, Sweden, Britain, Spain and Poland, identified Marshall Wace as the holder of the largest number of disclosed short positions against European
GAM has appointed Chris Longworth, who joined the firm in 2010, as Head of GAM Systematic. In addition, Danny Dhingra, who has been with the company since 2016, is to join the systematic Core Macro team, and will report to Longworth.
China-based macro hedge fund manager Li Bei, the founder of Shanghai Banxia Investment Management Center, has sounded the alarm over a popular type of derivative, following the country’s stock rally, according to a report by Bloomberg.
In an article published earlier this week, Li advised against investing in so-called “snowball” products, a tool she used to buy at the bottom of the market late last year, pointing out that due to the recent recovery in China equities, investors buying the option-based contracts could suffer losses.
Li’s comments came after financial institutions used her trade to promote the products.
“Times have
Man Group chief executive officer Luke Ellis earned $11.3 million in 2022 from his base salary, bonus payment and share grants, the largest pay packet of any Man Group head in the last 14 years, according to a report by Reuters, citing information from the company’s annual report.
Several hedge funds including Citadel have been buying up shares in smaller banks, after the failure of Silicon Valley Bank and Signature Bank triggered a banking sector stock sell-off, according to a report by Reuters.
The report cites a regulatory filing made by Citadel on Tuesday as revealing that the firm has acquired a 5.3% stake in Western Alliance Bancorporation.
Rob Mills meanwhile, an associate portfolio manager at Anson Funds Management, told Reuters that the $1.6 billion firm had bought an undisclosed number shares of First Republic Bank on Monday.
Western Alliance’s share price jumped as much as 46% on
Activist investor Carl Icahn is preparing to launch a proxy fight at Illumina, seeking three board seats, prompted by the biotech company’s $8 billion acquisition of cancer screening start-up Grail, which Icahn says is now costing the company $800 million per year, according to reports.
Icahn has nominated Vincent Intrieri, Jesse Lynn, and Andrew Teno to Illumina’s board and claims that three shareholder representatives are needed to put an end to what he calls “reckless decision-making.”
Shares in Illumina surged more than 20% on Monday after Icahn sent a letter to the company’s shareholders alleging that the “ill-advised” Grail purchase
Hedge funds are set to profit from the rout in bank stocks triggered by the sudden demise of Silicon Valley Bank and Signature Bank thanks to bearish positions against the banking sector, according to a report by Reuters.
