Managers
Over 50 hedge funds are currently in discussion with Dubai’s financial centre over establishing a presence in the Middle East business hub after a number of the sector’s big beasts, including Millennium Management and Exodus Point Capital, opened operations in the Dubai International Finance Centre, according to a report by Bloomberg.
Christopher Hohn, founder of the London-based hedge fund TCI Fund Management, has written to European aerospace giant Airbus demanding that the company ditch its plans to acquire a minority holding in Evidian, a division of Atos, which is soon to be spun off from the French IT consulting firm.
TCHI (TCI) currently owns a holding of more than 3% in Airbus worth over €4 billion.
The report cites a public letter, first published on Monday by the Financial Times, as revealing that Hohn regards Evidian as a “highly levered” business and that acquiring a stake would “dilute the quality of
Active Digital, a new digital asset hedge fund firm, has launched with a team of experienced traders providing a collective 27 years of crypto trading experience. The firm has already begun trading with personal capital and is seeking investments from funds of funds and family offices.
Active Digital takes a systematic approach to crypto trading with a market neutral fund and a long-short fund. The market neutral fund employs statistical arbitrage and basis trading strategies, utilising proprietary execution software that is designed to be adaptable to changing market conditions and new strategies.
The long-short fund is a fully systematic, quantitative
Elliott Investment Management has ruled itself out of making a formal bid to acquire Manchester United, but is keen to be involved in providing finance for the Red Devils, a move that could allow current owners, Joel and Avram Glazer, the club’s co-chairs, to remain in control of the club, according to reports.
Fallout from the collapse of Sam Bankman-Fried’s cryptocurrency empire continues to impact the hedge fund world with news that Galois Capital, one of the world’s largest crypto-focused hedge funds is to shut down after losing a large chunk of its capital in the collapse of FTX, according to a report by the Financial Times.
Antara Capital, a New York-based, event-driven hedge fund launched by Himanshu Gulatis in 2018 with start-up capital from the Blackstone Group, has acquired a 6.4% stake in GAN, Dermot Smurfit’s Nasdaq-listed gambling technology firm, according to a report by the Business Post.
Hedge fund Luxor Capital Group has stepped up its opposition to a proposed $6 billion deal by Ritchie Bros Auctioneers Inc to acquire a rival firm, saying company executives have strengthened their case for the takeover by manipulating forecasts, according to a report by Bloomberg.
The report cites a presentation made by Luxor as claiming that Ritchie helped justify the move to acquire IAA Inc, by understating the future profitability of its core auction business. The New York-based fund manager goes on to claim that Ritchie’s senior executives lowered the company’s projected growth rate, and increased capital expenditures, in to
Activist hedge fund Oasis Management has ramped up the pressure on Wagamama owner The Restaurant Group to overhaul its business strategy by penning an open letter outlining its concerns, according to a report by The Independent.
Hedge funds raced to cover their short wagers on US technology sector stocks at the second fastest rate in ten years during the first half of the month, as the recent market rally continued, according to a report by Reuters.
The report cites an investor note from Goldman Sachs as saying that “short covering” in the period from 31 Jan to 15 Feb was “the second largest in magnitude over any 12-day period in the past decade”.
A note from JPMorgan meanwhile highlighted that multi-strategy and equity quantitative hedge funds led the short covering.
Both the Nasdaq and the S&P
Canada-based hedge fund manager Anson Funds, primarily known for its wagers against stocks, is happy to play the waiting game on the US marijuana market after establishing a “very long” position on the sector, according to a report by Bloomberg.
The US Marijuana Index slumped 70% in 2022, but in an investor letter in January, Anson said it intends to maintain its current positions despite the “volatile journey” ahead.
To date, 21 US states have legalised recreational cannabis, but it remains illegal under federal law with the US Senate still to approve the Secure and Fair Enforcement Banking Act, which
