Managers
Global macro specialist Brevan Howard has confirmed it is opening a new office in Abu Dhabi, having leased space at the Al Sarab Tower for more than one hundred people, and is relocating several senior executives from across the business to lead this expansion.
London-based hedge fund Oceanwood Capital Management has made around $150 million from a bet on bankrupt Norwegian newsprint manufacturer Norske Skog ASA, nearly five years after it bought the business out of bankruptcy, according to a report by Bloomberg.
Asia-focused hedge funds posted a 5.3% gain in January, their best monthly performance since 2016, as the share prices of Chinese companies rebounded strongly following the lifting of strict ‘zero Covid’ restrictions, according to a report by Reuters.
Hedge funds Scion Asset Management, the firm run by “Big Short” investor Michael Burry, Farallon Capital Management, and Coatue Management are among the big name firms who made large bets on Chinese companies in January, ahead of the country abandoning its ‘zero Covid’ restrictions, according to a report by Reuters.
The report cites the lates 13F securities filings released on Tuesday as revealing that Burry, who famously bet against the US sub-prime mortgage market which triggered the 2008 financial crisis, acquired 75,000 shares in Chinese e-commerce company JD.com Inc and 50,000 shares in Chinese tech giant Alibaba.com.
Coatue meanwhile, acquired
Bridgwater Associates, the hedge fund firm founded by Ray Dalio, almost tripled the size of its bets on both GameStop and AMC during the final quarter of 2022, according to a report by Business Insider India.
The report cites the latest 13F regulatory filings as showing that Bridgewater almost tripled its holding in GameStop to 39,000 shares, although a 28% fall in the video-game retailer’s stock over the period meant the value of the stake only doubled to $712,000.
The firm also nearly tripled the size of its AMC stake to around 64,000 shares, increasing the value of the wager by 74% to $261,000.
Element Capital, one of the world’s biggest macro hedge funds, is responding to a recent string of poor returns, including a $1 billion loss during last month’s stock market rally, by reducing its $12 billion asset base in a bid to improve performance, according to a report by the Financial Times.
Pershing Square Capital Management, the hedge fund firm founded by Bill Ackman, finished 2022 with a 9% loss despite raking in some $2.7 billion from winning interest rate bets over the course of the year, according to a report by Reuters.
Qube Research & Technologies, a hedge fund that was spun out of Credit Suisse Group in 2018, is planing to boost its multi-strategy investment business by allocating hundreds of millions of dollars to external money managers, according to a report by Bloomberg.
The report cites unnamed sources as revealing that Qube, which has grown to an $11 billion business since going independent with $1 billion in assets five years ago, is planning increase its roster of external managers from 12 or so currently to around 50 by the end of the year. The firm typically allocates between $50 million and
South Korean activist investor the Korea Corporate Governance Improvement Fund, is to sell its 6.92% stake in Osstem Implant Co to a consortium of private equity firms looking to gain control of the dental implant specialist, according to a report by the Korea Economic Daily.
Hedge funds and distressed debt specialists are scooping up Adani Group’s dollar bonds, while traditional asset managers are ditching their holdings on the back of short-seller Hindenburg Research’s damning assessment of the business, according to a report by Bloomberg,
