Managers
Millennium Management has announced a shake-up of its its investment operations that will see chief investment officer Bobby Jain leave the hedge fund giant, according to a report by the Financial Times.
Balyasny Asset Management has become the latest hedge fund to expand operations to Dubai with news that it is to open a new office in the emirate next year, according to a report by Bloomberg.
The report cites an unnamed source as revealing that the $17 billion firm is planning to commence operations in Dubai during the first quarter of 2023 from premises in the ICD Brookfield Place. The new office will initially accommodate 20 people.
Dubai has already attracted some of big-name managers with both Izzy Englander’s Millennium Management, Michael Gelband’s ExodusPoint Capital Management, and Michael Platt’s private investment
Hopes that China is on the verge of easing its strict Covid rules have prompted both PineBridge Investments and Man Group to up their holdings in Chinese equities, according to a report by Reuters.
Sir Michael Hintze of CQS, Elliott Management’s Paul Singer and Daniel Loeb of Third Point are among the big-name hedge fund managers currently building up their holdings in corporate debt, according to a report by the Financial Times.
The trio are among a group of managers betting that a sell-off sparked by steep increases in borrowing costs, which could lead to widespread defaults, has gone too far and there are now bargains to be had in junk bonds and other areas of the corporate debt markets.
The report says that in a recent investor letter, Loeb wrote that he found
Investor appetite for hedge funds has gained momentum as the need for absolute and relative returns continues to grow in the wake of a challenging and volatile macro-economic environment. Strong performance in this environment will be driven by active investment and risk management, diversification, and stock selection, both long and short.
Elliott Management, the biggest shareholder in Swedish Match, is set to make around $150 million after deciding to back Philip Morris International’s $15.7 billion offer for the smokeless tobacco specialist, according to a report by the Financial Times.
Alberto Gallo, the CIO of London-based hedge fund Andromeda Capital Management, is expecting a further fall in the value of sterling despite the Bank of England raising interest rates by 75 basis points – its highest increase in over three decades – to 3%, according to a report by Financial News.
Eisler Capital is to focus solely on its multi-strategy investment pool after announcing the decision to close its first hedge fund and scrap plans for a new fund launch, according to a report by Bloomberg.
The potential to buy company debt at reduced prices as central banks tighten monetary policy, will see hedge fund investors ramp up their allocations to distressed credit next year, according to a report by Reuters.
The report cites a recent survey by BNP Paribas as suggesting that allocations to hedge funds focused on US corporate debt are expected to increase by 35% over the next 12 months compared with year-to-date allocations, and by 29% for those focused on European credit.
Emerging markets credit allocations will also see a lower 5% increase compared with this year’s 7% cut in exposure.
Of the
Dan Och, the billionaire founder of hedge fund Sculptor Capital Management, which was formerly known as Och-Ziff Capital Management, has rubbished comments made by the firm’s board in defence of current chief executive officer Jimmy Levin.
