Managers
German insurance giant Allianz SE has won the backing of proxy adviser Glass Lewis after the collapse of its Florida-based hedge fund business, according to a report by BloombergLaw.
Glass Lewis is said to have recommended shareholders to sign off on the AGM actions of Allianz SE’s supervisory and management boards at next month’s annual shareholder meeting, despite admitting that legal risk arising from the demise of the company’s Structured Alpha Funds may be ‘reasonably’ regarded as a cause for concern.
Allianz last month took a USD4.2 billion charge to cover the settlements and related regulatory investigations arising from the
Hedge fund manager Dave McCormick quit a job that earned him more than $22 million last year to run for the US Senate in Pennsylvania, according to a a report by Federal News Network.
The report cites a public financial disclosure document as the source of the information on McCormick’s earnings as CEO of the world’s largest hedge fund Bridgwater Associates.
Then report says McCormick and his wife estimated the value of their assets as between $116 million and $289 million, including a stake in Bridgewater.
Elliot Management, the hedge fund firm headed by Paul Singer is set to cash in on AC Milan after entering into talks for the sale of the Series A football club for €1 billion, according to a report by Nasdaq.com.
Eliot took control of the Rossoneri in 2018 for an effective value of €400 million in 2018 when the club’s Chinese owners defaulted on a €32 million payment. Elliott had previously provided the owners with a €300 million loan.
Bahrain’s Investcorp is said to be in ‘exclusive talks’ to acquire the club with a deal close to being finalised.
Activist alternative investment firm Blackwells Capital and a significant shareholder of Peloton Interactive, has published a presentation highlighting the failure of Peloton’s new CEO to galvanise shareholder support, and addressing the ‘severe and lingering governance issues facing the Company’.
In the presentation, Blackwells also describes a re-imagined Peloton – a leader in a new category of “Fitness as a Service” providers – that is high growth, high margin and asset light.
Blackwells notes that achieving the transition to this optimal business model while remaining public is fraught with challenges, but the company believes that several strategic buyers would be willing
Vivaris Capital, a multi-strategy fund offering hybrid hedge and private equity structures, has agreed a strategic, joint-venture partnership with the Tesla Foundation to form Tesla Climate Capital.
Tesla Climate Capital will commercialise leading technologies in vehicle electrification, energy storage, carbon sequestration, and power generation. It will also incubate aspiring global entrepreneurs active in the technology sector.
Tesla Climate Capital will work with Vivaris Capital to raise capital from industry partners, financial institutions, family offices, and individual investors and then either invest via Vivaris Capital’s VICAN Fund or directly into the portfolio company. The VICAN Fund provides investors with access to
Professional investors want to see improvements in regulatory compliance and custodial services for tokenised assets, new global research from tokenisation platform Token City shows.
The study, conducted among professional investors in France, Spain, Germany, Switzerland, and the UK who are responsible for around $546.5 billion in assets under management, found around a third (31%) of professional investors are very concerned about regulatory compliance in the market while 60% are quite concerned and just 9% are not concerned.
Moreover, more than half (51%) are very concerned about custodial services for tokenised assets while 24% are quite concerned. Just 22% are not
A hedge fund manager who profited to the tune of $700 million by betting on GameStop is now backing oil and gas companies which he believes are on track for strong gains, according to a report by The Financial Times.
Richard Mashaal, co-CIO at Senvest Management in New York who racked up gains of 86 per cent in 2021, is reported as revealing that 25 per cent of his $3.3 billion portfolio is now committed to positions backing fossil fuel stocks.
Hedge fund interest in oil and gas companies has increased as more mainstream ESG-focused institutional investors have exited the sector.
Delaware-based investment firm Palm Alliance Management is looking at opening a new office Beijing as part of its strategy to expand its hedge fund business in Asia, according to a report by TechBullion.
Trading operations at the firm have, to date, all been based in Delaware, but Palm Alliance believes establishing a physical presence in Asia is key to its expansion in the multi-manager hedge fund sector.
Palm Alliance which currently manages around $8 billion in assets, is best known for its real estate, infrastructure and private equity operations.
Motus Capital Management, a new firm formed by a trio of executives who left Citibank last month, is looking to raise $100 million for two actively managed crypto hedge funds, according to a report by Bloomberg.
Hedge fund Viking Global Investors is planning to move to a new 100,000 sq ft office at 660 Fifth Avenue in Manhattan, according to a report by Bloomberg.
The report says that while the move has yet to be finalised, Viking has decided to quit its current home at 280 Park Avenue because it needs more space than the 60,000 sq ft it currently occupies.
The firm increased hiring during the pandemic and last year started assembling a new credit investing team as well as fund focused solely on private company investments.
