Managers
A decision to increase bets on Russian stocks just prior to the country’s invasion of neighbouring Ukraine resulted in big losses for a BlackRock hedge fund, according to reports by Bloomberg and BusinessInsider.
The investment firm’s Emerging Frontiers Fund dropped 10 per cent in February, its worst trading loss since inception over a decade ago, and is now down 7 per cent for the year to date, according to the reports, which credit the information to unnamed sources and an investor document seen by Bloomberg.
The fund’s long Russia bet accounted for 9 per cent of its total gross assets
Brook Developed Markets Fund, a hedge fund at a unit of Odey Asset Management, has marked its Russian equity exposures down to “close to or at zero” after the country’s invasion of Ukraine, according to a report by Bloomberg.
Manager James Hanbury has written a letter to investors apologising for the losses after the USD500 million fund saw a 10.6 per cent fall last month, one of the largest since it launched nine years ago.
Hanbury’s woes, contrast with those of fellow Odey Asset Management money manager Crispin Odey whose main European Inc hedge fund ended February up 7.9 per
Hedge fund Balyasny Asset Management is planning a recruitment drive for a new equities division Corbets Capital, which is slated to launch in Q2 2022, according to a report by Bloomberg.
Balyasny is said to be recruiting investment managers for the new division, which will operate from offices in New York and Greenwich, Connecticut. The new team will be led by curernt Associate Director of Research Tom Stephens who will take on the role of President of Corbets Capital.
The report says that Chicago-based Balyasny will allocate capital from its multi-strategy funds to Corbets Capital.
Ben Melkman’s Light Sky macro hedge fund is to close according to a report by The Wall Street Journal.
The fund, which attracted investor interest from several other hedge fund managers including Steve A Cohen and Daniel Loeb, started trading in March 2017 and had around USD1 billion under management.
The fund has averaged returns of around 1 per cent a year since launch, although its made around 7 per cent a year in the three years to the end of December 2021.
The report says that Melkman, who made his name at Brevan Howard Asset Management thanks to a
The Alternative Investment Management Association (AIMA), the global representative of the alternative investment industry, has announced Sudrania Fund Services as a Sponsoring Partner.
The partnership enables AIMA’s member firms to take advantage of Sudrania’s fund administration services and enables both organisations to benefit from each other’s events, briefings, offers and other resources.
Sudrania’s fund administration is powered by its Seamless platform, which offers automated waterfall calculations, P&L allocations, automated fees/expense accruals, timely NAV calculation, enhanced reporting for performance attribution, VaR reporting, and portfolio analytics, creating a superior experience for multi-asset class investment managers.
In addition, Sudrania is also a specialists
New prime broker data compiled by Goldman Sachs Group shows that hedge fund managers were big buyers of individual company stocks in February, according to a report by Business Times.
Partly prompted by the market chaos caused by Russia’s invasion of neighbouring Ukraine and concerns over inflation, net purchases of single stocks reached the highest level in the past year, says the report, as managers turned to their stock-picking skills to identify bargain basement shares.
Hedge funds tracked by Goldman focused on tech stocks and bearish bets on macro products, according to the report, with Short sales on ETFs, for
Citadel CEO Ken Griffin has changed his mind on the subject of cryptocurrencies, according to a report by CNBC.
Having previously dismissed crypto as a ‘jihadist call’ against the US dollar and other fiat currencies, Griffin, speaking in an interview with Bloomberg this week, admitted he had made the wrong call on digital currencies.
“The crypto market today has a market capitalisation of about USD2 trillion in round numbers, which tells you that I haven’t been right on this call,” he said. I still have my skepticism, but there are hundreds and millions of people in this world today who
Alex Karnal, a former partner at Deerfield Manager is set to complete one of the biggest US hedge fund launches in years in April, with the debut of a new USD3.5 billion fund, according to a report by Bloomberg.
The report quotes unnamed sources as saying that Karnal’s new Connecticut-based firm Braidwell will make public and private bets on the healthcare sector with a particular focus on biotechnology, pharmaceuticals, and medical devices and diagnostics.
The fund will launch on 1 April, and as well as making long and short wagers on stocks and convertible bonds, as much as 20 per
Alan Howard founder of hedge fund Brevan Howard has led a USD7.5 million Series A funding round in Nested, a social trading platform that enables users to create and invest in “financial NFTs”, according to a report by CoinBase.
A US decision to curb Russian access to US technology and US dollars in retaliation for the invasion of Ukraine, could backfire, according to hedge fund manager Ken Griffin.
In an interview with Bloomberg, the Citadel chief executive said that denying Russia access to US tech could hurt Sillicon Valley and force Russia to look elsewhere – such as China – for software solutions.
Likewise denying access to the US dollar – the reserve currency of the world, according to Griffin – will increase the appeal of other global currencies and diminish the standing of the dollar in the process leading
