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Hedge funds are increasingly stepping in to help banks manage the risks associated with deal contingent trades, a complex derivative sold to corporations and PE firms to hedge against market fluctuations during major mergers and acquisitions, according to a report by IFR.
TOP STORY: Activist Investment firm Elliott Investment Management now owns 10% of Southwest Airlines’ common stock, surpassing the threshold required to call a special meeting at the airline, according to a report by Reuters citing an unnamed source familiar with the situation.
Analog Century Management, the New York-based tech-focused hedge fund founded by Val Zlatev has joined the growing roster of external firms to secure capital from Izzy Englander’s Millennium Management, with the multi-strat major making a $1bn allocation, according to a report by Bloomberg.
The University of Houston System’s endowment management committee has approved a $20m investment in the Broad Reach Master Fund, an emerging markets-focused global macro hedge fund, according to a report by Pensions & Investments.
Losses incurred during escalating market volatility in early August prompted Millennium Management, Balyasny Asset Management, and BlueCrest Capital Management to halt the operation of at least six traders and their investment pods, according to a report by Bloomberg.
WaterStation, the water vending machine company accused of operating a large Ponzi-like scheme by hedge fund Jefferies Group, may be forced into bankruptcy, after creditors filed involuntary bankruptcy petitions against the company, according to a report by the Wall Street Journal.
Hedge funds have maintained their bearish stance on banking and financial stocks, continuing to place bets against these sectors during the week ending last Friday, according to a report by Reuters citing a note from Goldman Sachs’ prime brokerage division.
Cheah Cheng Hye, the founder of Value Partners Group Ltd, is set to step down from his role as Co-Chairman as Chinese brokerage GF Securities Co, the hedge fund’s largest shareholder, continues to assert control over the firm.
Pershing Square Capital Management founder Bill Ackman is attempting to revive the initial public offering of his investment fund, Pershing Square USA, by offering additional incentives to attract early investors, according to a report by the Financial Times
Despite strong industry performance this year, a significant portion of hedge funds have yet to fully recover from the steep losses experienced in 2022, according to a report by Institutional Investor.
