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Dan Loeb’s Third Point is facing a flood of customer withdrawals after racking up losses of 1.6% so far this year on the back of a 21.8% decline in 2022, underperforming both rival firms and the wider market, according to a report by The Wall Street Journal.
Poor staff behaviour towards rival firms has prompted Chinese regulators to ban one of the country’s top quant funds – Shanghai Minghong Investment Management Co – from launching new investment products, according to a report by Bloomberg.
US hedge fund Gramercy has set a new record for the $16bn litigation funding market with the provision of a $552.5m loan to UK law firm Pogust Goodhead backing separate suits against miners BHP and Vale and 14 global carmakers in mass environmental claims.
DE Shaw & Co has agreed to pay $10m to settle Securities and Exchange Commission charges that it made employees sign agreements prohibiting the disclosure of confidential corporate information to third parties, without including an exception for potential SEC whistleblowers.
Su Zhu, co-founder of collapsed crypto hedge fund Three Arrows Capital has been arrested and put behind bars in Singapore for four months for failing to cooperate with investigators probing the collapse of the fund, which at its peak manages around $10bn in assets, according to a report by the Financial Times.
Quant hedge fund major AQR Capital Management upped its average pay to its 32 UK-based AQR Capital Management (Europe) staff by 2% in 2022 to £272k ($331k) per head, up from £266k ($324k) per head paid in 2021 to 35 people, according to a report by eFinancial Careers.
Investors continued to pull cash from hedge funds in August redeeming an estimated $6.10bn to extend the current run of overall withdrawals to 15 months, according to the latest Hedge Fund Industry Asset Flows Report from Nasdaq eVestment.
Citadel is preparing to take a much harder line over the SEC’s widening Wall Street WhatsApp probe than the almost two dozen banks that have already agreed to hefty settlements during the past two years over staff use of the messaging app, according to a report by Bloomberg.
The DMA-Swap strategy, an increasingly popular leverage and derivative strategy that helps Chinese hedge fund managers to skirt regulatory borrowing limits by having trades sit on brokers’ books, is allowing some funds to generate big returns in the country’s ailing stock markets, according to a report by Bloomberg.
Michael Turner, the CEO of Man Group’s solutions business Man Solutions, and the former CEO of the group’s specialist hedge fund division Man FRM, has left after 16 years with the company, according to a report by CityWire.
