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British hedge fund Oceanwood Capital Management is looking to cut its holding in Spanish Bank Unicaja by selling 117 million shares via an accelerated bookbuilding process, according to a report by Reuters citing information from book runner BOFA Securities.
At Tuesday’s closing price, the stake on offer, which equates to 4.4% of the bank’s stock, was worth around €124m euros ($136.04m). Oceanwood currently holds a 7.4% stake in Unicaja, which is Spain’s fifth largest bank with around €110bn in assets.
In a filing with the Spanish stock market regulator CNMV after the closing bell, BOFA Securities said bookbuilding was starting
London-based hedge fund Shinfalls Commodities has secured a new investment from New York-based investment manager New Holland Capital, including significant trading and working capital and foundational support for the firm to begin its trading operations.Â
Wedbush Securities has appointed Adam Greenberg as Vice President of Prime Brokerage in the firm’s New York office. Greenberg will tap his extensive network of hedge fund and service providers to generate exclusive opportunities for the firm’s prime brokerage clients.
Greenberg’s career in prime services spans over a decade, starting with Barclays, before spells with both Wells Fargo Securities and Clear Street.
Greenberg received his Bachelor’s degree in Finance from Bentley University and holds his Series 7, 63 and 99 licenses.
Man Group, the world’s largest listed hedge fund manager, saw its assets under management hit a record high of $151.7bn in the first half of 2023, surpassing analysts expectations, according to the company’s half-year results for the six months ended 30 June 2023.
Global long-short hedge funds, which are on course to post their worst monthly performance since May 2022, were forced to unwind bearish bets in both their long and short books in July, according to a report by Reuters.
The report cites data from Goldman Sachs’ prime brokerage division as revealing that while the majority of losses were on the short side of portfolios, there was also a “material deterioration in the long side”.
The overall stock market rally, which tends to benefit long bets, means that hedge fund were still up 0.49% in July, but that performance trails the S&P
Toh Ne Win has become the latest Morgan Stanley Managing Director to make a switch to the buy-side, leaving the bank after more than two decades to join hedge fund Millennium Management as Head of Risk Technology, according to a report by eFinancialCareers.
While the multi-strategy major founded by Izzy Englander has recently been focusing its tech team on Miami rather then New York, Win will be staying in the Big Apple where he spent the last 20 years and two months with Goldman, most recently serving as Chief Data Officer for Global Markets.
According to his LinkedIn profile, Win
Citadel Securities, the market-making firm owned by Ken Griffin, founder of multi-strategy hedge fund major Citadel, has appointed Tony Tang, the former head of BlackRock’s China business, to head up its operations in China, according to a report by Reuters.
A new survey from BNP Paribas has revealed that hedge funds and other money managers are increasingly turning to ChatGPT to help with their marketing efforts and to summarise large reports, according to a report by the Financial review.
The survey found that some forty-four per cent of money managers are now using the artificial intelligence tool in a professional capacity, most commonly to generate marketing text, or to recap regulatory filings, broker research reports, and other large documents.
Some of the managers surveyed also said they would like to use ChatGPT to analyse legal documents.
BNP’s survey covered 39
BlueCrest Capital Management, the family office founded by Mike Platt which is “definitely not a hedge fund”, has continued its recent hiring spree with the addition of two portfolio managers in Singapore, according to a report by eFinancial Careers.
Digital Currency Group, the company that owns cryptocurrency trading, lending, and asset custody platform Genesis, and digital currency asset manager Greyscale Investments, has appointed Mark Shifke as its Chief Financial officer, according to a report by CoinDesk.
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