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The prospect of political change coupled with soaring inflation, which has pushed Argentina’s benchmark stock index to a record high, have prompted foreign hedge funds to weigh in on the country’s equities market, according to a report by Reuters.
Argentina’s S&P MerVal index hit an all-time high in local peso terms last month, and also hit its highest level since 2018 in dollar terms, having more than doubled in value in the first six months of this year.
With a general election looming large in October, and the prospect of the ruling Peronist alliance being re-elected having been hit hard
Multi-strategy hedge fund major Citadel has continued its hiring spree with the addition of three new money managers to its Ashler Capital long-short equities trading business, according to a report by Bloomberg.
The report cites a spokesman for the $59 billion hedge fund firm as confirming that James Thetford, who previously worked at Point72 Asset Management, and Spencer Schwartz, formerly at Samlyn Capital, joined in June, while Mack Ewing is set to join in October from Sculptor Capital.
Ashler, which is now home to 19 teams of traders, is one of four long-short stocks businesses at Citadel.
The total volume on the global power markets of EEX Group continued on an upward trend in June, rising to a total of 761 TWh, which equates to an additional 112.1 TWh compared to the previous month and an increase of 60% compared to June 2022.
On the EPEX SPOT market, the total volume increased to 58.2 TWh, from 56.9 TWh in May 2023.
Several records were also set on EEX futures markets in June: German power futures reached an all-time high of 399.1 TWh, while Italian power futures also peaked at 47.5 TWh.
Both trading in Japanese (+6%) and
Morgan Stanley has recently lost the services of three operations directors – two MDs and an executive director – with all three leaving the bank to join hedge fund firms, according to a report by eFinancial Careers.
Ashish Srivastava, who was with Morgan Stanley for 12 years in New York, most recently as global head of prime brokerage and margin operations, has left to join Millennium as an operations manager, despite being made an MD at the bank in January last year.
Also in New York, Brian Dorber, an executive director at Morgan Stanley across Asia, Europe and the US
Man Group, the world’s largest listed hedge fund manager, is to acquire Varagon Capital Partners, a US middle market private credit manager with $11.8bn of assets under management and $15.4bn of total client commitments.
European hedge funds have slashed their exposure to US banks since the beginning of the year, while more or less maintaining existing positions in their European peers, according to a report by Reuters.
The report cites a recent client report from Goldman Sachs seen by Reuters as revealing that overall, shares in European banks are outperforming US counterparts as they did not face the deposit flight experienced in the United States following the failure of Silicon Valley Bank, Signature Bank and First Republic Bank earlier this year.
The STOXX Europe 600 Banks index is up roughly 8% this year, while
Citadel’s flagship Wellington multi-strategy fund outperformed the broader hedge fund industry in the first six months of this year, racking up a return of 7.15%, according to a report by Reuters citing an unnamed source with knowledge of the matter.
The fund was up by 0.95% in June alone, while the hedge fund industry on average managed a gain of just 0.63% in the first half of the year, according to figures from hedge fund data provider HFR.
Other Citadel funds chalked up H1 gains too, according to Reuters’ source, with the Citadel Tactical Trading fund seeing a 2.07% gain
Dechert has added Robert Leonard and Michael Mavrides, both specialists in the formation and operation of hedge funds on behalf of domestic and international clients, as Partners in the firm’s financial services and investment management practice in New York.
Leonard and Mavrides have worked alongside one another for over two decades, most recently as Partners in the hedge funds group at Proskauer Rose.
Their work includes providing fund formation and regulatory advice on the legal issues that affect hedge funds, their management companies, and the individuals in charge, as well as the sourcing and use of alternative data of asset
Digital asset investment products saw a second week of inflows totalling $125 million, bringing the last two weeks of inflows to $334 million, representing almost 1% of total AUM, according to the latest CoinShares Digital Assets Fund Flows Weekly report.
Enfusion, a provider of cloud-native, software-as-a-service solutions for hedge funds and other investment managers, has appointed Andi Woolass as the company’s new Head of Partnerships and Alliances for EMEA.
