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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.
The UK’s financial regulator the Financial Conduct Authority is investigating whether hedge fund manager Crispin Odey is “a fit and proper person” to work in financial services, and is in contact with the police over allegations made against the Odey Asset Management founder, according to a report by Bloomberg.
Heavy losses have prompted Dantai Capital to shut down its flagship hedge fund, the Greater China-focused Dantai Master Fund, after the firm concluded the investment strategy no longer works in the current market environment, according to a report by Bloomberg.
Greg Jensen, Co-Chief Investment officer at the world’s biggest hedge fund Bridgewater Associates, has warned against the use of large language models (LLMs) like ChatGPT to trade equities, despite being an early investor in its creator OpenAI as well as AI startup Anthropic, according to Bloomberg.
The average confidence of hedge fund mangers in the economic prospects of their businesses over the coming 12 months fell slightly in the second quarter of the year to +14.2, from +16.3 in Q1, according to the latest AIMA Hedge Fund Confidence Index.
The number of investor activist campaigns has steadily increased month-on-month since January, bucking the trend of previous years and indicating that momentum for activism is building, according to professional services firm Alvarez & Marsal’s latest A&M Activist Alert.
