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Marshall Wace has built the biggest short position against NatWest ever recorded by the Financial Conduct Authority, as fears over the global banking system cause turbulence in financial stocks, according to a report by The Times.
Hedge funds are rebuilding their short positions in US equities amid worsening economic data and corporate earnings, according to a report by Bloomberg.
Short sellers are now the most bearish they have been on US markets since November 2011, following the downgrade of the US’s sovereign credit rating.
Large speculators, mostly hedge funds, grew their net short positions in S&P 500 e-mini futures to roughly 321,000 contracts as of Tuesday, data from the Commodity Futures Trading Commission shows. Data from JPMorgan Chase & Co.’s prime broker unit showed a similar pattern, with the firm’s hedge fund clients last week raising
Hedge funds’ performances in March were mixed as bank risk soared amidst instability and dislocations resulting from several bank failures and the acquisition of Credit Suisse by UBS, according to data released by HFRI.
The main HFRI Fund Weighted Composite Index dropped -0.8% for the month, and the investable HFRI 500 Fund Weighted Composite Index lost around -1.2%. Overall, close to half of hedge funds posted positive performance in March.
Equity Hedge funds, which invest long and short across specialized sub-strategies, led strategy gains for the month, with both the HFRI Equity Hedge (Total) Index and the investable HFRI 500
Global financial technology firm Arcesium has launched Aquata, an out-of-the-box data platform, aimed at helping hedge funds, private markets investors, institutional asset managers, custodians, administrators, and prime brokers to better access and manage their investment data.
An Odey Asset Management commodities-focused hedge fund run by portfolio manager Henry Steel, and personally backed by the firm’s founder Crispin Odey, has been shuttered following losses linked to large Russian positions last year, according to a report by Bloomberg.Â
Global macro hedge fund firm Rokos Capital Management has reported double digit losses for March as big market swings during the month, triggered by the banking crisis, hurt some, but not all, hedge fund returns, according to a report by Reuters.
A late month market rally helped equities strategies to small gains, according to investors and industry data.
An unnamed Reuters source familiar with the matter revealed that London-based Rokos ended the month down roughly 15%, taking year to date losses to nearly 9.5%, a sharp contrast to last year’s 51% gain.
Other big-name funds fared better last month including
Hedge fund Hestia Capital Management is pressing for a change of chief executive officer at shipping services company Pitney Bowes, ahead of a strategic review of the company’s e-commerce business, according to a report by the Wall Street Journal.
The activist investor, which is the third largest shareholder in Pitney Bowes with an 8.4% stake, has nominated Lance Rosenzweig to replace Marc Lautenbach, who has served as president and CEO at the firm since December 2012.
Hestia nominated a slate of seven executives for election to the Pitney Bowes board at the company’s AGM earlier in the year, and has
TOP STORY: Hedge fund Farallon Capital Management is planning to launch a proxy fight at biotech Exelixis Inc with the nomination of three directors to the board of the cancer drug maker, according to a report by The Wall Street Journal.
A group of four hedge funds have won their legal case against Argentina over payments due on euro-denominated securities linked to the country’s GDP, leaving the South African republic facing a potential bill of €1.33bn ($1.46bn), according to a report by Reuters.
In a written ruling on Wednesday, London High Court Judge Simon Picken ruled in favour of the four funds – Palladian Partners LP, HBK Master Fund LP, Hirsh Group LLC and Virtual Emerald International Limited – who collectively hold 48% of the GDP securities, saying that Argentina should pay them €643 million plus interest.
In addition, the judge
GMO Financial Holdings, an investment firm focused on crypto and foreign-exchange margin trading businesses, has acquired a 10% stake in multi-strategy crypto hedge fund AWR Capital for an undisclosed sum, according to a report by CoinDesk.
As part of the deal, London-based AWR will become a market maker at GMO Financial Holdings subsidiary GMO Coin, one of Japan’s largest FX and digital-assets exchanges.
In addition, AWR has appointed Phillip Gillespie as managing partner to lead its business development strategy and expand the fund’s operations. Gillespie is an algorithmic trading veteran and former CEO of crypto market maker B2C2.
