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Market turmoil triggered by the collapse of Silicon Valley Bank and Signature Bank saw computer-driven hedge funds suffer their worst ever day of losses on Monday, according to a report by Bloomberg, while at least two of last year’s macro star performers were also hit by losses.
Odey Asset Management, the London-based hedge fund firm founded by Crispin Odey, has reopened three funds which were soft closed in November 2022, including its flagship Odey European fund, according to a report by Financial News citing a letter sent to the firm’s clients.
The OEI Mac and Odey Swan funds have also reopened alongside the flagship strategy and will now start to accept new investors again. In the letter, Odey AM chief executive Peter Martin said the managers were “satisfied that there is sufficient capacity within the strategy for greater assets, and an improved opportunity set”.
When the funds
China-based macro hedge fund manager Li Bei, the founder of Shanghai Banxia Investment Management Center, has sounded the alarm over a popular type of derivative, following the country’s stock rally, according to a report by Bloomberg.
In an article published earlier this week, Li advised against investing in so-called “snowball” products, a tool she used to buy at the bottom of the market late last year, pointing out that due to the recent recovery in China equities, investors buying the option-based contracts could suffer losses.
Li’s comments came after financial institutions used her trade to promote the products.
“Times have
GAM has appointed Chris Longworth, who joined the firm in 2010, as Head of GAM Systematic. In addition, Danny Dhingra, who has been with the company since 2016, is to join the systematic Core Macro team, and will report to Longworth.
Dhingra will provide the team with additional systematic experience and will contribute to the research on Core Macro as well as continuing to lead the GAM Systematic Commodities strategy as Investment Manager.
Guglielmo Mazzola, Head of Systematic Investments Specialists who joined GAM in 2022 will now also report directly to Longworth as part of the systematic team.
The GAM
Managed futures posted a monthly gain in February, up 0.15% for the month, according to the Barclay CTA Index, compiled by Backstop BarclayHedge. February’s gains reversed three straight losing months for CTAs.
Bitfinex Derivatives has launched a range of perpetual contracts providing access to some of the largest and most popular global commodity indices. Contracts are now available for UK crude oil, palladium, and Platinum.
Hedge funds lost 0.71% in February paring year to date gains to 2.58%, according to the latest data from Bloomberg, with commodities funds seeing the biggest decline over the month with a 3.36% fall.
Man Group chief executive officer Luke Ellis earned $11.3 million in 2022 from his base salary, bonus payment and share grants, the largest pay packet of any Man Group head in the last 14 years, according to a report by Reuters, citing information from the company’s annual report.
Several hedge funds including Citadel have been buying up shares in smaller banks, after the failure of Silicon Valley Bank and Signature Bank triggered a banking sector stock sell-off, according to a report by Reuters.
The report cites a regulatory filing made by Citadel on Tuesday as revealing that the firm has acquired a 5.3% stake in Western Alliance Bancorporation.
Rob Mills meanwhile, an associate portfolio manager at Anson Funds Management, told Reuters that the $1.6 billion firm had bought an undisclosed number shares of First Republic Bank on Monday.
Western Alliance’s share price jumped as much as 46% on
Apjit Walia, a tech veteran with over 20 years experience researching technology companies as a sell-side analyst, and running portfolios at some of the largest global macro hedge funds, is launching DVN Capital, a global macro and technology hedge fund.
