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Hedge funds and other holders of $17 billion of Credit Suisse bonds have seen their investments wiped out completely under the terms of the bank’s $3 billion acquisition by rival UBS, according to a report by the Financial Times.
Distressed debt investor David Tepper is betting that the value of Silicon Vally Bank parent SVB Financial Group’s debt will rise as parts of the group are auctioned off, according to a report by the Financial Times.
Unnamed FT sources have revealed that Tepper, who has a successful track record in investing in troubled financial companies, acquired SVB bonds along with preferred stock via Appaloosa Management, which for the most part manages his family’s multibillion-dollar fortune.
SVB filed for Chapter 11 bankruptcy protection in a move intended to make it easier to auction off its broker dealer, which generated more
Graticule Asia, a macro hedge fund founded by veteran macro trader Adam Levinson, is shutting down after being hit by losses following the demise of Silicon Valley Bank and the ongoing bond market volatility, according to a report by Bloomberg.
ExodusPoint Capital Management and Millennium Management were among the big-name multi-strategy hedge funds that posted small losses amid last week’s market volatility, faring far better than their macro and quant counterparts, according to a report by Bloomberg.
Unnamed Bloomberg sources revealed that ExodusPoint, which was founded by Michael Gelband and focuses on fixed-income trades, lost almost 2% in March through to last Wednesday, paring year-to-date gains to 0.5%, while Izzy Englander’s Millennium lost 1.3% through to Thursday, bringing losses so far in 20223 to 0.8%.
Macro managers meanwhile, including Graham Capital Management Kos Capital Management, fared less well during last
London-based Sparta Capital, an activist hedge fund founded by US firm Elliott Advisors, has become the second activist investment firm too take a stake in troubled online retailer THG, according to a report by the Sunday Times.
Performance of hedge funds administered by the Citco group of companies diverged across strategy types in February, with a weighted average return of 0.1%. At a strategy level, event driven funds delivered the highest weighted average return of 3.3% followed by equities at 0.5%.
Intercontinental Exchange, a global provider of data, technology, and market infrastructure, has announced record open interest (OI) across its global commodity and energy futures and options markets, on the back of record volume in oil options.
Apex Group Ltd has appointed Anthony Alfonso as global head of valuation. Alfonso will be responsible for the group’s valuation advisory services for a wide range of investor types, including hedge funds, private equity and debt funds, venture capital, mutual funds, structured credit, family offices, pension funds as well as corporates, insurance companies, banking and other financial institutions.
Global macro major Brevan Howard has grounded several traders in a move aimed at limiting losses after the collapse of Silicon Valley Bank and Signature Bank triggered big swings in the bond market, according to a report by Bloomberg.
Ken Griffin’s Citadel, which became the world’s most profitable hedge fund in 2022 after raking in $16 billion, has boosted its international equities team with a series of senior hires in Hong and London, according to a report by Reuters.
The report says that LinkedIn profile updates show that at least five veteran investment and operational professionals have joined the $57 billion firm’s non-US equity investment team so far in 2023.
New recruits include Julian Ulmer, who joined Citadel’s Hong Kong office in March from Lighthouse Investment Partners to take a newly created role as head of Asia Equities Business
