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Fallout from the collapse of Sam Bankman-Fried’s cryptocurrency empire continues to impact the hedge fund world with news that Galois Capital, one of the world’s largest crypto-focused hedge funds is to shut down after losing a large chunk of its capital in the collapse of FTX, according to a report by the Financial Times.
Antara Capital, a New York-based, event-driven hedge fund launched by Himanshu Gulatis in 2018 with start-up capital from the Blackstone Group, has acquired a 6.4% stake in GAN, Dermot Smurfit’s Nasdaq-listed gambling technology firm, according to a report by the Business Post.
The Options Clearing Corporation is to undertake remedial efforts and pay $17 million in penalties to settle Securities and Exchange Commission charges that it failed to comply with its SEC-approved Stress Testing and Clearing Fund Methodology rule during certain times between October 2019 and May 2021.
The BlackRock Strategic Equity Hedge Fund, which is run by money manager Alister Hibbert, is reopening to additional investment for the first time since 2019 and targeting an additional $1bn in funds after chalking up a record annual loss in 2022, according to a report by Bloomberg.
Hedge fund Luxor Capital Group has stepped up its opposition to a proposed $6 billion deal by Ritchie Bros Auctioneers Inc to acquire a rival firm, saying company executives have strengthened their case for the takeover by manipulating forecasts, according to a report by Bloomberg.
The report cites a presentation made by Luxor as claiming that Ritchie helped justify the move to acquire IAA Inc, by understating the future profitability of its core auction business. The New York-based fund manager goes on to claim that Ritchie’s senior executives lowered the company’s projected growth rate, and increased capital expenditures, in to
Activist hedge fund Oasis Management has ramped up the pressure on Wagamama owner The Restaurant Group to overhaul its business strategy by penning an open letter outlining its concerns, according to a report by The Independent.
Hedge funds raced to cover their short wagers on US technology sector stocks at the second fastest rate in ten years during the first half of the month, as the recent market rally continued, according to a report by Reuters.
The report cites an investor note from Goldman Sachs as saying that “short covering” in the period from 31 Jan to 15 Feb was “the second largest in magnitude over any 12-day period in the past decade”.
A note from JPMorgan meanwhile highlighted that multi-strategy and equity quantitative hedge funds led the short covering.
Both the Nasdaq and the S&P
Canada-based hedge fund manager Anson Funds, primarily known for its wagers against stocks, is happy to play the waiting game on the US marijuana market after establishing a “very long” position on the sector, according to a report by Bloomberg.
The US Marijuana Index slumped 70% in 2022, but in an investor letter in January, Anson said it intends to maintain its current positions despite the “volatile journey” ahead.
To date, 21 US states have legalised recreational cannabis, but it remains illegal under federal law with the US Senate still to approve the Secure and Fair Enforcement Banking Act, which
BitMEX, one of the first derivatives cryptocurrency exchanges catering for institutional and professional traders, has partnered with Onramper to streamline fiat-to-crypto transactions, allowing users to buy cryptocurrencies directly via a single API.
Investors have shown a growing appetite for liquid strategies as they face a challenging market environment due to increased volatility, rising interest rates and persistent macro-economic uncertainty. Stressed and distressed credit strategies are also of significant appeal, said Murano, a firm which acts as a matchmaker across the financial industry – connecting funds and investors.
