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US activist hedge fund Elliott Management is set to refinance Superdry with a £70m funding package as a deadline for the clothing retailer to repay its current debts looms large, according to a report by the Sunday Times.
A group of activist hedge funds have been hit hard by a spectacular plunge in the stock price of online used-car dealer Caravana Co, according to a report by Bloomberg, with the company’s shares having fallen by 97% in the last year.
The report cites Bloomerg data as revealing that collectively the funds, including Spruce House Investment Management LLC, FPR Partners LLC, 683 Capital Management LLC, Point72 Asset Management LP and KPS Global Asset Management UK Ltd, collectively still own more than a quarter of the company’s shares.
With Carvana’s fortunes tumbling as used car prices have declined, the report
Online greetings card and gift retailer Moonpig’s shares may have already halved this year on the back of a slowdown in consumer spending, but some hedge funds believe the stock has farther to fall with short bets against the company now at record levels, according to a report by ThisIsMoney.
Citadel, the hedge fund firm founded by billionaire investor Kenneth Griffin, significantly increased its stake in two dividend-paying energy stocks during the third quarter of the year, according to a report by Investing.com.
The $50 billion hedge fund firm reportedly purchased over 2.4 million shares of Phillips 66 during the third quarter, increasing the fund’s stake by 195%. Citadel also owns roughly 10,377 in call options contracts and 24,501 put options contracts in the diversified energy manufacturing and logistics company, which has been in business for more than 140 years. During the third quarter, Phillips 66, which is offering a
Equity researchers employed by hedge funds firms are earning around $100k per year more than equivalent employees in the investment banking industry, according to a report by eFinancialCareers.
The report cites the 2022 equities compensation report from recruitment consultancy Dartmouth Partners as revealing that there is a star differential between the compensation packages paid to research staff at investment banks and their hedge fund counrterparts.
According to the results of the survey, an equity research analyst in a hedge fund with less than five years of experience earns an average of £218k ($264k), while an associate at a bank
CIBC has launched a suite of five new Canadian Depositary Receipts (CDRs) on the NEO Exchange, expanding NEO’s existing lineup to 35 global companies.
CDRs are designed to make it easy to invest in some of the world’s largest companies – in Canadian dollars. Offered at a fraction of the price per share of the underlying reference share, and with a built-in notional currency hedge, CDRs provide investors with affordable access to foreign stocks while mitigating the currency risk associated with global investing.
The five new CDRs available for trading on the NEO Exchange are: Honeywell International Inc Canadian Depositary
Pictet Asset Management (Pictet AM) continues to strengthen its Fixed Income offering with the recruitment of four private debt specialists. The new Private Debt team is headed by Andreas Klein in London, who joined Pictet AM in early 2022.
The extended ramp up in regulation coupled with the challenging economic environment means hedge funds need to continue to look for ways of operating more efficiently in order to stay ahead.
Rokos Capital Management, the hedge fund firm founded by billionaire trader Chris Rokos, has warned that sterling is vulnerable to further falls in value, according to a report by the Financial Times.
And in a further gloomy prediction, the firm also believes that the UK’s recession could have a “serious” effect on British society.
The report cites a letter sent to investors in the $14.5 billion firm as saying that impact of Brexit, deglobalisation and the coronavirus pandemic had produced a bigger shock to UK trade than other developed countries.
The letter said: “The recession that is required to tame
Private funds partner Ajay Pathak has been appointed as the next London co-chair at law firm Goodwin Procter, according to a report by Law.com. The appointment comes as the firm is seeking larger premises to accommodate its expansion in the UK capital.
Pathak, who succeeds Paul Lyons who is standing down after a long tenure, will join current co-chair private equity partner Gemma Roberts who took on the role last year.
Pathak joined Goodwin as a partner in the private equity group in 2017 from King & Wood Mallesons, having spent 15 years at KWM, until the firm collapsed in
