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Hedge Fund News: George Soros, Paul Tudor Jones, Steven A. Cohen

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Is George Soros Calling a Top in Gold? (The Wall Street Journal)
George Soros is getting out of gold. The billionaire investor jumped back into trading this year with a big bet on the precious metal, buying up a 19-million share stake in the world’s largest gold producer, Barrick Gold Corp. But in the second quarter, Soros Fund Management sold the majority of his shares in the gold miner and his full stake in mining company Silver Wheaton, according to regulatory filings. The first-quarter bet on gold looked particularly prescient, as the precious metal has rallied 26% this year. The rise in gold’s price has given an even bigger boost to gold miners, with Barrick shares surging more than 190% this year. Now, Mr. Soros’ change of heart may cause concern for those still bullish on the safe-haven metal.

George Soros

Tudor Said to Cut 15% of Workforce After Withdrawals, Losses (Bloomberg)
Billionaire Paul Tudor Jones dismissed about 15 percent of the workforce at his Tudor Investment Corp. after losses and investor withdrawals at the $11 billion hedge fund, according to three people with knowledge of the matter. Tudor earlier Tuesday informed the affected employees, which include positions ranging from money managers to support staff, said the people, who asked not to be identified because the firm is private. Tudor employed 409 people, about half in investing roles, according to a March regulatory filing.

Hedge-Fund Manager Cohen Settles With US Commodities Agency (The New York Times)
WASHINGTON — Billionaire hedge-fund manager Steven A. Cohen, who was earlier accused of failing to prevent insider trading at his firm, has agreed in a settlement with the government not to engage in any activities overseen by federal commodities regulators until at least Dec. 31, 2017. The settlement announced Tuesday by the Commodity Futures Trading Commission follows on the action brought against Cohen by the Securities and Exchange Commission over insider trading at his firm, formerly called SAC Capital Advisors. In an agreement with the SEC in January, Cohen was barred for two years from managing other people’s money. He wasn’t fined under the agreement, and neither admitted nor denied the SEC’s allegations.

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