Elliott Alum Maps Activist Plays in Japan (Green Street)
A portfolio manager who spent 13 years at hedge fund heavyweight Elliott Management is planning an event-driven operation that engages with the boards of companies in Japan, where activist strategies are gradually gaining more acceptance. Working through his Kikaku Management in Hong Kong, Hidemoto Kawai is expected to launch the fund this month. Kawai worked at Paul Singer’s Elliott until July of last year. The $41.8 billion event-driven manager shut down trading and investment activities in its Hong Kong office on Jan. 1 following passage of a national-security law that makes activist campaigns in Hong Kong more difficult. Primary responsibility for situational trading and investments in Asia has transferred to the New York firm’s London office.
Hedge Fund Manager Pleads Guilty To Bilking Investors Out of Millions (FA-Mag.com)
A South Carolina investment fund manager pleaded guilty yesterday to defrauding clients out of millions of dollars through hedge funds he created, according to the U.S. Attorney for the District of New Jersey. In addition to the criminal charges, George Heckler of Charleston, S.C., was charged with fraud in a civil complaint by the Securities and Exchange Commission for his mismanagement of the funds, which raised a total of $90 million between 2009 and 2019, the SEC announced yesterday. Approximately $32 million of the money was used to pay early investors. Heckler also used $1 million for himself, both entities said.
Wednesday 3/10 Insider Buying Report: PFSI, SSSS (Nasdaq.com)
At PennyMac Financial Services, a filing with the SEC revealed that on Tuesday, Director Farhad Nanji bought 241,677 shares of PFSI, at a cost of $60.49 each, for a total investment of $14.62M. So far Nanji is in the green, up about 12.4% on their buy based on today’s trading high of $67.97. PennyMac Financial Services is trading up about 3.2% on the day Wednesday. And at Suro Capital, there was insider buying on Friday, by See Remarks Allison Green who bought 16,610 shares for a cost of $11.91 each, for a total investment of $197,854. This purchase marks the first one filed by Green in the past twelve months. Suro Capital is trading up about 3.8% on the day Wednesday. Green was up about 17.4% on the buy at the high point of today’s trading session, with SSSS trading as high as $13.99 in trading on Wednesday.
The EVP, Advisor to the Management of Pioneer Natural (NYSE: PXD) is Selling Shares (Analyst Ratings)
Yesterday, the EVP, Advisor to the Management of Pioneer Natural (PXD), Chris Cheatwood, sold shares of PXD for $1.02M. Following Chris Cheatwood’s last PXD Sell transaction on December 16, 2020, the stock climbed by 40.6%. In addition to Chris Cheatwood, 2 other PXD executives reported Sell trades in the last month.
DCB Bank’s Two Senior Officials Settle Insider Trading Case with Sebi (The Economic Times)
MUMBAI: DCB Bank NSE -0.30 %’s two senior officials has settled insider trading case with the Securities and Exchange Board of India (Sebi) by paying Rs 66.93 lakh each as settlement charges. R Venkattesh, HR head, and Ravi Kumar Vadlamani, head of operations & key projects at DCB Bank, disgorged Rs 11.35 lakh and Rs 5.26, respectively, as loss avoided along with interest to Sebi.
The Estee Lauder Inc (EL) EVP & CFO Tracey Thomas Travis Sold $6.5 million of Shares (Guru Focus)
EVP & CFO of The Estee Lauder Inc, Tracey Thomas Travis, sold 22,924 shares of EL on 03/09/2021 at an average price of $285.01 a share. The total sale was $6.5 million. The Estee Lauder Companies Inc is a beauty products manufacturer providing Skin care, Makeup, Fragrance and Hair care services. The Estee Lauder Companies Inc has a market cap of $102.69 billion; its shares were traded at around $283.090000 with a P/E ratio of 113.69 and P/S ratio of 7.30.
