Assured Guaranty to Take 30% Stake in Hedge Fund Sound Point (Pensions&Investments)
Assured Guaranty, a financial guaranty insurer, is acquiring a 30% stake in $32 billion hedge fund Sound Point Capital Management in exchange for Assured’s equity interest in its approximately $15.2 billion money management arm Assured Investment Management, according to a Wednesday news release. The deal is expected to make Sound Point the world’s fifth largest collateralized loan obligation manager by assets under management, the release said.
Odey Shuts Commodities Fund Following Failed Russian Bets (Hedge Week)
An Odey Asset Management commodities-focused hedge fund run by portfolio manager Henry Steel, and personally backed by the firm’s founder Crispin Odey, has been shuttered following losses linked to large Russian positions last year, according to a report by Bloomberg. The report cites an unnamed source as revealing the the Odey Concentrated Natural Resources Fund, which Steel started in 2019 with money from Odey and some external investors, then failed to raise assets, prompting the decision to liquidate.
Tiger Global Posts 7.3% Q1 Gain After Losses in 2022 (LiveMint.com)
Tiger Global Management’s hedge fund gained 7.3% in the first quarter as a rally in technology shares helped the firm begin to dig out from last year’s record losses. The fund advanced 5.2% in March for its third straight positive month this year, according to a person familiar with the matter. Four of the firm’s biggest stock holdings at the end of December jumped at least 20% during the first three months, led by a 76% surge for Meta Platforms Inc. The tech-heavy Nasdaq Composite Index rose 17%.
Thursday 4/6 Insider Buying Report: PL, DOMH (Nasdaq.com)
On Wednesday, Planet Labs’ President, Product & Business, Kevin Weil, made a $997,113 purchase of PL, buying 274,000 shares at a cost of $3.64 a piece. So far Weil is in the green, up about 13.2% on their purchase based on today’s trading high of $4.12. Planet Labs is trading up about 9.8% on the day Thursday. And also on Wednesday, COO Christopher Franklin Devall purchased $19,999 worth of Dominari Holdings, purchasing 5,698 shares at a cost of $3.51 each. This purchase marks the first one filed by Devall in the past twelve months. Dominari Holdings is trading up about 4% on the day Thursday.
Electronic Arts, Marriott International And 2 Other Stocks Insiders Are Selling (Benzinga)
Electronic Arts: The Trade: Electronic Arts Inc. (EA) Director, CEO and Board Chair Andrew Wilson sold a total of 10,000 shares at an average price of $120.00. The insider received around $1.2 million from selling those shares. Marriott International: The Trade: Marriott International, Inc. (MAR) EVP & Chief HR Officer Benjamin Breland sold a total of 1,225 shares at an average price of $164.27. The insider received around $201.23 thousand from selling those shares.
