Anthony Scaramucci Predicts a ‘Resounding’ 40-State Landslide for Trump in the 2020 Election (CNBC)
Former White House communications director Anthony Scaramucci sees a landslide re-election for President Donald Trump in 2020, saying on Wednesday that voters will be wary of meddling with the success of Trump’s economic policies. Making a wild prediction on CNBC’s “Squawk Box, ” Scaramucci said, “I think he’ll get resoundingly re-elected. He’ll probably have a 40 state landslide, because what are you going to do? You’re going to put a socialist in place and wreck the entire economy?”
Reinsurance Hedge Fund Tangency Capital Raises Further $165 million (Reuters)
LONDON (Reuters) – Hedge fund Tangency Capital has raised a further $165 million to invest in the property reinsurance market, bringing its size to $265 million as the hurricane season gets under way, one of its co-founders told Reuters on Wednesday. Insured losses from natural catastrophes totaled more than $200 billion in the past two years, leading to a rise in reinsurance premiums. Reinsurers help insurers share the burden of large losses such as hurricanes, in return for part of the premium.
Italy Counts on Army of Number-Crunchers to Win Bad Loan War (Reuters)
MILAN (Reuters) – How do you value a bank loan on the brink of default in an economy flirting with recession? As it prepares to commit to buying billions of euros of such loans in Italy by mid July, U.S. hedge fund Davidson Kempner Capital Management (DKCM) has deployed legions of number crunchers to find out. Their task is fiendishly complicated, with businesses’ survival chances often hinging on the prospects for debt restructurings, turnaround plans, securing new investment or even hiring new managers. But the implications of their work go far beyond the fate of individual borrowers as their success could bolster Italy’s banking system and its economy, the euro zone’s third largest.
Family of Tiger Global Management Hedge Funder Buys Palm Beach Home (TheRealDeal.com)
A trust controlled by two members of the Coleman family paid $17.3 million for a waterfront estate on Palm Beach’s Everglades Island. Property records show C. Payson Coleman, senior counsel at Pillsbury Winthrop Shaw Pittman, and Avery Coleman Keller, an executive director at Morgan Stanley, control the 555 Island Drive Trust that closed on the home at 555 Island Drive in Palm Beach. A prominent member of the family is C. Payson Coleman III, the founder of Tiger Global Management, a tech-focused hedge fund, who is worth about $3.1 billion, according to Forbes. Coleman III is the son of C. Payson Coleman and brother of Avery Coleman Keller.
Druckenmiller: ‘God Help Us If We Get In A Recession’ (MoneyAndMarkets.com)
Many major financial firms are calling for a recession as early as next year, but in a recent interview hedge fund billionaire Stanley Druckenmiller said he believes that some less-obvious warning signs have started to appear. Druckenmiller also thinks that deflation, or what he calls “the boogeyman,” is blinding the Federal Reserve from other recession signals. As many investors wait in anticipation for an interest rate cut by the Fed, Druckenmiller has been an advocate for the Fed raising interest rates for the last three or four years, according to ValueWalk.com. He did oppose the Fed’s decision to raise rates in December, but during the recent onstage interview with the Economic Club of New York he argued that it was only because of bad timing.
The Ackmanaissance Is Getting Stronger (Deal Breaker)
We don’t want to be hyperbolic, but Neri Oxman is the most impactful figure in the history of asset management. Even CNBC tacitly agrees: Longtime activist investor and Pershing Square Capital Management chief Bill Ackman’s win streak showed no signs of stopping halfway through 2019 as returns approached historical levels. The net asset value of Pershing Square Holdings, Ackman’s publicly traded vehicle, rose 45.3% in the first half of 2019, according to a regular update to the fund’s website. The Pershing Square returns represent sizable outperformance versus the broader market despite the best annual start for the S&P 500 since 1997, with the index up 17.35% through June 30.
APS Founder Shedding Chief Executive Role (HFAlert)
The founder of APS Asset Management, one of the first Asia-focused hedge fund managers, is giving up the title of chief executive to focus more on investing. Wong Kok Hoi launched APS in 1995 with $15 million and seven employees working in one office in Singapore. Today, the firm has $3.2 billion under management and 54 employees across six offices in Asia and New York. Hoi will relinquish his role as chief executive in September, while retaining the title of chief investment officer. His duties on the operations side will be absorbed by co-presidents Mark Brugner and Ken Chung. Brugner is joining APS from a senior-executive role at Willis Towers Watson, while Chung has been on board since 2017.
Bounce raises 10 Crore in Venture Debt from Sachin Bansal-Led BACQ (LiveMint.com)
The current funding is part of BACQ’s debt investment in Bounce, originally announced in March. Bounce also recently announced its Series C round worth $72 million led by global technology fund B Capital Group and Falcon Edge Capital, a New York-based hedge fund.
Ray Dalio Started Bridgewater in his Apartment and Built it into the World’s Largest Hedge Fund. Here are 5 Major Lessons He’s Learned Over the Past 44 Years (Business Insider)
Ray Dalio is the founder and co-CIO of Bridgewater Associates, the world’s largest hedge fund, with about $150 billion in assets under management. Dalio discussed key moments from his career in an episode of the Business Insider podcast “This Is Success.” Fundamental to his lessons are transparency and a willingness to codify lessons learned from making mistakes.
The British Financial Regulator Approves the First Crypto Hedge Fund (FXStreet.com)
The Financial Conduct Authority in the UK granted approval to a London-based Prime Factor Capital Ltd, a crypto hedge fund manager established by former employees of BlackRock Inc. The company will operate as a full-scope alternative investment fund manager compliant with European regulation. According to the official statement published on June 1, the Fund will target institutional investors and aim to manage over 100 million euro.