Tourmaline Partners Adds MD to Trading Team (Hedge Week)
Tourmaline Partners, an outsourced trading solutions firm for hedge funds and other asset managers, has appointed Matt Ney as a managing director and senior equity trader in the the firm’s Connecticut headquarters. Ney joins Tourmaline Partners with fifteen years of experience at Viking Global Investors, including eleven years of experience trading US equities and specialising in Technology, Media and Telecom (TMT), Industrials and Energy.
Quant Hedge Funds Are Back. Here’s Why (Institutional Investor)
Hedge funds that use quantitative techniques to spot opportunities, even those focused on equities, have generated some envious returns in a year marked by huge losses in both stocks and bonds. Take equity quant strategies, which are up 5.1 percent year-to-date through November, according to PivotalPath’s index tracking these funds.
Friday 12/16 Insider Buying Report: NRG, LILA (Nasdaq.com)
At NRG Energy, a filing with the SEC revealed that on Thursday, CEO Mauricio Gutierrez bought 15,000 shares of NRG, at a cost of $32.03 each, for a total investment of $480,450. Bargain hunters have the opportunity to pick up NRG even cheaper than Gutierrez did, with the stock changing hands as low as $30.65 in trading on Friday — that’s 4.3% below Gutierrez’s purchase price. NRG Energy Inc is trading off about 3.1% on the day Friday. And at Liberty Latin America, there was insider buying on Tuesday, by CEO Balan Nair who bought 35,076 shares for a cost of $7.12 each, for a trade totaling $249,590. Liberty Latin America Ltd is trading down about 0.8% on the day Friday. Investors can bag LILA even cheaper than Nair did, with the stock changing hands as low as $6.78 in trading on Friday — that’s 4.7% under Nair’s purchase price.
Elon Musk Dumps Another $3.6 Billion Of Tesla Stock; Here’s A Look At Recent Price Target Changes By The Most Accurate Analysts (Benzinga)
Tesla Inc (TSLA) CEO Elon Musk sold nearly $3.6 billion worth of shares in the electric vehicle maker on Wednesday. The billionaire sold 22 million shares of Tesla, according to the filing. The latest sale means that Musk has now sold almost $40 billion worth of the automaker’s stock over the past year. Tesla is looking forward to drilling for new water sources to supply an expansion of its electric vehicle plant near Berlin, reported Reuters citing local authorities and the water association.
Ardian and Mubadala Capital Reach $2.1bn Secondaries Deal (Opalesque)
Mubadala Capital, the wholly owned money management subsidiary of the $284 billion Abu Dhabi sovereign wealth fund Mubadala Investment Co., and Paris-based private investment house Ardian formed a $2.1 billion private equity partnership. The firms said in a joint news release that Ardian would invest in a portfolio of private equity assets managed by Mubadala Capital, and make a primary commitment to its private equity funds. Ardian and Mubadala Capital have built a strong relationship since forming a successful initial partnership in 2017, a milestone transaction that established Mubadala Capital as a third-party asset manager and represented the first time a sovereign wealth fund has managed capital on behalf of institutional investors, said the release.
CFTC Sues Glen Point and Founder Philips Over Alleged Illegal Options Trading Scheme (Hedge Week)
The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against hedge fund Glen Point Capital and its founder Neil Phillips over an alleged scheme to illegally trigger payouts on two options contracts totalling $30 million. Glen Point Capital Advisors LP and Glen Point Capital LLP (collectively, Glen Point Capital), two CFTC-registered commodity pool operators, and co-founder and co-chief investment officer Phillips have been charged with engaging in a “deceptive and manipulative scheme to illegally trigger payouts on two large binary option contracts”. Additionally, they have been charged with failing to supervise the trading activities of their officers, employees, and agents.
