London Hedge Fund Autonomy Loses 75% of Assets From 2019 Peak (Bloomberg)
Assets have shrunk to $1.6 billion at the end of September. Fund struggling with Brazilian ‘inflation surprise’: documents. A series of ill-timed bets from Argentina to Brazil have set Autonomy Capital Research LLP’s flagship fund on course for its worst year since the financial crisis, with the firm’s assets now down $4.7 billion from a mid-2019 peak.
Greenlight Re Falls to Nat Cat-Driven $14mn Q3 Net Loss (Reinsurancene News)
Hedge fund-backed reinsurer Greenlight Re has announced a net loss for the third quarter of 2021 of $13.9 million, compared to a $2.2 million income in the prior year quarter. An underwriting loss of $12.6 million was driven by costs of $25.9 million associated with Hurricane Ida, the European floods and hailstorms, and the South African riots. As a result, the company’s combined ratio climbed to 109.3%, up from 100.4% a year ago. David Einhorn, Chairman of the Board of Directors, affirms that the company’s third quarter results do not reflect significant progress made in 2021.
Credit Suisse Shuts Down Hedge Fund Prime Brokerage Services Following Archegos Losses (Hedge Week)
Credit Suisse is shutting down most of its hedge fund prime brokerage services following significant losses incurred as a result of Archegos Capital Management’s collapse earlier this year. The Switzerland-headquartered group’s investment banking division will exit most of its Prime Services operations from January 2022, cutting the investment bank division’s capital by some USD3 billion, or 25 per cent, with some CHF3 billion redeployed to its wealth management operations.
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Politan Capital Management Has Roughly $900 Million Stake in Centene (The Wall Street Journal)
An activist investor has taken a big stake in Centene Corp. and wants the managed-care company to refresh its board and take other actions to boost its stock, according to people familiar with the matter. Politan Capital Management LP, a newly established hedge fund led by veteran activist Quentin Koffey, has a roughly $900 million stake in Centene and has spoken to the company about replacing several board members, the people said.
Lynx Takes Constellation Off the Market (Hedge Nordic)
Stockholm (HedgeNordic) – Two years after launching its pure-play machine learning strategy, Constellation, as a standalone offering, Lynx Asset Management has decided to take Lynx Constellation off the market for new investors to manage and develop the strategy further. Brummer Multi-Strategy, the multi-strategy fund that invests in the hedge funds under the umbrella of Brummer & Partners, redeemed its 1.2 percent allocation to Lynx Constellation to increase the allocation to Lynx Asset Management’s flagship trend-following strategy.
