Another Hedge Fund to Open Office in Dubai Early Next Year (InternationalInvestment.net)
Balyasny Asset Management has become the latest hedge fund to expand operations to Dubai with the opening of a new office next year, according to a report by Bloomberg. The report cites an unnamed source as revealing that the $17bn firm is aiming to go live in Dubai during the first quarter of 2023 from premises in the ICD Brookfield Place. The new office will initially accommodate 20 people. Dubai has already attracted some of big-name managers with both Izzy Englander‘s Millennium Management, Michael Gelband’s ExodusPoint Capital Management, and Michael Platt‘s private investment fi…
Alden Drops Bid for St. Louis Post-Dispatch Parent Lee Enterprises: Report (BizJournals.com)
Alden Global Capital has dropped its bid to buy St. Louis Post-Dispatch parent Lee Enterprises, according to an Axios report. Axios, citing sources, said the Florida hedge fund’s takeover push was being abandoned “at least for now, in part due to rising interest rates and a tougher market to finance deals.” The news outlet also cited a Lee filing showing that Alden sold some of its shares in the newspaper company in April, dropping its ownership of Lee from 6.3% to 4.7%.
Hedge Fund Galois Capital Says Half Its Capital Stuck on FTX Exchange, Financial Times Reports (Reuters)
Nov 12 (Reuters) – Galois Capital is the latest hedge fund caught off guard after close to half its assets were trapped on collapsed crypto exchange FTX, the Financial Times said on Saturday, estimating the amount to be around $100 million. Galois co-founder Kevin Zhou wrote to investors in recent days that while the fund had been able to pull some money from the exchange, it still had “roughly half of our capital stuck on FTX,” the paper said, quoting a letter it had seen.
Prakash Subramanian Joins Hedge Fund Millennium Capital as India CEO (Business-Standard.com)
Prakash Subramanian, a former managing director of Standard Chartered Bank, has joined US-based hedge fund Millennium Capital as its chief executive officer for India. Millennium Capital, a global hedge fund headquartered in New York, manages $57 billion of funds worldwide. The fund is looking to invest in India and is increasing its presence by building a new management team.
Brighton Park Capital Raises $1.8bn for the Second Fund (Opalesque.com)
Brighton Park Capital has announced a final close for Brighton Park Capital Fund II at $1.8bn, surpassing its target of $1.5bn. The software, healthcare, and tech-enabled services-focused investor said in a press release that consistent with its predecessor fund, Brighton Park Capital Fund II (BPC II) will continue the firm’s strategy of investing in growth-stage software, healthcare, and tech-enabled services companies that provide highly innovative solutions to create better outcomes, business processes, and customer relationships.