$17 Billion Chicago Hedge Follows Millennium, BlueCrest in Push to Dubai (Bloomberg)
Balyasny Asset Management will open an office in Dubai, the latest hedge fund to expand to the emirate. The $17 billion firm will start operations in the city in the first quarter of next year, according to a person with knowledge of the matter. Balyasny is taking space in the ICD Brookfield Place and its office is initially set up to accommodate 20 people, the person said, asking not to be identified because the details are private.
Prime Meridian Wins Hedgeweek Award for Best Credit Hedge Multi-Strategy Hedge Fund (PRWeb.com)
The Fund was nominated by Bloomberg, LP as a finalist along with funds managed by PIMCO and Wasserstein & Co. Bloomberg based its nominations on performance, and then investors, fund managers and service providers voted for the best overall fund. The ten-year track record of delivering strong and consistent results, along with its recent performance, helped Prime Meridian win this coveted industry award.
Tiger Global Posts 5.4% October Loss, Missing Stock Rally (Bloomberg)
Chase Coleman’s Tiger Global Management lost 5.4% last month, failing to capitalize on a surge in global equities. The drop extends the hedge fund’s 2022 decline to 54.6%, according to people familiar with the results. The S&P 500 surged 8% in October, its second-best month in almost two years, and the MSCI All World Index advanced 6%.
Hedge Fund Industry AUM Holds Up at Just Below $5tn All-Time High, Despite Global Downturn (Hedge Week)
The pace of Hedge Fund redemptions accelerated slightly in August to -$18.92 billion (-0.38% of industry assets), according to the Barclay Fund Flow Indicator published by BarclayHedge. A trading loss of -$54.13 billion during August saw total hedge fund industry assets decline to $4.96 trillion. Including new fund launches though, total industry AUM remains just 3.4% lower than the $5.136 trillion all-time high recorded in March of this year.
Hedge-Fund Manager Who Helped Expose Luckin Coffee’s Fraud Bets on Chinese Chain’s Comeback (The Wall Street Journal)
A hedge-fund manager who secretly wrote a scathing report in 2020 that accused Luckin Coffee Inc. LKNCY 1.53%increase; green up pointing triangle of accounting fraud is now backing the Chinese chain, calling it “a miracle in China’s business history.” Snow Lake Capital, a Beijing-based hedge fund founded and run by Sean Ma, has bought a minority stake in Luckin and is betting that the formerly Nasdaq-listed company’s valuation will surge, the investor said in an interview with The Wall Street Journal on Monday.