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Hedge Fund and Insider Trading News: Barry Rosenstein, Jim Simons, Toscafund Asset Management, Quintessential Capital Management, Concrete Pumping Holdings Inc (BBCP), AxoGen, Inc (AXGN), and More

Toscafund Names Aberdeen Co-founder as Chairman (Hedge Week)
Toscafund Asset Management, Martin Hughes’ long-running equity-focused hedge fund, has appointed Aberdeen Asset Management co-founder Martin Gilbert as chairman. Veteran money manager Gilbert, who co-founded Aberdeen in 1983, is currently chairman of Aberdeen Standard Investments, and vice-chairman of Standard Life Aberdeen. He recently announced his intention to step down from his directorship at Standard Life Aberdeen. He takes up the new position of Toscafund chairman with immediate effect, and will also join the board of Old Oak Holdings, Toscafund’s parent company. Hughes, a well-known and high-profile figure within the hedge fund industry, launched Toscafund in 2000, having earlier worked at US hedge fund Tiger Management.

Hedge Funder Barry Rosenstein Sells One of His Hamptons Homes for $37 Million (The Wall Street Journal)
The Jana Partners chief first listed the 1.5-acre East Hampton property in 2017 for $70 million. Hedge fund chief Barry Rosenstein is selling one of his Hamptons homes for $37 million, according to people familiar with the deal. While the East Hampton sale is one of the largest of the year so far in the Hamptons, the property fetched far less than its original asking price of $70 million in 2017. The property wasn’t publicly listed at the time of the sale.

Jim Simons’ Renaissance Scored a 39% Gain in its Flagship Medallion Fund as the Coronavirus Hammered Rivals (Business Insider)
Renaissance Technologies, a secretive hedge fund founded by the Cold War codebreaker and math professor Jim Simons, scored a 39% gain in its flagship Medallion fund this year through April 14, The Wall Street Journal reported on Friday. Medallion gained almost 10% in March, investors told The Journal. An estimated 75% of hedge funds posted losses that month as the coronavirus pandemic shook markets. Medallion’s outperformance fueled a 24% gain after fees for the first 15 weeks of this year, The Journal reported.

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Tonis Valing / Shutterstock.com

Akazoo Shares Tumble After Report From Short Activist Hedge Fund Quintessential Capital (Forbes)
Shares of Akazoo S.A. (NASDAQ NDAQ:SONG) plummeted on Monday morning after a report from short activist hedge fund Quintessential Capital Management. “We believe Akazoo is a scheme orchestrated by management to profit while egregiously deceiving investors,” QCM managing partner Gabriele Grego said on the Inaugural Contrarian Investor Virtual Conference. “We see signs of very suspicious accounting manipulation,” including cash inconsistencies and “a total lack of income taxes.”

Tiger Descendant Tybourne Maps Out Its Covid Plan (Institutional Investor)
The Hong Kong-based hedge fund breaks its post-pandemic strategy into three different groups. How are hedge funds navigating through the major dislocation and hyper volatility in the markets? Is the pandemic going to significantly change the way we live and the way companies do business, or will the old ways of doing things return eventually? The investors who get the answers to these questions…

Column: Hedge Funds Sense Crude at Turning Point But Not Fuels – Kemp (Reuters)
LONDON (Reuters) – Hedge funds were net purchasers of petroleum futures and options for the third week running last week as managers gambled that the market has already hit its trough. Hedge funds and other money managers purchased the equivalent of 29 million barrels in the six most important petroleum futures and options contracts in the week ending April 14.

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