Hedge Fund King Street Raising Funds for ‘Slow-Motion Car Crash’ in Credit (Bloomberg)
Brian Higgins has helped guide King Street Capital Management to pounce on some of the most high-profile distressed debt events of the past two decades, from Lehman Brothers Holdings to Revlon Inc. to WeWork Inc. Now the $23 billion hedge fund’s co-founder is gearing up with his colleagues to seize on opportunities as rising interest rates and a weakening economy pinch companies laden with debt taken on when borrowing costs were much lower.
Crispin Odey Under Investigation Over Sexual Misconduct Charges (The Wall Street Journal)
The U.K.’s Financial Conduct Authority is investigating whether hedge-fund manager Crispin Odey is a “fit and proper person” to work in financial services, and has been in contact with police regarding sexual-misconduct allegations against him. The financial regulator confirmed Wednesday it was investigating Odey and said it was also investigating the London hedge fund he founded more than thirty years ago, Odey Asset Management. The probe focuses on allegations that Odey dismissed the hedge fund’s executive committee for “an improper purpose,” the FCA said. It didn’t provide further details. The Financial Times newspaper previously reported that Odey allegedly fired the committee in 2021 in the midst of an investigation into his conduct.
Pershing Square ‘Fundamentally Mispriced’, Says Investec (CityWire.com)
A reputation as a high-charging hedge fund has left Bill Ackman’s strategy on a 33% discount despite delivering the best five-year returns of any North America fund. With all sectors of investment companies trading below asset value as high inflation and interest rates alarm stock markets, contrarian investors are spoiled for choice looking for potential closed-end fund bargains. Analysts at Investec believe there are fewer bigger opportunities right now than Pershing Square Holdings (PSH), the £6.1bn, FTSE 100-listed North America equities fund in whose shares the broker makes a market.
Photo by Marga Santoso on Unsplash
Hedge Fund Confidence Falls on Macroeconomic and Geopolitical Concerns (Hedge Week)
The average confidence of hedge fund mangers in the economic prospects of their businesses over the coming 12 months fell slightly in the second quarter of the year to +14.2, from +16.3 in Q1, according to the latest AIMA Hedge Fund Confidence Index (HFCI). The downturn, which drags the HFCI further away from the historic average of +17.5, comes despite a slightly greater percentage of respondents representing managers with more than $1 billion in assets (77% in Q2 versus 71% in Q1), and the average AUM of respondents also increasing to $7.9 billion, up by almost $1 billion from the prior quarter – both historic indicators of greater confidence.
RAM Reaches the End of the Road (Hedge Nordic)
One of the longest-running hedge funds in Sweden, RAM ONE, is shutting down. After over two decades of operation, Swedish hedge fund boutique RAM Rational Asset Management has decided to close all three of its funds and initiate the liquidation process. The management team acknowledges the challenges they have faced in generating the desired risk-adjusted returns in recent years, leading to the decision to cease the management of long/short equity fund RAM ONE, its younger UCITS version, and a recently-launched long-only equity fund named RAM Long Active Value.
Insider Buying: Hedge Fund Legend Makes A Series Of Stock Purchases In Premium Digital Smart Home Fitness Company Interactive Strength (NASDAQ: TRNR – “FORME”) (Benzinga)
Notable hedge fund manager Bradley Wickens has made a series of insider purchases adding to his position of more than a 10% holder in premium digital smart home fitness company Interactive Strength Inc. (TRNR) “FORME”. FORME is a digital fitness platform that combines premium connected fitness hardware products with live virtual 1:1 personal training. The Company completed an IPO in May and aims to establish itself as a leader in the premium fitness training market by combining at-home convenience with cutting-edge personal training services through its award winning connected hardware products.
Decentralized Hedge Fund VC Spectra (SPCT) Raises $2.4 Million in Seed Sale Round (Crypto Slate)
VC Spectra (SPCT), a decentralised hedge fund, is currently 70% into its first stage of its public presale. The private seed sale, which raised $2.3 million in just two weeks, has filtered through into the public presale. A leading firm in the fintech and blockchain space, VC Spectra aims to provide financial growth through strategic investments and initial coin offerings (ICOs). With a sustainable development approach and a focus on reducing risks and uncertainties, VC Spectra offers investors access to a wide range of blockchain ventures.
How This Fund has Given North East Businesses Thirty Million Ways to Grow (Yahoo.com)
A milestone £30million of investment has been delivered across the Tees Valley as part of the Northern Powerhouse Investment Fund. NPIF – FW Capital Debt Finance, is managed by FW Capital and is part of the NPIF. FW Capital has supported 63 ambitious, high-growth SMEs in the region with finance for growth. The loans delivered have attracted co-investment of more than £31million from the private sector.
$1.5M Bet On ONEOK? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Black Diamond Therapeutics: The Trade: Black Diamond Therapeutics, Inc. (BDTX) 10% owner BB Biotech AG acquired a total of 1,740,000 shares an average price of $5.49. To acquire these shares, it cost around $9.56 million. ONEOK: The Trade: ONEOK, Inc. (OKE) President and CEO Pierce Norton acquired a total of 24,607 shares at an average price of $60.96. To acquire these shares, it cost around $1.5 million.
ATO Punts $6.8 Million on Nuix (AFR.com)
As Department of Finance head Jenny Wilkinson was issuing new guidelines last month for Commonwealth tenders to consider governance concerns, the Tax Office was doubling down on its commitment to troubled tech stock Nuix with a whopping $6.8 million contract extension. Nuix and its board is facing civil action from ASIC over what the corporate regulator says was breaches of directors’ duties and continuous disclosure obligations. ASIC also has an insider trading investigation over shares traded by Nuix CEO Jonathan Rubinsztein announced publicly to the market in May of this year. Then there’s the class action over the 2020 prospectus.
