BlackRock-Soros Feud Is a Microcosm of Wall Street’s China Dilemma (The Wall Street Journal)
Talk about a Wall Street showdown. George Soros is battling it out with Larry Fink over investing in China. The world’s largest money manager, BlackRock , has raised around $1 billion for a mutual fund for Chinese individuals, the first and only foreign firm allowed to do so in the country. More may soon follow suit. The country’s growing middle class offers largely untapped opportunities for foreign investment-management firms. BlackRock’s internal think tank also recommended in August that global investors boost exposure to China.
The Bill Ackman SPAC Debacle is the Perfect Example of What Happens When a Market Bubble Meets a Star Investor’s Hubris (Business Insider)
Bill Ackman should say nothing, not one word, until he finds a fix for his stunning tone deafness. The famous, swashbuckling investor can afford to find a good one. Ackman’s hedge fund, Pershing Square Capital, made over $2.5 billion in less than two weeks by betting on the market chaos of March 2020. That may have been his fastest billion, but it certainly was not his first.
Box Prevails in Fight with Starboard Over Board Seats-Sources (Reuters)
Sept 9 (Reuters) – Box Inc (BOX.N) is poised to win a proxy contest against Starboard Value after the cloud services provider’s shareholders backed all three board directors that the hedge fund was challenging, people familiar with the matter said on Thursday. The sources cautioned that it was possible that the outcome could still change when Box’s annual shareholder meeting is convened later on Thursday. They asked not to be identified because the matter is confidential.
Photo by Austin Distel on Unsplash
Fintech Start-Up Varo Bank Triples Valuation to $2.5 Billion After Gaining Bank Charter (CNBC)
Varo Bank has more than tripled its valuation after gaining a national banking charter last year, CNBC has learned. The company is set to announce Thursday that it raised $510 million in a Series E round led by hedge fund Lone Pine Capital and including dozens of new and existing investors. The firm’s valuation rose to $2.5 billion from approximately $700 million after its previous fundraising, according to people with knowledge of the matter.
China Quant Hedge Funds Under Scrutiny as Stock Turnover Jumps (Bloomberg)
Chinese officials are stepping up scrutiny of quantitative trading after the securities regulator warned against possible problems caused by computer-driven transactions. Regulators consulted some top quant funds this week about the potential impact of trading on the market, people with knowledge of the matter said. Similar communications have taken place previously and regulators haven’t requested any curbs on fund size or trading frequency as of now, the people added, asking not to be named because the discussions are private.
