Hedge Fund Manager Bill Ackman Sees U.S. Long-Term Rates Rising (Reuters)
Billionaire investor Bill Ackman said he believed 30-year interest rates would rise further, while his Pershing Square Capital Management hedge fund remains short on bonds, as he sees inflation remaining stubbornly high. His comments came after the U.S. Federal Reserve held interest rates steady but stiffened a hawkish monetary policy stance that its officials increasingly believe can succeed in lowering inflation without wrecking the economy or leading to large job losses.
Hedge Funds Need to Plan for Failure, LTCM Founder Says (Bloomberg)
Twenty-five years is a long time to think about the consequences of your involvement in one of Wall Street’s most infamous bailouts. Victor Haghani, co-founder of Long-Term Capital Management, has come to believe that a better understanding of his personal risk would’ve helped the hedge fund balance its own dangers. “I was pretty young at the time when I was a founder. I was 31 years old and had just come out of Salomon Brothers,” he says. “I just was not thinking much about my own personal financial decisions.”
Former DMGT chief in talks to aid Marshall bid for Telegraph (Sky News)
Paul Zwillenberg, who stepped down as CEO of the Daily Mail publisher a year ago, is in talks to work with the hedge fund tycoon on an offer for the broadsheet newspapers, Sky News learns. A former chief executive of the Daily Mail’s publisher is being courted to work with bidders for its broadsheet rival, The Daily Telegraph. Sky News has learnt that Paul Zwillenberg, who stepped down as Daily Mail & General Trust (DMGT) chief last September, has held talks with Sir Paul Marshall, the hedge fund tycoon, about his interest in the newspaper.
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BlueCrest – The Upper Tribunal Considers The Salaried Member Rules (NatLawReview.com)
The Upper Tribunal (UT) has upheld the decision of the First‑tier Tribunal (FTT) regarding the application of the UK’s salaried member rules (the Rules) to certain members of BlueCrest Capital Management (UK) LLP (BlueCrest), an asset manager engaged in the provision of hedge fund management services. We previously reported on the FTT decision in June 2022. A high‑level summary of the relevant aspects of the Rules, which can treat certain limited liability partnership (LLP) members as employees, and the FTT’s decision is set out below. For more information on this decision and for further background on the Rules, please refer to our Tax Talks blog post from last year.
Hedge Fund Manager Revises Strategy Due to Robust Oil Market (Investing.com)
James Jampel, founder of Massachusetts-based HITE Hedge Asset Management, announced on Thursday that his previous strategy of shorting fossil fuel stocks is no longer viable due to the strong surge in oil prices. The hedge fund manager, known for his successful track record in shorting fossil fuel stocks, now acknowledges the considerable strength of the oil market. Jampel’s shift in investment strategy is primarily due to the intricate geopolitical landscape surrounding oil. This complexity has made it increasingly challenging to maintain a strategy of shorting fossil fuel companies – an investment tactic that generates profit when stock prices fall.
Goldman, Citadel Securities Pay SEC Millions Over Trade Labeling (Bloomberg)
Goldman Sachs Group Inc. and Citadel Securities each reached multimillion-dollar settlements with the Securities and Exchange Commission on Friday over how they labeled millions of trades. Goldman agreed to pay a $6 million fine for sending inaccurate or incomplete trading data to the SEC on at least 163 million transactions over the course of a decade. Meanwhile, the SEC said that a coding error at Citadel Securities led to short sales being labeled as longs, and vice versa, and that Ken Griffin’s market-making firm would pay $7 million.
CoinShares Targets US Investors as it Launches Hedge Fund Division (ProactiveInvestors)
CoinShares International, a major European cryptocurrency asset manager, has announced that it is launching a hedge fund division in the US as it prepares to roll out its offering to US investors. The move comes despite ongoing uncertainty around crypto regulation in the world’s largest economy. In an announcement on Friday, the Jersey-based company said through CoinShares Hedge Fund Solutions it will make a range of private investment products available to qualified US investors, its first expansion beyond its established European base.
A Small New York Hedge Fund has Secretly Managed $7 Billion for a Russian Oligarch for Over a Decade, the SEC Says (Business Insider)
A small, little-known New York hedge fund and its owner made tens of millions of dollars managing money for an unnamed Russian tycoon who has political clout in Moscow, the Securities and Exchange Commission said. On Tuesday, the US financial watchdog charged Concord Management, based in Westchester County, and its owner, Michael Matlin, with not registering with authorities that they were investing money on behalf of “a wealthy former Russian official widely regarded as having political connections to the Russian Federation.”
Thursday 9/21 Insider Buying Report: CECO, GRNT (Nasdaq.com)
On Monday, CECO Environmental’s Director, Richard F. Wallman, made a $159,900 buy of CECO, purchasing 10,000 shares at a cost of $15.99 each. CECO Environmental is trading off about 0.2% on the day Thursday. Before this latest buy, Wallman bought CECO on 2 other occasions during the past twelve months, for a total investment of $315,870 at an average of $14.36 per share. And at Granite Ridge Resources, there was insider buying on Monday, by Director Thaddeus Darden who purchased 20,000 shares at a cost of $5.74 each, for a total investment of $114,800. Before this latest buy, Darden made one other buy in the past twelve months, purchasing $18,420 shares at a cost of $6.14 each. Granite Ridge Resources is trading down about 0.2% on the day Thursday.
Around $19M Bet On Westrock Coffee? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Westrock Coffee: The Trade: Westrock Coffee Company (WEST) Director Michael Boylan acquired a total of 1,876,688 shares an average price of $10.00. To acquire these shares, it cost around $18.77 million. Ambrx Biopharma: The Trade: Ambrx Biopharma Inc. (AMAM) 10% owner Cormorant Private Healthcare Fund III LP acquired a total of 2,152,738 shares at an average price of $9.12. To acquire these shares, it cost around $19.63 million.
