Hedge Funds Millennium, Brevan Howard Move to Fine New Hires That Back Out (Bloomberg)
Millennium Management and Brevan Howard Asset Management want to penalize money managers who agree to join the firms but later change their minds, in an unusual step to protect themselves from the competition for talent in the hedge fund industry. The two firms are asking new hires to agree to terms in their employment contract that can force them to pay damages if they do not start work as planned, according to people with knowledge of the matter. Conversely, the trader would get paid if the hedge funds decide to pull the job offer, the people said asking not to be identified because the information is private.
Engine Capital Wants Univar to Consider Sale (Hedge Week)
Activist hedge fund Engine Capital wants chemical distribution business Univar Solutions to consider a sale or other strategic options, following news that competitor Brenntag has opened preliminary discussions to acquire the business. Engine Capital, which owns about 1% of Univar, believes that interest from a direct competitor confirms its view that Univar is undervalued and an attractive acquisition target.
Thursday 12/1 Insider Buying Report: PLD, HLMN (Nasdaq.com)
At Prologis, a filing with the SEC revealed that on Monday, Director David P. Oconnor bought 9,000 shares of PLD, for a cost of $114.13 each, for a total investment of $1.03M. So far Oconnor is in the green, up about 4.7% on their buy based on today’s trading high of $119.49. Prologis is trading up about 0.9% on the day Thursday. This purchase marks the first one filed by Oconnor in the past twelve months. And at Hillman Solutions, there was insider buying on Wednesday, by CFO and Treasurer Robert O. Kraft who purchased 65,000 shares at a cost of $7.65 each, for a trade totaling $497,380. Before this latest buy, Kraft made one other purchase in the past year, buying $491,768 shares at a cost of $10.35 a piece. Hillman Solutions is trading up about 8.3% on the day Thursday. So far Kraft is in the green, up about 19.2% on their buy based on today’s trading high of $9.12.
Goldman Sachs, Walmart And These 2 Stocks Insiders Are Selling (Benzinga)
Goldman Sachs Group: The Trade: The Goldman Sachs Group, Inc. (GS) President and COO John Waldron sold a total of 13,481 shares at an average price of $385.10. The insider received around $5.19 million from selling those shares. Walmart: The Trade: Walmart Inc. (WMT) President and CEO Douglas McMillon sold a total of 9,708 shares at an average price of $152.12. The insider received around $1.48 million from selling those shares.
Investors Shy Away from Crypto Hedge Funds as FTX Contagion Fears Spread (Financial News)
Investors are shying away from crypto hedge funds as the collapse of FTX kickstarts a contagion that has rocked the digital assets space. The ripples of FTX’s collapse have spread quickly across crypto. On 28 November, BlockFi became the latest firm to file for bankruptcy amid significant exposure to the fallen exchange.
