Bill Ackman on Sam Bankman-Fried: I Think He’s Telling the Truth (Barron’s)
Sam Bankman-Fried has convinced at least one person with his media tour following the collapse of the cryptocurrency exchange FTX – the hedge-fund manager Bill Ackman. Bankman-Fried has spoken to multiple outlets, from Axios to the New York Times, and an interview with Good Morning America was set to be aired early on Thursday. In those interviews, he maintains he didn’t commit fraud, that he didn’t knowingly commingle funds, and that he was surprised by how large was the position of the hedge fund Alameda that he owned.
The Power Play by Hedge Fund D.E. Shaw (Axios.com)
D. E. Shaw, one of the world’s largest hedge funds, is also among the nation’s largest independent power producers. The New York fund has become an unlikely and key renewables player as the space gears up for production in the wake of the Inflation Reduction Act. Why it matters: With roughly $60 billion in assets under management, D. E. Shaw has the financial strength to remake the clean energy industry. State of play: D. E. Shaw’s renewable investments arm is known as DESRI. Its sheer size has given it an edge on pricing power for off-take agreements and power purchase agreements (PPAs).
Muddy Waters Doubles Down on Allegations of dLocal Balance Sheet Discrepancies (Reuters)
Hedge fund Muddy Waters repeated its stance that Uruguayan payments firm dLocal’s books showed numerous discrepancies in a note Thursday, adding it was “more convinced than before” that dLocal had used client funds to pay a special dividend to its shareholders from before its initial public offering (IPO). Since the allegations from Muddy Waters last month, dLocal has held calls with clients from several banks, Muddy Waters said. JP Morgan said in a note following its call that dLocal stressed it had separated client funds from its own.
Source: pexels
Hedge-Fund Trader Shah Can be Tried in Germany Over Tax Scandal (Bloomberg)
Sanjay Shah, the hedge-fund founder wanted by Denmark for allegedly masterminding a $2 billion Cum-Ex tax fraud scheme, can also be tried in Germany, a local court ruled. A case against Shah, who is currently locked up in a Dubai jail, and six others can go to trial, a spokesman for the Hamburg Regional Court said Thursday, without giving further details. Sueddeutsche Zeitung reported the ruling earlier.
Rishi Sunak’s Old Hedge Fund Boss Paid Himself $1.9 Million a Day this Year (Fortune)
The U.K. is in the throes of a cost-of-living crisis, with real wages declining at a record rate this year—but amid the economic turmoil, one of the country’s wealthiest people cashed in on a record payday as his hedge fund’s profits skyrocketed. Billionaire Chris Hohn, who founded TCI Fund Management in 2003 and serves as its director, paid himself a dividend of almost $690 million this year, documents filed with the British government this week showed—the equivalent of almost $1.9 million a day.
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.
