Quant Hedge Fund Having a Good Year Cut Jobs, Hiked Pay (eFinancialCareers.com)
Quant fund AQR Capital Management (Europe) LLP has release results for its U.K.-based operation for 2021. Once again, they’re not entirely pretty. AQR Capital Management (Europe) (‘AQR’) cut staff (again) last year in response to falling profits. However, the staff that remained were paid much better than before. And globally at least, things at AQR are now looking up.
Boaz Weinstein Reveals the Secret Trade That Helped Make Him Famous (Bloomberg)
The Saba Capital Management founder talks about the little-known deal that showed him how to take on JPMorgan’s chief investment office, and describes the new opportunities he’s finding in today’s credit market upheaval. Boaz Weinstein thinks about markets differently than most credit traders. The 49-year-old founder of hedge fund Saba Capital Management spent his early career at Deutsche Bank AG, when credit-default swaps were just hitting the market. Over the next decade, he made a lot of money for the German lender trading CDS-effectively insurance against a corporate default-and the instruments remain a big part of his portfolio.
Billionaire Investor Ken Griffin Says a US Recession is Inevitable – and the Fed Needs to Stick to Its Guns to Reset Inflation (Business Insider)
Hedge fund billionaire Ken Griffin has warned the US will go into recession — the only question is when and how painful it will be. In a CNBC interview, the Citadel founder also acknowledged the Federal Reserve faces a tough job in tackling inflation, as interest rates are a “very blunt tool”. But he urged policymakers to keep hiking rates aggressively to make sure high prices don’t become accepted as the norm.
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Cadian Launches a New Fund (Institutional Investor)
A tech-driven hedge fund firm that has managed to succeed in a very difficult year is launching a new fund. Cadian Capital Management has launched Cadian Opportunities Fund and an offshore equivalent. These funds focus on high-conviction investments made by the firm’s flagship funds, according to a regulatory filing.
Canadian Biotech VC Firm Lumira Launches Hedge Fund to Bet on Public Companies (Hedge Week)
Private health science startup investor Lumira is setting up a hedge fund to bet on public copies it regards as having been oversold during the sector’s troubled past year, according to a report by The Globe & Mail. Toronto-based Lumira Ventures Opportunity Fund 1, will operate along the lines of vehicles established by other established US biotech investors – including OrbiMed Advisors LLC, HIG Capital and Baker Brothers Advisors – and back both public and private companies. Biotech equities analyst David Novak, previously managing director with Raymond James in Toronto, has been recruited to manage the new hedge fund.
