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.
Optimizing for Performance (Hedge Nordic)
Stockholm (HedgeNordic) – After almost 20 years of equity market experience from three of the largest banks in the Nordics, Pontus Dackmo launched earlier this year a “Protean” hedge fund alongside now-former Didner & Gerge portfolio manager Carl Gustafsson. As the name suggests, Protean Select is a flexible and opportunistic long-biased equity fund “optimized for performance.” “We have deliberately chosen to optimize for performance because we are managing our own money in this fund in addition to other investors’ capital,” says Dackmo.
Brookfield Buys Two US Renewable-Power Firms for $1.54 Billion (Bloomberg)
Brookfield Asset Management Inc. acquired two US renewable-power companies — Scout Clean Energy and Standard Solar — for a total of $1.54 billion and plans to invest as much as $510 million to further develop those businesses. The deals were made by Brookfield Renewable Partners LP, a publicly traded subsidiary of the Toronto-based asset manager, and funded by the parent’s $15 global transition fund, according to a statement Thursday. That fund, led by former Bank of England Governor Mark Carney, is the world’s largest focused on the global transition to clean energy.
Portfolio Allocation in Alternatives: All Assets (Preqin)
Portfolio managers have so many complex decisions to make to balance their funds to reduce risk and enhance returns. Since the Global Financial Crisis, investors have sought assets that produce high-risk adjusted returns, prompting them to consider new allocations to diversify portfolios. To help you visualize the different scenarios and decide which asset classes to include in your portfolios, we have created the Preqin Portfolio Allocation in Alternatives series.
Thursday 9/29 Insider Buying Report: GEG, OII (Nasdaq.com)
On Wednesday, Great Elm Group’s, Matthew A. Drapkin, made a $221,458 purchase of GEG, buying 111,334 shares at a cost of $1.99 each. So far Drapkin is in the green, up about 4.9% on their purchase based on today’s trading high of $2.09. Great Elm Group is trading trading flat on the day Thursday. Before this latest buy, Drapkin purchased GEG on 10 other occasions during the past twelve months, for a total cost of $1.17M at an average of $2.27 per share. And on Tuesday, Director Steven A. Webster purchased $191,675 worth of Oceaneering International, purchasing 25,000 shares at a cost of $7.67 each. Before this latest buy, Webster made one other purchase in the past year, buying $218,052 shares at a cost of $8.72 a piece. Oceaneering International is trading up about 0.4% on the day Thursday. So far Webster is in the green, up about 4.3% on their buy based on today’s trading high of $8.00.
Dropbox, Chipotle And These 2 Stocks Insiders Are Selling (Benzinga)
Chipotle Mexican Grill: The Trade: Chipotle Mexican Grill, Inc. (CMG) Chief Legal Officer Roger Theodoredis sold a total of 2,318 shares at an average price of $1,402.57. The insider received around $3.25 million from selling those shares. Booz Allen Hamilton: The Trade: Booz Allen Hamilton Holding Corporation (BAH) Director Melody C Barnes sold a total of 1,806 shares at an average price of $92.94. The insider received around $167.85 thousand from selling those shares.
