Brevan Howard Shuts Main Fund to New Cash as Fortunes Improve (Bloomberg)
Brevan Howard Asset Management has stopped accepting new cash into its two biggest multi-manager funds after the firm’s record year of performance swelled the money pools. Assets in the Brevan Howard Master Fund, its main strategy, have more than doubled since the start of last year to more than $7 billion, and the money manager wants to control the size to maintain returns, according to people with knowledge of the matter. The firm has also closed the Brevan Howard Alpha Strategies Master Fund to new investment for similar reasons, said the people, who asked not to be identified as the information is private.
GlaxoSmithKline Talks Up Growth Prospects as Activist Investor Elliott Looms (The Wall Street Journal)
Pharmaceutical giant GlaxoSmithKline PLC pledged to accelerate growth and gave further details of the long-planned separation of its consumer-healthcare business, as it seeks to ward off a potential clash with activist investor Elliott Management Corp. The British company said Wednesday that it expects revenue from drugs and vaccines to hit at least £33 billion, equivalent to $46 billion, by 2031, compared with the £24 billion it reported for those businesses last year. It forecast sales to grow at least 5% a year from 2021 to 2026 and adjusted operating profit to increase by at least 10% a year over the same period.
Canyon Capital Founder Lists Museum-Like Los Angeles Mansion for Nearly $50 Million (Barron’s)
A museum-like contemporary mansion asking a hair under $50 million in the endlessly affluent Los Angeles neighborhood of Beverly Hills has just emerged on the market. Spanning more than 13,400 square feet, the custom-designed “masterpiece” is a “rare offering,” according to the listing with Victoria Risko of Sotheby’s International Realty, who brought the home to the market on Monday. She was not immediately available to comment. The property is being sold by hedge funder Mitchell Julis, co-founder of Canyon Capital Partners — a $24 billion hedge fund, which after decades in Los Angeles is reportedly relocating to Dallas.
Tough Start to the Summer for CTAs (Hedge Nordic)
Stockholm (HedgeNordic) – After a solid May for a range of CTA strategies, from classic trend-followers to machine learning-driven programs, CTAs are not enjoying a great start to the summer. The SG CTA Index is down 2.8 percent month-to-date through June 22, while the SG CTA Trend Sub-Index following trend-followers is down 4.3 percent this month. Some Nordic CTAs are struggling too so far this month.
Net Inflows of USD23.3bn in April Put Hedge Fund Assets Up Nearly 40 per cent Year-on-Year (Hedge Week)
Net Inflows of USD23.3 billion in April signaled a continued vote of investor confidence in the hedge fund industry. This result represented an increase in industry AUM of .6 per cent on the month and built momentum on the previous month’s USD19.1 billion increase in assets, according to the Barclay Fund Flow Indicator published by BarclayHedge. Industry trading profits exceeded USD55.5 billion in April and carried the industry’s aggregate AUM figure past the USD4.18 trillion mark.