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.
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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.
Andurand Sees Record Carbon Heading Even Higher on EU Reforms (Bloomberg)
Andurand Capital Management, a hedge fund mostly known for its big bets on oil prices, expects the cost of polluting to surge even more in Europe as the region unveils key reforms to its emissions market to meet stricter climate goals. Next month’s proposed overhaul of the world’s biggest carbon market will help speed up the European Union’s transition to a sustainable economy and could lure more institutional investors, according to Mark Lewis, Andurand’s new head of climate research.
Hedge Fund Not Sure Hedge Funds Worth Hedge Fund Fees (Deal Breaker)
A hedge fund helmed by a veteran of one of the world’s most successful hedge funds which took a bath on its GameStop short is closing. No, not that one. White Square Capital, run by former Paulson & Co trader Florian Kronawitter, told investors that it would shut its main fund and return capital this month after a review of its business…. White Square, which at its peak managed about $440m in assets, had bet against GameStop, say people familiar with its positioning, and suffered double-digit per cent losses in January.
Hedge Funds Perform In Line With The Broader Market For May (Forbes)
The Eurekahedge Hedge Fund Index gained 0.87% in May, roughly in line with the return in the broader equity market as measured by the MSCI ACWI (local)’s 0.83% return. On a year-to-date basis, hedge funds were up 7.71%, the highest May year-to-date return since 2009, despite the pandemic.
Magma Capital Funds lunches the Obsidian Fund (Opalesque)
Magma Capital Funds, a quantitative investment manager that leverages volatility-based, multi-asset strategies, announced the launch of the Obsidian Fund, a new investment product that will provide current and former professional athletes access to an actively managed, artificial-intelligence driven fund model. According to a press release from the Chicago-based firm, Obsidian – constructed as a sister fund to Magma’s Total Return Fund – is designed for all market environments, to provide consistent returns no matter the direction of the market.
The Chairman of Vizsla Resources (Other OTC: VIZSF) is Buying Shares (Analyst Ratings)
Today, the Chairman of Vizsla Resources (VIZSF), Craig Andrew Parry, bought shares of VIZSF for $4.15M. This recent transaction increases Craig Andrew Parry’s holding in the company by 23% to a total of $18.13 million. This is Parry’s first transaction since reporting a Buy transaction on TSE:SURG back in November 2020. The company has a one-year high of $2.37 and a one-year low of $0.32.
A Swiss Court has Found a Well-Known Turnaround Manager Guilty of Insider Dealings, the First Case Involving Someone that Prominent in a Country Which has So Far Tiptoed Around Enforcing Insider Trading Laws. (FinNews.com)
A Swiss criminal court found Hans Ziegler guilty of several counts of insider trading, industrial espionage, and breaching confidential company information, according to Swiss newswire «AWP» (in German). Ziegler was given to a two-year suspended sentence, a fine of 10,000 Swiss francs ($10,900), and ordered to pay restitution of 770,000 francs. Ziegler, one of Switzerland’s most respected and best-known turnaround experts, went on to a boardroom career including stints at apparel maker Charles Voegele and steel products maker Schmolz+Bickenbach. His prosecution is emblematic of far stricter enforcement of Swiss insider trading rules, which were buttressed more than ten years ago.
Crispr Therapeutics Ag (CRSP) CEO Samarth Kulkarni Sold $3.8 million of Shares (Guru Focus)
CEO of Crispr Therapeutics AG, Samarth Kulkarni, sold 30,000 shares of CRSP on 06/15/2021 at an average price of $126.43 a share. The total sale was $3.8 million.
