Ex-Millennium Exec Bobby Jain has Made His First Major Hire for the Industry’s Most Hotly Anticipated New Hedge Fund Launch (Business Insider)
Former Millennium executive Bobby Jain has made his first major hire as he lays the groundwork for what Wall Street professionals are expecting to be one of the largest ever hedge fund launches. Jain, previously co-CIO of Izzy Englander‘s Millennium Management, has tapped Bank of America executive Jonathan Barton as his chief operating officer, according to people familiar with the matter. Barton, a managing director and head of equities product development and strategic initiatives at BofA, will be tasked with helping build out the most hotly anticipated new fund in years. Before BofA, Barton was COO at Meru Capital and Old Lane; he started his career at Morgan Stanley.
Singapore Hedge Fund Files Wind-Up Case Versus China’s Kaisa (Bloomberg)
A Singapore-based hedge fund has filed a winding-up petition in Hong Kong against Kaisa Group Holdings Ltd., potentially complicating the Chinese builder’s debt-restructuring effort. Broad Peak Investment Advisers took the court action regarding alleged nonpayment of 170 million yuan ($24 million) of onshore bonds, Kaisa said in an exchange filing Monday. Most winding-up petitions filed against mainland developers in Hong Kong have involved dollar-denominated debt.
Starboard Pushing for Sale of Algonquin Power’s Renewable Assets (Hedge Week)
Algonquin Power & Utilities is being urged to sell a majority of its renewable assets to reduce debt and improve earnings by activist hedge fund Starboard Value, which recently revealed it had a built a 7.5% holding in the business and is now the power company’s largest shareholder, according to a report by Reuters. Algonquin, which has seen its debt pile rise to around $7.5bn following a series of acquisitions in recent years, said in May it would launch a review of its renewable energy group, following a push for changes by Corvex Management and other activist firms.
Monday 7/10 Insider Buying Report: DOMO (Nasdaq.com)
At Domo, a filing with the SEC revealed that on Thursday, Director Daniel David Daniel III purchased 26,400 shares of DOMO, for a cost of $13.54 each, for a total investment of $357,580. Daniel III was up about 5.6% on the buy at the high point of today’s trading session, with DOMO trading as high as $14.30 at last check today. Domo is trading up about 6.3% on the day Monday. Before this latest buy, Daniel III made one other buy in the past twelve months, purchasing $684,808 shares at a cost of $14.42 each.
Walmart Insiders Sell Over $15 Billion In Shares In First Half of 2023: A Look At Insider Stock Sales And A Comparison To GameStop’s Insider Purchases (Benzinga)
In a surprising turn of events, insiders at retail giant Walmart Inc (WMT) have reportedly sold over $15 billion worth of shares in the first half of 2023. This massive divestment has caught the attention of market analysts and raised questions about the implications for the company’s future. A closer examination of history reveals interesting patterns when it comes to speculation surrounding insider stock sales. Insider selling, particularly in large quantities, tends to attract attention and speculation from investors and analysts alike. The belief is that insiders, who possess intimate knowledge of a company’s operations and financial health, may be motivated to sell their shares if they anticipate a potential decline in the stock’s value.
