Advanced Oncotherapy Bags Investment from Hedge Fund Group Odey Asset Management (Proactive Investors)
Multi-millionaire hedge fund manager Crispin Odey’s investment company has backed a £6mln fundraiser by Advanced Oncotherapy PLC (AIM:AVO). Odey Asset Management stumped up £4.5mln as it and other supporters of the group subscribed for new shares at a 19% premium to Monday’s close. The equity comes with a warrant attached exercisable above 25p a share. The cash injection will help get the AVO’s next-generation proton beam therapy system up and running.
Tiger Global’s Day of Reckoning May Never Come (Bloomberg)
New York-based Tiger Global Management is taking a lot of heat for incurring one of the largest-ever losses by a hedge fund this year. Things could have been a lot worse for the tech-focused investor, which became the world’s busiest venture capitalist last year. Paper losses at Tiger’s stock-picking arm are staggering. Its main hedge fund, which managed $20.5 billion at the end of 2021, was down 52% in the first five months. Its other large long-only stock fund fell 61.7%. Stumbles of this scale prompted the firm to cut its management fees, perhaps as a gesture of apology to its investors.
Cathie Wood: NFTs, DeFi, Digital Wallets will Become Important, Huge Opportunities (CNBC)
Ark Invest CEO Cathie Wood said Tuesday that digital property rights related to non-fungible tokens (NFTs) and decentralized finance (DeFi) that have underpinned the emergence of Web3 “are going to become incredibly important.” “DeFi has taken off and we’re impressed at how robust the ecosystem has been,” Wood said on CNBC’s “Squawk Box,” adding that the “token revolution” surrounding NFTs is “most in its infancy.”
How These 3 Hedge Funds are Up More than 100% Even as Markets Slump and Other Managers Struggle (Business Insider)
Some hedge funds are having a tough first half of the year, but others are winning in a tumultuous market environment. New York-based global macro hedge fund Haidar Capital Management, e360’s Power Fund, a commodity-based hedge fund in Austin, Texas, and investor Crispin Odey’s eponymous hedge fund have topped the charts for their performance over the five months ending in May, according to a report by Societe Generale’s prime services business.
Crypto Hedge Fund Three Arrows Capital is an ‘Old-Fashioned Madoff-Style Ponzi Scheme,’ Research Firm FSInsight Says (Fortune)
The crypto industry was “brought to its knees” in recent weeks by an “old-fashioned Madoff-style Ponzi scheme” wrapped in a trade that was similar to the positions that sunk Long Term Capital Management (LTCM),” research firm FSInsight said in a report Friday looking at the implications of the implosion of cryptocurrency hedge fund Three Arrows Capital (3AC). Madoff in this scenario would be the founders of 3AC, Su Zhu and Kyle Davies, who used their reputation to “recklessly borrow from just about every institutional lender in the business,” resulting in pain for some high-profile names in the industry, including Voyager Digital, Babel Finance and BlockFi, Sean Farrell, head of digital asset strategy at FSInsight, wrote in the report.