Dan Loeb’s Hedge Fund Third Point Among Those in Talks for $9.4B FTX Rescue (CoinDesk)
Sam Bankman-Fried has had discussions with Tron founder Justin Sun, rival crypto exchange OKX, Dan Loeb‘s Third Point, and a number of other investment funds as he looks to raise $9.4 billion for FTX, according to Reuters. Per the report, SBF is looking to raise about $1 billion from Sun, another $1 billion from OKX, and $2 billion from a group of investment funds, with the remainder to come from Dan Loeb’s hedge fund Third Point.
$14 Billion Investment Company Schonfeld Opens New Office In Summit (Patch.com)
SUMMIT, NJ — Schonfeld Strategic Advisors, a New York City-based hedge fund, recently opened a new office in downtown Summit. The $14 billion family office-turned-hedge fund opened its Summit office this past September, arguing that the new location provides “further access to the Tri-State area’s exceptional talent” and provides more flexibility for its employees.
Cathie Wood’s ARKK ETF Heads for Best Day Ever as Risk Assets Surge (Bloomberg)
Cathie Wood’s flagship fund is on pace to have its best day on record as riskier assets bounce following a softer-than-expectation inflation report. The ARK Innovation ETF (ticker ARKK) surged near 13% on Thursday after data showed that prices rose slower than forecast, which fueled bets that the Federal Reserve could dial back its aggressive tightening efforts. That’s good news for riskier assets that have been weighed down by the central banks rate-hiking efforts.
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Credit Hedge Fund Astra Asset Management Partners with Harland & Wolff (Hedge Week)
Astra Asset Management, a European alternative credit manager and private credit manager, has been selected as the exclusive financing partner to Harland & Wolff, the operator of one of Europe’s largest dry docks in Belfast, Northern Ireland. Over its 161-year history, Harland & Wolff has been at the forefront of the UK’s offshore and maritime engineering industry. Some of its heritage works include the construction of HMS Britannia and the Myrina; the first UK-made supertanker.
The Billionaire Winners And Losers Of The 2022 Midterm Election (Forbes)
Billionaires may be considered paragons of success, but they aren’t all wise investors—especially when it comes to politics. After all, three vied for the presidency in 2020, and none of them ended up in the White House. This year, many of the nation’s tycoons poured hundreds of millions into the battle for Congress, as well as state and local races. It’s still too soon to know exactly how all those bets will turn out, but here are some early winners and losers. Winners: George Soros: The hedge fund investor and one of his groups routed $13 million into a super-PAC supporting Democrats running for the Senate. That super-PAC’s spending in Pennsylvania paid off, as John Fetterman defeated Mehmet Oz in a critical race.
Swedish Savers Embrace Hedge Funds (Hedge Nordic)
Stockholm (HedgeNordic) – Fund savers in Sweden channeled a net SEK 1.9 billion into hedge funds in October, according to Fondbolagens förening, the Swedish Investment Fund Association. The figure brings this year’s net inflows to hedge funds to an estimated SEK 9.2 billion, offsetting net outflows from equity, mixed and fixed-income funds. Although Fondbolagens förening collects data from a small subset of the Swedish hedge fund industry, the fund flow statistics could be indicative of increasing investor interest towards hedge funds in the Nordic region.
Goldman Sees Clients Coming Back in ‘Flight to Quality’ as Crisis Engulfs Crypto Firms (Financial News)
Goldman Sachs’ head of crypto trading says investors are “coming back” to the bank to carry out crypto trades after being spooked by crises at digital assets firms such as FTX. Andrei Kazantsev told Financial News that traditional hedge fund and asset manager clients had previously flirted with crypto firms, but are now reverting to institutions such as Goldman because of “counterparty risk” in the digital assets space. He said the process was a “flight to quality”.
Crypto Hedge Fund Galaxy Digital Reveals $76,800,000 Exposure to FTX Collapse (DailyHodl.com)
Crypto asset manager Galaxy Digital has revealed that it has tens of millions of dollars worth of exposure to embattled crypto exchange FTX. In a new quarterly financial update, Galaxy Digital says it has an exposure of about $76.8 million of cash and digital assets to FTX, $47.5 million of which it is currently attempting to withdraw.
Wednesday 11/9 Insider Buying Report: VRNS, CVNA (Nasdaq.com)
On Monday, Varonis System’s SVP of Worldwide Sales, James O’boyle, made a $1.00M buy of VRNS, purchasing 60,000 shares at a cost of $16.72 a piece. O’boyle was up about 10.4% on the buy at the high point of today’s trading session, with VRNS trading as high as $18.46 at last check today. Varonis System is trading off about 3.5% on the day Wednesday. And also on Monday, Director Michael E. Maroone bought $861,000 worth of Carvana, buying 100,000 shares at a cost of $8.61 a piece. Before this latest buy, Maroone made one other purchase in the past twelve months, buying $2.62M shares for a cost of $104.77 each. Carvana is trading up about 3.8% on the day Wednesday. Bargain hunters are able to snag CVNA at a price even lower than Maroone did, with shares trading as low as $7.26 at last check today which is 15.7% below Maroone’s purchase price.
30.71M Reasons To Be Bullish On Fulgent Genetics Stock (Benzinga)
Ming Hsieh, Chief Executive Officer at Fulgent Genetics (FLGT), reported a large insider buy on November 9, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Wednesday showed that Hsieh purchased 786,987 shares of Fulgent Genetics. The total transaction amounted to $30,705,084.
