Cathie Wood Says Binance Legal Woes Good for Coinbase (Bloomberg)
Cathie Wood said Binance Holdings Ltd.’s US legal problems will benefit its rival Coinbase Global Inc. The world’s two biggest cryptocurrency exchanges are facing a regulatory crackdown including allegations this week filed by the US Securities and Exchange Commission that they are peddling unregistered securities.
JPMorgan and Morgan Stanley Review Prime Broking Ties with Odey Asset Management – Sources (Reuters)
JPMorgan (JPM.N) and Morgan Stanley (MS.N) are reviewing their prime broking relationships with Odey Asset Management after allegations of sexual misconduct and bullying by Crispin Odey reported by the Financial Times and Tortoise Media on Thursday, sources familiar with the matter said. The FT reported that 13 women alleged Odey had sexually assaulted or harassed them over a 25-year period.
Billionaire Marc Lasry, Who Sold His Stake in the Milwaukee Bucks, Says the Next “Big Opportunity” is in Women’s Sports (Business Insider)
Billionaire Avenue Capital founder Marc Lasry says the next “big opportunity” in sports investing is in women. The former co-owner of the NBA’s Milwaukee Bucks is launching a sports fund and eyeing opportunities in women’s sports and foreign basketball teams, he said at the Bloomberg Invest conference Wednesday. “There’s this tremendous amount of demand,” Lasry said. He added the audience for men’s sports in the US will likely fall while women’s sports will keep growing and “sooner or later take over by the media rights as well.”
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Top 10 U.S. Hedge Funds Of 2023 (Forbes)
Hedge funds are the ultimate asset class for ultra wealthy investors. Catering to the needs of high- and ultra-high net worth individuals, worldwide hedge funds manage more than $4 trillion in assets. According to the Financial Times, the total number of hedge funds around the world is greater than the number of Burger King restaurants—30,077 funds compared to a mere 18,700 Burger Kings. Of this multitude of investment managers, a majority of 65% can be found in the United States.
Thyra Hedge Capitalizes on the AI Boom (Hedge Nordic)
Stockholm (HedgeNordic) – After experiencing both ups and downs in performance over the past few years, tech-focused long/short equity fund Thyra Hedge is enjoying its best year since inception with an advance of 11.6 percent in the first five months of 2023. The fund managed by Inge Heydorn has successfully capitalized on the increasing popularity and advancements in artificial intelligence (AI).
Schonfeld Hiring Spree Continues with Appointments in London and New York (Hedge Week)
New York-based multi-strategy hedge fund firm Schonfeld has continued its hiring spree with senior appointments on both sides of the pond – portfolio manager Andrew Prentice in London, and head of business analytics Amit Gupta in the Big Apple, according to a report by eFinancial Careers. Prentice, an Oxford-educated physicist, was most recently an executive director at Goldman Sachs, working in European government bond trading. He previously worked for Deutsche Bank and Barclays.
Hedge Fund Point72 Hired Jefferies’ CTO (eFinancialCareers.com)
Multistrategy hedge funds are hiring in a big way this year and Point72, the hedge fund of New York Mets owner Steve Cohen, is no different. It’s not about portfolio managers though: Point72’s latest addition is a new chief information security officer (CISO): Ramin Safai. Safai joined this month from Jefferies, where he was both CISO and CTO. He spent 12 years at Jefferies, joining as a managing director and chief information security officer in 2011, before also being promoted to CTO in 2015.
Hedge Funds Post Mixed Performance in May (Opalesque)
Opalesque Industry Update – Hedge funds posted mixed performance in May as banking volatility evolved throughout the month following the closure and acquisition of First Republic Bank by J.P. Morgan. Financials and Energy declined for the month though Technology and AI surged through May-end and into June. The HFRI 500 Fund Weighted Composite Index declined – 0.2 percent (estimated) in May as managers navigated banking, energy and (primarily positive) technology volatility with performance led by Relative Value Arbitrage and Macro strategies. The HFRI Fund Weighted Composite Index (FWC) posted mixed performance in May, also declining -0.2 percent, as modest gains in Relative Value strategies were offset by declines in Event-Driven strategies, according to data released by HFR.
Thursday 6/8 Insider Buying Report: LFMD, FCPT (Nasdaq.com)
At LifeMD, a filing with the SEC revealed that on Tuesday, Director Bertrand Velge bought 139,500 shares of LFMD, at a cost of $2.18 each, for a total investment of $303,878. So far Velge is in the green, up about 6.9% on their buy based on today’s trading high of $2.33. LifeMD is trading up about 2.7% on the day Thursday. This purchase marks the first one filed by Velge in the past twelve months. And at Four Corners Property Trust, there was insider buying on Wednesday, by Director Douglas B. Hansen who bought 9,425 shares at a cost of $26.53 each, for a trade totaling $250,045. This purchase marks the first one filed by Hansen in the past year. Four Corners Property Trust is trading down about 0.6% on the day Thursday.
$1.8M Bet On DISH Network? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
DISH Network: The Trade: DISH Network Corporation (DISH) Director James Defranco acquired a total of 300,000 shares an average price of $6.00. To acquire these shares, it cost around $1.8 million. M&T Bank: The Trade: M&T Bank Corporation (MTB) Sr. EVP and CFO Daryl Bible acquired a total of 10,000 shares at an average price of $120.61. To acquire these shares, it cost around $1.21 million.
