The 10 Richest Hedge Fund Managers In The World Today (Celebrity Net Worth)
The past year and a half has been GREAT for hedge fund managers. After taking a temporary beating in the early days of the beginning of pandemic, hedge fund managers have bounced back in a big way. Today, the top 25 richest hedge fund managers are now worth a combined $220 billion. That’s up $35 billion from last year. The biggest gainer in this elite group, for the second year in a row, is Chase Coleman. The 45-year-old founder of Tiger Global Management saw his net worth surge by more than $6 billion over the past year. Tiger Global Management manages $65 billion and has had net average annual returns of more than 20% since it was founded in 2001. Renaissance Technologies‘ Jim Simons is the richest hedge fund manager in the U.S. for the fourth year in a row.
Detroit Biz Approved to Buy Half of Ocean Casino for $175M (NJBiz)
New Jersey gaming regulators approved the bid for a Detroit-based hedge fund to acquire half ownership of Ocean Casino Resort for $175 million. Holding company Ilitch organization will own 50% while Ocean’s current owners, New York hedge fund Luxury Capital Group, will retain the remaining half. The plans were approved following two days of meetings by state gaming regulators, first by the New Jersey Division of Gaming Enforcement on Oct. 13, and by the state’s Casino Control Commission the next day. The sale is expected to go through in the next 30 days.
Jana Partners Takes Stake in Macy’s, Urges E-Commerce Spinoff (The Wall Street Journal)
An activist shareholder has taken a stake in Macy’s Inc. and is urging the famed retailer to spin off its fast-growing e-commerce business, according to people familiar with the matter. Jana Partners LLC sent a letter Wednesday to the company’s board prodding it to separate the online unit, which has about $8 billion in annual revenue, the people said.
Photo by Austin Distel on Unsplash
Why Are Hedge Fund Managers Pouring Money into Uranium Stocks? 3 Things to Know (Moguldom)
Hedge fund managers are pouring money into stocks of uranium, a naturally radioactive element that powers nuclear reactors and atomic bombs, after the nuclear fuel saw a 37-percent rally in prices. Uranium is one of the cleanest ways to produce electricity and is mainly used in nuclear power plants. Demand is rising for the metal. At least 16 African countries have or produce uranium, with 18 percent of the global supply coming from Namibia, Niger and South Africa.
Health Care Funds Are Still Struggling (Institutional Investor)
Several life sciences hedge funds are down by double-digits this year. Hedge funds specializing in life sciences and health care stocks continue to have a rough time. While several of these funds generated small gains in the third quarter, most of them remain solidly in the red for the year.
