Chris Rokos and Deloitte Settle £40m Tax Bill Dispute (Financial News)
Chris Rokos and Deloitte have ended their legal battle over a £40m tax bill that the billionaire hedge fund manager blamed on bad advice from the Big Four firm by reaching a settlement, according to reports. The Rokos Capital Management founder, whose net worth has been estimated at £2bn, filed a lawsuit three years ago alleging that Deloitte’s advice on an investment in a Tyneside enterprise zone had breached its duties.
Chinese Hedge Fund Dantai to Liquidate Flagship Fund (Reuters)
Hong Kong-based hedge fund Dantai Capital is closing its main fund, saying its investment style no longer fits with current conditions in Chinese markets, according to a letter sent to investors last week. More than 90% of the fund would be liquidated over the next three months, Dantai told investors in a June 27 letter reviewed by Reuters.
Schroders Partners with SEG to Launch Long-Biased Long-Short Strategy (Hedge Week)
Schroders has partnered with New York-based hedge fund firm Select Equity Group (SEG) to launch the latest fund in its GAIA platform, Schroder GAIA SEG US Equity, a long biased US equity long short UCITS vehicle. Schroders says the fund will offer investors access to a high-conviction, differentiated strategy with a highly research-driven approach to investing in quality businesses, with weekly liquidity. With the launch of the new fund, the firm’s GAIA platform now totals twelve funds with $5.4 billion of AUM as of 31 March 2023.
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Carmignac Strengthens Long/Short Equity Franchise (Hedge Nordic)
Stockholm (HedgeNordic) – French asset manager Carmignac is strengthening its long/short European equity franchise by welcoming Johan Fredriksson and Dean Smith. The duo previously co-managed a European long/short equity strategy at London-headquartered asset manager TT International. Fredriksson joined Carmignac on June 21, while Smith is set to join on 1 September. Together, they will oversee an extension of the asset manager’s long/short European strategy starting in September.
Exec At World’s Top Hedge Fund Shatters Stock-Picking Myths: Chatbots Not The Holy Grail (Benzinga)
Greg Jensen, CIO at Bridgewater Associates, dispelled the notion of using chatbots to make stock picks. It’s a “hopeless path,” Jensen says, highlighting the limitations of artificial intelligence (AI) in trading. What Happened: AI has been a hot topic in the investment world, with many investors eager to harness its potential. However, Jensen — who works at the world’s largest hedge fund — is sounding a cautionary note. He has expressed his skepticism about using large language models like OpenAI’s ChatGPT for trading equities.
