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.
Image By Monkey Business – Adobe
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.
Odey Asset Management to lift suspension of Brook Developed Markets Fund (Reuters)
Odey Asset Management (OAM) will lift the suspension of its Brook Developed Markets Fund, it said in a letter to investors on Tuesday seen by Reuters, as the hedge fund grapples with the fallout from sexual misconduct allegations against its founder. Crispin Odey, 64, was ousted in June from the firm he founded in 1991 after the Financial Times and Tortoise Media on June 8 jointly reported on allegations from 13 women.
Ripple: Arrington Capital’s External XRP Hedge Fund Set to Launch (CryptoNewsBTC.org)
Overview: Ripple and XRP proceed to attend for the decision of their lawsuit with the U.S. Securities and Trade Fee. However an exterior hedge fund from […] The Publish: Ripple and XRP proceed to attend for the decision of their lawsuit with the U.S. Securities and Trade Fee. However an exterior hedge fund from Arrington Capital already desires to boost cash for XRP initiatives. Can this go properly?
Friday 6/30 Insider Buying Report: NTWK, LXRX (Nasdaq.com)
At NetSol Technologies, a filing with the SEC revealed that on Monday, President Naeem Ghauri purchased 16,008 shares of NTWK, at a cost of $2.19 each, for a total investment of $35,058. Ghauri was up about 8.2% on the buy at the high point of today’s trading session, with NTWK trading as high as $2.37 in trading on Friday. NetSol Technologies is trading trading flat on the day Friday. And at Lexicon Pharmaceuticals, there was insider buying on Thursday, by Chief Executive Officer Lonnel Coats who purchased 10,000 shares for a cost of $2.16 each, for a total investment of $21,600. This purchase marks the first one filed by Coats in the past twelve months. Lexicon Pharmaceuticals is trading up about 7.6% on the day Friday. So far Coats is in the green, up about 8.6% on their purchase based on today’s trading high of $2.34.
Uber, ON Semiconductor And 2 Other Stocks Insiders Are Selling (Benzinga)
Uber Technologies: The Trade: Uber Technologies, Inc. (UBER) CEO Dara Khosrowshahi sold a total of 100,000 shares at an average price of $45.00. The insider received around $4.5 million from selling those shares. Commercial Metals: The Trade: Commercial Metals Company (CMC) Chairman and CEO Barbara Smith sold a total of 50,000 shares at an average price of $50.65. The insider received around $2.53 million from selling those shares.
Truth Social SPAC Agrees To Pay $18 Million To Settle SEC Investigation Into Merger (Forbes)
TOPLINE: Digital World Acquisition Corp. – the Nasdaq-listed blank check firm that has agreed to acquire Truth Social’s parent company and take it public – announced Monday it has agreed to pay a civil penalty of $18 million to settle a Securities and Exchange Commission probe into the acquisition, days after one of its former board members was arrested on charges of insider trading.
