Chase Coleman’s Tiger Global Is Slashing the Value of Its Venture Holdings by 24% (Bloomberg)
Tiger Global Management marked down the value of its private funds by almost a quarter this year, contributing to a $42 billion decline in assets, one of the industry’s biggest ever. In addition, some of the previously private but now-public companies held by Tiger Global’s venture unit lost value, according to people familiar with the matter. A representative for Chase Coleman’s New York-based firm declined to comment.
ION Discussing Earn-Out Price Clause with DK in Prelios Deal (Reuters)
ION, a privately-held financial technology group, is looking to pay for Italian bad loan recovery firm Prelios in several stages as it holds discussions with U.S. hedge fund Davidson Kempner Capital Management, sources said. The two sources close to the matter said ION and DK were discussing a so-called earn out clause, which would see ION pay part of the price at closing and the rest once the business hits certain financial targets.
Google to Lay Off 10,000 Employees Based on Performance: Report (HindustanTimes.com)
Hedge fund billionaire, Christopher Hohn, has written a letter to Google parent company – Alphabet advising to cut the number of employees in the company. The UK investor has also reportedly said that the company pays excessively to its employees as compared with other digital companies. Tech behemoth Google is planning to implement a performance improvement plan that will eventually lead to layoffs of 10,000 employees. According to a report from Hindustan Times sister publication LiveMint, employees who ‘score low’ will be asked to resign.
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Rowan Dean’s ‘Hollywood Pitch’ About a ‘Woke’ Millennial Who Sets Up a ‘Bitcoin Hedge Fund’ (Sky News)
Sky News host Rowan Dean offers his “Hollywood pitch” about a “typical lonely geeky Millennial kid” who was born at the “cradle of wokeness and geekiness”. “This geeky guy spots an opportunity to make a killing by trading on the difference between Bitcoin in Japan and Bitcoin in America and so he sets up his own Bitcoin hedge fund,” he said.
Man AHL Launches its First Systematic Article 9 Fund (Hedge Nordic)
Stockholm (HedgeNordic) – Man Group’s quantitative investment arm and engine, Man AHL, has launched the asset manager’s first systematic Article 9 fund. Relying on a multi-asset approach, the newly-launched fund, Man AHL TargetClimate, invests in assets aligned with the transition to a low-carbon economy. Man AHL TargetClimate is categorized as an Article 9 fund under the Sustainable Finance Disclosure Regulation (SFDR), and represents Man AHL’s first Article 9 fund, as well as Man Group’s first systematic Article 9 fund.
