Hedge Fund Titan Clifford Asness Leads Trader Fury After LME Cancels $4bn in Nickel Trades (Financial News)
Hedge fund titan Clifford Asness joined traders in slamming the London Metal Exchange after the platform cancelled trades – a move that may have helped stem losses at a fund that was short the metal. Nickel traders were blindsided this week as the wild ride in the metal saw prices more than double in overnight trading – prompting the London Metal Exchange to cancel orders and halt trading.
Pierre Andurand’s Hedge Fund Raises 109% This Year on Commodity Tumult (Bolly Inside)
Commodities trader Pierre Andurand extended his winning streak, with one of his hedge funds returning 109% in the year to date, as indicated by an individual with knowledge of the matter. The stellar performance of the Andurand Commodities Discretionary Enhanced Fund follows yearly gains of 87% in 2021 and 154% in 2020. Products have taken off this year, first as supplies battled to find the post-pandemic boom in demand, and afterward as Russia’s invasion of Ukraine shook markets from crude oil to wheat and aluminum.
As SPAC Bubble Burst, Hedge Funds Doubled Their Holdings (Institutional Investor)
Marshall Wace now owns the most SPACs, with $5.3 billion worth. The SPAC bubble burst last year, resulting in hedge funds holding $170.5 billion worth of special purpose acquisition companies — more than double what they owned at the end of 2020. Hedge funds, nicknamed the “SPAC Mafia” because they are the dominant buyer of SPAC IPO shares and warrants, owned only $82.4 billion at the end of 2020, according to SPAC Research, a data provider.
Platt’s BlueCrest Aims to Lure Traders With 30% Share of Profit (Bloomberg)
Billionaire Michael Platt has sweetened the deal for traders at his private investment firm. BlueCrest Capital Management is offering some money managers as much as 30% of the profits they generate, according to people with knowledge of the matter. Other payout bands include 23% and 25%, said the people, asking not to be identified because the details are private.
Major Toshiba Shareholder Farallon Calls On it to Solicit Buy-Out Offers (Reuters)
TOKYO (Reuters) – One of Toshiba Corp’s largest shareholders on Friday called on it to solicit buy-out offers, joining a chorus of investors who have opposed the Japanese conglomerate’s plan to break itself up. U.S. hedge fund Farallon Capital Management, Toshiba’s third-largest shareholder with a stake of more than 6%, said in a statement it planned to oppose the management-backed break-up, calling it a premature step as a privatisation was never adequately explored.