Andrew Warford – The One-Time Top Stock-Picker at Lee Ainslie’s Maverick Capital – is Gearing Up to Launch His Own Fund (Business Insider)
A long-time lieutenant of billionaire Lee Ainslie is starting his own firm. Andrew Warford left Dallas-based Maverick Capital after 18 years in 2021. Sources told Insider at the time that he was starting a family office in Minnesota, where local media reports noted he owned a large lakehouse.
Ex-GoldenTree Exec Was Ousted After ‘Disgusting Sexual Comments,’ Report Says (The Daily Beast)
GoldenTree Asset Management’s longtime chief operating officer was reportedly ousted from the company after complaints of “disgusting sexual comments” and a relationship with a subordinate. Citing court documents, Business Insider reports William Christian, who worked at the hedge fund from 2004 to 2020, was known to subject “employees to in-person meetings and conversations while his pants were pulled down to his ankles.” He was also said to have hurled “frequent and gratuitous insults” and to have shown “at least one subordinate a picture of his exposed genitals” prior to his 2020 departure, creating a “hostile work environment.”
Howard Marks is Not as Worried as Other Notable Investors. Here’s Why (CNBC)
Recession worries have grown prevalent on Wall Street as the Federal Reserve hikes rates aggressively to combat high inflation, but Oaktree Capital Management’s Howard Marks isn’t as pessimistic as other notable investors.
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Kindred Shareholder Urges Swedish Gaming Group to Consider Sale (Reuters)
May 4 (Reuters) – Swedish online gaming group Kindred’s (KINDsdb.ST) shares rose 5% on Wednesday after a major shareholder told the board to consider a sale of the company. New York-based hedge fund Corvex Management, which holds more than 10% of Kindred shares, said it had urged the board to hire a financial adviser to look at strategic alternatives, including the potential value that could be achieved via sale or a business combination.
Scotiabank Canadian Hedge Fund Index Down 0.06% on an Asset-Weighted Basis in March (Hedge Week)
The Scotiabank Canadian Hedge Fund Index ended March 2022, down -0.06% MOM on an asset-weighted basis and up 0.66% MOM on an equal-weighted basis. The Scotiabank Canadian Hedge Fund Index provides a comprehensive overview of the Canadian Hedge Fund universe. The comparable benchmark indices were both up for the month, with the S&P TSX 60 Total Return Index and S&P 500 Total Return Index posting increases of 3.80% and 3.71% respectively.
Greenlight Re Takes Q1 Loss on Russia Exposures (Reinsurancene.ws)
Hedge fund-backed reinsurer Greenlight Re has reported a net loss for the first quarter of 2022, as its investment income was offset by an underwriting loss driven by exposure to the conflict between Russia and Ukraine. Greenlight-ReThe company booked a net loss of $5.7 million last quarter, compared to net income of $6.5 million for the same period last year. Investment income fell from $18.7 million to $7.7 million during this time, and Greenlight Re’s underwriting loss also widened from $2.0 million to $7.7 million.
Court Finalises Six-Month Retroactively Applied Suspension for Hedge Fund Founder (Hedge Week)
Hedge fund founder and former Simpson Thacher & Bartlett attorney, Daniel Kamensky, has had a six-month retroactively applied law license suspension confirmed by a New York appellate court, according to a report by Reuters. The suspension for the founder of the now defunct Marble Ridge Capital hedge fund comes after he pleaded guilty to bankruptcy fraud last year and was sentenced to a six-month jail term, six months of home confinement as well as a $55,000 fine.
Venture Capital Secondaries: the Newest Inevitability (Preqin)
Venture capital’s tremendous growth make secondaries an option for those prepared for their unique characteristics. The secondary market presents a different route for LPs to gain exposure to venture capital. Essentially, a secondary is the purchase of an investment – direct or fund – from one investor to another. Should a manager want to change their portfolio or access liquidity, they can sell the investment to another party.
Bridgewater Surged 10 Percent in April (Institutional Investor)
The world’s largest hedge fund firm has been firing on all cylinders since the pandemic. Bridgewater Associates continued its torrid winning streak in April.The macro giant’s flagship fund Pure Alpha II, also known as Pure Alpha 18 Percent, surged another 10 percent in April. The fund is now up 26.4 percent through April, according to a hedge fund database and a person familiar with the matter.
Hedge Fund Millennium Hires Former Bitstamp and Coinbase Exec (iHodl.com)
Hunter Merghart, a well-known name in the crypto sector, has just taken over as chief operating officer (COO) of digital assets at hedge fund Millennium Management. He has confirmed the appointment on his LinkedIn profile. Until June last year, Merghart ran Bitstamp’s US division, and before that he worked for two years as head of Coinbase’s trading division. In addition, the Millennium appointment will not prevent him from remaining a partner at Castle Island Ventures.
Wednesday 5/4 Insider Buying Report: RILY, RBB (Nasdaq.com)
At B. Riley Financial, a filing with the SEC revealed that on Monday, CEO B. Riley Securities, Andrew Moore purchased 10,000 shares of RILY, for a cost of $45.94 each, for a total investment of $459,377. So far Moore is in the green, up about 12.6% on their purchase based on today’s trading high of $51.72. B. Riley Financial is trading off about 0.6% on the day Wednesday. Before this latest buy, Moore purchased RILY on 3 other occasions during the past twelve months, for a total investment of $957,924 at an average of $63.86 per share. And on Friday, Director James Kao purchased $390,215 worth of RBB Bancorp, purchasing 18,000 shares at a cost of $21.68 a piece. This purchase marks the first one filed by Kao in the past twelve months. RBB Bancorp is trading down about 0.3% on the day Wednesday. So far Kao is in the green, up about 3.2% on their purchase based on today’s trading high of $22.37.
Executives Buy Around $85M Of 4 Stocks (Benzinga)
INDUS Realty Trust: The Trade: INDUS Realty Trust, Inc. (INDT) 10% owner Jeffrey Aronson acquired a total of 57,905 shares at at an average price of $71.79. To acquire these shares, it cost around $4.16 million. Sensient Technologies: The Trade: Sensient Technologies Corporation (SXT) 10% owner Freemont Capital Pte Ltd acquired a total of 50,000 shares at an average price of $85.34. To acquire these shares, it cost around $4.27 million.
Insider Selling: PermRock Royalty Trust (NYSE:PRT) Major Shareholder Sells 5,000 Shares of Stock (Defense World)
PermRock Royalty Trust (NYSE:PRT) major shareholder Boaz Energy II, LLC sold 5,000 shares of the company’s stock in a transaction dated Monday, May 2nd. The shares were sold at an average price of $7.45, for a total transaction of $37,250.00. Following the completion of the transaction, the insider now owns 5,796,675 shares in the company, valued at $43,185,228.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
