Trusted Hire: Odey Names Ex-CQS Equities Man for New Institutional Hedge Fund Business Role (Hedge Week)
Odey Asset Management, Crispin Odey’s long-running hedge fund firm, has hired former CQS and Pensato Capital man Jos Trusted as head of institutional business, a newly-created role aimed at expanding institutional business and developing the firm’s product range. As well as focusing on growing institutional business through the development of its product range, Trusted will help spearhead the recruitment of new investment managers and the diversification of its international client base, with a strong focus on actively managed strategies. Before joining Odey, Trusted was CEO of the New City Equity business at CQS, the high-profile multi-strategy credit-focused hedge fund giant led by Sir Michael Hintze. There, he helped lead the launch of its long-only equity investment business.
Boaz Weinstein Piles Up 90% Gain in Hamptons, Bets on More Chaos (Bloomberg)
It’s a hedge-fund summer idyll: Chickens strut, tomatoes grow ripe and the Atlantic breeze floats over this Hamptons refuge like a sweet balm. Here, in socially distanced splendor, Boaz Weinstein is printing money. As the pandemic consumes the outside world, Weinstein has repaired to his gated estate in Sagaponack, replete with tennis court, pool and a Vegas-style card room. When New York shut down, he left his office in the Chrysler Building and decamped to Long Island, like others from high-caste Manhattan. Unlike much of that crowd, however, Weinstein has settled here to make money — lots of it.
Hedge Fund Performance Up +1.1% So Far in July: Lyxor (Opalesque.com)
Lyxor Peer Groups suggest hedge fund performance was up +1.1% so far in July, with Market Neutral L/S underperforming (+0.4%) and Directional L/S Equity, Global Macro and L/S Credit strategies outperforming (+1.0% to +1.6%). Every hedge fund strategy was up during the weekly period under review, said Lyxor in its weekly brief. In recent weeks, market concerns over renewed COVID-19 infections in the U.S. and to a lower extent in Europe have not translated into profit-taking, with risk assets climbing higher on the back of additional stimulus talks by policymakers and substantial earnings surprises in the U.S. where the earnings season has started mid-July. On a year-to-date basis, L/S Credit continues to outperform other hedge fund strategies (-0.3%).
Hedge Fund Launches Fall Again (Hedge Nordic)
Stockholm (HedgeNordic) – The coronavirus crisis has made life increasingly more difficult for managers seeking to launch hedge funds. “The second quarter of 2020 proved a challenging time to launch new hedge funds,” writes Preqin. Only 59 new hedge funds were launched in the second quarter, down from 182 in the first quarter of the year and 228 in the second quarter of last year. “In this uncertain economic climate, managers look to be diversifying their investment focus,” Preqin writes in its quarterly update on the hedge fund industry for the second quarter. Over two-thirds of all hedge funds launched in the second quarter were global-focused vehicles, one of the largest proportions over the past four quarters.
Chinese Hedge Funds Shine in Volatile Year (The Wall Street Journal)
Chinese hedge-fund managers are having a banner year, outperforming rivals elsewhere. That is partly because Chinese stocks are also among the world’s best performers in 2020, as confidence grows that the country is moving past the coronavirus pandemic. A volatile year has also benefited investors who can be fast and flexible, while some portfolio managers say their grounding in China helped them quickly grasp the risks posed by Covid-19.
Has Paul Singer Got A Deal For You Kyle Bass, too. (Deal Breaker)
Elliott Management founder Paul Singer knows that investors can be a real pain in the ass. But not when it comes to raising money: Three years ago, it garnered $5 billion in just 24 hours. Last year, investors were only too eager to hand over another $2 billion for his first private equity fund. Months later, Elliott said it would soon accept an additional $4 billion. We don’t know how that is going, frankly, but it is notable that Singer is showing some uncharacteristic flexibility on the matter.
Anthony Scaramucci’s Flagship Fund is Getting Hit with a Huge Wave of Redemptions. He Explained Why Investors are Pulling Up To $900 million and Where He’s Finding New Money. (Business Insider)
About a quarter of investors in Anthony Scaramucci‘s flagship fund have asked for their money back in recent weeks, the SkyBridge Capital founder told Business Insider. SkyBridge’s fund of funds, which invests wealthy people’s money into other hedge funds, was down 24.7% in March after a big debt bet, which led to significant redemptions in April and staff changes under its two portfolio managers. Credit-focused hedge funds took a big hit in March and were down 23.2% on average, according to Hedge Fund Research.