Crispin Odey Steps Back from Running Hedge Fund Firm (Reuters)
LONDON (Reuters) – Crispin Odey is to step back from running his London-based hedge fund firm as part of an overhaul of the group and instead focus on managing money for clients, the firm said on Tuesday. Odey, one of Britain’s highest-profile hedge fund managers and political donors, recently pleaded not guilty to a charge of indecently assaulting a woman in 1998 and remains on bail, with a trial scheduled for early next year.
Famed Investor Mike Novogratz Expects a Biden Victory and a Republican-Controlled Senate to Boost Tech Stocks and Bitcoin (Business Insider)
Stocks and Bitcoin will do well if Joe Biden wins the presidency and Republicans hold the Senate, Galaxy Digital CEO and investor Mike Novogratz said on CNBC’s Squawk Box on Wednesday. “The markets are liking this,” Novogratz said about the prospect of a mostly conservative Senate and the end of President Trump’s “chaos.” “Stocks are gonna do well,” the former hedge-fund manager continued. “People are gonna feel really comfortable” about the nation’s apparent rejection of far-left politicians, he added.
Another Setback for Dan Loeb’s Third Point (Institutional Investor)
Third Point Offshore had another setback in October. The multistrategy hedge fund headed by Dan Loeb dropped 0.8 percent for the month, cutting its gain for the year to 3 percent. Major stock indices lost substantially more in October. Once again, a bet on credit partly saved the fund, which has about…
Hedge Fund Billionaire Leon Cooperman Says He Voted for Joe Biden (New York Post)
Billionaire hedge-fund manager Leon Cooperman revealed that he voted for Joe Biden for president even though he expected President Trump to make him richer. Cooperman, 77, who’s worth $2.5 billion, according to Forbes, has called himself a registered independent but he’s a longtime donor to Republican candidates and political committees. He also famously sparred with Democratic Sen. Elizabeth Warren over her proposal for a wealth tax last year.
Hedge Fund Industry Growth Will Be Reduced by Outflows to 2025 (Preqin)
Hedge fund AUM is forecast to increase 19.6% from 2020 to 2025, at a CAGR of 3.6%, but performance-driven growth will be diluted by investor outflows We expect hedge funds to hold onto their position as the second-largest alternative asset class in 2025, despite relatively weak growth in assets under management (AUM) due to continued outflows. AUM growth will be the lowest of all asset classes at a CAGR of 3.6% per year. Preqin forecasts AUM to reach $4.28tn in 2025, up 19.6% from $3.58tn at the end of 2020.