Crispin Odey’s Mega Bond Wagers Erased at Flagship Hedge Fund (Bloomberg)
Freddie Neave has removed the leveraged bond bets put on by his former boss Crispin Odey at the flagship hedge fund he now runs for Odey Asset Management as he cuts risk ahead of moving out of the investment firm. Government bond exposure in the Odey European Inc. fund has been taken to zero, while equity exposure has been cut down to single digits, according to a letter seen by Bloomberg that the London-based money manager sent to investors.
Billionaire David Tepper Boosts His Stake in Nvidia by 580%. Is Buying the High-Flying AI Stock a Smart Move? (The Motley Fool)
The hedge fund manager is betting $450 million that Nvidia’s momentum will continue. David Tepper isn’t as widely known as Warren Buffett. But like Buffett, he ranks as one of the top investors on the planet today. Tepper runs the global hedge fund Appaloosa Management. He also owns the Carolina Panthers NFL franchise and Major League Soccer’s Charlotte Football Club. His net worth stands at $18.5 billion, according to Forbes. Many retail investors closely follow the stocks that Buffett buys. It could be helpful to pay attention to what Tepper does, too. The billionaire hedge fund manager recently boosted his stake in Nvidia (NVDA -0.70%) by a whopping 580%. Is buying this high-flying AI stock a smart move?
Mets Owner Steve Cohen Balks at $10M Tax Bill, IRS ‘Campaign’ Against Hedge Funds (New York Post)
New York Mets owner and hedge fund titan Steve Cohen is fighting an Internal Revenue Service bid to force him and other money managers to pay additional self-employment taxes on income from years ago. Cohen, the 67-year-old billionaire owner of the Stamford, Conn.-based firm Point72 Asset Management, is disputing an IRS interpretation of a 70-year-old law that governs whether limited partnerships are exempt from paying self employment tax on business profits.
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Outback Steakhouse Owner Draws Activist Investor (The Wall Street Journal)
Starboard Value has built a stake of 9.9% in Bloomin’ Brands. Starboard Value, whose victory in a proxy fight with Darden Restaurants nearly a decade ago is the stuff of Wall Street legend, has another restaurant chain in its sights: Outback Steakhouse owner Bloomin’ Brands.
Man GLG PM Quits to Launch Millennium-Backed Hedge Fund (Hedge Week)
Cristian Cibrario, a portfolio manager at Man GLG, Man Group’s discretionary investment business, has left the firm to launch a new hedge fund, according to a report by With Intelligence. The new fund will reportedly be backed by $58bn multi-strategy major Millennium Management, which at the end of last year, was said to be supporting the debut of Delta Global Management, a stock hedge fund launched by former DE Shaw MD Andrew Komery and ex-Point72 Analyst Alex Chacon.
Citadel in Fresh Dispute With Balyasny Over Hedge Fund Talent (Bloomberg Law)
Citadel alleges ex-employees misappropriated confidential info. The hedge funds had previously settled a dispute in 2021. Citadel and Balyasny Asset Management are engaged in a new dispute over hiring, marking at least the second time in as many years that the two firms have clashed in an intensifying competition for hedge fund talent. Miami-based Citadel led by billionaire Ken Griffin has alleged that several of its employees who left to join Balyasny had misappropriated its confidential information, according to people with knowledge of the matter. Citadel has sent a demand letter to Balyasny, typically seen as a final warning before legal action is taken, the people said, asking not to be identified because the information is…
Brevan Howard Appoints Middle East CEO (FundsGlobalMENA.com)
UK hedge fund Brevan Howard has named Qualid Lahsini as chief executive of its Middle East business. Lahsini, who has also been appointed as head of client partnerships for the Mena and Asian regions, will be based in Abu Dhabi, reporting to Natalie Faye Smith, head of strategy and the client partnership group at Brevan Howard. Prior to joining Brevan Howard, Lahsini was a partner and head of Middle East and Africa relationship management at US-based asset manager Ares Management.
Hedge Fund Sued for ‘Misogynistic’ Culture that Included ‘Inappropriate Conduct’ and ‘Bawdy Jokes’ (Fortune)
Karl Kroeker, co-founder of hedge fund Woodline Partners, was sued by a former employee claiming he contributed to a demeaning work culture and repeatedly made sexually inappropriate comments, and that she was fired as she grappled with postpartum depression. Danielle di Bari, a 32-year-old executive admin who left the firm in May, alleges in the lawsuit that Kroeker, 51, on multiple occasions proposed suggestive hypothetical questions to her and fellow EAs, and that she was fired after requesting to work remotely for an extra day a week to accommodate her postpartum depression.
Friday 8/18 Insider Buying Report: ASLE, ARES (Nasdaq.com)
On Thursday, AerSale Corp (ASLE)’s Nicolas Finazzo, made a $1.35M buy of ASLE, purchasing 116,316 shares at a cost of $11.60 each. So far Finazzo is in the green, up about 7.3% on their purchase based on today’s trading high of $12.44. AerSale Corp is trading up about 4.5% on the day Friday. And on Tuesday, Director Ashish Bhutani bought $980,800 worth of Ares Management Corp (ARES), buying 10,000 shares at a cost of $98.08 each. This buy marks the first one filed by Bhutani in the past twelve months. Ares Management Corp is trading trading flat on the day Friday. Investors have the opportunity to bag ARES at a price even lower than Bhutani did, with the stock changing hands as low as $96.11 at last check today — that’s 2.0% under Bhutani’s purchase price.
LyondellBasell, Dropbox And 2 Other Stocks Insiders Are Selling (Benzinga)
Dropbox: The Trade: Dropbox, Inc. (DBX) CFO Timothy Regan sold a total of 75,000 shares at an average price of $27.76. The insider received around $2.08 million from selling those shares. Darling Ingredients: The Trade: Darling Ingredients Inc. (DAR) EVP Chief Strategy Officer John Bullock sold a total of 28,734 shares at an average price of $65.11. The insider received around $1.87 million from selling those shares. The company’s Director also bought 1,550 shares of the company.
Balbec Raises Over $460 Million for Its Latest Flagship Credit Fund (Bloomberg)
Alternative asset manager Balbec Capital LP has secured roughly $465 million in commitments for its sixth flagship fund, which will invest in consumer, residential and commercial loan portfolios. Launched last week, the InSolve Global Credit Fund VI is expected to grow into Balbec’s largest fund ever, according to a person with knowledge of the matter. The vehicle will scoop up non-performing or sub-performing consumer and mortgage loans – the latter of which will span residential and commercial properties – said the person, who asked not to be identified as the details are private.
