Factbox: Who are Crispin Odey and the Hedge Fund Odey Asset Management? (Reuters)
Crispin Odey, one of Britain’s best-known hedge fund managers, is leaving Odey Asset Management following allegations of sexual misconduct, the firm’s executive committee said on Saturday. The Financial Times and Tortoise, in a joint publication on Thursday, reported allegations by 13 women that Odey had sexually assaulted or harassed them over a 25-year period. He denies the allegations.
Hedge Fund Two Sigma Also Doesn’t Buy the ChatGPT Hype (eFinancialCareers)
As Large Language Models (LLMs) grip the popular imagination, fears over job security are possibly overdone. First, Richard Eisenberg of Jane Street suggested they’re less transformative than they seem, now it’s ex-Goldman partner, Marty Chavez of investment management firm Sixth Street and David Siegel of hedge fund Two Sigma, who are offering words of reassurance. “AI has been having an impact for decades, this stuff isn’t brand new” Siegel said speaking on a recent panel with Bloomberg, “What’s really changed is that the awareness has occurred.”
Marshall Wace Imposes Compensation Fee in Hedge Fund Talent War (Bloomberg)
Hedge fund Marshall Wace is imposing a new fee on clients to pay for money managers as it looks to hire and retain top talent in a fiercely competitive recruitment market. The London-based firm’s main $22.5 billion Eureka hedge fund is asking for an additional “compensation surcharge” worth as much as 0.75% of the fund’s value, according to an investor letter seen by Bloomberg. It will be used to reward those who outperform, it said.
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Citadel Looks to Credit Bets as US Recession Looms (Hedge Week)
The prospect of the US economy going into recession later this year, has prompted Citadel boss Ken Griffin, whose firm racked up a record $16 billion return for clients last year, to increase his focus on credit trading, according to a report by Bloomberg. In an interview in Hong Kong, Griffin reportedly said that his hedge fund is particularly focused on the high-yield credit market, with a mix of long and short strategies. “We’ll look at the credit markets as a source of opportunity,” he said. “Credit should be a meaningful contributor later this year, and next for Citadel.”
GrowthCurve Capital Wraps Up Debut Fund at $1.4bn (Opalesque)
New York City-headquartered private equity firm GrowthCurve Capital raised $1.4 billion for its inaugural fund with a focus on businesses at the intersection of AI, digital transformation, and human capital. According to a media release from the PE firm led by Goldman Sachs Merchant Banking (GSMB) alum Sumit Rajpal, GrowthCurve Capital Partners I’s investor base includes a diverse range of leading institutional investors, including pension funds, insurance companies, family offices, and other strategic partners.
