Hedge Fund and Insider Trading News: D.E. Shaw, Michael Novogratz, BlueBay Asset Management, Hillhouse Capital, Weiss Asset Management, MGM Resorts International (MGM), and More

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Weiss Asset Management Settles with SEC for $6.9 Million (Investment News)
Weiss Asset Management, a Boston-based hedge fund manager, has agreed to pay approximately $6.9 million to settle SEC charges that it violated the federal securities laws when it unlawfully purchased stock in seven public offerings after selling short those same stocks. The Securities and Exchange Commission charged that between December 2020 and February 2021, Weiss violated violated Rule 105, which prohibits short selling an equity security during a restricted period (generally five business days before a covered public offering) and then purchasing the same security through the offering, absent an exception.

Novogratz Says Crypto Going Through a ‘Long Term Capital Management Moment’ But Nearing a Bottom (CNBC)
Crypto investor Michael Novogratz is drawing parallels between crypto and Long Term Capital Management, a highly leveraged hedge fund that blew up in the late 1990s. “We are going through what feels to me a little bit like a Long Term Capital Management moment in crypto,” Novogratz said on CNBC’s “Squawk Box.” “It was the big hedge fund with all the leverage, and when it started unwinding, there was repercussions everywhere. We are seeing that in the crypto space right now.”

Meet Bill Ackman, the Controversial Hedge-Fund Manager Who Made $2.6 Billion off the Coronavirus Market Crash in March (Business Insider)
While most of the world saw their nest eggs decimated as the stock market went into a free-fall over coronavirus fears last month, one hedge-fund manager was raking in billions. Bill Ackman, the chief executive of Pershing Square Capital, made $2.6 billion for the hedge fund off a $27 million bet after the pandemic tanked the stock market. Ackman has a history of controversial bets that earned him a $1.6 billion fortune and an investigation by the New York District Attorney’s Office, although no charges were ever filed.

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Hedge Fund BlueBay Is Shorting Japanese Bonds Until BOJ Breaks (Bloomberg)
BlueBay Asset Management is gearing up for battle with the Bank of Japan. As the BOJ escalates attempts to keep a lid on bond yields, BlueBay is betting the central bank will be forced to abandon a policy that’s increasingly out of sync with global peers. The BOJ’s so-called yield curve control is “untenable,” according to Mark Dowding, BlueBay’s London-based chief investment officer.

FedEx Adds Two Directors to Board in Agreement with D.E. Shaw (Reuters)
June 14 (Reuters) – U.S. parcel delivery firm FedEx Corp (FDX.N) on Tuesday added two directors to its board as part of an agreement with hedge fund D.E. Shaw and raised its quarterly dividend by more than 50%. The deal also gives the investment firm, which has a stake of less than 1% in FedEx, a say in the appointment of a third director at a later date.

This is Your Pay at a Multi-Strategy Hedge Fund in New York City (eFinancialCareers)
Hedge funds are giving New York City their seal of approval. Citadel is getting a new office at 425 Park Avenue and Steve Keller, Millennium‘s EMEA head of business development, has posted some very enthusiastic observations about the city on LinkedIn following a Millennium “on-site” for the fund’s “collective” global teams at its head office. It’s not clear whether either Millennium or Citadel are hiring more feverishly in New York City and elsewhere, but both are hiring in the city.







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