One Nordic Cross Hedge Fund is Liquidating (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic Cross Small Cap Edge, a small-cap-focused long/short equity fund managed by Oscar Östlin alongside Ulf Strömsten, due to assets under management falling below an optimal level for fund management. The fund delivered an annualized return of about 11 percent over the first four full years of its operation, but is down 23 percent year-to-date through June 21 after incurring a monthly loss of 13.5 percent in May.
Three Arrows Crypto Fund CEO Wants to Sell Singapore Mansion (Bloomberg)
The co-founder of beleaguered crypto hedge fund Three Arrows Capital is seeking to sell one of his luxury homes in Singapore as the company faces liquidation. Chief Executive Officer Zhu Su has been trying to offload at least one of his so-called good-class bungalows in the past couple of weeks, according to people with knowledge of the matter.
‘The Big Short’ M. Burry Warns Stocks and Crypto Crash is ‘Maybe Halfway’ Through (Finbold.com)
Hedge fund manager Michael Burry who successfully predicted the 2008 housing market bubble, has warned that the ongoing stocks and crypto market correction could escalate further at a point when investors are looking for a bottoming. Through his Twitter account on June 30, the founder of Scion Asset Management cited that the massive correction in the S&P 500, Nasdaq, and Bitcoin prices represents multiple compressions.
Quest Partners Hires New President (Pensions&Investments)
Michael S. Harris joined quantitative hedge fund manager Quest Partners as president on June 1. Mr. Harris replaces Prashant Kolluri, who is transitioning to an advisory position at the firm so he can concentrate on personal investment initiatives, confirmed Scott Valentine, director of business development and investor relations, in an email.
Friday 7/1 Insider Buying Report: DRI, PEB (Nasdaq.com)
On Tuesday, Darden Restaurants’ Director, Timothy J. Wilmott, made a $1.2M purchase of DRI, buying 10,000 shares at a cost of $120.00 a piece. Investors have the opportunity to grab DRI even cheaper than Wilmott did, with the stock changing hands as low as $112.55 at last check today which is 6.2% under Wilmott’s purchase price. Darden Restaurants is trading up about 0.8% on the day Friday. And at Pebblebrook Hotel Trust, there was insider buying on Thursday, by CEO Jon E. Bortz who bought 26,000 shares at a cost of $16.54 each, for a trade totaling $429,988. Pebblebrook Hotel Trust is trading up about 3.1% on the day Friday. So far Bortz is in the green, up about 4.6% on their buy based on today’s trading high of $17.30.
$1.2 Million Bet On Darden Restaurants? 3 Stocks Insiders are Buying (Benzinga)
RE/MAX Holdings: The Trade: RE/MAX Holdings, Inc. (RMAX) 10% owner Magnolia Group Llc acquired a total of 47,015 shares at an average price of $24.09. To acquire these shares, it cost around $1.13 million. What’s Happening: The company’s shares tumbled around 20% over the past six months. What RE/MAX Holdings Does: RE/MAX Holdings Inc operates as a franchisor of real estate brokerage services. It recruits and retains agents and sells franchises. Darden Restaurants: The Trade: Darden Restaurants, Inc. (DRI) Director Wilmott Timothy J acquired a total of 10,000 shares at an average price of $120. To acquire these shares, it cost around $1.2 million.
Hedge Fund Millennium Taps UBS’s Cooper in Dubai Expansion (Bloomberg)
Millennium Management LLC has hired Dean Cooper from UBS Group AG as the firm expands its emerging markets operations in Dubai, according to people familiar with the matter.
Apple’s Former Top Lawyer Pleads Guilty to Insider Trading (Gizmodo)
The man who once in charge of making sure Apple’s employees stayed on the straight and narrow is going to jail for doing the thing he told them never to do with stock trades: game the system. Gene Levoff, who worked as Apple’s head of corporate law for most of the 2010s, admitted to using his position to rack up over $600,000 in ill-gotten gains on more than $14 million in trades from 2011 to 2016. He pleaded guilty late Thursday to six charges of securities fraud for using his knowledge of the tech giant’s quarterly earnings to make a buck on the stock market.
