Billionaire Dan Loeb in Contract to Flip Waterfront Miami Beach Lot for Double His Purchase Price: Sources (The Real Deal)
It looks like billionaire hedge fund manager Dan Loeb’s bet on North Bay Road is paying off. Loeb, founder and CEO of New York-based hedge fund Third Point, is in contract to sell a waterfront teardown on the ritzy Miami Beach street for more than double the price he paid in late 2020, sources told The Real Deal.
The Hedge Fund that Beat Exxon isn’t Ready for a Climate Coup at Banks (Quartz)
Almost a year ago, a fledgling hedge fund called Engine No. 1 pulled off one of the biggest corporate coups in the history of climate change activism. It ran a successful campaign to oust three members of ExxonMobil’s board and replace them with more climate-savvy candidates, despite owning only 0.02% of the company’s stock. The campaign was premised on the conviction that climate change, and the world’s response to it, represent an existential threat to Exxon’s business model, and that the company had put its investors’ money at risk by failing to prepare.
Hedge Fund Sculptor Seeks to Exit NYC’s 9 West for New Offices (Bloomberg)
Sculptor Capital Management is looking for new offices in New York and plans to sublease its space at 9 West 57th St., the Manhattan tower famed for its high rents and lofty Central Park views. The $38 billion firm, run by Jimmy Levin, is marketing about 60,000 square feet (5,600 square meters) on the 39th and 40th floors of the Midtown skyscraper and will shop around for a new headquarters, according to people familiar with the matter. The lease runs through 2029.
LHG Capital Management Flagship Fund Reports a 6-Month Return Of 15% Amid Rising Market Volatility (Asia One)
LHG Capital Management is a global alternative investment management company, specializing in global macro. Strategically headquartered in Liechtenstein and Hong Kong, LHG has additional representative offices in Abu Dhabi, Beijing, Sydney and Zürich. LHG’s diverse array of investors ranges from some of the largest Single-Family Offices in Europe, to Fortune Global 500 corporations in the Greater China region, to high-net-worth-individuals in the Middle East and SMSFs in Australia.
Cypherpunk Invests $500k in Cryptocurrency Hedge Fund AB Digital Strategies (Hedge Week)
Cypherpunk Holdings, a specialist in blockchain, metaverse, privacy and cryptography focused investments, has invested USD 500k in the AB Digital Strategies Fund managed by UK FCA-regulated Isla Capital. The investment was made in two tranches, $250k on 24 February, 2022 and USD250k on 20 April, 2022. AB Digital Strategies is a Cayman Islands regulated hedge fund, which implements a market neutral strategy targeting meaningful absolute return, with low volatility and minimal correlation to crypto markets and mainstream asset classes.