Dan Och’s Fortune Soars With Family Office After Hedge Fund Exit (Bloomberg)
The best thing to happen to Dan Och, financially speaking, may have been leaving the hedge-fund firm he founded more than two decades ago. When he exited in 2019, his Och-Ziff Capital Management had already seen more than $20 billion of outflows after becoming embroiled in a foreign bribery scandal. Its shares were down about 90% from its IPO price and regulators had made it difficult for the firm to raise money.
Activist Investor Elliott Takes Stake in Taylor Wimpey and Demands Change (The Guardian)
The activist investor Elliott has turned its fire on the housebuilding company Taylor Wimpey, demanding it find a chief executive from outside the organisation, after Pete Redfern resigned from the position earlier this week. The aggressive US hedge fund also disclosed in a letter published on Friday that it was among the top five shareholders in Britain’s third-largest housebuilder, although it did not disclose exactly how much of a stake it holds.
The Hiring Blitz Continues at $7.8 Billion Hedge Fund Schonfeld with Colin Lancaster Poaching 2 Portfolio Managers for His Macro Team (Business Insider)
The new macro trading division Colin Lancaster and Mitesh Parikh are building at $7.8 billion Schonfeld Strategic Advisors has landed some additional firepower. Two portfolio managers have joined Schonfeld’s Discretionary Macro and Fixed-Income group – the division launched this summer by Lancaster and Parikh to trade global bonds and currencies – according to people familiar with the matter.
Photo by Austin Distel on Unsplash
Working For, Keeping Safe Donald Trump Not A Big Enough Challenge For David Cho (Deal Breaker)
To say Donald Trump was a difficult boss is an understatement. And keeping the president of the United States safe, even in North Korea, seems a bit of a challenge, to say the least. Well, as the head of the president’s security detail, David Cho has managed both of those tests. Now, however, he’s ready for a real nightmare boss and some true security nightmares. David Cho [will] start at $43 billion Citadel on Jan. 3 as deputy head of security, according to a spokesman for the firm. Of course, Cho will find some familiar faces at Citadel down in the interrogation rooms.
Kreditfonden’s Pockets of Yield (Hedge Nordic)
Stockholm (HedgeNordic) – With high-yielding opportunities in public fixed-income markets being few and far between, investors have been exploring lesser-known or out-of-the-public-eye corners of finance. Swedish asset manager Skandinaviska Kreditfonden AB (Kreditfonden) has set out on a journey to develop a product range that focuses on some of these corners of fixed-income markets with the aim of becoming a leading player in direct lending to Nordic companies.
Archegos Failings May Hit Banker Bonuses, U.K. Regulators Warn (Bloomberg)
Top bankers’ bonuses may be cut unless they can show they have fixed risk-management failings highlighted by the implosion of Archegos Capital Management, U.K. regulators said. In a warning to bank chief executive officers on Friday, the Financial Conduct Authority and the Bank of England’s Prudential Risk Authority said they had found “a number of significant cross-firm deficiencies” in the way banks serve hedge fund clients.
Hedge Fund Tiger Global Continues to Dominate Venture Capital Deals. Here are 11 Startups in Its Portfolio Gearing Up to IPO. (Business Insider)
Chase Coleman‘s hedge fund Tiger Global continued to be a top dealmaker in the venture capital space in the third quarter — and shows no signs of slowing down in the new year. The $95 billion hedge fund, which has built a reputation for outbidding some of the biggest venture capital firms in the world when investing in startups, notched 86 deals in the three months that ended in September 30. It beat out venture capital giants like Insight Partners (73 deals) and Andreessen Horowitz (53 deals), according to CB Insights Q3 State of Venture report.
Elon Musk Sells Another $963M Tesla Stock Amid Insider Selling Frenzy On The S&P500 (Benzinga)
Tesla Inc (TSLA) CEO Elon Musk sold shares worth $963.2 million on Thursday, as per filings made with the U.S. Securities and Exchange Commission. What Happened: Musk sold 934,091 shares of Tesla and also exercised options to purchase 2.17 million shares of the automaker at $6.24. As per the filings, the shares were “sold solely to satisfy the reporting person’s tax withholding obligations.”
Friday 12/10 Insider Buying Report: HQY, JOAN (Nasdaq.com)
At HealthEquity, a filing with the SEC revealed that on Thursday, Director Stuart B. Parker purchased 25,000 shares of HQY, for a cost of $42.82 each, for a total investment of $1.07M. HealthEquity is trading up about 2.2% on the day Friday. And at JOANN, there was insider buying on Tuesday, by CEO Wade D. Miquelon who bought 55,000 shares for a cost of $9.33 each, for a total investment of $513,156. Before this latest buy, Miquelon bought JOAN at 2 other times during the past twelve months, for a total cost of $1.20M at an average of $11.70 per share. JOANN is trading up about 2.8% on the day Friday. So far Miquelon is in the green, up about 18.3% on their buy based on today’s trading high of $11.04.
The EC of Dick’s Sporting Goods (NYSE: DKS) is Buying Shares (Analyst Ratings)
On December 8, the EC of Dick’s Sporting Goods (DKS), Edward Stack, bought shares of DKS for $25.04M. Following Edward Stack’s last DKS Buy transaction on January 14, 2021, the stock climbed by 49.7%. Following this transaction Edward Stack’s holding in the company was increased by 2.1% to a total of $1.25 billion. Based on Dick’s Sporting Goods’ latest earnings report for the quarter ending October 31, the company posted quarterly revenue of $2.75 billion and quarterly net profit of $317 million.
Billionaire Ken Griffin’s Son Told Him ‘You Have to Buy the Constitution’ (Bloomberg)
Why did Citadel founder Ken Griffin buy a copy of the U.S. Constitution last month for $43.2 million? His son told him to. “I was sitting at home in New York and my son calls me to say, ‘Dad, you have to buy the Constitution,’” Griffin said in an interview after a luncheon hosted by the Palm Beach Civic Association at the Florida city’s Four Seasons hotel. Griffin didn’t give his son’s specific reason for wanting his father to make the purchase.
