Third Point Confirms EssilorLuxottica Stake, Still Talking with Sony: Letter (Reuters)
BOSTON (Reuters) – Billionaire investor Daniel Loeb said on Thursday his hedge fund owns a $700 million stake in Ray-Ban maker EssilorLuxottica SA and is urging the company to “accelerate leadership transitions”. Loeb also said he was still speaking with Sony and remained committed to creating value at the Japanese company even after management largely ignored his proposals for ways to streamline the company’s portfolio.
Executive to Leave ExodusPoint Hedge Fund After Less Than Two Years (The Wall Street Journal)
An executive at the largest-ever hedge-fund startup is leaving after less than two years, people familiar with the matter said. Peter Hornick, the head of business development who recruits investment staffers at the new fund, ExodusPoint Capital Management LP, is expected to leave, these people said.
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What has led to Tiger Global’s Aggressive Comeback to India (Economic Times)
MUMBAI:There’s a consensus in the Indian technology investing world today that the 2015 funding euphoria led by Lee Fixel, who was at the helm of Tiger Global then was far more “subdued” compared to what we are seeing today. Famously known as the Maharaja (king of kings) of Indian e-commerce for his undeterred backing of Flipkart, Fixel stepped down from Tiger Global earlier this year and Scott Shleifer took charge of India at the New York-headquartered fund famous for being secretive and media-shy.
Hedge Fund Files £7.4M Suit Against Partners Who Resigned (Law360.com)
Law360, London (October 24, 2019, 6:59 PM BST) — BlueCrest Capital Management has filed a £7.4 million ($9.5 million) suit against two former partners, claiming the two took incentive awards requiring them to remain with the company despite knowing they would resign weeks later. London-based BlueCrest Capital Management claims two of its former partners took incentive awards requiring them to stay on with the company even though they planned to resign. (AP) The U.K.-based asset managers accused Alexander Codrington and Russell Hartley of deceit, breach of contract and breach of duty, saying the men lied when directly asked about rumors that they planned to leave BlueCrest, in a claim filed…
Schroders to Take Charge of Woodford Patient Capital Trust (CityAM.com)
Schroders will take charge of the embattled Woodford Patient Capital Trust (WPCT) after former star stockpicker Neil Woodford’s abrupt departure last week. Shares in WPCT surged over 28 per cent in morning trading following the news. Woodford’s fall from grace was cemented last week when he quit WPCT and closed his investment company after administrators closed his flagship Equity Income Fund (WEIF).
One More Coeli Fund Shuts Down (Hedge Nordic)
Stockholm (HedgeNordic) – Stockholm-based Coeli Asset Management has closed down Coeli Altrua Macro after less than two years following its launch in February of 2018. This is the fourth hedge fund under the umbrella of Coeli that closed doors in 2019. Coeli Altrua Macro’s institutional share class delivered a cumulative negative return of 9.5 percent since inception until its liquidation on October 17. The fund applied a quant-fundamental process to allocate between equities, bonds, and currencies while holding a core long volatility and tail-risk protection exposure.
Warren Is ‘Single Biggest Risk for the Market,’ Citrone Says (Bloomberg)
The rise of U.S. presidential contender Elizabeth Warren is “the single biggest risk for the market,” according to Rob Citrone, founder of hedge fund Discovery Capital Management. “I think if Elizabeth Warren is leading the way into the February primaries, the S&P will be down 10, 15, 20%,” Citrone said at the C4K Investors Conference in Toronto on Wednesday. “Her policies on regulation, on taxes, on a lot of different things, are substantially different than anything we’ve had in our country before.”
Hedge Fund Industry Sees 6th Consecutive Quarter of Outflows (Hedge Week)
Investors redeemed at estimated USD12.11 billion from the global hedge fund industry in September 2019, bringing year to date (YTD) flows to -USD76.86 billion, according to the September 2019 eVestment Hedge Fund Asset Flows Report. The total Q3 2019 outflows of -USD29.37 billion marked the sixth consecutive quarterly outflow for the industry. Total hedge fund industry AUM stood at USD3.266 trillion at the end of September, according to the new report.
OSC Issues Findings in Insider Tipping and Trading Case (InvestmentExecutive.com)
An Ontario Securities Commission (OSC) hearing panel has upheld a couple of insider trading allegations against a Toronto institutional trader but dismissed other allegations that were based on more circumstantial evidence, the regulator announced Thursday. The panel found that Cameron Edward Cornish in two instances traded on inside information from Donna Hutchinson, a former legal assistant at Davies Ward Phillips and Vineberg LLP, in Toronto, but it dismissed an allegation involving a third company.
Investment Bankers ‘Pops and Popsy’ Accused of Insider Trading by US Attorney’s Office (The Times)
A couple of investment bankers have been charged with insider trading after sending tips in exchange for $1 million in cash, watches and luxury trips. The pair, who called each other “Pops” and “Popsy”, met in London and were charged in the United States, previously sealed court documents show.
Procter & Gamble Co (PG) CEO – Health Care Steven D Bishop Sold $5.1 million of Shares (Guru Focus)
CEO – Health Care of Procter & Gamble Co., Steven D Bishop, sold 41,165 shares of PG on 10/23/2019 at an average price of $123.36 a share. The total sale was $5.1 million. Procter & Gamble Co is a consumer goods company. The firm markets its products internationally through various channels which include mass merchandisers, grocery stores, membership club stores, drug stores, and department stores.
The Vice Chair of US Bancorp (NYSE: USB) is Selling Shares (Analyst Ratings)
Today, the Vice Chair of US Bancorp (USB), Jeffry Von-Gillern, sold shares of USB for $303.6K. Following Jeffry Von-Gillern’s last USB Sell transaction on July 23, 2019, the stock climbed by 1.0%. Based on US Bancorp’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $7.05 billion and quarterly net profit of $1.91 billion.
Pebble Mine permitting debate continues with Congressional Hearing (GrayDC.com)
WASHINGTON (Gray DC) — In just a few months we will learn if the Pebble Mine Partnership will gain the necessary permits to build its gold and copper mine in Southern Alaska. Even though the decision lies with the Army Corps of Engineers, the discussion has spread all the way to Washington where local activists and Pebble representatives were called today to testify. Despite promises of economic growth and job opportunities, Alaska native Alannah Hurley is pushing back against the Pebble Mine, claiming it poses a risk to the entire Bristol Bay watershed. “It’s not a matter of if it will impact the environment, but when,” said Hurley. “If our lands and waters are devastated, our indigenous people are devastated.”
