Influential Fund Manager Green Century Tells Insurers to Drop Big Oil (MarketWatch)
Green Century Capital Management tried to use shareholder muscle to persuade at least a trio of insurance companies to drop fossil-fuel clients. So far, the insurance firms aren’t biting; all three have filed no-action requests with the Securities and Exchange Commission. The resolutions, in advance of proxy season this spring, call on Chubb CB, 0.02%, Travelers TRV, -0.49% and The Hartford HIG, 0.21% to take this bold step as private-sector efforts to curb global warming from the burning of coal, oil CL00, -1.83% and gas NG00, -4.01% pick up, alongside global government action.
Sculptor Capital Plunges Most Since May 2020 After Posting Outflows (Bloomberg Quint)
(Bloomberg) — Sculptor Capital Management Inc. tumbled the most in almost two years on Thursday, after reporting that clients pulled $55 million from its flagship hedge fund in the fourth quarter. Shares of the firm fell 17% to $13.25 at 11:07 a.m. in New York, the biggest intraday drop since May 2020, as Chief Executive Officer Jimmy Levin’s turnaround efforts continued unevenly. That extended the stock’s decline this year to 38%.
Activist Investor Daniel Loeb Sees Roughly $1 Trillion of Untapped Value in Amazon (The Wall Street Journal)
Activist investor Daniel Loeb, whose Third Point LLC counts Amazon.com Inc. as one of its biggest holdings, told investors on Wednesday that he sees roughly $1 trillion in untapped value at the e-commerce giant. Mr. Loeb said on a private call with the hedge fund’s investors that the market is failing to recognize the full value of Amazon ’s two disparate businesses, its core e-commerce operation and its Amazon Web Services cloud unit, according to people familiar with the matter. The call reviewed Third Point’s 2021 performance and its outlook on markets and a number of stocks were discussed.
Biotech Firm Synthego Raises $200 mln in Funding from Softbank, Others (Reuters)
Feb 17 (Reuters) – Biotechnology firm Synthego said on Thursday it had raised $200 million in a late-stage funding round led by hedge fund Perceptive Advisors, with participation from SoftBank Vision Fund 2.
Hedge Fund Manager Caxton to Buck Industry Trend by Raising Fees (Hedge Week)
Macro hedge fund Caxton Associates is said to be bucking an industry trend by raising fees rather than reducing them, according to a report by the Financial Times (FT). The report says that Caston is also planning on shutting its Macro fund, which is personally run by chief executive Andrew Law, to new investment as it sees gains from winning bets on rising inflation and interest rates.