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Hedge Fund and Insider Trading News: Elliott Management, Millennium Management, Toscafund Asset Management, Sanofi SA (NYSE:SNY), Inc (OSTK), and More

Elliott to Inject 120 million Euros into AC Milan to Reimburse Bonds: Source (Reuters)
MILAN (Reuters) – U.S. hedge fund Elliott Management will inject 120 million euros ($141 million) into the coffers of Italian soccer club AC Milan to reimburse two bonds, a source said on Tuesday. The payment will essentially cancel the club’s financial debt and further stabilize its balance sheet, the source added. Elliott, which took over the Serie A team in July, had previously lent the club 128 million euros, underwriting two bonds with average interest rates of around 10 percent.

Millennium Won’t Stop Poaching Sell-side Quants (
Millennium Management has hired another veteran quant, continuing the recent trend of hedge funds picking off senior sell-side trading talent before the end of the year. Grigor Peradze joined Millennium in New York this month as the head of equity derivatives research. The hire is the latest example of hedge funds poaching from investment banks in just the last few weeks. At least two managing directors and one executive director at Goldman Sachs departed for roles at hedge funds in September. This includes Dan Cleland-James, the former head of synthetics and quant sales, who also left for Millennium. Lifelong sell-side quant trader Derrick Li joined Millennium in August.

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Toscafund Buys Stake in Online Asset Manager (
London hedge-fund manager Toscafund Asset Management has agreed to acquire a stake in German online asset manager Liqid Investments GmbH, according to a person familiar with the matter. Toscafund has led a €33 million investment to support the Berlin-based wealth manager’s organic growth, the person said. The firm invested as part of a Series C funding round. Following the deal, Toscafund will hold a significant stake in Liqid, the person added.

Point72 Said Goodbye to the Chief Data Scientist it Hired from J.P. Morgan (
Another ex-J.P. Morgan artificial intelligence professional has left the role he took after leaving the bank: David Loaiza is no longer the chief data scientist at Point72. It’s not exactly clear when Loazia left Point72, but the $12bn hedge fund confirmed his exit. Loazia himself didn’t respond to a request to comment. Loazia arrived at Point72 in New York in May 2016. He previously spent nine years at J.P. Morgan, latterly as chief data scientist for compliance analytics.

Eddie Lampert Has Some New Ideas To Prolong Sears’ Suffering (DealBreaker)
Sears has taken yet another turn for the worse, you guys. Its vitals are plummeting. Even the course of treatment recommended last month won’t do the trick, seeing as how it would raise only $480 million of the $1.1 billion Sears needs to survive its debt payments over the next couple of years. Simply put, it “now faces significant near-term liquidity constraints” in addition to all of the other things that ail it. The man in charge of Sears’ medical care (who may also be the man in charge of putting it into intensive care in the first place), Dr. Eddie Lampert, has taken some pretty drastic steps in his decade-plus overseeing the apparently terminal retailer, specifically a whole series of amputations that have left Sears a stump of its old self, but apparently none the healthier for it, now says there are two courses left: Hospice care, also known as bankruptcy protection, from which Sears is unlikely to emerge alive.

Ex-Soros PM to Convert Hedge Funds to Family Office (
A hedge fund with roots to George Soros has shut down after a little more than two years of operation. Randall Yuen, founder of Jafra Capital Management, told investors the firm would close its hedge funds at the end of September. At that time, Jafra will convert to a family office in order to focus only on managing Yuen’s own capital, according to a September 20 client letter obtained by Institutional Investor. “This decision was made after considerable reflection on my part,” Yuen said in the letter.