Ackman’s Un-SPAC Elicits a Shrug from Investors (Reuters)
LONDON, June 24 (Reuters Breakingviews) – Bill Ackman’s online acolytes are unfazed by the dwindling premium attached to the billionaire’s Pershing Square Tontine Holdings (PSTH.N) vehicle. Self-described Tontards swap memes on Reddit glorifying the investor they call “daddy”, while a sock puppet proffers an expletive-ridden sum-of-the-parts valuation. Yet PSTH shares suggest Ackman’s unconventional special purpose acquisition company has lost its shine.
How this Ex-Hedge Fund Executive Founded Investment Management Startup WealthDesk (Your Story)
WealthDesk is an investment management platform that has raised Pre-Series A funding of $3.2 million led by Mathew Cyriac, Former Blackstone Partner, and Co-head of India PE and now Founder of Florintree Advisors. While working in the fund management segment at DE Shaw in the US, Ujjwal Jain got an opportunity to shift to Mumbai for a strategic India focused stint. The move made him realise the massive opportunity in asset management, fund management, advisory, and broking in the country.
Hedge Funds Launch Effort to Boost Image as D.C. Scrutiny Mounts (Bloomberg)
Hedge funds have long stayed out of the political fray. Now, as lawmakers and regulators increasingly put the firms in their sights, the secretive industry is reversing course. The main hedge fund lobbying group — which represents 135 funds including Citadel, Elliott Management Corp. and Renaissance Technologies — is launching a multi-million dollar campaign Thursday to better explain to Washington what its members actually do.
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GameStop Investors Flex Their Muscles amid Shuttered Hedge Fund (The Madison Leader Gazette)
Reddit investors pack a powerful punch, just ask hedge fund managers. London-based White Square Capital is shuttering its operations after losses it suffered early in the year from popular meme stock GameStop, according to a report in the Financial Times, citing people close to the situation. White Square, which was founded by Florian Kronawitter, an alum of Paulson & Co, was reportedly short GME.
New Anchor for Formuepleje (Hedge Nordic)
Stockholm (HedgeNordic) – Lars Larsen Group, which owns furniture chain Jysk and is owned by descendants of Jysk founder Lars Larsen, plans to become an anchor shareholder of Danish asset manager Formuepleje. Lars Larsen Group aims to accumulate an ownership stake of around 40 percent in the longer term, as the current major shareholder, the Hommelhoff family, is reducing their ownership.
Hedge Funds Poised to Outperform 2020 “by a Wide Margin”, as Investor Flows Swell Industry Coffers Further (Hedge Week)
Hedge funds are on track to comfortably outperform their 2020 showing this year, with strong strategy returns and continued capital inflows boosting industry coffers to almost USD3.6 trillion in the run-up to 2021’s midway point. New research published by eVestment shows hedge funds overall gained 1.48 per cent on average during May. This has helped drive 2021’s year-to-date returns to 9.05 per cent. With hedge funds’ full-year returns for 2020 finishing at some 11.05 per cent, according to eVestment data, the industry is in now fine form approaching the second half of the year.
Hedge Fund Performance Monitor: May 2021 (Preqin)
The Preqin All-Strategies Hedge Fund benchmark gained 0.88% in May, marking the eighth consecutive month of gains for single-manager hedge funds. This pushed the YTD return to +11.07% and the 12-month return to +33.95%. Read our Performance Monitor for a look at how equity, credit, macro, and niche strategies performed in May. The Monitor presents hedge fund performance benchmarks, plus the YTD and 12-month return figures for all top-level strategies, structures, denominations, and size classifications.
Citadel Melvin Robinhood (Hicarquitectura.com)
Gabe Plotkin of Melvin Capital said his fund… on everything from investor protections to oversight of the arcane financial plumbing that came up in questions to Robinhood, Citadel and Melvin. Waters Announces Robinhood, Citadel, Melvin Capital, Reddit CEOs and Keith Gill to Testify at Committee Hearing. One of the firms that bailed out Melvin Capital, Citadel Securities, also facilitates trades made on Robinhood, working as a sort of middleman between the app and Wall Street’s exchanges.
Thursday 6/24 Insider Buying Report: RMBL, HSON (Nasdaq.com)
On Wednesday, RumbleON’s , Adam Alexander, made a $59,100 buy of RMBL, purchasing 1,500 shares at a cost of $39.40 each. So far Alexander is in the green, up about 7.1% on their purchase based on today’s trading high of $42.21. RumbleON is trading up about 2.6% on the day Thursday. Before this latest buy, Alexander made one other purchase in the past year, buying $57,337 shares for a cost of $57.34 each. And at Hudson Global, there was insider buying on Monday, by Chief Executive Officer Jeffrey E. Eberwein who bought 2,000 shares at a cost of $17.99 each, for a total investment of $35,985. Before this latest buy, Eberwein bought HSON at 17 other times during the past year, for a total investment of $333,513 at an average of $16.50 per share. Hudson Global is trading up about 2% on the day Thursday. So far Eberwein is in the green, up about 2.8% on their buy based on today’s trading high of $18.50.
An Insider at Group 1 Automotive (NYSE: GPI) is Selling Shares (Analyst Ratings)
Yesterday, an Insider at Group 1 Automotive (GPI), Max Watson, sold shares of GPI for $2.25M. Following Max Watson’s last GPI Sell transaction on October 30, 2019, the stock climbed by 51.8%.
Tradeweb Markets Inc (TW) CEO Lee Olesky Sold $15.3 million of Shares (Guru Focus)
CEO of Tradeweb Markets Inc, Lee Olesky, sold 178,907 shares of TW on 06/22/2021 at an average price of $85.61 a share. The total sale was $15.3 million.
A Swiss Court has Found a Well-known Turnaround Manager Guilty of Insider Dealings, the First Case Involving Someone that Prominent in a Country Which has So Far Tiptoed Around Enforcing Insider Trading Laws. (Finews.com)
A Swiss criminal court found Hans Ziegler guilty of several counts of insider trading, industrial espionage, and breaching confidential company information, according to Swiss newswire «AWP» (in German). Ziegler was given to a two-year suspended sentence, a fine of 10,000 Swiss francs ($10,900), and ordered to pay restitution of 770,000 francs.
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