Former GoldenTree Partner De Chillaz to Launch Credit Hedge Fund (Bloomberg)
Pierre de Chillaz, a former partner at GoldenTree Asset Management, is preparing to start his own hedge fund, joining a growing list of startups as investors return to the industry. The money manager, who is setting up Eicos Investment Group in London, met with investors this week to raise capital, according to an investor document seen by Bloomberg. The long-biased fund will bet on European credit markets and start trading in the first quarter of next year. It’s not clear how much Eicos will raise at this stage.
Third Point Boosts SentinelOne Stake (Institutional Investor)
The cybersecurity company is now the hedge fund’s largest common stock long position. Third Point continues to add to its position in one of its top performers and one of its most successful private investments.The multistrategy hedge fund firm headed by Dan Loeb disclosed in a new regulatory filing that on July 14, it acquired 29,289 Class A shares of cybersecurity company SentinelOne….
Crypto Funds Trade in Coins That Are Under SEC Scrutiny (The Wall Street Journal)
WASHINGTON — Asset managers are offering funds that invest in cryptocurrencies whose legal viability has been questioned by regulators, underscoring the risks investors are taking to try to benefit from the sector’s rapid growth. Grayscale Investments, which calls itself the world’s largest digital-currency asset manager, launched a fund two months ago that invests in tokens tied to crypto-trading platforms including Uniswap and SushiSwap. Wealthier U.S. investors are eligible to buy the Grayscale Decentralized Finance (DeFi) Fund’s shares, which don’t freely trade now but could in the future, according to the company.
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Institutional Investors Stay Cautious on Crypto, as Hedge Funds Ride Bitcoin Volatility (Hedge Week)
As hedge funds continue to ride out cryptocurrencies’ volatility, new industry research suggests larger institutional investors remain reluctant to pile into digital assets in any meaningful sense, despite the strong returns generated by managers this year. Alternatives-focused software-as-a-service and data management firm Vidrio Financial surveyed global allocators and LPs – collectively representing more than USD100 billion in alternatives assets under management in the US and Europe – on their crypto investment plans.
HITE Hedge Fund Bets Oil Just Saw ‘Biggest Dead-Cat Bounce’ (Bloomberg)
When it comes to being skeptical about oil stocks, few are more bearish than James Jampel. Jampel manages HITE Carbon Offset, a $187 million hedge fund with short-selling fossil-fuel assets as its central focus. The fund returned almost 30% last year when the the S&P 500 Energy Index, which includes Exxon Mobil Corp., Chevron Corp. and ConocoPhillips, dropped 35%. This year, the fund was down about 9% at the end of July, compared with the energy index’s 33% increase in the same period.
