Hedge Fund and Insider Trading News: Hudson Bay Capital Management, Millennium Management, Engineers Gate Manager, BlueCrest Capital Management, Tiger Global Management, Inotiv Inc (NOTV), and More

A Hedge Fund Manager Reluctantly Challenged — Then Collaborated With — Harry Markowitz (Institutional Investor)
When Hudson Bay Capital’s Sander Gerber set out to build a portfolio management system, he didn’t plan to challenge Harry Markowitz. Yet after developing a new statistic to understand how two securities move relative to each other – so-called co-movement – that’s exactly what he ended up doing. Gerber’s goal was to have a clearer understanding of exactly how diversified his portfolio was after finding that historical covariance, the measure used by Markowitz adherents, wasn’t cutting it.

Tiger Global, D1 Capital Signal Pullback From Big Private Tech Deals Amid Market Rout (The Information)
Responding to a steep sell-off in technology stocks, some hedge funds and other investment firms with large public stock portfolios have been turning away from investing in the most mature startups, reducing what’s been a crucial source of funding for the better part of two years. Instead they are focusing on buying beaten-down public tech stocks or investing in younger startups. Tiger Global Management told its investors in a webinar earlier this month that it would no longer focus on backing large, late-stage startups preparing to go public, said a person with direct knowledge of the discussion.

A Woman Claims a BlueCrest Portfolio Manager Raped Her and Later Tried to have Sex with Her in Central Park in Exchange for a Job (Business Insider)
A woman claimed a BlueCrest manager offered to give her a job at the hedge fund if she had sex with him. He had previously pursued and raped her in 2019 before he joined BlueCrest last summer, she claimed. BlueCrest denied the allegations against the firm. Chen did not respond to requests for comment.

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Quant Firm Engineers Gate Attracts Hedge Fund Attention (Hedge Week)
Quant hedge fund Engineers Gate is in discussion with both Millennium Management and Point72 Asset Management over a possible acquisition of the business, according to a report by Bloomberg. Blackstone has an economic interest in Engineers Gate having replaced Canada Pension Plan Investment Board as the firm’s anchor investor in 2020. The business was founded by former Highbridge Capital Management exec Glenn Dubin in 2014.

Millennium Hedge Fund Takes Over Mayfair Members Club for New London Office (Bloomberg)
Millennium Management has signed a lease for a new headquarters in London’s Mayfair district, taking over a building that was previously home to a private members club operated by KPMG.