Activist Hedge Fund Threatens Removal of The Restaurant Group CEO: Report (MarketWatch)
Activist hedge fund Oasis Capital Management has reportedly delivered an ultimatum to London-listed The Restaurant Group (TRG) – overhaul the company or fire the CEO, according to a report by the Financial Times on Tuesday. The report, citing two people familiar with the matter, said that Oasis was pressuring the British hospitality group to shake up the business or oust its owner after the Hong Kong-based hedge fund previously expressed its disappointment in how TRG was handling the business. The Restaurant Group’s RTN, +0.67% stock remained stagnant on Tuesday morning in London, moving down just 0.22%. The shares have struggled to recover from the height of the pandemic, which saw many of its restaurants closed for a number of months, slumping 57% since early 2020 and declining 37% in the last 12 months.
Hedge Fund Royalty Izzy Englander Poaches Aussie (AFR.com)
Millennium Management, the $US57 billion hedge fund founded by Israel Englander, has spotted an Australian portfolio manager it likes. Market sources said Millennium has lured trader Alex Wallis to its ranks, in a hire expected to be the first salvo for building a bigger Australian presence. Wallis is well known in equities circles. He jumped ship from hedge fund sales to the buy side a few years ago, picking the spicier long/short end as his playing field.
Elliott’s Case Against LME to be Heard in London During Week of June 19 (Reuters)
A lawsuit bought by Elliott Associates and Jane Street Global Trading against the London Metal Exchange for cancelling nickel trades is expected to be heard in a London court during the week of June 19, two sources with knowledge told Reuters. The exact date of the hearing is likely to be set on Friday, June 16. A court official said “nothing has been confirmed”. U.S.-based Elliott and Jane Street are demanding damages of $456.4 million and $15.34 million respectively, after the nickel price hit a record above $100,000 a tonne on March 8, last year prompting the LME to suspend nickel trading and void trades on that day.
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Strong February for Shipping (Hedge Nordic)
Stockholm (HedgeNordic) – February was a mixed month for stocks across the world, with US stock market indices finnishing the month in the red after rallying in January. In contrast, the shipping corner of equity markets enjoyed a very strong February, with shipping-only hedge fund Cleaves Shipping Fund out of Norway booking a monthly advance of 13.8 percent. “February was mixed for the stock market in general, as signs on easing inflation have been challenged by strong retail sale and job reports,” says Carl Synvis, Head of Fund Management and Portfolio Manager at Cleaves.
Citadel Boss Ken Griffin Made $4.1 Billion Last Year, the Most of Any Hedge Fund Manager in History (Business Insider)
Citadel CEO Ken Griffin took home $4.1 billion in earnings in 2022, the highest among hedge-fund managers last year and the most ever in the history of the rankings, according to Institutional Investor’s 22nd annual Rich List. While broader markets swooned and the S&P 500 lost almost 20% last year, Citadel’s flagship fund posted a 38.1% gain. Last year marked the best year for the fund in 13 years, and caps off a three-year stretch of 117% gains, according to Institutional Investor. Griffin took the number one spot on the rich list for the first time in six years.
