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.
HFR Launches Family of Indexes Tracking U.S. Hedge Funds (Barron’s)
Anew family of hedge fund indexes will allow investors to track the performance of private U.S.-based hedge funds with different strategies, including macro, event-driven, and equity-hedge. Eventually, these indexes should lead to the development of index funds available to high-net-worth investors. The HFRI 400 U.S. Fund Weighted Composite Index and its many subindexes, which launched Tuesday, include hedge funds with a range of strategies that generally are intended to be uncorrelated with stock and bond markets.
The Rich List: The 22nd Annual Ranking of the Highest-Earning Hedge Fund Managers (Institutional Investor)
Stocks may have plunged into a bear market in 2022 — but that didn’t stop hedge fund managers from bringing home billions of dollars in personal earnings. Although the market rout caused a large portion of long-short and long-only managers to lose money last year — with many performing even worse than the S&P 500 index’s 19 percent decline — 2022 was a very good year for multistrategy, macro, trend-following, and fixed-income managers.
Hedge Fund Feud Over China Quant Trader Shows Growing Talent War (Bloomberg)
Two of China’s best-known quantitative hedge funds are embroiled in a court dispute that centers on the hiring of a trading strategist to a rival firm, a sign of intensifying competition for the industry’s top talent. Shanghai Ruitian Investment LLC is suing Zhejiang High-Flyer Asset Management and its associated companies over a potential “infringement on technology secrets,” according to court documents.
Monday 3/6 Insider Buying Report: DAR, PEB (Nasdaq.com)
At Darling Ingredients, a filing with the SEC revealed that on Wednesday, Director Larry Barden purchased 5,000 shares of DAR, at a cost of $64.49 each, for a total investment of $322,450. Bargain hunters are able to pick up DAR even cheaper than Barden did, with shares changing hands as low as $63.34 in trading on Monday — that’s 1.8% below Barden’s purchase price. Darling Ingredients is trading up about 0.1% on the day Monday. And at Pebblebrook Hotel Trust, there was insider buying on Wednesday, by CEO Jon E. Bortz who bought 21,000 shares at a cost of $14.46 each, for a trade totaling $303,632. Before this latest buy, Bortz made one other buy in the past year, purchasing $429,988 shares at a cost of $16.54 a piece. Pebblebrook Hotel Trust is trading up about 1.7% on the day Monday. So far Bortz is in the green, up about 6.9% on their buy based on today’s trading high of $15.46.
Insiders Selling Airbnb, SP Plus And 2 Other Stocks (Benzinga)
Airbnb: The Trade: Airbnb, Inc. (ABNB) 10% owner Joseph Gebbia sold a total of 1,371,301 shares at an average price of $124.21. The insider received around $170.33 million from selling those shares. Tellurian: The Trade: Tellurian Inc. (TELL) Executive Chairman Charif Souki sold a total of 1,084,041 shares at an average price of $1.51. The insider received around $1.64 million from selling those shares.
This Insider Just Pocketed Dish Network (NASDAQ:DISH) Stock Worth $15.7M (TipRanks)
One of Dish Network’s (NASDAQ:DISH) key insiders, James DeFranco, recently bought the company’s shares worth $15.7 million. DISH stock traded about 3% higher in the after-trade hours on Monday. The company provides pay-TV services. Also, it owns direct-broadcast satellite provider DISH and streaming service provider Sling TV. It is worth highlighting that DeFranco is Dish Network’s Co-Founder, one of the company’s Executive Vice Presidents, and has been a member of the Board of Directors since its formation.
