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Hedge Fund and Insider Trading News: Jason Mudrick, Whitebox Advisers, Brady Corp (BRC), Petmed Express Inc (PETS), and More

Hedge Fund’s Red Hot Vaping Bet Runs Into Trump’s Surprise Ban (Bloomberg)
Jason Mudrick has been enjoying a run this year that most other hedge fund managers only dream of. His flagship fund at Mudrick Capital Management is up 32% on soaring valuations for one of the largest players in the U.S. vaping market. Now, that same bet could pose a headache for the maverick investor.

Thomas Cook Crisis: Hedge Funds Made Record Profits on Company’s Collapse as Firm Folded (Express.co.uk)
The hedge fund operators purchased credit default swaps and these investments would have been worthless if CEO of Thomas Cook, Peter Fankhauser, had managed to clinch a deal at the weekend. But as a result of the collapse CDS payouts are now expected to reach $250m (£201m), according to reports by Bloomberg. Nearly 11 percent of the travel company’s shares were shorted ahead of its collapse. Two hedge funds, London-based TT International and Whitebox Advisers, from Minneapolis – made up the bulk of the shorts, together holding around 7 percent, according to ShortTracker data.

Countries with the Smallest Government Per Capita in the WorldCountries with the Smallest Government Per Capita in the World

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Solar Carve Tower Signs Hedge Fund to Take Over 7th Floor (New York Post)
The stunning Solar Carve Tower, which sits along the High Line and overlooks the Hudson River, is getting a new tenant. Health care-focused hedge fund RTW Investments, which is currently located at the nearby 412 W. 15th St., is jumping to 40 10th Ave. to accommodate its expansion. The firm, which invests in biopharma companies, will take over the entire seventh floor, or 14,082 square feet, of the brand-new building, known as the Solar Carve Tower for its unique Studio Gang design.

Crystal Capital Partners’ Latest PE & Hedge Fund Portfolio Construction Technology Provides Advisors With a Streamlined, E-Commerce Shopping Experience (PRNewswire.com)
MIAMI, Sept. 24, 2019 /PRNewswire/ — Crystal Capital Partners, a pioneer in the alternative investment platform space, has rolled out a new proprietary e-commerce portfolio construction technology that makes building institutional private equity and hedge fund portfolios as simple as adding items to an online shopping cart. With this cutting-edge automation, advisors can select from a diverse list of rigorously vetted institutional private equity and hedge fund exposures across various strategies, add them to their cart and, within seconds, generate an institutional-quality portfolio proposal for client presentations.

Saudi Oil Attacks Leave Hedge Funds Unmoved Despite Battle of the Bots: Kemp (HellenicShippingNews.com)
Hedge fund managers remain cautious about the outlook for oil prices despite a short-term surge following the recent attacks on Saudi Arabia’s oil installations. Amid record trading volumes, oil prices posted a record one-day rise on Sept. 16, the first trading day after the attacks. However, most of this was probably attributable to short-term computerised market-making programmes (“bots”) taking intra-day positions rather than fund managers shifting their strategic view.

China Approves Two Sigma as a Private Fund Manager (Opalesque.com)
Two Sigma China, the wholly-foreign owned enterprise (WFOE) of Two Sigma, recently received private fund management (PFM) license, said the Asset Management Association of China (AMAC). The New York-based hedge fund now has six months to launch an onshore product in China. “The PFM registration enables the company to develop and market onshore investment products for qualified investors in China,” said the hedge fund. Two Sigma, New York, incorporated Shanghai-based Two Sigma China as a wholly foreign-owned enterprise in November 2018, prior to seeking registration with AMAC. “We endeavor to be a valuable investment partner for Chinese clients and support China opening up its financial markets to the world,” said Carissa Xu, managing director, and general manager at Two Sigma China.

CTA/Managed Futures Hedge Funds Rebound in August with Strong Performance Driven Gains (HedgeWeek)
Hedge fund managers ended August 2019 down 0.35 per cent on an equal-weighted basis, and 0.54 per cent on an asset-weighted basis, according to data released by Eurekhedge. The risk-off sentiment persisted throughout the month, as the US labelled China a currency manipulator, intensifying the tension between the two economies. CTA/managed futures hedge funds were up 1.89 per cent in August with managers citing long exposure to metals and fixed income, as well as short exposure to the energy sector as performance drivers. The mandate’s AUM has grown by USD18.6 billion year-to-date, in contrast to the USD45.5 billion decline recorded over 2018.

Ex-PetMed Exec Settles SEC Insider Trading Allegations (Bloomberg Law)
A former PetMed Express Inc. executive will pay almost $515,000 to end an SEC suit accusing him of using insider trading, according to Sept. 24 filings in Florida federal court. James Alex Irvin was the marketing director at the online pet pharmacy, also known as 1-800-PetMeds, when he traded ahead of six PetMed quarterly earnings announcements, the Securities and Exchange Commission said in the U.S. District Court for the Southern District of Florida.

Feds Allege Insider Trading Around Golden Flake, Utz Merger (AL.com)
The U.S. Securities and Exchange Commission is accusing five Alabama men of insider trading in connection with the 2016 merger of Birmingham-based Golden Enterprises, the parent company of Golden Flake, and Utz Quality Foods. The 21-page complaint, filed today in the Southern Division of U.S. District Court, says that information about the sale trickled down from longtime Golden Enterprises director James Nall Sr. through his son, James Nall III, to three other men who know each other in Thomaston, in Marengo County. Pennsylvania-based Utz Quality Foods bought Golden Enterprises, Golden Flake’s parent company, for $141 million in 2016.

L&T Finance: SEBI Disposes Of Insider Trading Case Against Factorial Master Fund (Bloomberg Quint)
The Securities and Exchange Board of India on Monday dropped insider trading charges against Cayman Islands-based Factorial Master Fund, in the shares of L&T Finance Holdings Ltd. While annulling the charges against the firm, SEBI said, “the charges levelled against the Noticee, viz., Factorial Master Fund do not stand established and the matter is, accordingly, disposed of.” The order comes after the regulator conducted an investigation and observed that Factorial had allegedly indulged in unusual and aggressive trading for the period between March 10, 2014, and March 14, 2019, in the scrip of L&T Finance a day ahead of the offer-for-sale announcement while in possession of unpublished price-sensitive information and made a profit of over Rs 20 crore.

The SRVP & Pres., Ident Solns of Brady Corp (NYSE: BRC) is Selling Shares (Analyst Ratings)
Today, the SRVP & Pres., Ident Solns of Brady Corp (BRC), Russell Shaller, sold shares of BRC for $246K. In addition to Russell Shaller, 8 other BRC executives reported Sell trades in the last month. Following Russell Shaller’s last BRC Sell transaction on July 01, 2019, the stock climbed by 4.5%.

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