British Staff at US Hedge Fund Elliott Management Paid Average of £1.3m Each (The Times)
The American activist hedge fund Elliott Management paid the 106 staff at its British business a combined £137 million last year after the division enjoyed a return to profit. The salary bill for Elliott Advisors (UK) equates to almost £1.3 million a person and is up from the £113.3 million that it paid in total to its employees in 2020, accounts filed at Companies House showed.
Hedge Fund Titan Warns UK Pension Crisis Is Just the Start (Bloomberg)
For one of the world’s largest hedge funds, the UK pension fund crisis is just starting as central banks around the world raise interest rates and turn off quantitative easing. Paul Marshall, co-founder of $62 billion investment firm Marshall Wace, said central banks had created the perfect environment for “mal-investment’ by artificially holding interest rates low for years.
Ken Griffin’s Citadel Just Poached a New Tech Portfolio Manager from a $38 Billion Hedge Fund (Business Insider)
Billionaire Ken Griffin‘s Citadel hired Vesal Yazdi for its equities team from Davidson Kempner Capital Management, where he oversaw a tech strategy with more than $1 billion in assets, according to a person close to the firm. Yazdi joined as a portfolio manager based in New York City working within Citadel’s global equities business led by Justin Lubell – the group is one of the $50 billion hedge fund’s four long-short market neutral equity units.
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Kohl’s Under Attack Again By Activist Investor (Forbes)
Here we go again. The hedge fund, Macellum Advisors, is making a third attempt to overhaul Kohl’s board and is advising the company there will be another proxy fight if the company fails to immediately address the issue. The attack is directed at board chairman Peter Boneparth and board members Stephanie Streeter, John Schlifske, and Jonas Prising. In the opinion of Jonathan Duskin, Macellum’s CEO, they failed to “adequately support Kohl’s senior management.” Of course, Duskin was roundly defeated in his previous attempts to unseat board members and seat himself and other members of his group.
Activist Investor Starboard Has Nearly 5% Stake in Splunk (The Wall Street Journal)
Starboard CEO Jeff Smith to discuss Splunk at Tuesday conference, according to sources. Activist investor Starboard Value LP has a sizable stake in Splunk Inc. SPLK and plans to push the software maker to take action to boost its stock price, according to people familiar with the matter. Starboard’s stake is just under 5%, the people said. The hedge fund often targets software companies that could benefit from operational and margin improvements or be attractive takeover targets.
Hedge Fund ARCM Hit with Fine in Asia Two Years After Premier Oil Short Penalty (Financial News)
Hong Kong’s Securities and Futures Commission fined Asia Research and Capital Management $1.75m for failing to comply with European Union’s short-selling reporting requirements. The hedge fund’s disclosure breach relates to its 2020 short position in Premier Oil. In October 2020, the FCA announced a fine of £873,118 on ARCM for not reporting the same position between 22 February 2017 and 3 December 2019. Unlike in the US, many European regulators require funds to disclose publicly short positions exceeding 0.5% of a stock’s…
Three Arrows Founders, Still Absent, to Get Subpoenas on Twitter (Bloomberg)
Liquidators charged with untangling the blowup of Three Arrows Capital are taking unusual steps to force the crypto hedge fund’s founders, Su Zhu and Kyle Davies, to cooperate with its unwinding. Court-appointed liquidators from advisory firm Teneo, along with their lawyers, are asking a US judge for permission to serve Zhu and Davies with subpoenas through their Twitter accounts and email addresses because normal methods have failed, court papers show. The founders precise whereabouts are still unknown and their lawyers refuse to accept papers on their behalf, according to the filings.
Clearview Hits Hard Cap Close by Hauling in $850m for Its Fifth Flagship Buyout Fund (Opalesque)
Clearview Capital, a private investment firm specializing in the acquisition and recapitalization of North American companies, has closed its Clearview Capital Fund V at its hard cap of $850 million. The Stamford, CT-headquartered private equity firm said in a media release that Fund V enjoyed support from a broad base of existing investors while adding several new blue-chip institutional limited partners. Fund V also received support from two dozen current and former managers/sellers of Clearview Capital’s portfolio investments, it said. Clearview Capital’s investor base includes endowments, foundations, pension funds, family offices, funds of funds, and high-net-worth investors.
Bridgewater Shorts €130m Worth of CRH Shares (Business Post)
Bridgewater, the hedge fund founded by the American multibillionaire Ray Dalio, is shorting nearly €130 million worth of shares in CRH, the Irish concrete and construction materials company. The hedge fund, which is the world’s largest, with $150 billion in assets, has been holding a short position on 0.52 per cent of CRH’s shares since the end of September, Central Bank filings show.
Insider Trading: October 17, 2022 (BIV.com)
Insider Amar Doman, director. Company: Doman Building Materials Group Ltd. (TSX:DBM). Shares owned: 16,616,820. Trade date: Sept. 29. Trade total: $204,160. Trade: Acquisition of 35,200 Shares at a Price of $5.80 Per Share. Insider John Kim, director. Company: Well Health Technologies Corp. (TSX:WELL). Shares owned: 508,379. Trade date: Sept. 30. Trade total: $153,000. Trade: Sale of 50,000 shares at a price of $3.06 per share.
Monday 10/17 Insider Buying Report: CAMP, VOXX (Nasdaq.com)
At CalAmp, a filing with the SEC revealed that on Wednesday, Director Wes Cummins purchased 110,000 shares of CAMP, for a cost of $3.46 each, for a total investment of $380,580. Bargain hunters are able to snag CAMP at a price even lower than Cummins did, with the stock changing hands as low as $3.24 in trading on Monday — that’s 6.4% under Cummins’s purchase price. CalAmp is trading up about 2% on the day Monday. Before this latest buy, Cummins bought CAMP on 4 other occasions during the past year, for a total investment of $2.7M at an average of $4.11 per share. And on Thursday, CEO Patrick M. Lavelle purchased $58,500 worth of Voxx International, purchasing 9,000 shares at a cost of $6.50 a piece. Before this latest buy, Lavelle purchased VOXX at 9 other times during the past year, for a total investment of $665,178 at an average of $6.84 per share.
$40 Million Bet On Inhibrx? 3 Stocks Insiders Are Buying (Benzinga)
Enviva: The Trade: Enviva Inc. (EVA) Director Jeffrey W Ubben acquired a total of 200,000 shares an average price of $50.69. To acquire these shares, it cost around $10.14 million. Momentive Global: The Trade: Momentive Global Inc. (MNTV) Director Raymond White acquired a total of 772,500 shares at an average price of $7.15. To acquire these shares, it cost around $5.52 million.
Hedge Fund Managers Score Tax Break While Keeping Investment Control (Bloomberg)
Lone Pine’s Stephen Mandel and Renaissance Technologies’ Peter Brown are among those with foundations that give to donor-advised funds, while investing in their own firms in the meantime. Word is out among hedge fund managers on how to get tax breaks for giving to charity — without actually handing over their money just yet. They can even keep it in their funds.
