Billionaire Stock Picker Jeffrey Vinik to Shut Down Hedge Fund (The Wall Street Journal)
Billionaire investor Jeffrey Vinik said he is closing his stock-picking hedge fund less than eight months after he started it, the latest sign of challenges facing the hedge-fund industry. The closure puts an end to what would have been the third comeback for the former Fidelity Investments star and current owner of the Tampa Bay Lightning professional hockey team.
Avenue Capital to Seek $1 Billion For Aircraft Leasing (Bloomberg)
Avenue Capital Management is in talks with investors to raise as much as $1 billion for the purchase of aircraft to boost its leasing business, according to a person with knowledge of the matter. The New York-based investment firm led by Marc Lasry expects to raise the funds over the next three months to buy up to 50 planes, said the person, who asked not to be identified because the information is private.
Billionaire Leon Cooperman Says Elizabeth Warren is ‘s—ting’ on the American Dream (Business Insider)
The hedge-fund billionaire Leon Cooperman isn’t pulling any punches when it comes to talking about the Democratic presidential candidate Elizabeth Warren’s plan to tax the ultrarich. “What is wrong with billionaires?” Cooperman told Politico. “You can become a billionaire by developing products and services that people will pay for.” He added: “I believe in a progressive income tax and the rich paying more. But this is the f—ing American dream she is s—ting on.”
Billionaire Paul Tudor Jones Says ‘I Love Mayor Pete’ (Bloomberg)
Paul Tudor Jones was at a gala Tuesday night for iMentor, working his way through a crowd thick with his people — hedge fund managers including Dan Loeb, David Einhorn, Rob Pohly, John Lykouretzos — when he stopped to take a question about Democratic presidential candidate Pete Buttigieg. “He’s my man,” Jones, 65, the billionaire founder of Tudor Investment Corp., said of the 37-year-old mayor of South Bend, Indiana.
Hedge Fund Lab Launches Its Startup Fund Accelerator (PR.com)
London, United Kingdom, October 23, 2019 –(PR.com)– Hedge Fund Lab, a multi-manager hedge fund platform, today announced the launch of its accelerator to support the next-generation fund managers with niche and innovative investment strategies. The accelerator is on a mission to discover and back high-potential portfolio managers to help them build scalable investment vehicles. The program is designed to leverage Hedge Fund Lab’s institutional platform and a network of investors to support managers through all phases of growth from inception to scale in three ways: Access to turnkey infrastructure. Accelerating growth. Raising capital.
Hedge Fund Capital Flows Mixed in Q3 (Hedge Week)
Total hedge fund capital was narrowly changed for Q3 2019, falling from the prior quarter record with flows mixed across strategies as investors navigated heightened fixed income risk and volatility, as well as fluid political developments across the U.S., Europe, the UK and Asia. Total hedge fund capital declined modestly to USD3.24 trillion, a slight reduction from the prior quarter record of USD3.245 trillion, a decline of USD5.5 billion, or approximately 0.17 basis points, according to data released today by HFR, the established global leader in the indexation, analysis and research of the global hedge fund industry.
Diamond Merchant Offers Financing Vehicle (HFAlert.com)
A well-known figure in the diamond industry is marketing a fund that offers financing to manufacturers and dealers of fine jewelry. Chris Del Gatto, chief executive of an online jewelry exchange called I Do Now I Don’t, formed DelGatto Capital of New York earlier this year to launch DelGatto Diamond Finance Fund. The firm this month raised $100 million from a large family office. The fund originates secured loans to “midstream” diamond businesses — that is, those in the supply chain between mining companies and retailers. “Due to tightening capital restrictions, commercial banks are leaving the middle-market segment of high-end diamond and other jewelry businesses,” according to DelGatto Capital’s pitchbook.