Texas is a ‘Very Friendly Place’ for Business, Canyon Partners Co-Founder Says (Yahoo Finance)
Texas continues to be a hotbed for corporate relocations — last year, 62 corporations moved their headquarters to the Lone Star State. According to Canyon Partners co-CEO and co-founder Josh Friedman, the healthy business environment is what is spurring companies to make the move. “Texas is a very friendly place for businesses,” Friedman said in an interview with Yahoo Finance Editor-in-Chief Andy Serwer as part of Influencers with Andy Serwer. “If you look at firms like Goldman Sachs (GS) and others, Goldman is moving literally thousands of employees there. I think sometimes a change of venue or an additional venue injects an element of excitement and growth into a firm.”
Melvin Investors Fume After Plotkin Decides to Close His Fund (Bloomberg)
Melvin Capital Management’s traders pocketed hefty performance fees over a half-decade while achieving roughly 30% in annualized gains. Now, after a streak of steep losses, they’re abruptly returning client cash and moving on. Some of Melvin’s investors caught flat-footed this week by Gabe Plotkin’s decision to shut his hedge fund are grousing privately about fair-weather money management. They were hopeful his team could recoup at least some of the money it started losing in a short-squeeze more than a year ago and try to make them whole.
Shell Told to Drop Fight Against Emissions Ruling by Crispin Odey’s Hedge Fund (The Times)
Shell should drop its appeal against a Dutch court ruling ordering it to make steeper emissions cuts, and instead lobby for Europe to impose the same requirements on its rivals, according to Crispin Odey’s hedge fund. Odey Asset Management, which has an “economic interest” of 0.03 per cent in Shell, published a letter to the oil giant yesterday urging it to take “a stronger, championing position towards climate change and the energy transition”.
Preston-Born Hedge Fund Manager Tops Rich List with £10 Billion Fortune (Blog Preston)
A Preston-born hedge fund manager is the richest person in the North West of England, according to the new edition of The Sunday Times Rich List. Michael Platt, 53, who lives in Switzerland, has seen his fortune rise by £2 billion in the past year. The co-founder and chief executive of BlueCrest Capital Management is now worth £10 billion, ranking him equal 11th in the wealthiest people in the UK.
Millennium EMEA Execution Services Head Ungi to Retire (The Trade)
Millennium’s head of execution services Tom Ungi is set to retire later this year after 16 years with the hedge fund, according to sources familiar with the matter. Originally joining the hedge fund in 2006 as head of trading, he took on his most recent role in 2013. Millennium declined to comment on his departure. Ungi has had an extensive career in the financial services industry, previously serving as an international sales trader at ITG and as a stockbroker with EBI. He also spent some time as an analyst at Reuters as well as working with the London Stock Exchange Group (LSEG) in an equity capital market role.