Fidelity Reviewing Ties with Ken Fisher After ‘Inappropriate’ Comments (Reuters)
BOSTON (Reuters) – Fidelity Investments said on Tuesday it is reviewing its relationship with Ken Fisher after the investment firm leader made “highly inappropriate comments” at a conference last week. “The views he expressed do not align in any way with our company’s values,” Fidelity spokesman Vincent Loporchio said in a telephone interview. Fisher Investments manages about $500 million within the Fidelity Strategic Advisers Small-Mid Cap Fund (FSCFX).
DE Shaw Gives Searing Indictment of Waste at Emerson Electric, Including Fleet of 8 Airplanes (CNBC)
D.E. Shaw, the $50 billion hedge fund that in recent years has engaged in shareholder activism along with its many other disciplines, released a voluminous report on Tuesday outlining all the ways it says Emerson Electric has failed shareholders over the last decade. The report, obtained by CNBC ahead of its release, starts a campaign to bring significant change to the industrial giant, including asking it to split its industrial automation business from its climate technology business. D.E. Shaw also calls for a significant effort to cut costs.
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A $3.4 Billion Hedge Fund Is Let Down by Japan on Foreign Buying Rules (Bloomberg)
The Japanese government’s attempt at imposing stricter monitoring rules on foreign investment in local equities is a “disappointing” step, according to California-based Dalton Investments LLC. The Finance Ministry last week proposed a measure that would require foreign investors to report in advance when they plan to buy more than 1% of shares in companies related to national security, compared with the current threshold of 10%.
Pay at Brevan Howard vs. pay at Eisler Capital Management (eFinancialCareers.com)
The hedge funds Brevan Howard and Eisler Capital Management have both just published accounts for 2018. As ever with hedge fund accounts, they’re slightly obfuscated by a mass of related materials, but they still provide an indication of how much London’s two big macro funds pay. Brevan Howard has in fact filed an entire array of accounts with the UK’s Companies House for various operating companies. These include Brevan Howard Asset Management LLP, Brevan Howard Asset Management Services, and Brevan Howard Company Secretarial Services, among others.
Left Brain Capital Management Announces Launch of High-Return Investment Research Firm (Businss Wire)
CHICAGO–(BUSINESS WIRE)–Left Brain Capital Management, an independent asset management firm, is pleased to announce the formation of a new company created to provide premium investment reports for portfolio managers seeking high-return investment opportunities. Left Brain Investment Research (LBIR) leverages an award-winning team of investment analysts to generate independent ideas for growth stocks and high yield bonds. Success of the firm’s Left Brain Capital Appreciation Fund and a mandate for superior capital appreciation compelled management to create Left Brain Investment Research.
Hedge Funds Pumped More than $200 million Into a Family of Crypto Funds Last Quarter Even Though Performance Tanked (Business Insider)
Bitcoin got crushed. Hedge funds didn’t care. That’s the story of the third quarter, according to Grayscale Investments. The $2.2 billion asset manager runs 10 crypto-linked products. According to the firm’s recently released flow numbers, last quarter was the most money the firm has seen flowing into its products ever – with $254.9 million in total. And the overwhelming majority of those assets — 84% — came from hedge funds. That’s a marked increase from the first quarter of this year, when hedge funds represented just 56% of the flows.
Hedge Funds Down 0.30 per cent in Spetember (Hedge Week)
The Eurekahedge Hedge Fund Index was down 0.30 per cent in September, bringing its year-to-date return to 5.70 per cent. Roughly 28.3 per cent of hedge fund managers comprising the index have recorded double-digit gains over the first three quarters of 2019. The global hedge fund industry AUM has declined by USD22.4 billion as of September 2019 year-to-date. Net outflows figure for Q3 stood at USD34.3 billion, as investor redemptions continued to slow down. Hedge fund managers recorded USD46.4 billion and USD40.0 billion of net outflows in the first and second quarters of 2019 respectively.
SEBI Provides Clarity On Code Of Conduct Under Insider Trading (Bloomberg Quint)
The Securities and Exchange Board of India has said code of conduct under the insider trading norms is applicable on promoters, and not just on persons designated by the board of a company. The clarifications have been given as part of an informal guidance sought by Apollo Tricoat Tubesas Ltd. regarding certain aspects of Prohibition of Insider Trading regulations. “The PIT regulations identify promoters as designated persons. Hence a person identified as a promoter is required to comply with the code of conduct requirements as required by other designated persons,” the regulator said in the four-page interpretive letter made public on Tuesday.
Legendary Vegas Gambler Craps Out on Insider Trading Appeal (Herald Publicist)
LAS VEGAS – APRIL 15: On this time lapse picture visitors travels alongside the Las Vegas strip on April 15 2009 in Las Vegas. The strip is roughly four.2 mi (6.eight km) lengthy. A December appeals court docket resolution highlighted the seriousness and severity of how insider buying and selling instances influence general markets. The Second U.S. Circuit Court docket of Appeals, primarily based in Manhattan, launched a call on December fourth upholding the conviction of William Walters on his costs of constructing buying and selling selections primarily based on data he wouldn’t have been allowed to make use of in doing so.
Resmed Inc (RMD) CEO Michael J. Farrell Sold $863,499 of Shares (Guru Focus)
CEO of Resmed Inc., Michael J. Farrell, sold 6,651 shares of RMD on 10/14/2019 at an average price of $129.83 a share. The total sale was $863,499. ResMed Inc is a part of the healthcare sector. It develops and distributes medical products for treating and diagnosing respiratory disorders. ResMed Inc has a market cap of $18.79 billion; its shares were traded at around $130.73 with a P/E ratio of 46.70 and P/S ratio of 7.26.
Insider Activity: Large Investor in Safehold Inc. (SAFE) Buys $771k in Stock (Investors Observer)
Istar Inc., who already control 10% of shares at Safehold Inc. (SAFE), bought 22,361 additional shares of the company’s common stock on Oct 9. At $34.49 per share, Istar Inc. paid a total of $771,322 for the new shares.
Insider Trading: October 15, 2019 (BIV.com)
Insider Penny Olga White, 10% owner. Company: The Yield Growth Corp. (CSE:BOSS). Shares owned: 17,805,500. Trade date: October 3. Trade total: $200,800. Trade: Acquisition of 8,000 shares at a price of $25.10 per share. Insider Robert Douglas Cudney, 10% owner. Company: Cantex Mine Development Corp. (TSX-V:CD). Shares owned: 3,479,175. Trade date: October 2. Trade total: $123,200. Trade: Acquisition of 40,000 shares at prices ranging between $3.05 and $3.11 per share.
Why Insider Trading Ensnares Them (Podcast) (Bloomberg)
Peter Henning, a professor at Wayne State University Law School, discusses why insider trading ensnares people in all walks of life, from a Las Vegas gambler to a U.S. Congressman. He speaks to Bloomberg’s June Grasso.
