Sexual Misconduct Allegations Lead to Crispin Odey’s Removal from Hedge Fund (VigourTimes)
A group of partners at Odey Asset Management has announced the removal of Crispin Odey, the prominent City tycoon and donor to the Conservative Party, from the hedge fund he established, in response to numerous allegations of sexual harassment. The executive committee of the firm, led by CEO Peter Martin and CFO Michael Ede, released a strongly-worded statement stating that Odey will no longer have any involvement in the partnership. Odey, now 64 and the founder of Odey Asset Management in 1991, managed assets worth nearly £4 billion.
Citadel Slashes Boohoo Stake After Shares Drop (Hedge Week)
Ken Griffin‘s Citadel has slashed its holding in UK fashion retailer Boohoo from 8.9% to just 1.8% after shares in the business fell from 62p at the time of the hedge fund’s initial investment, to just 34p, according to a report by BusinessLive. The report cites a recent regulatory filing with the London Stock Exchange as revealing Citadel’s move, which comes as Frasers Group, the fashion retailer owned by former Newcastle United owner and Sports Direct boss Mike Ashley, has acquired a 5% stake in the business.
Hedge Fund BFAM Shuts London Office, Senior Staff Exits (Bloomberg)
BFAM Partners (Hong Kong) Ltd. parted ways with one of its most senior portfolio managers and shut its London office, marking the latest shake up at the hedge fund which was a high profile trader of China high-yield property debt. Emmanuel Slezack, who led equity volatility trading, joins earlier departures by Eugene Fung and Danny Scinto, the company said in an email. The three were previously senior portfolio managers heading separate strategies under founder and Chief Investment Officer Benjamin Fuchs.
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Software Company Enfusion Draws Takeover Interest from Private Equity, Irenic Capital (Reuters)
Software company Enfusion Inc (ENFN.N) is attracting takeover interest from private equity firms and strategic buyers, several people familiar with the matter said. Enfusion’s management has been approached in recent months by Francisco Partners, Vista Equity Partners and investment firm Irenic Capital Management, said the sources who asked not to be identified because the talks are private.
Insider Trades & Hedge Fund Hits: Elliott Aims to Oust NRG Chief (Investing.com)
Activist investor Elliott seeks to remove NRG Energy’s CEO: Elliott Investment Management, an activist investment firm, is ratcheting up pressure on NRG Energy (NYSE:NRG) to replace CEO Mauricio Gutierrez and other top executives, according to a Wall Street Journal report. The Journal cited sources familiar with the matter. In a statement to Reuters, an NRG spokesperson said the power company’s board continues to fully back Gutierrez and his management team.
