Hedge Fund Starboard Urges Algonquin Power to Sell Renewable Assets (Reuters)
Activist hedge fund Starboard Value on Thursday urged utility firm Algonquin Power & Utilities (AQN.TO) to sell a majority of its renewable assets to reduce debt and improve earnings. Algonquin is grappling with a $7.5 billion debt burden following a series of acquisitions in recent years. It said in May it would launch a review of its renewable energy group, following a push by Corvex Management and other activist firms for changes.
Ken Griffin’s Citadel is Rebuilding One of Its Most Critical Platforms. Here’s an Inside Look at the Project (Business Insider)
Citadel is completely rebuilding a new platform for all of the hedge fund’s reference data. Reference data is used to identify different securities when making a trade. The platform is currently being rolled out and will let the fund move into new asset classes faster. On Wall Street, making a change to a core system is not unlike undergoing heart or brain surgery. Like surgeons and doctors, engineers and senior tech executives tread carefully when it comes to detangling complex webs of systems. One misstep, like failing to recognize an outlier or a typo buried deep in a chunk of code, can bring down an ecosystem of applications.
FCA Investigates Crispin Odey Over Fitness to Work in Financial Services (The Guardian)
The UK’s financial regulator is investigating whether Crispin Odey, the hedge fund manager facing allegations of sexual misconduct, is a “fit and proper person” to work in financial services. The Financial Conduct Authority (FCA) has told MPs it was investigating claims that Odey, who was forced out of his firm Odey Asset Management (OAM) by its board last month, dismissed the firm’s executive committee “for an improper purpose”.
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Nordic CTAs Finish Strong in First Half of 2023 (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic CTAs overcame a challenging start to 2023 and closed the first half of the year on a positive note, achieving their best month this year and third consecutive month of gains. Led by traditional trend-followers, the small group of Nordic CTAs recorded an estimated average gain of 2.9 percent in June, reducing their year-to-date decline to 0.5 percent. Summarizing the market performance in June, CTA specialist RPM Risk & Portfolio Management highlights the initial rally in stock indices and sell-off in bonds driven by a strong US jobs report and the passage of the debt ceiling bill by the US senate.
Hedge Fund Millennium Management in India Hiring Push (Financial News)
New York-headquartered hedge fund Millennium Management is boosting its presence in India as it hires for more than 20 roles in its Bengaluru office. Millennium’s office in the country’s IT capital is hunting for technology and middle office staff, a person familiar with the matter told Financial News.
