Hedge Fund Verition Joins Rush to Dubai Financial Hub (Reuters)
U.S.-based Verition Fund Management is opening an office in Dubai, joining a raft of other hedge funds including BlueCrest which have expanded to the Gulf region’s financial hub. Verition, which oversees about $7.3 billion in assets, has been licensed to manage assets and conduct other financial services activities, the Dubai International Financial Centre (DIFC) said in a statement on Thursday. The multi-strategy firm – which bets on a broad array of markets using teams of traders, leverage and centralised risk management – has appointed Saad Mahmood senior executive officer of the Dubai office, according to the statement.
European Hedge Funds Cut US Bank Exposure (Hedge Week)
European hedge funds have slashed their exposure to US banks since the beginning of the year, while more or less maintaining existing positions in their European peers, according to a report by Reuters. The report cites a recent client report from Goldman Sachs seen by Reuters as revealing that overall, shares in European banks are outperforming US counterparts as they did not face the deposit flight experienced in the United States following the failure of Silicon Valley Bank, Signature Bank and First Republic Bank earlier this year.
Singapore’s RV Capital Raising Maiden India Private Credit Fund (VCCircle.com)
RV Capital Management, a Singapore-based hedge fund manager, has floated its maiden India performing private credit fund to tap into the mid-market corporate financing market in the country. The firm joins a growing league of alternative investment funds that are setting up private credit vehicles in India, or are planning to do so, to meet…
Thursday 7/6 Insider Buying Report: PLCE, CURO (Nasdaq.com)
At Children’s Place, a filing with the SEC revealed that on Wednesday, CEO Jane T. Elfers bought 43,000 shares of PLCE, for a cost of $23.70 each, for a total investment of $1.02M. Elfers was up about 13.8% on the buy at the high point of today’s trading session, with PLCE trading as high as $26.97 in trading on Thursday. Children’s Place is trading up about 9.1% on the day Thursday. This buy marks the first one filed by Elfers in the past twelve months. And at Curo Group Holdings, there was insider buying on Monday, by Chief Executive Officer Douglas D. Clark who purchased 20,000 shares at a cost of $1.39 each, for a trade totaling $27,844. Before this latest buy, Clark purchased CURO at 4 other times during the past twelve months, for a total cost of $265,321 at an average of $2.65 per share. Curo Group Holdings is trading up about 0.8% on the day Thursday.
Over $59M Bet On This Communication Services Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
MediaAlpha: The Trade: MediaAlpha, Inc. (MAX) 10% owner WM Hinson Bermuda Ltd acquired a total of 5,916,816 shares an average price of $10.00. To acquire these shares, it cost around $59.17 million. Arcus Biosciences: The Trade: Arcus Biosciences, Inc. (RCUS) 10% owner Gilead Sciences Inc Pierce Norton acquired a total of 1,010,000 shares at an average price of $19.26. To acquire these shares, it cost around $19.45 million.
