Ken Griffin’s $30 billion Hedge Fund is Outperforming the Industry This Year (CNBC)
Citadel, the more than $30 billion hedge fund managed by billionaire Ken Griffin, is outperforming the industry and the broader markets so far this year. The firm’s multistrategy fund, known as Wellington, was up 1.52 percent in June and 8.79 percent during the first half of the year, a person with knowledge of the matter said. All five strategies that feed into the fund – equities, commodities, credit, fixed income and quant – were positive for the year, the person said, who asked not to be named because the performance details are private.
Elliott Seeks $770 Million From South Korea in Samsung Fight (Bloomberg)
Elliott Management Corp. said it was seeking compensation for at least $770 million in damages from South Korea over how its former administration intervened in the merger of Samsung C&T Corp. and Cheil Industries Inc. in 2015. Billionaire Paul Singer’s New York-based hedge fund said in a statement Friday it had submitted the dispute for arbitration and urged the government to pay the damages in order to preserve its reputation with international investors. Elliott said, to date, the parties have been unable to resolve the matter on their own.
SEC Bribery Lawsuit Against Och-Ziff Executives is Dismissed (Reuters)
NEW YORK (Reuters) – A federal judge has dismissed the U.S. Securities and Exchange Commission’s lawsuit accusing two former Och-Ziff Capital Management Group LLC (OZM.N) executives of masterminding a scheme to funnel tens of millions of dollars of bribes to African officials. U.S. District Judge Nicholas Garaufis in Brooklyn ruled on Thursday that the SEC could not collect fines, recoup profit or obtain injunctions because it had missed a five-year deadline to sue the defendants, Michael Cohen and Vanja Baros.
Silicon Valley Steve Cohen Goes Crypto (DealBreaker.com)
Maybe it’s because the hedge fund return hasn’t exactly taken off. Maybe it’s because his Anglophilia has not been reciprocated. Maybe it’s because he’s looking for people who think outside the box. Maybe it’s because he’s got a giant fucking tax bill and could use some above-average ROIs. Maybe it’s because Charlie Rose doesn’t feel like hanging out much these days. Maybe it’s because he hasn’t joined Donald Trump’s Cabinet, yet. Maybe it’s just because he loves it. Whatever the reason, Steve Cohen has spent a lot of time lately playing the venture capitalist, throwing a quarter-billion at a crowd-sourced algorithmic trading platform, some pennies out of the couch at a millennial-focused ETF investing app, a few more at self-driving cars, a couple bucks at a digital credit card play.