GoldenTree Nets About $100 Million on Credit Suisse Turmoil (Bloomberg)
GoldenTree Asset Management made about $100 million in profit in the weeks following an emergency rescue of Credit Suisse by UBS Group AG, driven by a well-timed bet on so-called Additional Tier 1 bonds. The hedge fund bought roughly $300 million of various banks’ AT1 bonds at knockdown prices in the days after the merger wiped out $17 billion of such bonds for Credit Suisse and saw others capitulate, according to people with knowledge of the matter.
Odey Asset Management to Liquidate Second Fund (Financial News)
Odey Asset Management is winding down a second fund as investor redemptions ramp up in the wake of sexual assault allegations against founder Crispin Odey. The Odey Portfolio fund will be liquidated with cash returned to shareholders, the fund’s authorised corporate director Link Fund Solutions confirmed in a letter on 29 June. The fund, which had £96.8m in assets at the end of May per FE Trustnet, was suspended by Link on 15 June as investors raced to pull their cash out amid the scandal engulfing the Mayfair hedge fund.
Marshall Wace Continues Hiring Spree (Hedge Week)
As major banks make significant staffing cuts, hedge fund Marshall Wace is continuing its hiring spree with the London-based firm adding to its headcount on both sides of the pond, according to a report by eFinancial Careers. New joiners this month Nick Vedder in New York, as well as O T Poon in London. Vedder has joined Marshall Wace as portfolio manager having spent the past 13 years at hedge fund Weiss Multi-Strategy Advisers. Prior to Weiss, he worked an analyst at Green Street Advisors.
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Alkermes Beats Back Board Room Challenge from Sarissa Capital Management, All Directors Re-elected (Reuters)
Shareholders in Alkermes have re-elected all of the biotechnology company’s directors, according to two sources familiar with the matter on Thursday, dealing a blow to hedge fund Sarissa Capital Management which pushed to put three candidates on the board. Sarissa, which owns 8.5% of Alkermes, has long criticized the company’s stock price and how the biotechnology company is run, and nominated three candidates, including its co-founder, Alex Denner, as director candidates to the 11-member board.
Citadel Securities Is Muscling Its Way Into Credit Trading (Bloomberg)
Ken Griffin’s market-making powerhouse is challenging Wall Street banks on their own turf as it enters the multitrillion-dollar world of corporate debt. Citadel Securities LLC started offering investment-grade trading to clients this month with plans to make markets in high-yield bonds by the end of the year, according to executives.
