$57 Billion Millennium Just Tapped a Goldman Sachs Alum to Build Out Its Miami Tech Hub as the Battle for Talent in the Sunshine State Heats Up (Business Insider)
Izzy Englander‘s $57 billion Millennium Management has tapped Olga Naumovich to lead its technology build-out in Miami, a source familiar with the hedge fund’s plans told Insider. In this newly created role as head of technology for Miami, Naumovich’s focus will be to build teams of engineers and developers that work closely with the multi-strategy hedge fund’s trading pods.
Citadel’s Griffin Brings Billions to Miami With Political Winds at His Back (Bloomberg)
In a few years and change, if everything goes to plan, Miami will look far different than it does today. There will still be nightclubs, Little Havana, perhaps even the crypto diehards. But alongside them: programmers and portfolio managers filling the streets of Brickell and driving breathtaking profits inside the state-of-the-art, built-from-scratch global headquarters of Citadel and Citadel Securities. Plus legions of lawyers, accountants and hedge-fund hopefuls following the money to an enduring Wall Street South that outlives the Covid-19 pandemic.
Averill Suffers a Setback (Institutional Investor)
One of the most successful new funds in recent memory has now posted losses for the past three months. One of the hottest hedge funds in recent years is experiencing perhaps the worst stretch in its short history. Averill Partners posted a 15 percent loss in August, sinking the firm into the red for the year. It is now down more than 9 percent through August.
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Meet The Investor Willing To Put His Money Into Ponzi Schemes. His Fund Is Up 593% (Forbes)
Harris Kupperman’s Praetorian Capital seeks out hysteria in every corner of the market, from bitcoin to natural gas. Occasionally the best seed capital for a successful career in investing is lucky timing. In 1997, as a junior in high school, Harris Kupperman began obsessing over the stock market as the Asian financial crisis and then dot-com mania dominated the headlines. By the time he arrived at Tulane University two years later, tech stocks had soared nearly 200% since Netscape’s IPO in the summer of 1995 and would double again over the next few months. The future hedge fund manager noticed that many of these dot-coms ultimately crashed when VC lockups expired and early investors dumped their shares.
Asia’s Macro Hedge Funds Get Ready for End of Yen Weakness (Reuters)
HONG KONG, Sept 21 (Reuters) – Asia macro hedge fund managers, many of whom posted strong returns this year, are betting the Japanese yen’s unrelenting slide will end soon and some are even priming for a possible tumble in Japanese government bonds. Veteran Japan investor Soon Hock Chua’s Asia Genesis Macro Fund closed its short position on yen recently after the short trade contributed about 3 percentage points of the gross return this year. The Singapore-based fund had a net return of 9.3% at the end of August.
How SkyBridge founder Anthony Scaramucci is Navigating the World Between Traditional and Digital Assets — Plus his Favorite Coins and Hedge Funds for the Tough Market Environment (Business Insider)
SkyBridge has pivoted heavily into crypto from its traditional hedge fund of funds business. Anthony Scaramucci‘s plan is to incrementally add more cryptos as they raise capital. Cryptos in the Coin Fund include algorand (ALGO), solana (SOL), and polygon (MATIC). Cryptocurrencies may be in a bear market, but it hasn’t stopped the sector from going mainstream. What was once considered magic internet money is now making its way into the hands of institutional investors.
The 2022 Preqin Service Providers Report (Preqin)
Tight market conditions in 2022 mean that GPs will look to cut costs and LPs to reduce expenses, placing additional pressure on service providers to meet client demands efficiently. Those happy with their service providers are likely to retain them, but with continued consolidation in each of the major service provider categories, fund managers will look to those best able to adapt and evolve. The growing number of funds in markets presents opportunities for placement agents, auditors administrators, and legal teams, which will increasingly be required to facilitate key functions.
Clearlake Capital Raises more than $2.5bn for Third Opportunities Fund (Opalesque.com)
Clearlake Capital Group, an investment management and private equity firm, has closed its third opportunities fund at more than $2.5 billion, beating its $1.5 billion target. Clearlake Opportunities Partners III (COP III) will make non-control special situations investments in the technology, industrial, and consumer sectors, said a press release from the investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies.
Wednesday 9/21 Insider Buying Report: GBIO, PED (Nasdaq.com)
On Friday, Generation Bio’s, Charles A. Rowland Jr., made a $276,241 purchase of GBIO, buying 50,628 shares at a cost of $5.46 each. Investors are able to buy GBIO at a price even lower than Rowland Jr. did, with the stock trading as low as $5.13 at last check today which is 6.0% below Rowland Jr.’s purchase price. Generation Bio is trading up about 1.9% on the day Wednesday. Before this latest buy, Rowland Jr. made one other buy in the past year, purchasing $127,404 shares at a cost of $5.22 each. And at PEDEVCO, there was insider buying on Tuesday, by Chief Executive Officer Simon G. Kukes who purchased 202,619 shares for a cost of $1.30 each, for a trade totaling $263,995. Before this latest buy, Kukes bought PED on 7 other occasions during the past twelve months, for a total cost of $1.23M at an average of $1.19 per share. PEDEVCO is trading up about 1% on the day Wednesday. Bargain hunters can pick up PED even cheaper than Kukes did, with the stock trading as low as $1.03 at last check today — that’s 20.9% under Kukes’s purchase price.
$35 Million Bet On This Penny Stock? Check Out These 3 Stocks Under $4 Insiders Are Buying (Benzinga)
Larimar Therapeutics: The Trade: Larimar Therapeutics, Inc. LRMR 10% owner Deerfield Private Design Fund IV, L.P. bought a total of 11,111,108 shares at an average price of $3.15. To acquire these shares, it cost around $35 million. PEDEVCO: The Trade: PEDEVCO Corp: 10% owner SK Energy LLC acquired a total of 202,619 shares at an average price of $1.30. The insider spent around $264 thousand to buy those shares.
