The 29 Year-Old Hong Kong Quant on a Curious Non-Compete (eFinancialCareers)
When Christian Yenko quit his job as a quant trader at hedge fund Segantii Capital Management in Hong Kong in April, he decided it was time to pursue his passion for cuisine at the most prestigious cooking school in the world. Yenko has a non-compete clause typical of many large hedge funds, but rather than spend it on the beach, he applied to the Cordon Bleu school in Paris.
Citadel, AQR’s Flagship Portfolios Far Outpacing Broader Stock Market (Reuters)
NEW YORK, June 6 (Reuters) – Hedge funds AQR and Citadel posted rises in their flagship portfolios last month that outpaced the broader stock market’s double digit losses. Citadel’s multi-strategy Wellington fund had a modest rise in May and now boasts gains of 13% for the year. Ken Griffin‘s Citadel told investors that the fund inched up 0.23% in May when the S&P 500 index (.SPX) ended flat. May’s small increase follows a more robust 7.45% gain in April when the S&P tumbled nearly 9%.
Jane Street Follows Elliott in Suing LME Over Nickel Trades (Bloomberg)
Wall Street trading powerhouse Jane Street is seeking around $15 million in damages from the London Metal Exchange over its decision in March to cancel nickel trades after an unprecedented short squeeze. The action by the firm that’s known for its dominance in markets such as exchange-traded funds and corporate bonds follows a similar and larger claim by Elliott Investment Management, which is seeking $456 million from the LME.
US Hedge Fund Inclusive Capital Partners Circles British Housebuilder Countryside with £1.5bn Bid (This is Money)
A US hedge fund has stepped up its campaign to take over British housebuilder Countryside Partnerships. Inclusive Capital Partners is attempting a hostile £1.5billion takeover after being rejected twice by the board. It owns 9.2 per cent of Countryside, and has taken its 295p-per-share offer directly to investors. It believes Countryside would be better off in private hands, which would facilitate a turnaround. The biggest shareholder, Browning West, which owns 15.3 per cent, has now written to the board asking it to kick off a sale process.
Tuesday 6/7 Insider Buying Report: UAL, COMM (Nasdaq.com)
At United Airlines Holdings, a filing with the SEC revealed that on Friday, Director Edward Shapiro bought 50,000 shares of UAL, for a cost of $44.71 each, for a total investment of $2.24M. United Airlines Holdings is trading trading flat on the day Tuesday. And on Thursday, CEO Charles L. Treadway purchased $499,941 worth of CommScope Holding, purchasing 59,927 shares at a cost of $8.34 a piece. Before this latest buy, Treadway bought COMM at 2 other times during the past year, for a total investment of $1.00M at an average of $9.32 per share. CommScope Holding is trading off about 2.2% on the day Tuesday.
Executives Sell Around $200M Of 5 Stocks (Benzinga)
Allstate: The Trade: The Allstate Corporation (ALL) Director, Chairman, President & CEO Thomas J Wilson sold a total of 241,828 shares at an average price of $133.07. The insider received around $32.18 million from selling those shares. Carlyle Group: The Trade: The Carlyle Group Inc. (CG) Director David M Rubenstein sold a total of 2,000,000 shares at an average price of $38.67. The insider received around $77.34 million as a result of the transaction.
Nancy Pelosi’s Husband Just Purchased Up to $2.1 Million Worth of Apple and Microsoft Stock Options (Business Insider)
House Speaker Nancy Pelosi’s husband, Paul Pelosi, purchased up to $2.1 million in Apple and Microsoft stock options in May, according to new personal financial disclosures filed with Congress. Paul Pelosi purchased between $750,000 and $1.5 million worth of Apple stock options between May 13 and May 23, and between $300,000 and $600,000 worth of Microsoft stock options on May 24, the filings indicate.
