Balyasny Names Abu Dhabi Investment Authority’s Tarek Rizk as Mena Head in Dubai Push (Financial News)
Balyasny Asset Management has hired the Abu Dhabi Investment Authority’s Tarek Rizk as head of the Mena region as it builds out its Dubai office. Rizk will oversee Balyasny’s newly established operations in Dubai, and will lead the expansion of the firm’s presence across the Middle East, according to a memo obtained by Financial News.
Citadel’s Ken Griffin Is Building a Real Estate Empire in Florida and Beyond (The Messenger)
Hedge fund billionaire Ken Griffin’s pandemic real estate buying spree has yet to end. Last year, the $51 billion Citadel announced it would relocate its headquarters from Chicago to Miami. Griffin’s personal investment followed. By September, it was reported that Citadel CEO Griffin owns at least $1.3 billion of residential and commercial real estate in South Florida alone. Griffin added to his portfolio recently, with a $83 million, 50,000-square-foot office building at 125 Worth Avenue. Next door, 151 Worth Avenue is also owned by an entity tied to Citadel. Both properties were bought by Griffin, not Citadel.
Activist Investor Plots to Break Up Restaurant Group Behind Wagamama (Telegraph.co.uk)
An activist investor is plotting to break up the hospitality group behind Wagamama as pressure grows on the company. TMR Capital is considering a swoop for two of the four divisions at The Restaurant Group. The British Virgin Islands-based investor is eyeing a bid for the company’s Brunning & Price pub division and its casual dining chains, which include Frankie & Benny’s and Chiquito, The Telegraph can reveal. The two divisions operate more than 100 sites across the UK.
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UBS Agrees to Pay $388 Million Over Credit Suisse’s Archegos Failings (Reuters)
UBS (UBSG.S) has been ordered to pay $388 million to British and U.S. regulators over Credit Suisse’s dealings with private investment firm Archegos Capital Management, the Swiss bank said on Monday. The settlement is the first of several that UBS could have to pay after it last month closed its takeover of Credit Suisse, inheriting the collapsed bank’s legal battles. Under the agreement, UBS said Credit Suisse, now a subsidiary of the bank, has agreed to pay the U.S. Federal Reserve $269 million.
Angelo Gordon Bolsters Structured Credit Team to Capture Growing Opportunity Set (Businesswire)
Angelo, Gordon & Co., L.P. (“Angelo Gordon” or the “Firm”), a $73* billion alternative investment firm focused on credit and real estate investing, today announced a number of senior personnel moves to bolster the Firm’s structured credit business. The promotion of several experienced team members and the hiring of an additional industry veteran, each of whom will help lead activities across specific asset classes and functions, serves to better align the group’s deep expertise with the market opportunities in this space.
Another Florida Billionaire Hedge-Fund Chief Reportedly ‘Rethinking’ Support for Ron DeSantis Presidential Bid (Orlando Sentinel)
Nelson Peltz, a billionaire hedge fund manager from Palm Beach, reportedly is rethinking his support for Gov. Ron DeSantis’ bid for the Republican presidential nomination. The Financial Times cited “people familiar” with Peltz’s thinking in a report over the weekend, among many in recent weeks highlighting various elements of DeSantis’ much dissected rocky start as a formally declared candidate for the 2024 nomination. “Peltz has taken issue with his stance on abortion,” the Financial Times reported.
Hedge Fund Assets Grow for Third Consecutive Quarter (Hedge Nordic)
Stockholm (HedgeNordic) – The global hedge fund industry’s assets under management continued to grow for the third consecutive quarter in the three months ending June, following two quarters of net inflows. According to Hedge Fund Research, the industry’s assets under management reached an estimated $3.95 trillion, a quarterly increase of over $60 billion that reflects $3.6 billion in new capital and additional gains from performance.
Hedge Fund Veteran Warns of Potential Stock Market Correction (ClaytonCountyRegister)
Tom Lee, a well-known hedge fund veteran and managing partner of Fundstrat Global Advisors, has expressed concerns about the current state of the stock market. In a recent CNBC interview, he stated that the market is trading above its fair value and could experience a sudden correction. Despite acknowledging the possibility of a market pullback, Lee is of the opinion that this correction does not necessarily indicate the end of the longer-term uptrend. He highlights that the market is currently overbought, standing at 13% above the 200-day moving average, which could make it more vulnerable to negative developments.
Monday 7/24 Insider Buying Report: HPK, BANF (Nasdaq.com)
On Wednesday, HighPeak Energy’s Chief Operating Officer, Rodney L. Woodard, made a $1.37M purchase of HPK, buying 130,000 shares at a cost of $10.50 a piece. Woodard was up about 40.4% on the purchase at the high point of today’s trading session, with HPK trading as high as $14.74 at last check today. HighPeak Energy is trading up about 12.4% on the day Monday. This purchase marks the first one filed by Woodard in the past twelve months. And at BancFirst, there was insider buying on Monday, by Executive Vice President Darryl Schmidt who purchased 113 shares at a cost of $100.67 each, for a total investment of $11,376. Before this latest buy, Schmidt purchased BANF at 3 other times during the past year, for a total cost of $76,705 at an average of $83.55 per share. BancFirst is trading up about 2.3% on the day Monday.
Booz Allen Hamilton, Uber And 2 Other Stocks Insiders Are Selling (Benzinga)
Uber Technologies: The Trade: Uber Technologies Inc. (UBER) CEO Dara Khosrowshahi sold a total of 100,000 shares at an average price of $47.51. The insider received around $4.75 million from selling those shares. Abercrombie & Fitch: The Trade: Abercrombie & Fitch Co. (ANF) CEO Fran Horowitz sold a total of 48,760 shares at an average price of $36.90. The insider received around $1.8 million from selling those shares.
