Brevan Howard Ties Up With Soros Alum (HFAlert)
Brevan Howard Asset Management is again backing Adam Fisher, a global-macro manager whose capital-raising efforts appear to be rapidly gaining momentum. The arrangement saw Brevan Howard buy a minority stake in Commonwealth Asset Management, a Los Angeles firm that Fisher began setting up upon his January 2019 exit from Soros Fund Management. While terms of the deal remain unclear, indications are that the injection is substantial. Fisher, meanwhile, has zeroed in on January 2020 to launch a macro hedge fund with $800 million. And he already has raised initial capital for a real estate vehicle. That would be in addition to capital that he had thought would be coming from Soros via a separate account – but that after months of negotiation has yet to arrive.
Ray Dalio is Mentoring Sean ‘Diddy’ Combs-here’s the ‘Formula for Success’ He Shared (CNBC)
Hedge-fund billionaire Ray Dalio revealed via Twitter on Tuesday that he is mentoring hip-hop mogul Sean “Diddy” Combs. Dalio also posted a 25-minute video of their “mentor session.” “He asked me to mentor him to help him take his great success to another level,” Dalio tweeted on Tuesday. “The greatest joy I’m having now is helping other people to be successful, particularly helping people who can help a lot of people. Sean Combs, also known as Diddy, is one such person.”
Ken Griffin Has Another Money Machine to Rival Hedge Fund (Bloomberg)
Citadel Securities is sometimes dismissively referred to as “Citadel’s trading arm” — seen as a forgotten backwater of Ken Griffin’s hedge fund empire, where quants toil on complex algorithms to arbitrage tiny differences in stock prices or calculate bid-ask spreads for Treasuries. It’s much more than that. The market-making firm, which is actually separate from Griffin’s hedge fund, generated $3.5 billion of revenue last year — vastly outpacing nonbank peers and catching up with Wall Street rivals.
Everett Capital, a London Hedge Fund to Return Investors’ Capital (Invezz.com)
Everett Capital Advisors, a London hedge fund, is returning capital to investors. Everett Capital started trading with about $140 million and grew assets to more than $600 million by 2018. It’s unclear what Hampaul, its founder plans to do with the firm after returning investors’ capital. Everett Capital Advisors, a London hedge fund, is returning capital to investors. Kelly Hampul, an industry veteran, founded the hedge fund in 2015. He is a former money manager at the New York-based Taconic Capital Advisors.
Month in Review – November 2019 (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic hedge funds gained 0.8 percent on average in November (90 percent reported), as equity hedge funds benefited from strong performance in equity markets. Following three months of negative or muted performance, Nordic hedge funds, as expressed by the Nordic Hedge Index, are now up 4.5 percent year-to-date through November.
Starboard Value Has Nominated Majority Board Slate at Health-Services Company Mednax (The Wall Street Journal)
Activist investor Starboard Value LP has privately nominated a majority slate of directors at Mednax Inc. and is pushing the healthcare-services company to sell all or part of itself, according to people familiar with the matter. Starboard, which has taken a sizable stake in Mednax, submitted the slate ahead of the company’s nomination deadline a little over a week ago, the people said. The two sides are in discussions, and should they come to an agreement, Starboard could withdraw the slate.
Former Congressman and Two Others Settle Insider Trading Charge (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission announced today settlements with former U.S. Rep. Christopher Collins, his son Cameron Collins, and Stephen Zarsky, all of whom were charged with insider trading and pleaded guilty to related criminal charges. The settlements, which are subject to court approval, bar Christopher Collins from serving as an officer or director of a public company and require Cameron Collins and Stephen Zarsky to disgorge the losses they avoided as a result of their insider trading. According to the SEC’s complaint, Christopher Collins tipped his son, who then tipped others to non-public negative trial results for a multiple sclerosis drug developed by Australian biotech company Innate Immunotherapeutics Ltd.
Greek Trader Tries to Duck Insider-Trading Arrest, Shield Assets (Bloomberg Law)
The Greek trader and restaurant owner charged in New York with making millions of dollars as part of an insider-trading ring is trying to protect his assets in the U.S. without risking arrest. Georgios Nikas, 54, was charged in October with trading shares of at least a dozen companies on illegal tips he got from other members of the ring. He owns a $6 million New York apartment and a chain of Greek restaurants, GRK Fresh Greek, according to prosecutors.
BCSC Settles Insider Trading, Tipping Case (Investment Executive)
A pair of British Columbia men have settled insider trading and tipping charges with the B.C. Securities Commission (BCSC). The regulator announced that it has entered into settlement agreements with George Boustani, who reportedly provided his friend Saad Hayek with information about his company’s financial results before they became public on five occasions. “Hayek used that information when he bought and sold shares of the company, and then paid Boustani some of his trading profits. By doing so, Hayek admitted that he contravened securities laws regarding insider trading,” the commission said.
Magellan Health Inc (MGLN) CEO, Magellan Rx Management Mostafa Kamal Sold $1.3 million of Shares (Guru Focus)
CEO, Magellan Rx Management of Magellan Health Inc., Mostafa Kamal, sold 16,766 shares of MGLN on 12/09/2019 at an average price of $78.72 a share. The total sale was $1.3 million. Magellan Health Inc provides managed healthcare business. It provides services to health plans, insurance companies, employers, labor unions and various governmental agencies. Magellan Health Inc has a market cap of $1.91 billion; its shares were traded at around $78.14 with a P/E ratio of 279.07 and P/S ratio of 0.27.
The President & CEO of SAGE Therapeutics (NASDAQ: SAGE) is Buying Shares (Analyst Ratings)
Yesterday, the President & CEO of SAGE Therapeutics (SAGE), Jeffrey Jonas, bought shares of SAGE for $481.5K. This recent transaction increases Jeffrey Jonas’ holding in the company by 15.95% to a total of $3.45 million. In addition to Jeffrey Jonas, 2 other SAGE executives reported Buy trades in the last month.
Cognex Corp (CGNX) CEO& President Robert Willett Sold $3.7 million of Shares (Guru Focus)
CEO & President of Cognex Corp., Robert Willett, sold 73,071 shares of CGNX on 12/09/2019 at an average price of $50.76 a share. The total sale was $3.7 million. Cognex Corp is a provider of machine vision products that capture and analyze visual information in order to automate tasks in manufacturing processes. Its products are used to automate the manufacture and tracking of discrete items. Cognex Corp has a market cap of $8.83 billion; its shares were traded at around $51.68 with a P/E ratio of 53.29 and P/S ratio of 12.08.