Hedge Fund and Insider Trading News: Ken Griffin, Sarissa Capital, Odey Asset Management, Balyasny Asset Management, Three Arrows Capital, Altus Power Inc (AMPS), ACI Worldwide, Inc. (ACIW), and More

Ken Griffin Ramps Up Credit Bets, Anticipating US Recession (Bloomberg)
Ken Griffin, whose hedge fund churned out a record $16 billion for clients last year, is increasing his focus on credit trading as he braces for a potential US recession. “We’re much more cautious about 2024,” the billionaire founder of Citadel said in an interview in Hong Kong, adding that the world’s largest economy is unlikely to avoid a downturn that year. “We’ll look at the credit markets as a source of opportunity. Credit should be a meaningful contributor later this year” and next for Citadel, he said.

Sarissa’s Denner Quits Biogen Board as Firm Seeks Seats at Alkermes (Reuters)
Activist investor Sarissa Capital may have cleared a stumbling block in its push for board seats at Alkermes (ALKS.O) when one of its candidates resigned from the board of a company that has a commercial relationship with the drugmaker. The hedge fund’s founder, Alex Denner, 53, one of three Sarissa candidates running for seats on Alkermes’ 11-member board, on Monday said he would give up his board seat at biotech company Biogen (BIIB.O).

Founders of Failed Crypto Hedge Fund 3AC Lived it Up in Bali in Wake of Collapse (TheIndependent.sg)
SINGAPORE: Cryptocurrency fund Three Arrows Capital Pte Ltd (3AC) collapsed last year, with debts totalling $3.3 billion (S$4.43 billion), shocking the crypto market and demolishing the savings of millions of amateur investors. However, according to a recent report from the New York Times, its founder Zhu Su, a Singaporean, and Kyle Davies, an American, lived it up in Bali, Indonesia, after the collapse of the company.

Image by Sergei Tokmakov Terms.Law from Pixabay

Biopharma Funds Rebound in May (Institutional Investor)
Several funds in this volatile sector moved back into the black last month. Another month, another big round of performance for a number of biopharma-focused healthcare hedge funds. Many of the funds posted strong gains in May, and this helped several of them move back into the black for the year, if only temporarily.

Hedge Fund Balyasny Joins Rivals in Locking Up Client Capital for Longer (Bloomberg)
Balyasny Asset Management told clients it will lock up their money for two years, as the hedge fund joins the parade of peers in extending how long they can keep investors’ capital. The changes will take effect Sept. 1, according to an investor. Currently, an undisclosed percentage of clients may pull 25% of their money every quarter.