Hedge Fund Founder Kyle Bass Warns US Banks Could Lose $250 Billion As Value of Office Space Declines (The Messenger)
American investor Kyle Bass is warning that U.S. banks could face losses of up to $250 billion due to their ties to the office real estate market because of changing work patterns and higher interest rates, according to Bloomberg. Bass, founder of hedge fund Hayman Capital Management, told Bloomberg TV that U.S. banks “will lose $200 billion [to] $250 billion in office [properties] over time here.”
This Is the Hedge-Fund Industry’s Most Fashionable Strategy (The Wall Street Journal)
A few dozen expansive hedge funds have emerged as the new center of gravity for the $4 trillion industry. Multimanager platforms have outpaced other hedge-fund strategies when it comes to asset growth, performance, and hiring, according to a report from Goldman Sachs’s prime-brokerage unit. Ken Griffin‘s Citadel, Izzy Englander‘s Millennium Management and Steve Cohen‘s Point72 are among the most prominent firms in that category. Unlike a traditional stock-picking hedge fund, where a single manager focused on a given domain makes investment decisions, some platforms can deploy hundreds of portfolio managers to trade independently across geographies and asset classes. Risk parameters are tightly managed, and investors directly foot the bill for some or all fund expenses.
Hedge Fund Tycoon Marshall Hires Bankers to Plot Daily Telegraph Raid (Sky News)
Sir Paul Marshall, the hedge fund tycoon, has enlisted investment bankers to aid a prospective bid for The Daily Telegraph. Sky News has learnt that Sir Paul, the co-founder of Marshall Wace and a big shareholder in the right-wing television news service GB News, has hired Moelis to advise him on the newspaper’s impending auction.
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Hedge Fund Boss Calls Hydrogen Bets ‘Complete Waste of Time’ (Bloomberg)
Hydrogen is a losing bet for investors interested in making money in the foreseeable future, according to Barry Norris, the founder and chief investment officer of UK hedge fund Argonaut Capital Partners. “It’s a complete waste of time, unfortunately,” London-based Norris said in an interview.
Schonfeld Adds PM from Eisler (Hedge Week)
US-based multi-strategy hedge fund manager Schonfeld Strategic Advisors has appointed Jérôme Saragoussi as a macro portfolio manager in New York, less than 18 months after he joined Eisler Capital, according to a report by eFinancial Careers. Saragoussi, a former Deutsche Bank rates strategist who left the bank to join Light Sky Macro before moving to Eisler last April, will be part of the global macro team run by Colin Lancaster.
