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Hedge Fund and Insider Trading News: Mark Nordlicht, Alec Litowitz, Highbridge Capital Management, Cornerstone Building Brands Inc (CNR), Middlesex Water Company (MSEX), and More

Jury Finds Platinum Partners Founder Guilty in Fraud Trial (Reuters)
NEW YORK (Reuters) – Mark Nordlicht, the founder of defunct hedge fund firm Platinum Partners, was found guilty on Tuesday of defrauding bondholders of an oil exploration company Platinum controlled, but cleared of charges that he defrauded investors in Platinum’s hedge funds. The verdict was handed up by a jury in federal court in Brooklyn following a nine-week trial. Platinum’s former co-chief investment officer, David Levy, was convicted of the same conspiracy and securities fraud charges.

Billionaire Anti-Trump Activist Tom Steyer Enters 2020 Race with Pledge to Spend $100 million (CNBC)
Billionaire activist Tom Steyer said Tuesday that he will run for president in 2020, entering the crowded Democratic field late in the race with a pledge to focus on climate change and reforming the political system. In a video, the Democratic megadonor, who has funneled millions of dollars into pushing for the impeachment of President Donald Trump, reversed his decision announced earlier this year not to run.

Wall Street Stocks Market Insider Trading

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JPMAM to Lay Off 52 in Restructuring of Highbridge Hedge Fund (Pensions&Investments)
J.P. Morgan Asset Management is laying off 52 staff members in New York, the company disclosed in a U.S. Department of Labor notice. The job cuts are part of a restructuring at JPMAM’s hedge fund Highbridge Capital Management, a source with knowledge of the matter said Monday. Highbridge is part of JPMAM’s $150 billion global alternatives unit, which has 650 employees globally. Last month, JPMAM confirmed that the hedge fund firm was winding down its $2.85 billion multistrategy fund as it moved to a “specialized focus on multistrategy credit,” a spokesman confirmed with Pensions & Investments at the time.

Magnetar Founder Dives into VC (
Magnetar Capital founder and CEO Alec Litowitz made his name running the second-biggest hedge fund in the Chicago area, but his family office venture arm, Reimagined Ventures, has also built a sizable portfolio in recent years. The family office recently led a $6.5 million second round of investing in a West Loop-based company called Mobile Doorman, which sells a software application that lets apartment building owners offer residents mobile services. Mobile Doorman plans to use the new money for further growth, it said in a statement today. Reimagined Ventures, which is the biggest outside investor in Mobile Doorman, also led a $2 million investment in the startup last year.

4Alts Selects Sudrania For Hedge Fund Platform Administration (
4Alts, LLC (“4ALTS”) has selected Sudrania Fund Services (“Sudrania”) to provide fund administration and related services to the multi-manager platform with daily liquidity capability. 4Alts was recently created by former HFR and AON executives from Chicago; past HFR Asset Management president John Klimek and Aon pros Paul Sylvia and Rishi Awatramani. The 4ALTS Platform was established with the combined goals of providing a low-cost, all-inclusive solution for emerging managers and providing under-served investors access to small and niche alternative funds. “4Alts has a very experienced management team and they are taking the right steps to implement new technology into the business.

Hedge Fund Manager Rob Luciano Sells Palm Beach Weekender (Perth Now)
Rob Luciano, the most talked about hedge fund manager in Sydney, has finally sold his spare weekender at Palm Beach. Luciano’s hillside Florida Rd retreat, which he purchased for $3.3 million in 2015, took a year to sell.

Hedge Fund Managers up 1.82 per cent in June on the Back of the US-China Trade Talk Optimism (Hedge Week)
The Eurekahedge Hedge Fund Index rallied 1.82 per cent in June, supported by the strong equity market performance on the back of optimism over the progress of US-China trade talk. Despite mixed economic data during the month, trade optimism and dovish central bank posturing saw the MSCI ACWI (Local) post gains of 5.41 per cent. Returns were positive across geographic mandates in June, with North American fund managers gaining 2.11 per cent and Asia ex-Japan fund managers up 2.18 per cent. Fund managers utilising equity long-bias strategies gained 3.06 per cent throughout the month, bringing their year-to-date return to 10.56 per cent. Roughly 77.7 per cent of the underlying constituents in the Eurekahedge Hedge Fund Index posted positive returns in June, and 24.4 per cent of hedge fund managers in the database managed to maintain double-digit returns over the first half of 2019.

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