Box Says Starboard Sought to Get in on KKR Deal It Criticized (Reuters)
(Reuters) – Box Inc said on Tuesday hedge fund Starboard Value LP had asked to invest in the cloud storage vendor alongside private equity firm KKR & Co Inc, despite calling it a bad deal that spurred it to launch a board challenge against the company. Starboard has criticized KKR’s $500 million convertible stock investment in Box, which was announced in April, as a “transparent act of entrenchment” by Box’s board. The activist hedge fund had pushed Box, which has a market value of $4.3 billion, to sell itself, rather than only sell a stake in itself. Box used the money it raised to buy back stock.
$55 Billion Marshall Wace Hedge Fund Joins Peers Chasing Crypto Boom (Bloomberg)
Marshall Wace is raising a new fund to start betting on digital assets, joining hedge fund peers in targeting the boom in demand for cryptocurrencies and related technologies. The London-based investment firm, which manages about $55 billion, is in talks with investors to raise capital for a digital finance cross-over strategy, according to a person with knowledge of the matter. The initiative is being overseen by Amit Rajpal, the firm’s chief executive.
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MN: Elliott’s Policy, Gaps to Fill and the Hope of ‘Gifts’ from Other Clubs – Milan’s Summer Strategy (SempreMilan.com)
Elliott Management are looking for ‘gifts’ from other top clubs rather than preparing for huge investments this summer, a report claims. The latest from MilanNews writes that the policy of the American hedge fund and the financial health of the club means they are forced to think more about the economic budget than the technical one. Therefore, the new purchases will be ‘gifts’ from others, either loaned or sold outright by Real Madrid, Ajax or Chelsea. The names that are currently in circulation are Olivier Giroud (34) and Hakim Ziyech (28) of Chelsea, Isco (29) of Real Madrid and above all Dusan Tadic (32) of Ajax.
Hedge Fund Manager North Asset Management Selects SIGTech’s Quant Platform to Launch Systematic Investment Fund (Hedge Week)
Leading hedge fund manager North Asset Management (North) has selected SIGTech, a provider of next-gen quant technology for global investors, to support the firm’s expansion strategy into systematic investing. North currently manages seven funds that focus on foreign exchange, macro and fixed income. The firm has identified systematic as a new area for growth. North Asset Management is an independent alternative asset manager based in London. Founded in July 2002, the firm has a highly experienced, award-winning team with a strong risk management culture, continuously focusing on risk-adjusted returns, and commitment to transparent and detailed reporting to investors.
CoinShares International Bought the Fund from Alan Howard’s Elwood as Part of its Agreement to Buy Elwood’s Indexing Business. (Investment News)
Hedge fund titan Alan Howard’s crypto markets business Elwood has sold its economic interest in a blockchain fund with more than $1 billion of assets to CoinShares International Ltd. The deal is part of CoinShares’ agreement to buy Elwood’s indexing business for $17 million, CoinShares said in a statement Tuesday. The operation of the unit’s blockchain exchange-traded fund, which Elwood launched with Invesco Ltd., won’t be impacted by the sale. Howard is the majority owner of Elwood. For Elwood, the deal marks a transition away from asset management to focus on its tech platform, which enables institutions such as banks, fintechs, and asset managers to access and trade crypto assets across exchanges and market makers.
Hedge Fund Trader Charged in Alleged Lucrative Front-Running Scheme (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has filed fraud charges against Sean Wygovsky, a trader at a major Canada-based asset management firm, in connection with a long-running and lucrative front-running scheme that Wygovsky perpetrated in the accounts of his close family members, netting more than $3.6 million in illicit gains. According to the SEC’s complaint, from approximately January 2015 through at least April 2021, Wygovsky repeatedly traded in his family members’ accounts held at brokerage firms in the United States ahead of large trades that were executed on the same days in the accounts of his employer’s advisory clients.
Growing Out of a One-Man Shop (Hedge Nordic)
Stockholm (HedgeNordic) – Almost a year after one-man shop Symmetry Invest hired a second portfolio manager, the Aalborg-based asset manager has expanded further with the hiring of Casper Munksø Thomsen as a chief financial officer. Thomsen joined Andreas Aaen’s Symmetry Invest in mid-June this summer after spending eight years at Danish advisory and accounting firm BDO Denmark.
The Deputy Chief Executive Officer of OTP Bank Nyrt (Other OTC: OTPBF) is Buying Shares (Analyst Ratings)
Today, the Deputy Chief Executive Officer of OTP Bank Nyrt (OTPBF), Antal Kovacs, bought shares of OTPBF for $99.99M. Following Antal Kovacs’ last OTPBF Buy transaction on June 10, 2021, the stock climbed by 23.6%. This recent transaction increases Antal Kovacs’ holding in the company by 7% to a total of $5.24 million.
SEC Charges Two Indian Americans Among Six Others With Insider Trading (The Quint)
The United States Security and Exchange Commission (SEC) has charged six persons from Silicon Valley, two of whom are Indian Americans, with insider trading. The SEC has had brought up both civil and criminal charges against Naveen Sood, Naresh Ramaiya and four others alleging their involvement in sharing unlawful tips and trading of insider information about stocks of two tech companies – Infinera and Fortinet.
