Hedge Fund Millennium poached a Bank of America MD in Paris (eFinancialCareers)
As global hedge funds build their presence in Paris they are poaching from banks on the ground. The latest ex-bank to trader to turn up at a hedge fund is Grégoire Thomas, the former Paris-based head of equity synthetics and securities lending at Bank of America. We reported Thomas’ exit from BofA in April. According to his LinkedIn profile, he’s just joined the Paris office of Millennium Management. Millennium opened a Paris office in late 2019 and has been slowly adding staff ever since. Other recent Paris recruits include Louis-Marin Carlier, a quant trader who worked for Millennium in Switzerland before briefly joining One Eleven Capital, and then returning to Millenium in the French capital.
Morrisons Could Become Subject to a Bidding War as New York Hedge Fund Apollo Mulls Offer (Yorkshire Post)
New-York based asset manager Apollo Global Management confirmed that it is “in the preliminary stages of evaluating a possible offer for Morrisons” on behalf of investment firms managed by Apollo. It added that no formal approach has yet been made to the board of the Bradford-based chain.
GSK Supports CEO Emma Walmsley Following Elliott’s Demands for Leadership Overhaul (PMLive.com)
In response to a 17-page letter from activist hedge fund Elliott Management last week, GlaxoSmithKline (GSK) has thrown its support firmly behind chief executive officer Emma Walmsley. In Elliott’s letter, the hedge fund highlighted ‘leadership failures’ regarding the company’s plans for the consumer health/biopharma separation as well as ‘years of underperformance’.
‘Big Short’ Investor Michael Burry Compared the Meme-Stock Craze to the Dot-com and Housing Bubbles – and Warned of an Impending Crash (Business Insider)
Michael Burry warned the frenzied buying of meme stocks reminded him of the dot-com boom and housing bubble in a recent Barron’s interview, and predicted the social-media favorites would plummet in value soon. The Scion Asset Management chief noted the people who went all-in on technology stocks at the turn of century, and those who took out massive loans to buy multiple homes in the mid-2000s, didn’t expect the good times to end. Meme-stock investors are falling into the same trap and risk getting burned, he said.
French Systematic Hedge Fund Quantology Launches Nasdaq-Focused US Equity Strategy (Hedge Week)
Quantology Capital Management, a Paris-based systematic long/short equity-focused hedge fund firm, has launched a new strategy, Quantology US Equity. The new fund aims to outperform the Nasdaq 100 Index, described by Quantology as “the best performer and the hardest index to outperform over the last 10 years.” The launch comes as the firm’s Quantology Absolute Return strategy ended the first half of 2021 in negative territory, down just over 1 per cent having lost 0.5 per cent in June.