CQS Explores Selling Parts of $15 Billion Fund Business (Bloomberg)
Billionaire Michael Hintze’s CQS is exploring options including selling part of its asset-management business, according to people with knowledge of the matter. The London-based firm is working with an adviser to gauge potential interest, said the people, who asked not to be identified because the talks are private. CQS is considering a range of transactions including divesting a stake or selling one or both of its long-only and asset backed securities businesses that now make up the bulk of its more than $15 billion in assets.
Hannisdahl’s New Shipping Fund Sets Sail (Hedge Nordic)
Stockholm (HedgeNordic) – Shipping specialist Joakim Hannisdahl has set sail on his own with the launch of a new long/short shipping hedge fund under his asset management firm, Gersemi Asset Management. Having worked in equity research in shipping for a number of years, Hannisdahl aimed to become the world’s top shipping analyst and leverage his experience to enter the investment management arena.
UK Watchdog Fines Bastion Capital for Facilitating Solo Group ‘Cum-Ex’ Trades (Reuters)
Bastion Capital London, a now-defunct broker that traded over 70 billion pounds ($90 billion) worth of Danish and Belgian stocks for hedge fund Solo Group clients, has been fined for serious crime control failings in the latest London “cum-ex” crackdown. In the fifth penalty meted out over so-called cum-ex trading, Britain’s Financial Conduct Authority (FCA) on Thursday ordered Bastion Capital to pay a 2.45 million pound fine for failing to manage the risk of being used as a vessel for fraudulent trading and money laundering.
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Hedge Funds’ Long-Term Crypto Interest Remains Robust Even as Proportion Investing Drops: PwC (Coin Desk)
The proportion of traditional hedge funds investing in crypto assets declined in the past 12 months though the long-term outlook remains positive, according to a new report by Big Four accounting firm PricewaterhouseCoopers (PwC). The percentage of funds with crypto exposure fell to 29% from 37% in 2022, according to the Global Crypto Hedge Fund Report. No traditional hedge funds plan to decrease their exposure this year, it said.
Warren Buffett’s Boring Investing Advice That 99% Of People Should Follow (DataDrivenInvestor)
Every morning when I eat breakfast, I turn my phone’s volume to just slightly below the max and play an audiobook from my Audible account. The most recent book I have been listening to is The Essays of Warren Buffett: Lessons for Corporate America by Warren E. Buffett, compiled by Lawrence A. Cunningham. In listening to the thoughts and philosophies of Warren Buffett, I am constantly reminded of his investment advice that the average person would follow.
Rokos Macro Fund Reverses Most of 2023’s Losses (Hedge Week)
Chris Rokos’s macro hedge fund has almost recovered from the losses it incurred earlier in the year because of wild swings in global interest rate markets, having posted a 4% gain last month on the back of a 5% return in May, according to a report by Bloomberg. The report cites an investor letter seen by Bloomberg as revealing that the $14 billion fund is now almost back in positive territory having at one point in March been down by some 15% following the collapse of Silicon Valley Bank, which sparked big swings in short-term interest markets.
In ‘The Vegan,’ a Refreshing Hedge-Fund Protagonist (Kosu.org)
It’s a widely accepted truth that hedge-fund protagonists generally aren’t interesting. They’re too rich for their problems to resonate. Their actual job is often nebulous and complicated and therefore boring. They’re almost impossible to make sympathetic. Or, alternatively, they’re cartoon villains. But Andrew Lipstein’s effort in The Vegan is fresh and inventive. The hedge-fund-managing main character, Herschel Caine, is preoccupied with the successful launch of his fledgling firm, the renovation of his brownstone, and cultivating a friendship with his fancy neighbors.
Antares Capital Wraps Up Sophomore Private Credit Fund at $6bn (Opalesque.com)
Private venture capital firm Antares Capital has closed its Senior Loan Fund II (SLF II) after raising about $6bn. The second vintage of the debt fund will leverage Antares’ private credit platform to provide sponsor-backed senior secured loans to US and Canadian borrowers. Investors include public and private pensions, insurance companies, asset managers, and banks across more than 50 global institutions. Investors in SLF II primarily include public and private pensions, insurance companies, asset managers, and banks across over 50 institutions globally, said a media release from the financial services company with more than $61 billion of capital under management and administration.
$4.7M Bet On Black Diamond Therapeutics? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
Black Diamond Therapeutics: The Trade: Black Diamond Therapeutics, Inc. (BDTX) Director Rajeev Shah acquired a total of 935,850 shares an average price of $5.00. To acquire these shares, it cost around $4.68 million. Domo: The Trade: Domo, Inc. (DOMO) Director David Daniel Daniel III acquired a total of 26,400 shares at an average price of $13.54. To acquire these shares, it cost around $357,580.
Elon Musk Accused of Insider Trading in Dogecoin Lawsuit – The Guardian (Inferse.com)
Investors claim Tesla chief used Twitter, paid influencers and his TV appearance to manipulate price of cryptocurrency. Elon Musk is being accused of insider trading in a proposed class action lawsuit by investors. They say the Tesla CEO manipulated the cryptocurrency Dogecoin, costing them billions of dollars. In a Wednesday night filing in Manhattan federal court, investors said Musk used Twitter posts, paid online influencers, his 2021 appearance on NBC’s Saturday Night Live and other “publicity stunts” to trade profitably at their expense through several Dogecoin wallets that he or Tesla controls.
