Citi, ValueAct Capital Extend Information Sharing, Engagement Agreement Through 2021 (Reuters)
NEW YORK (Reuters) – Citi Group (C.N) and hedge fund ValueAct Capital said on Thursday they would extend an existing information-sharing agreement for another two years through the end of 2021. The agreement allows ValueAct, one of Citigroup’s largest shareholders, to engage with bank executives and directors on strategy, governance and planning matters, the firms said in a joint announcement. Citi and ValueAct originally made the agreement in January after starting discussions in 2018 following fund investments in the bank.
CQS’s Hintze Listened to Climate Skeptics and Touts ESG (Bloomberg)
Billionaire Michael Hintze sat in the front row at an invitation-only lecture of the Global Warming Policy Foundation, the main U.K. think tank that’s pushing back against policies to fight climate change. The London hedge fund manager was listening to former Australian Prime Minister Tony Abbott lament how Western societies had turned global warming into a religion while forgetting their roots in “the scriptures about man created in the image and likeness of god and charged with subduing the earth.” The title of the October 2017 speech: “Daring to Doubt.”
Here Are The Billionaires Backing Tom Steyer’s Presidential Campaign-Besides Himself (Forbes)
With an estimated net worth of $1.6 billion, Democratic hopeful Tom Steyer doesn’t need much help raising money for his presidential campaign. In just three months the hedge fund billionaire put in $47.6 million of his own money, according to the latest filings from the Federal Election Commission. Still, he’s gotten some support from fellow members of the three-comma-club. Forbes found eight billionaires and their spouses who have contributed to Steyer’s campaign. All three heirs to the Gap retail fortune donated. So did Daniel Och, the New York hedge fund founder. Along with Jim and Penny Coulter, who got rich after Jim founded private equity giant TPG. So far, Steyer has only gotten $19,840 from the bunch. None of his big-money donors, not even his wife, Kat Taylor, have donated exclusively to him.
Dan Och Doesn’t Live In New York Anymore, But He Does Have A $95 Million Apartment There (Deal Breaker)
The hedge fund he founded, named for himself and led for 24 years-including through a damaging bribery scandal-isn’t doing so well, thanks to said bribery scandal (and is also no longer named for him and possibly no longer returning his calls). Dan Och, though? Yea, Dan Och is doing fine. Mr. Och paid roughly $95 million for the penthouse unit as well as a smaller unit on a lower floor of the building, located at 220 Central Park South…. Mr. Och’s new four-bedroom apartment spans about 9,800 square feet, according to marketing materials for the property.
Hedge Funds had a Tough Go of It in 2019 – Here are 7 Biggest Names that Threw in the Towel (Business Insider)
The $3.3 trillion hedge fund industry saw several big names call it quits in 2019, as Appaloosa founder David Tepper and Moore Capital chief Louis Bacon both decided to turn their funds into family offices, while Bridgewater‘s co-CEO Eileen Murray announced she is leaving her post next year. Other names, like BlueMountain co-founders Stephen Siderow and Andrew Feldstein, were partially pushed out of the industry thanks to poor performance. In the last couple years, big names like Jonathon Jacobson, Leon Cooperman, Jason Karp, John Griffin, Eric Mindich, and more have closed down their funds.
2019 Case Study: Two Sigma Investments, LP and Affiliates – Structure, Operating Strategies & Trading Strategies (GlobeNewswire.com)
Dublin, Dec. 19, 2019 (GLOBE NEWSWIRE) — The “Case Study: Two Sigma Investments, LP and Affiliates” company profile has been added to ResearchAndMarkets.com’s offering. In this comprehensive and unprecedented 65-page, 67-exhibit, and 16,100-word case study, the publisher details the structure, operating strategies and trading strategies of quantitative hedge fund powerhouse, Two Sigma Investments, LP and affiliates. Along with a chronology of notable developments and collection of data from its launch until mid-2019, this analysis also includes comparisons with other legendary quantitative trading firms, including (principally) David Shaw‘s eponymous D. E. Shaw & Co., Inc.; Izzy Englander‘s Millennium Management, LLC; and Jim Simons‘ Renaissance Technologies, LLC.
Hedge Fund Performance Update: November 2019 (Preqin.com)
The Preqin All-Strategies Hedge Fund benchmark returned +1.29% in November. This builds on gains of 0.88% in October and pushes the 2019 YTD and 12-month returns to +9.66% and +7.27% respectively. All but one of the top-level strategies made gains in November, with equity strategies performing best (+1.86%). This factsheet presents the hedge fund performance benchmarks for November 2019. Plus, the 2019 YTD and 12-month return figures for all top-level strategies, structures, denominations and size classifications.