Bill Ackman Sounds Thisclose To Starting Up His Own Co-Working Space (Deal Breaker)
We were…unkind when Bill Ackman decided to move Pershing Square Capital to the farthest reaches of Midtown West, but — like in most things — we now look like dumb assholes. Bill Ackman’s hedge fund is up nearly 40 percent this year – but that isn’t distracting him from pitching some spare office space he co-owns in Hell’s Kitchen. “If you’re interested in renting space, give me a call,” Ackman joked on a Tuesday call with investors, referring to 787 11th Ave., a 10-story office building on the West Side that Ackman personally co-owns with developer Georgetown Co.
Kyle Bass Was Right to Exit His Yuan Short (Bloomberg)
It may seem like a strange time for hedge fund manager Kyle Bass to exit his short bet against the offshore yuan – just as the trade looks to have a chance of becoming seriously profitable. Almost four years after the long-time China bear made the wager, the currency is under increasing pressure amid a worsening trade conflict. If nothing else, fears of a global economic slowdown are giving traders a reason to flee to the haven of the dollar. That points to further weakness in emerging-market currencies, the yuan included.
Michael Novogratz on Bitcoin’s Latest Rally (CNBC)
Michael Novogratz, former hedge fund manager and CEO of Galaxy Digital Holdings, joins CNBC’s “Closing Bell” to discuss the reasons for bitcoin’s latest rally.
Michigan Endowment May Send More Capital to Seven Funds (AI-CIO.com)
The University of Michigan’s $12.2 billion endowment is looking to invest even more with seven private market funds, according to agenda materials for its May 16 regents board meeting. Just how much they’d receive is still unclear, although since last year, they each got substantial boosts in capital commitments. Bain Capital Asia IV, Primary V, and Summa Equity II are private equity funds. Abax Asian Structured Private Credit Fund III and two Napier Park funds (ELM Series III and Henley Series I), are private credit vehicles. And Jacobs Asset Management Partners (JAM) is a hedge fund. Michigan classified private credit and hedge funds as absolute return.
Hedge Fund Billionaires Were Democrats’ Main Bankrollers in 2018 (ReadSludge.com)
In the 2018 midterms, Democrats benefited more than Republicans from election spending by outside groups for the first time in recent history. Now, thanks to a new report from Public Citizen, we have a better understanding of where much of that money backing Democrats came from: wealthy individuals who earn their livings as hedge fund founders, bank executives, and other key positions in the financial industry.
Danske Launches New Macro Hedge Fund (Hedge Nordic)
Stockholm (HedgeNordic) – After launching a Europe-focused long/short equity fund in late March, Danske Bank Asset Management has now launched a new global macro hedge fund. Danske Invest Global Macro Hedge Fund is managed by Bo Bejstrup Christensen and Lars Tranberg Rasmussen (pictured). Bo Bejstrup Christensen re-joined Danske Bank’s asset management arm in June of last year as chief portfolio manager of the new macro hedge fund, whereas Rasmussen joined the Danske hedge fund team later in the year as a senior portfolio manager. The duo uses a top-down, macro approach to invest across various asset classes around the globe.
First New York Building Hedge Fund Business (HFAlert)
Proprietary-trading shop First New York is taking another stab at launching a hedge fund. The firm, whose 125 internal and external portfolio managers run a little more than $3 billion of gross assets, envisions a multi-strategy vehicle that largely would mirror its prop-trading portfolio. Since the 1980s, First New York has earned mostly double-digit returns, with low net exposure and little volatility. The New York firm plans to begin trading the FNY Total Return Fund in the second half, seeding it with $200 million of gross assets. It then would spend some time developing a track record while marketing the vehicle to outside investors.
The EVP & CFO of American Electric Power (NYSE: AEP) is Selling Shares (Analyst Ratings)
Today, the EVP & CFO of American Electric Power (AEP), Brian X. Tierney, sold shares of AEP for $377.8K. In addition to Brian X. Tierney, 10 other AEP executives reported Sell trades in the last month. This is Tierney’s first Sell trade following 3 Buy transactions.
Wednesday 5/15 Insider Buying Report: NS, GEL (Nasdaq.com)
At NuStar Energy, a filing with the SEC revealed that on Tuesday, Director William E. Greehey bought 68,075 shares of NS, at a cost of $28.38 each, for a total investment of $1.93M. Bargain hunters can buy NS even cheaper than Greehey did, with shares changing hands as low as $27.89 at last check today which is 1.7% below Greehey’s purchase price. NuStar Energy is trading up about 0.2% on the day Wednesday. Before this latest buy, Greehey purchased NS on 2 other occasions during the past year, for a total cost of $12.3M at an average of $23.94 per share. And on Friday, Director Kenneth M. Jastrow II purchased $1.08M worth of Genesis Energy, purchasing 50,000 shares at a cost of $21.54 each. Genesis Energy is trading down about 0.1% on the day Wednesday.
Kingstone Companies Inc (KINS) President & CEO Dale A Thatcher Bought $225,000 of Shares (Guru Focus)
President & CEO of Kingstone Companies Inc (NASDAQ:KINS) Dale A Thatcher bought 25,000 shares of KINS on 05/13/2019 at an average price of $9 a share. The total cost of this purchase was $225,000. Kingstone Companies Inc is a property and casualty insurance holding company. The company through its wholly owned subsidiary, Kingstone Insurance Company offers insurance policies to small and mid-sized businesses as well as to individuals. Kingstone Companies Inc has a market cap of $109.310 million; its shares were traded at around $10.15 with and P/S ratio of 0.89. The dividend yield of Kingstone Companies Inc stocks is 3.94%. Kingstone Companies Inc had annual average EBITDA growth of 36.50% over the past ten years.
CMA Penalises Nairobi Bond Trader Sh208m for Insider Trading (BusinessDailyAfrica.com)
The Capital Markets Authority (CMA) has fined a Nairobi bonds trader a total of Sh208 million for engaging in insider trading in Treasury bonds between 2016 and 2017. CMA said Wednesday in a statement that Mr Rodrick Muhoro, a bond trader has been found guilty of dealing with privileged (non-public) information on bond trades, which he used to front-run the market and make dual trades in order to profit at the expense of other investors. The financial penalty is twice the amount of benefit that Mr Muhoro received from the irregular trading in the fixed income securities that CMA said amounted to Sh104 million.
Insider Trading: A Stricter Diktat On Trading Window (Bloomberg)
A recent circular from the stock exchanges mandating the period during which the trading window will have to be shut has perturbed market participants. The market regulator’s rules on insider trading say that designated persons of a company cannot trade in its securities when, as per the compliance officer, they can be reasonably expected to be in possession of unpublished price sensitive information.
SAT Drops SEBI’s Insider-Trading Charge, Penalty Against Piramals (TheHinduBusinessLine.com)
The Securities Appellate Tribunal (SAT) on Wednesday dropped SEBI’s insider-trading charge and penalty against Piramal Enterprises Ltd (PEL) and its promoters Ajay and Swati Piramal and their daughter Nandini Piramal. It found no misuse of unpublished price sensitive information (UPSI) by the promoters. Converting SEBI’s monetary penalty into a mere warning in its order, SAT said: “SEBI is a watchdog, not a bulldog.”