Novogratz’s Galaxy Digital Explores Job Cuts of About 20% (Bloomberg)
Galaxy Digital Holdings Ltd., the crypto financial services firm founded by billionaire Michael Novogratz, is exploring eliminating as much as 20% of its workforce against the backdrop of a digital-assets market downturn. The plan under consideration could still be changed and the final number could be in a range of 15% to 20%, according to people familiar with the matter. New York-based Galaxy reported 375 employees globally as of the end of the second quarter, which would mean as many as 75 positions could be eliminated.
Tiger Global-Backed Games24x7 Launches Rs 400-Crore Fund for Early-Stage Startups (The Economic Times)
Online gaming unicorn Games24x7 is launching a Rs 400-crore investment fund – Games 24×7 Ventures – to explore early-stage targets in the interactive entertainment space. The fund will focus on investing in startups that have synergies with the company’s core business areas. Tiger Global-backed Games24x7, which operates platforms including My11Circle and RummyCircle, raised $75 million earlier this year at a valuation of $2.5 billion.
Macro Hedge Fund LHG Capital Raises $445m for Newly-Structured Flagship Fund (Opalesque.com)
LHG Capital Management, a hedge fund dedicated exclusively to global macro investment strategies in the Asia-Pacific region, announced the closing of its newly-structured closed-ended flagship fund, LHG Premium Investments Fund, at €450 million (US$445 million), 50% higher than the original €300 million target. Fund assets are now locked-up with LHG until October 2025, said a press release from the global alternative investment management firm headquartered in Hong Kong and Zurich, with representative offices in Abu Dhabi, Beijing, and Sydney.
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Goldman’s Bin Zou Joins Hedge Fund ExodusPoint (Financial News)
Hedge fund ExodusPoint Capital Management has expanded its London team with the appointment of Bin Zou as a macro quantitative researcher. Zou joins ExodusPoint from Goldman Sachs, and will focus on alpha signal research in FX and rates. At Goldman, Zou was an executive director, developing systematic trading strategies in FX and rates.
How to Get a Job at Citadel or Citadel Securities (eFinancialCareers)
Plenty of people want to work for Citadel and Citadel Securities. Few succeed. In an interview earlier this year, Matt Mitro, the head of graduate recruitment for both firms said that only 1% of applicants to both firms make it through. What makes successful applicants special? In an interview for our recent graduate careers fair, Mitro suggested that the students Citadel and Citadel Securities hire are fundamentally differentiated by one thing.
Want to Invest in Crispin Odey’s Main Hedge Fund? Too Bad, It’s Closed to New Clients (Bloomberg)
Crispin Odey has closed his flagship hedge fund and two others to new clients, hoping to keep assets at a manageable level following a record year. The main Odey European hedge fund, as well as the OEI MAC and Odey Swan funds, are no longer accepting new investors, his firm said in an announcement on its website dated Oct. 26. Existing clients can continue to add money.
Sortis Income Fund Produces Net Annualized Return of 8.02% During Third Quarter (PRNewswire.com)
PORTLAND, Ore., Nov. 1, 2022 /PRNewswire/ — Sortis, LLC (“Sortis”), a Portland, Oregon-based alternative investment fund manager, announced that the Sortis Income Fund, LLC produced a net annualized return of 8.02% during the third quarter of 2022. The Sortis Income Fund (“SIF”) is an unleveraged mortgage fund that focuses on short-term, first position loans collateralized by commercial real estate. “Interest rates have continued to climb and inflation remains persistent. Any sort of volatility in the economy is generally good for private finance.
Healthcare Hedge Funds Decline 22.1% YTD But are Well-Placed to Capitalize on Current Trends and Grow Returns (Opalesque)
Opalesque Industry Update – The first nine months of 2022 have been exceptionally challenging for the global financial markets, with rising geopolitical tensions, inflation, interest rates, recession concerns and the emergence of new, more transmissible variants of Covid-19 among an evergrowing list of worries that investors must grapple with, causing a spike in market volatility that has seen the CBOE Volatility Index rise 83.6% this year. Against this backdrop, the average healthcare hedge fund declined 22.1%, a disappointing return but still superior to the 24.8% fall of the S&P 500.
Joakim Hannisdahl Working on Comeback (Hedge Nordic)
Stockholm (HedgeNordic) – After leaving Cleaves Asset Management due to “irreconcilable differences” with the Cleaves head office, Joakim Hannisdahl is now working on re-joining the Nordic hedge fund universe. The analyst-turned-hedge fund manager is currently in the process of launching a long/short shipping hedge fund under the umbrella of his new asset management company Gersemi Asset Management.
$10 Million Bet On This Consumer Cyclical Stock? 4 Stocks Insiders Are Buying (Benzinga)
Mobileye Global: The Trade: Mobileye Global Inc. (MBLY) CEO and President Amnon Shashua acquired a total of 476,191 shares an average price of $21.00. To acquire these shares, it cost around $10 million. Allegion: The Trade: Allegion PLC (ALLE) President and CEO John Stone acquired a total of 12,500 shares at an average price of $104.45. To acquire these shares, it cost around $1.31 million.
Insider Trading Of OSMO Token Reported In Binance, True? (HeraldSheets.com)
Recently, Binance announced its intention to list the OSMO token. However, 24 hours before the announcement, a wallet address bought over 2,029,846 OSMO. This has sparked the possibility of likely insider trading in the exchange. Famous crypto journalist, Colin Wu, tweeted that a wallet bought OSMO tokens before the token’s Binance listing, buying about 2 million coins at $1.34 each. Wu alleged that this could be a likely case of insider trading.
GOP Representative Disclosed Meta Stock Sale Worth Thousands Before Shares Took Massive Nosedive (WashingtonExaminer.com)
Rep. Michael McCaul (R-TX) disclosed a sell-off worth thousands of dollars in Meta stock before shares of the tech giant plummeted in value, filings show. McCaul, one of the most active stock trade filers in Congress, disclosed on Oct. 14 that in September, accounts owned by his wife and child sold between $61,000 and $215,000 combined of Meta, the multinational tech conglomerate that owns Facebook. But only two weeks later, on Thursday, Meta shares took a nosedive by over $700 billion, or 24%, after the company reported earnings that skirted investor expectations.
