BlueCrest Wins Bid to Avoid Paying Millions in Compensation (Bloomberg)
Michael Platt’s investment firm BlueCrest Capital Management, which is fighting a multi million pound UK fine, won a court bid to block the financial watchdog’s attempt to demand more than $700 million in compensation for investors. BlueCrest was hit with a £40 million ($51 million) fine by the Financial Conduct Authority in 2021 over allegations it favored partners over external investors in an internal fund.
Mets Owner Steve Cohen Gives $5 Million to Help Psychedelics Go Mainstream (New York Post)
New York Mets owner Steve Cohen and his wife dished out $5 million to fund the effort to bring mind-bending psychedelic drugs into the mainstream. The seven-figure sum was donated by the Steven & Alexandra Cohen Foundation, an organization the hedge fund billionaire founded to inspire community service and philanthropy across many sectors, including psychedelic research.
Man, AQR Among Funds with Trades Stung by Ocado’s Share Surge – Research (Reuters)
Global hedge funds including Man Group and AQR Capital Management faced potential losses on their bets against Ocado after the online grocer’s stock price surged on Thursday, said data and research group Breakout Point. Ocado shares soared by over 40% on Thursday after The Times newspaper reported speculation of possible bid interest by U.S. suitors, including Amazon, in the company, which has been squeezed by a cost of living crisis in Britain.
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One of Citadel’s Top Credit Portfolio Managers Quit for UK Rival (eFinancialCareers)
Dan Shatz, one of the top credit portfolio managers at Citadel‘s New York office, has left the fund. He’s joining the British hedge fund Marshall Wace. Shatz joined Citadel in June 2020 after an 11-year career in credit trading at JPMorgan. He co-founded his own fund, Column Park Asset Management, but left for Citadel six years later. Michael Gorun, his colleague at Column Park, joined at the same time. Both men worked in the global credit business at Citadel, run by Pablo Salame, the former co-head of securities at Goldman Sachs.
Hedge Funds Fees Vary According to Strategy, Says New Study (Hedge Week)
A new study of new hedge funds launched by established managers from private funds industry law firm Seward & Kissel, reveals a sharp divergence in the management fees charged depending on investment strategy. The first-ever Seward & Kissel Established Manager Hedge Fund Study is an analysis of new hedge funds and new classes of funds launched by established managers within their existing businesses. It finds that new funds pursuing traditional investment strategies charged an average management fee of 1.9%, while the funds pursuing bespoke investment strategies charged an average management fee of .925%.
