John Paulson Looks to Sell into Puerto Rico’s Hotel Boom (The Wall Street Journal)
Some of Puerto Rico’s most prominent hotels are going on the market as owners look to cash in on the island’s strong tourism and real-estate market boosted by the pandemic. Hedge-fund manager and real estate owner John Paulson, who has invested heavily in Puerto Rico in recent years, is testing the market for the Condado Vanderbilt Hotel and La Concha Renaissance San Juan Resort through real-estate firm JLL, according to people familiar with the matter.
Two London Hedge Funds Agree to Rare Combination (Bloomberg)
Eisler Capital, a $4.5 billion hedge fund firm, has struck a deal to acquire Neil Phillips’s Glen Point Capital in a rare consolidation in the industry. The deal will bolster Eisler’s assets by $1.5 billion, bring in a new trading team and add three funds to aid the firm’s transformation into a multi-strategy investment platform. Financial details of the deal, which is expected to close by the end of March, were not disclosed.
Hedge-Fund Pioneer Michael Steinhardt Surrenders 180 Stolen Antiquities Valued at $70 Million, Manhattan DA Vance Says (CNBC)
Hedge-fund pioneer and philanthropist Michael Steinhardt has surrendered 180 stolen antiquities currently valued at $70 million and has been banned for life from acquiring antiquities, Manhattan District Attorney Cyrus Vance Jr. said Monday. The surrender of the items comes after a probe that began in 2017 into Steinhardt’s “criminal conduct,” the DA’s office said in a statement announcing an agreement with the billionaire to give up the artwork.
Ray Dalio Caught Some Heat for Recent Comments on Chinese Human Rights. Here’s What He Said About the Matter in His New Book. (MSN Money)
Ray Dalio — the billionaire founder of Bridgewater Associates, the world’s largest hedge fund — came under fire last week over comments he made about Chinese human rights. In an appearance on CNBC, when asked about China’s practice of taking certain citizens out of the public eye, Dalio likened those actions to those of a “strict parent.” He’s since clarified those comments in a LinkedIn post. It’s a subject that Dalio has written about previously, most recently in his new book, “Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail,” which was released on Nov. 30. In the book, he said it’s important to recognize China and the US have different values and therefore will make different choices, and their ability to impose things on the other will depend on their relative power.
Geneva-Based Manager Stouff Capital to Launch Global Macro Hedge Fund (Opalesque.com)
The Swiss quantamental asset manager says it has doubled its AuM in the last 12 months, hired two managers, and it is preparing the launch of a new absolute return global macro fund in the first quarter of 2022. Julien Bittel recently joined Stouff as senior portfolio manager from Pictet A.M, where he managed the Pictet Quattro and Pictet LPP Multi Asset Flexible funds. He will manage the new global macro fund and focus on global stock and bond markets, as well as global credit, currencies and cryptocurrencies. Stouff Capital‘s existing fund, the Urizen fund, launched in October 2018, follows a quantamental strategy that combines quantitative analysis with a human-led fundamental approach.