Mike Novogratz Backs Volatility Fund Betting Covid-Hit Trade Rebounds (Bloomberg)
Mike Novogratz, the billionaire Bitcoin investor, is wagering on volatility, a market that’s still scarred from the Covid crash earlier this year. Novogratz, 56, is among the backers of Millbank Dartmoor Portsmouth LLC, an investment fund founded by Wall Street veteran Dennis Davitt that seeks to have more than $1 billion under management within the next 12 months. The firm will offer volatility-based strategies to investors such as pension funds and family offices, Davitt said in an interview — including versions of the so-called short-volatility bets that imploded in March.
Two Sigma has seen Take-Up Surge for its Risk-Analysis Tool Venn this Year — Here’s Why the $58 billion Hedge Fund Thinks It has a Leg Up on Asset Management Rivals (Business Insider)
Two Sigma‘s Venn, its year-old risk and analytics offering, has more than 2,200 clients and increased its revenue four-fold since the beginning of the year. Jake Dwyer, the general manager of the platform, told Business Insider in an interview that Venn added a number of factor and analyses this year, including a crowding factor that shows a stock’s short percentage and an extreme scenario analysis. Venn’s growth, Dwyer said, will come from its current market – US institutional allocators – as well as international investors and big banks’ wealth management teams.
‘He Wants to Make Money’: Trump Not Concerned about his Legacy, Says Former Aide and Hedge Fund Boss Anthony Scaramucci (Independent.co.uk)
Donald Trump is more concerned about making money than taking care of his presidential legacy, former campaign staffer Anthony Scaramucci has said. Mr Scaramucci, ex-White House communications director, said the president would use his final days in office to think about how he can benefit financially from his enhanced profile.
Hedge Fund to Take TalkTalk Private in £1.1bn Acquisition (CapacityMedia.com)
UK independent telco TalkTalk is set to be taken over by a hedge fund and a private equity firm for £1.1 billion. Toscafund Asset Management, which is said to have assets worth £4 billion, bid £0.97 a share for the company. TalkTalk’s co-founder Charles Dunstone has backed the deal. Tosca is working with Penta Capital, a private equity investor. The deal has acceptances from owners of 76% of TalkTalk’s shares, including Dunstone, who had an estimated 29.5% a year ago. The deal will see him leave TalkTalk with £320 million once the acquisition is completed in the first quarter of 2021.
This Hedge-Fund Billionaire is a Huge Fan of Sen. Kelly Loeffler – But Why? (MSN)
On Oct. 9, billionaire Ken Griffin, the head of a multinational financial services company, gave $2 million to a super PAC called Georgia United Victory (GUV), which had originally been launched by allies of Georgia Gov. Brian Kemp but at the time exclusively supported Sen. Kelly Loeffler’s election campaign. Griffin ranks among the richest people in America, and during the 2020 election cycle he spent at least $57 million to support conservative candidates, most of that on Republicans in tight U.S. Senate campaigns.
Bill Miller Beats S&P 500 for Second Year With Sharp Bet on Uber (Bloomberg)
Bill Miller’s flagship mutual fund is poised to beat the S&P 500 index for a second straight year, aided by a timely options bet on Uber Technologies Inc. The fund bought into Uber before California voters approved a ballot measure last month exempting gig-economy companies from classifying all drivers and couriers as employees, a change that would have increased costs.