Hedge Fund and Insider Trading News: Mike Novogratz, Saba Capital Management, Archegos Capital Management, Brevan Howard Asset Management, Lions Gate Entertainment Corp. (LGF), Designer Brands Inc (DBI), and More

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Voya Prime Rate Trust Selects Saba Capital as New Investment Adviser (Hedge Week)
Voya Prime Rate Trust has selected Saba Capital Management, LP (Saba) to serve as the new investment adviser to the Fund. The Fund’s current investment adviser, Voya Investments (VIL), and the Fund’s current sub-adviser, Voya Investment Management Co (Voya IM), both previously announced their respective resignations, effective as of 22 June, 2021. VIL and Voya IM are committed to ensuring a smooth transition to Saba and serving the Fund, its Board and its shareholders during the Adviser Transition.

Cazoo Shuns London For $7 Billion SPAC Deal With Dan Och (Forbes)
Cazoo will make its stock-market debut in New York after agreeing to a merger deal with Dan Och’s Ajax I’s blank cheque company. The Carvana-like car sales portal will raise $1.65 billion through the deal deal to fund its expansion in the United Kingdom and Europe. The business buys, repairs, sells cars to drivers and has sold around 20,000 cars since its launch in December 2019, with around 6,000 customers leasing vehicles on a subscription. The deal will see Cazoo founder Alex Chesterman and Och chasing a bigger slice of the $700 billion market for used cars sales in Europe.

Billionaire Mike Novogratz Says He would Work 24×7 to Cover Bill Hwang’s $30 Billion Hedge Fund Liquidation if He were an Investigative Reporter (Business Insider)
Billionaire investor Mike Novogratz tweeted on Monday that he would work round the clock to furnish details on former Tiger “cub” trader Bill Hwang’s $30 billion hedge fund liquidation if he was an investigative reporter. “When the facts come out, my sense is the Bill Hwang blow up will be the most spectacular personal loss of wealth in history,” the CEO of crypto merchant bank Galaxy Digital said in a tweet. “If I was an investigative reporter, I’d be working 24-7 since this is cover story material. How he quietly got so rich and how fast it all disappeared.”

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Ex-SEC Chairman Clayton to Advise Brevan-Backed Firm on Crypto (Bloomberg)
One River Asset Management, a $2.5 billion firm whose cryptocurrency funds are backed by hedge fund titan Alan Howard, brought on former Securities and Exchange Commission Chairman Jay Clayton as an adviser, lending credibility to an emerging asset class that still lacks comprehensive regulation. Clayton will be one of three advisers to One River founder and Chief Executive Officer Eric Peters. The other two are Kevin Hassett, who served as chairman of the Council of Economic Advisers under President Donald Trump, and Jonathan Orszag, an economic consultant who previously worked in the Clinton administration.

Billionaire Hedge Fund Manager Ray Dalio Says Government Outlawing Bitcoin Is ‘a Good Probability’ (Bitcoin News)
The Bridgewater Associates co-founder and chief investment officer, Ray Dalio, says that there is a good probability that the government will outlaw bitcoin in the same way gold was outlawed in the U.S. in the 1930s. Ray Dalio Thinks Governments Can Outlaw Bitcoin: Ray Dalio shared his view on whether the government could outlaw bitcoin in an interview with Yahoo Finance Wednesday. He is the co-founder and chief investment officer of Bridgewater Associates, the world’s largest hedge fund firm. His clients include endowments, governments, foundations, pensions, and sovereign wealth funds.






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