Millennium Returns $15 Billion in Pursuit of Longer-Term Cash (Bloomberg)
(Bloomberg) — Izzy Englander’s Millennium Management plans to return a record $15 billion to investors at year-end, a big step toward creating a more stable capital base. As it has done since 2018, Millennium will return money to clients from a share class that can be redeemed in full over a year, according to investors. The amount it’s sending back now is so big that it exceeds the assets of most hedge funds operating today. At the same time, the firm is raising about $10 billion for a longer-term share class that extends the full redemption period to five years. Investors whose money is returned can choose to reinvest it in the longer-term structure.
A Former Two Sigma Trader Turned Crypto Exec Lays Out How Bitcoin Could Close in on $100,000 in Q4 — and How to Secure Ultra-High Yields in the Derivatives Market (Business Insider)
Jakob Palmstierna is a former Two Sigma trader who now heads up product for crypto trading firm GSR. He explains how GSR operates in the crypto derivatives market, including a strategy that offers high yields. And he explains his outlook for the fourth quarter of this year, with bitcoin moving in on $100,000. Traders are flocking to the crypto market in search of alpha with the hope of exploiting the kind of inefficiencies that have mostly been siphoned away from traditional asset classes. Jakob Palmstierna made this switch years ago, when it was considered risky, rather than trendy.
Activist Fund Oasis Protests Eneos, Goldman Takeover of Roadbuilder Nippo (Reuters)
TOKYO (Reuters) – Eneos Holdings’ bid to take its subsidiary, roadbuilder and property developer Nippo Corp, private with Goldman Sachs is meeting opposition from activist fund manager Oasis Management, which says the offer price is too low. Hong Kong-based Oasis, which has a 4.5% stake in Nippo, has taken the unusual step of going public with what it says are assurances from Eneos, Japan’s biggest refiner, and Nippo that they are open to alternative bids.
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Emissions-Focused Hedge Fund Reaps Rewards for Trium in Battle Against Climate Change (Hedge Week)
Launched in September 2019, the Trium ESG Emissions Impact Fund uses a market neutral long/short investment strategy to target high-emitting companies in hard-to-abate sectors – such as energy, mining and chemicals – where successful transformations in the form of decarbonisation and lower CO2 emissions can offer attractive long-term returns. The Fund is led by portfolio manager Joe Mares (photographed above), a financial markets veteran of almost 25 years, who previously managed a global long/short equity portfolio at Société Générale. That followed stints at high-profile hedge funds Moore Capital and GLG, where at the latter he had been lead equities and commodities analyst for star manager Greg Coffey. Mares began his career at Morgan Stanley in 1997, specialising in equity research for the energy and shipping sectors.
Credit Suisse will Advise Hedge Fund Clients to Shift to BNP (The Economic Times)
Credit Suisse Group AG and BNP Paribas SA reached an agreement in which the Swiss firm will recommend its hedge fund clients move to the French bank after it decided to exit the business. The Swiss lender said it signed a referral agreement to “support its Prime Services and Derivatives Clearing customers in their selection of alternative providers for such services,” according to a statement on Monday. It didn’t provide further details. Credit Suisse is exiting the prime brokerage unit that lost billions in the collapse of Archegos Capital Management as it moves more capital into its steadier wealth management business.
Blue Owl Capital Hires Ex-Blackstone Executive Pillemer for Stakes Business (Reuters)
BOSTON (Reuters) – Asset management firm Blue Owl, which specializes in buying stakes in alternative money managers and direct lending, is hiring an executive from Blackstone Group’s hedge fund and private equity stakes business. Marc Pillemer will join New York-headquartered Blue Owl in January as a managing director and senior member of the investment team, executives told Reuters.
BlackRock, Brookfield Are Among Bidders for Aramco Gas Pipelines (Bloomberg)
BlackRock Inc., Brookfield Asset Management Inc. and EIG are among firms that made final bids for a stake in Saudi Aramco’s natural-gas pipeline network that could fetch more than $15 billion, people familiar with the matter said. Italian energy infrastructure operator Snam SpA, China’s state-backed Silk Road Fund Co. and Saudi government-controlled Hassana Investment Co. also made offers, the people said. Bidders are now discussing teaming up to form a consortium, the people said, asking not to be identified discussing confidential information.
Monday 11/8 Insider Buying Report: LDI, APD (Nasdaq.com)
At loanDepot, a filing with the SEC revealed that on Friday, Chief Executive Officer Anthony Li Hsieh bought 1,295,021 shares of LDI, for a cost of $6.74 each, for a total investment of $8.73M. Hsieh was up about 6.8% on the buy at the high point of today’s trading session, with LDI trading as high as $7.20 in trading on Monday. loanDepot is trading up about 10.1% on the day Monday. This buy marks the first one filed by Hsieh in the past year. And also on Friday, Director Wayne Thomas Smith bought $500,282 worth of Air Products & Chemicals, buying 1,637 shares at a cost of $305.61 a piece. Air Products & Chemicals is trading up about 0.7% on the day Monday. So far Smith is in the green, up about 2.1% on their purchase based on today’s trading high of $312.01.
The EVP, CFO of ServisFirst Bancshares (NYSE: SFBS) is Selling Shares (Analyst Ratings)
Yesterday, the EVP, CFO of ServisFirst Bancshares (SFBS), William Foshee, sold shares of SFBS for $2.72M. Following William Foshee’s last SFBS Sell transaction on June 04, 2021, the stock climbed by 16.2%. Based on ServisFirst Bancshares’ latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $104 million and quarterly net profit of $52.5 million. In comparison, last year the company earned revenue of $93.25 million and had a net profit of $43.36 million.
Chief Executive Officer Of Dariohealth Makes $720K Sale (Benzinga)
Erez Raphael, Chief Executive Officer at Dariohealth (NASDAQ:DRIO), made a large insider sell on November 4, according to a new SEC filing. What Happened: A Form 4 filing from the U.S. Securities and Exchange Commission on Thursday showed that Raphael sold 38,340 shares of Dariohealth at prices ranging from $18.49 to $18.96. The total transaction amounted to $723,385. Following the transaction, Raphael still owns 877,135 shares of the company, worth $16,411,195.
