Hedge Fund Redemptions Accelerate in March (Hedge Week)
Hedge fund redemptions accelerated in March totalling -$35.37 billion (-0.70% of industry assets), according to the Barclay Fund Flow Indicator published by BarclayHedge, a division of Backstop Solutions. An $18.24 billion trading gain for the month combined with new entrants to push total hedge fund industry assets to $5.14 trillion as March ended. A majority of hedge fund subsectors tracked posted net redemptions in March. Subsectors bucking the redemption trend to post monthly inflows were led by Multi-Strategy funds, adding $3.89 billion. Others subsectors attracting new assets during the month included Sector Specific funds with $2.31 billion in inflows; Merger Arbitrage funds adding $2.08 billion; and Option Strategies funds bringing in $331.8 million.
Multi-Strats and CTAs Keep Attracting Assets (Hedge Nordic)
Stockholm (HedgeNordic) – Multi-strategy and managed futures hedge funds continue to attract net inflows even as investors pulled out an estimated $5.2 billion from the broader hedge fund industry in April, according to eVestment. These two strategy groups have been the drivers of net inflows into the hedge fund industry both in 2021 and so far in 2022. Their net inflows have been broadly offset by net redemptions from long/short equity and fixed-income strategies.
Ethereum Sell-Off Fears Rise as Crypto Hedge Fund Moves $60M ETH to an Exchange (Investing)
Ethereum’s native token Ether (ETH) rose by more than 5% to reach its intraday high above $1,930 on May 30. Nonetheless, the ETH/USD pair risks facing another sell-off round due to concerns about a massive ETH inflow into an exchange. On May 30, the Ether address allegedly associated with Three Arrow Capital – a Singapore-based crypto hedge fund, sent 32,000 ETH worth $60 million to the FTX crypto exchange within a span of an hour, on-chain data shows.
Alaska Permanent Fund Plans to Bring Fixed Income 100% In-House (SWFInstitute.org)
The Alaska Permanent Fund Corporation (APFC) is undertaking a “fixed income transition initiative”. Larger sovereign funds often move a large portion or all of their fixed income management in-house as they can scale and hire staff. Examples of asset owners who maintain fixed income internally include Norway Government Pension Fund Global (managed by Norges Bank Investment Management) and the California Public Employees Retirement System (CalPERS).
Tuesday 5/31 Insider Buying Report: CASA, CBL (Nasdaq.com)
On Thursday, Casa Systems’ Director, William C. Styslinger III, made a $533,301 buy of CASA, purchasing 128,923 shares at a cost of $4.14 a piece. So far Styslinger III is in the green, up about 10.5% on their buy based on today’s trading high of $4.57. Casa Systems is trading up about 3% on the day Tuesday. Before this latest buy, Styslinger III made one other buy in the past twelve months, purchasing $47,082 shares at a cost of $3.99 each. And at CBL & Associates Properties, there was insider buying on Thursday, by Director Jonathan M. Heller who purchased 10,000 shares at a cost of $27.79 each, for a trade totaling $277,900. Before this latest buy, Heller made one other purchase in the past year, buying $3.23M shares for a cost of $32.25 each. CBL & Associates Properties is trading down about 1% on the day Tuesday. So far Heller is in the green, up about 2.8% on their buy based on today’s trading high of $28.56.
Executives Sell Around $96M Of 5 Stocks (Benzinga)
Eli Lilly and Company: The Trade: Eli Lilly and Company (LLY) 10% owner Lilly Endowment Inc sold a total of 178,390 shares at an average price of $311.27. The insider received around $55.53 million from selling those shares. Charles Schwab: The Trade: The Charles Schwab Corporation (SCHW) Chairman Charles Schwab sold a total of 217,265 shares at an average price of $68.96. The insider received around $10.16 million from selling those shares.
Former AstraZeneca Executive Accused of Insider Trading Over Daiichi Cancer Drug Deal (Stat News)
A former AstraZeneca communications executive was accused of insider trading in connection with a partnership with Daiichi Sankyo to develop and market a cancer drug, according to a lawsuit filed by the U.S. Securities and Exchange Commission. Hugues Pierre Joublin, 54, was employed as the global head of corporate affairs for oncology when he learned in early March 2019 that AstraZeneca was holding confidential talks with Daiichi Sankyo about a global development and commercialization agreement. Within a week, he purchased 500 American Depository Shares of Daiichi.
