Funds Jockey for Stake in National Broadband Firm in Ireland (The Times)
A 74 per cent stake in National Broadband Ireland, which is bringing fibre connections to 554,000 premises in rural parts of the country, is expected to change hands this summer. Pension and investment funds are poised to submit final bids to PJT, the company advisers. Oak Hill Advisors, a US hedge fund that is a 49 per cent shareholder, and Twin Point Capital, which holds 25 per cent, are set to exit.
Funds Target Activist Great Nelson Peltz (AFR.com)
The London-listed fund of Nelson Peltz’s Trian Funds Management has become an unlikely target of a shareholder campaign led by two asset managers that the famed activist currently owns large stakes in. Trian-owned Invesco and Janus Henderson, alongside ASX-listed Global Value Fund and Pelham Capital, said early on Monday they had called for an extraordinary general meeting to oust three of the four directors of Trian Investors 1 (TI1).
American Hedge Fund Geniuses of the Cryptosphere have Failed (LiveMint)
Little was learnt from Long-Term Capital Management’s collapse. Cryptocurrencies were supposed to teach traditional financiers a thing or two about how to avoid collapses and crises. Yet, it feels like we’re simply repeating history. Specifically, the messy hedge-fund humiliation captured in Roger Lowenstein’s 2000-published book, When Genius Failed: The Rise and Fall of Long-Term Capital Management. After Terra and Luna’s $60 billion stablecoin collapse and the freeze of withdrawals at crypto-lending platform Celsius, trading firm Three Arrows Capital now appears to be in trouble.
Alts Managers Plunge into ESG Transformation (Pensions&Investments)
As investment factors become mainstream, industry gets on board. ESG is going mainstream, and alternative investment managers are having to get serious with their efforts to incorporate environmental, social and governance factors, or get left behind. In an October report, Preqin estimated that $3.1 trillion in private markets assets under management were run by firms committed to ESG factors, representing about 36% of the total $8.52 trillion in private capital AUM globally.
Falcon Investment Management Announces New Capital Allocation to First Loss Programme (Hedge Week)
Falcon Investment Management, a hedge fund platform and first loss capital provider, has announced a new capital allocation expanding its first loss programme offering across new markets and strategies. The platform offers independent portfolio managers access to capital, alongside support with managed account set up and onboarding, ongoing risk monitoring and access to data and tech to support day to day business flow. The programme offers higher than average performance fee payouts and regulatory compliance oversight to support the independent manager.
Opalesque Roundup: Hedge Funds Now Down -1.4% YTD: Hedge Fund News, Week 22 (Opalesque)
In the week ending June 17th 2022, hedge funds fell for a second consecutive month in May with a return of -0.4%, dragging year-to-date returns further into the red at -1.4%. A steeper than expected rise in US consumer prices in May raised concerns about aggressive interest rate hikes by the Federal Reserve to quell price pressures that could send the economy into recession. The Eurekahedge CTA /Managed Futures Hedge Fund Index was down -0.20% in May (+8% YTD), snapping its five-month winning streak. Commodity prices except for oil retreated during May 2022 owing to the concern over an impending global recession driven by the hawkish Federal Reserve and geopolitical uncertainty.