Billionaire Ken Griffin’s Citadel Opens Singapore Office (Bloomberg)
Billionaire Ken Griffin’s finance companies plan to open a Singapore office this year in a fresh push to expand in Asia. The new office will be shared by his Citadel hedge fund business and the market-making Citadel Securities LLC unit, the Chicago-based firm said in an e-mailed statement Monday. Both will continue to grow their Hong Kong operations, and Citadel Securities is expanding in Shanghai and Sydney as it broadens trading activities, the company added.
Investor Who Scored Big in Coronavirus Rout and Now Says Stock-Market ‘Environment Presents… Largest Set of Tail Risks We’ve Seen’ in 15 Years (MarketWatch.com)
Jeffrey Talpins, the founder of Element Capital, says he’s betting against the market in the near term, the FT reports. We believe that the rally has now extended well beyond levels justified by the state of the economy, and with little regard for the myriad of risk factors looming on the horizon.’- Jeffrey Talpins, founder of hedge fund Element Capital. That is Jeffrey Talpins, the founder of Element Capital, in an Aug. 18 letter to his clients, cited by the Financial Times (paywall), explaining his decision to reposition his $16 billion hedge fund for a potential downturn in the market after an unprecedented rebound in equities in the U.S. and Europe since March.
Leon Cooperman on Fed Policy, Strategy, Hedge Funds (Bloomberg)
Leon Cooperman, chairman and chief executive officer at Omega Advisors, discusses Federal Reserve policy, low-interest rate environment investment strategy, and the hedge fund industry. He speaks with Bloomberg’s Tom Keene and Lisa Abramowicz on “Bloomberg Surveillance.” (Source: Bloomberg).
Pro Bankruptcy Briefing: Marble Ridge to Shut Down | Lime Rock Poised to Buy Arena Energy | Filing for Bankruptcy May Be Smart for Offshore Rig Owner Transocean (The Wall Street Journal)
Good day. Embattled hedge-fund manager Dan Kamensky is pulling the plug on Marble Ridge Capital after a Justice Department report revealed he lobbied Jefferies to prevent a competing bid for Neiman’s online unit. Offshore driller Arena Energy filed for bankruptcy with a buyout offer from private-equity firm Lime Rock Partners. And bankruptcy may be the smartest route for Transocean Ltd., the U.S. leader in offshore floating drilling rigs, according to Barron’s.
Atlant Renames its Precious (Hedge Nordic)
Stockholm (HedgeNordic) – Precious metal-focused Pacific Precious has changed its name into Atlant Precious. Atlant Fonder rationalized the fund range assimilated from last year’s acquisition of fellow asset manager Pacific Fonder, with the three equity funds and one of the two hedge funds acquired either closed or merged into the now-called Atlant Precious. The precious metals fund was likely an important motivation for Atlant Fonder’s acquisition of Pacific Fonder. In connection with the acquisition last year, Michael Ekelund, Atlant Fonder’s CEO, said that “the acquisition of Pacific Fonder strengthens our management organization, marketing organization and our fund offering, which now includes Pacific Precious, a unique fund for Sweden.”
Breakingviews – Norway’s $1.1 trln Fund is a Bad Toy for Hedgies (Reuters)
LONDON (Reuters Breakingviews) – Financial markets are pretty efficient in one way, and quite inefficient in another. Both the ways point to Nicolai Tangen being the wrong person to run Norway’s $1.1 trillion sovereign wealth fund. The appointment is controversial in Oslo. Tangen, a successful Norwegian hedge fund manager based in London, was not on the original shortlist.
GoldenTree Closes USD443m CLO Under GLM Strategy (Hedge Week)
GoldenTree Loan Management II (GLM II) and its affiliated investment manager GoldenTree Asset Management, has closed a USD443 million collateralised loan obligation (CLO) to be managed by GLM II. With the closing of this CLO, GoldenTree Loan Management US CLO 8 (GLM US CLO 8), GoldenTree has issued 13 CLOs totalling USD7.5 billion under its GLM CLO strategy. Since its inception in January 2017, the GLM strategy was intended to be compliant with applicable Risk Retention regulations. While a US Court of Appeals ruling on 9 February, 2018 led to repeal of risk retention for open market CLOs, GLM CLOs are intended to continue to comply with European Risk Retention regulations.
Varian Medical Systems Inc (VAR) President and CEO Dow R Wilson Sold $6.7 million of Shares (Guru Focus)
President and CEO of Varian Medical Systems Inc, Dow R Wilson, sold 38,907 shares of VAR on 08/21/2020 at an average price of $172.63 a share. The total sale was $6.7 million. Varian Medical Systems Inc is engaged in the healthcare sector. It manufactures medical devices for conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy.
Monday 8/24 Insider Buying Report: EYEN, PRTY (Nasdaq.com)
At Eyenovia, a filing with the SEC revealed that on Thursday, Stuart M. Grant purchased 784,620 shares of EYEN, at a cost of $2.71 each, for a total investment of $2.13M. Grant was up about 38.3% on the buy at the high point of today’s trading session, with EYEN trading as high as $3.75 in trading on Monday. Eyenovia is trading up about 1.6% on the day Monday. Before this latest buy, Grant bought EYEN at 2 other times during the past twelve months, for a total investment of $2.26M at an average of $2.18 per share. And at Party City Holdco, there was insider buying on Thursday, by Director Norman S. Matthews who bought 250,000 shares at a cost of $2.00 each, for a trade totaling $500,000. Before this latest buy, Matthews made one other buy in the past year, purchasing $493,000 shares for a cost of $2.32 a piece. Party City Holdco is trading up about 10.1% on the day Monday. Matthews was up about 14.0% on the purchase at the high point of today’s trading session, with PRTY trading as high as $2.28 at last check today.
The Divisional President of Galaxy Digital Holdings (Other OTC: BRPHF) is Selling Shares (Analyst Ratings)
Yesterday, the Divisional President of Galaxy Digital Holdings (BRPHF), Richard Tavoso, sold shares of BRPHF for $220.7K. Following Richard Tavoso’s last BRPHF Sell transaction on June 16, 2020, the stock climbed by 1.6%. The company has a one-year high of $3.88 and a one-year low of $0.41. The insider sentiment on Galaxy Digital Holdings has been negative according to 16 insider trades in the past three months. This sentiment is lower than the average sentiment of company insiders in this sector.
Meritage Homes Corp (MTH) CEO Steven J Hilton Sold $2.6 million of Shares (Guru Focus)
CEO of Meritage Homes Corp., Steven J Hilton, sold 25,000 shares of MTH on 08/21/2020 at an average price of $104.3 a share. The total sale was $2.6 million. Meritage Homes Corp is a designer and builder of single-family homes. The company offer homes that are designed to appeal to a wide range of homebuyers primarily focused on first-time and first move-up buyers.