ExxonMobil’s Governance Structure Fails the Energy Transition – Engine No. 1 (Reuters)
LONDON, Dec 2 (Reuters) – A failing governance structure propagated by a management without a strategy for the energy transition was behind Engine No. 1‘s quest to bring independence to ExxonMobil’s board, Chris James, founder of the U.S. hedge fund told Reuters. Governments, companies and individuals are taking steps to cut their carbon footprints and enable the energy transition which includes electric vehicles and renewable energy such as wind turbines and solar.
Managing the World’s Biggest Sovereign-Wealth Fund is About to Get Complicated (The Economist)
Inflation and politics could make Nicolai Tangen’s job at Norges Bank Investment Management harder. Nicolai Tangen brings an unusual set of skills to the task of leading the world’s largest sovereign-wealth fund. In addition to a career in finance, the head of Norges Bank Investment Management (nbim), which oversees Norway’s oil fund of $1.4trn, holds degrees in art history, economics and social psychology. Mr Tangen’s public profile and his musings on leadership, decision-making and cross-disciplinary learning have been admired by many Norwegians in his first year on the job. But the task of running Norway’s gargantuan piggy-bank is likely to become only more difficult in coming years.
Watch Billionaire Investor Ray Dalio Defend China’s Moves to Disappear Citizens as Being ‘A Strict Parent’ (Business Insider)
Billionaire investor Ray Dalio likened China’s moves to banish private citizens from the public eye to those of a “strict parent.” The founder of investment management firm Bridgewater Associates was speaking with television anchor Andrew Ross Sorkin on CNBC Tuesday. Sorkin asked Dalio how he reconciles China’s human rights issues and the recent disappearances of high-profile citizens with investing in the country.
Net Inflows Holding Up (Hedge Nordic)
Stockholm (HedgeNordic) – Capital flows into global hedge funds returned to a positive trajectory in October after investors pulled out about $8 billion from the industry in September. According eVestment’s latest Hedge Fund Asset Flows Report, hedge funds as a group attracted net inflows of $7.2 billion in October to bring the net inflows for the first ten months of 2021 to $34.3 billion. Historically, the month of October has not been a great asset raising period for the hedge fund industry, according to eVestment’s Global Head of Research, Peter Laurelli. “You would have to go back to 2010 to find the last October where there were any meaningful net inflows for that month,” says Laurelli, suggesting that the net-inflows figure for October highlights the industry’s asset-raising success for most of 2021. One area of concern is the increasing concentration of large allocations to a select group of managers.
Hedge-Fund Legend Steven Cohen Invests in Dmitri Galinov’s 24 Exchange (FinanceFeeds.com)
24 Exchange, the OTC platform backed by Fastmatch founder Dmitri Galinov, has completed a fresh fundraising round of $14.25 million at an undisclosed valuation. The recent capital injection was led by Point72 Ventures, the venture capital firm of the hedge fund titan Steven Cohen. The investment will support the continued expansion of 24 Exchange’s multi-asset trading platform to embrace additional asset classes, including equities and cryptocurrencies, according to a statement from the firm.