UK Watchdog Fines Hedge Fund BlueCrest $55 Million Over Staff Fund Failings (Reuters)
LONDON (Reuters) – Britain’s markets watchdog said on Wednesday it will fine hedge fund BlueCrest Capital Management UK 41 million pounds ($54.50 million) for conflict of interest failings over a fund set up for BlueCrest staff. Between October 2011 and December 2015, BlueCrest failed to manage fairly a conflict of interest created by switching portfolio managers working on a fund open to investors outside BlueCrest to an internal fund open only to its partners and employees, the Financial Conduct Authority said in a statement.
Hedge Fund Veteran Brummer Looks to Hire New Traders After Record Loss (Bloomberg)
Patrik Brummer, the 72-year-old founder of Sweden’s biggest and oldest hedge fund, is hoping to hire more equity traders to avoid a repeat of the unprecedented losses suffered this year. His $13.8 billion eponymous partnership wants to add new long-short equity vehicles to Brummer Multi-Strategy, the firm’s flagship fund that gives clients access to several independent, in-house strategies. The fund has lost 0.4% in 2021 while its benchmark index returned 7.4% over the same period.
Urgently Secures Up to $75 Million in New Financing from Highbridge, Onex Credit and Whitebox Advisors (TMCnet.com)
Urgently, a leading provider of digital roadside and mobility assistance services, announced today it has secured up to $75 million in debt financing from certain funds managed by Highbridge Capital Management, LLC (“Highbridge”), Onex Credit and Whitebox Advisors, that will help the company advance its mission to transform the legacy roadside assistance market and to develop and define the new market for connected mobility assistance services for automotive, insurance, fleet, logistics, new mobility and technology transportation companies. In addition, Structural Capital refinanced and increased its existing debt facility with Urgently to $17.5 million.
11 Hedge-Fund Managers to Watch in 2022, from Rising Star Mala Gaonkar to ‘Meme Stock’ Target Turned Comeback Kid Gabe Plotkin (Business Insider)
The year 2021 was not a quiet one for hedge funds. Retail traders coordinated short squeezes. Variants spooked markets. Capital in private companies set new record, and SPACs attracted everyone from Bill Ackman to Shaq. In the end, managers — for the most part — made it out ok. The average fund was up just under 9% through the first 11 months of 2021 after a nasty November, which tripped up managers like Tiger Global and Whale Rock. This figure trails the S&P 500, but is still close to matching last year’s strong industry-wide performance with a whole month to go.
Sell-Side Mindset (Hedge Nordic)
Stockholm (HedgeNordic) – After 17 years as a sell-side small-cap-focused equity analyst and strategist, Fredrik Skoglund launched FE Fonder in October 2020 with the backing of Swedish real estate investor Erik Selin. The Stockholm-based asset manager now manages one long-only and one absolute return fund, both focused on the small-cap space in the Nordic region. “As a long-only manager, you must always “play the game” and deliver a good relative performance regardless of the market environment,” says Skoglund, who manages long-only FE Småbolag Sverige and absolute return-focused FE Select with co-portfolio manager Mikael Löfdahl.