Lake Como Locals Object as British Billionaire Shuts Park for Wedding (The Times)
A hedge fund chief has hired an 18th-century public mansion, keeping out residents. Alan Howard paid €1.3 million to close Villa Olmo and its park on the shores of Lake Como for almost a month. Billionaires and Hollywood stars owning opulent villas on Italy’s Lake Como have long been able to rely on the discretion of neighbours who turn a blind eye to displays of excessive wealth. But the month-long closure of a large public mansion and its gardens to prepare for the lavish wedding celebration of a British hedge fund tycoon and Tory donor has proved one party too far for some residents.
Macellum, Ancora Lose Bid for Board Seats at SpartanNash – Sources (Reuters)
(Reuters) – Hedge funds Macellum Advisors and Ancora Advisors have lost their bid for board seats at supermarket operator SpartanNash Co., according to two sources familiar with the matter. The two hedge funds, which own 4.5% of the company, were trying to replace three of the company’s nine board members, arguing the company needed to improve its competitiveness and consider a full or partial sale.
The CIO of Ray Dalio’s Bridgewater Says Stocks Could Crash 25% If Fed Policymakers Fully Commit to Lowering Inflation (Business Insider)
Ray Dalio‘s Bridgewater Associates – the world’s largest hedge fund – has adopted a cautious forecast on the global economy, and co-CIO Greg Jensen is expecting a downturn. “We’re in a radically different world,” he told the Financial Times Wednesday. “We’re approaching a slowdown.”
Hedge Funds Stand Back to Let Elliott Do Battle with LME (Bloomberg)
Paul Singer is famed as a tenacious competitor, even by the dog-eat-dog standards of Wall Street. Yet this week, as Singer’s Elliott Investment Management launched a $456 million legal claim against the London Metal Exchange, many of his hedge fund rivals find themselves in an unfamiliar position: they’re rooting for him to win.
Hedge Funds Fell for a Second Straight Month in May Amid Rising Uncertainty Over Geopolitical and Economic Tensions (Opalesque)
Opalesque Industry Update – The Eurekahedge Hedge Fund Index declined -0.52% in May 2022, trailing behind the S&P 500 which eked out a 0.01% return over the same period. Widespread investor caution and uncertainty over both geopolitical and economic tensions continued to linger as inflation remains persistently high amid the ongoing Russia-Ukraine war and continued global supply chain disruptions. This has fanned concerns that the Federal Reserve will be forced to tighten monetary policy more aggressively to prevent inflation from spiralling out of control and at the same time avoid pushing the economy into a recession. Market participants are expecting the Federal Reserve to hike interest rates by 50bps in its June and July meetings and then move to a more modest 25bps for the rest of 2022.