Hedge Fund Millennium Taps Goldman’s Choppara for Dubai Push (Bloomberg)
Choppara to relocate from London to work alongside Akash Patel. Dubai is emerging as a favored destination for hedge funds. Izzy Englander’s Millennium Management LLC hired Naveen Choppara from Goldman Sachs Group Inc. as the hedge fund expands its emerging markets operations in Dubai.
LME Tells Court It was Forced to Void Nickel Trades After “Abnormal” Spike (Reuters)
The London Metal Exchange had no choice but to cancel billions of dollars of nickel trades last year to avert a jolt that would have hit wider financial markets, its lawyers argued in a London court on Wednesday. Other alternatives put forward by two financial firms suing the LME for $472 million were not viable and would still have lead to ructions on global markets, they said. U.S.-based hedge fund Elliott Associates and market maker Jane Street Global Trading (JSGT) say the LME unlawfully cancelled trades made on March 8, 2022, after the nickel price doubled in a matter of hours.
Odey Funds Bleeding Assets Remain Open to Retail Investors (Bloomberg)
Funds run by Odey Asset Management and its affiliate have been facing an uncertain future after many partners started to shun the firm since new allegations of sexual assault surfaced against its founder. But they are still open for business on some retail platforms. From UK’s largest fund-selling platform Hargreaves Lansdown Plc to AJ Bell Plc and Bestinvest, mom-and-pop investors can buy the funds, even as the money manager bleeds assets and is exploring options to hive them and their employees off.
$3.8M Bet On This Energy Stock? Check Out These 3 Stocks Insiders Are Buying (Benzinga)
ProFrac Holding: The Trade: ProFrac Holding Corp. (ACDC) 10% owner Dan Wilks acquired a total of 285,059 shares an average price of $13.40. To acquire these shares, it cost around $3.82 million. NextEra Energy: The Trade: NextEra Energy, Inc. (NEE) Chairman, President and CEO John Ketchum acquired a total of 13,600 shares at an average price of $74.26. To acquire these shares, it cost around $1.01 million. The company’s EVP, Nuclear Div & CNO also sold 4,000 shares.
Ex-Goldman Banker was ‘Framed,’ Attorney Says at Insider Trial’s Close (Reuters)
Former Goldman Sachs banker Brijesh Goel’s trial on insider trading charges drew to a close on Tuesday, with his attorney saying he was framed by his friend and a prosecutor saying Goel had lied to a New York jury. Goel, a former Goldman Sachs vice president, faces securities fraud, conspiracy and obstruction of justice charges for allegedly tipping his friend Akshay Niranjan to deals the bank was considering funding in 2017 and 2018.
