Paul Tudor Jones-Backed Quant Manager Returns 20% Using Crowdsourced Ideas (Bloomberg)
A Paul Tudor Jones-backed hedge fund that harnesses the stock-picking skills of amateur quants has nabbed another $100 million of inflows after soaring 20% in last year’s market turmoil. San Francisco-based Numerai LLC invests based on the wisdom of crowds by collating trading ideas from the likes of freelance data wonks, engineers and scientists, who are then rewarded with its native cryptocurrency. The unconventional business model is riding a slew of Wall Street fads from democratized trading and crypto to artificial intelligence, but so far it’s working.
Brett Icahn Is Getting Excited (Deal Breaker)
Carl Icahn turned 87 two weeks ago, which means he’s allowed to keep working for another five years or so if he wants to and keeps breathing, under the terms of the deal he struck two-plus years ago with his son and heir, Brett. Since then, Icahn Enterprises has suffered two down years. Now, Uncle Carl’s own big bets last year were something of a mixed bag, so perhaps it’s time to hand the baton to a new generation. Or, you know, if that generation is responsible for the losses, ripping up that deal and trying to find a way to live forever.
GoldenTree Joins Hedge Fund Peers’ Expansion Drive to Dubai (GulfNews.com)
Dubai: GoldenTree Asset Management is opening an office in Dubai, the latest firm to expand operations to the region as the business hub seeks to attract dozens of hedge funds to the emirate. The New York-based credit trading specialist has hired Han Gurer, a former executive at Ares Management, to oversee its business development in the region, according to a company statement. He will report to GoldenTree’s CEO Kathy Sutherland.
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Man Group Shares Surge on Bumper Performance Fees (Reuters)
Hedge fund Man Group (EMG.L) raked in its highest performance fees last year since before the financial crisis as falling stocks and bond markets and a slew of central bank rate hikes boosted trading opportunities for its funds. Shares in the British company jumped as much as 10% in early Tuesday trading as investors cheered the 6% growth in fees to $779 million, which came in a quarter higher than analyst forecasts, and an 18% increase in full-year core pretax profit.
Stefan Wigstrand Joins Storebrand (Hedge Nordic)
Stockholm (HedgeNordic) – Portfolio manager Stefan Wigstrand will join Storebrand Asset Management’s Swedish fixed-income team after six years at Catella Fonder – later renamed Celina Fonder – that was acquired by Case Group. Wigstrand has been running fixed-income strategies and mandates at Catella Fonder, including the fixed-income strategy leg of multi-asset, multi-strategy fund Catella Hedgefond, now called Case Hedgefond.
