UPDATE 1-Platinum Partners Executives’ $1 bln Fraud Ttrial Postponed (Reuters)
NEW YORK, Feb 26 (Reuters) – The trial of former Platinum Partners chief Mark Nordlicht and other executives of the now-defunct hedge fund group accused of defrauding investors out of $1 billion, which was set to begin on Tuesday, has been postponed until April 15. The new date was announced without explanation by U.S. District Judge Brian Cogan’s deputy, Melonie Clarke, in Brooklyn federal court. A person familiar with the matter said the postponement was due to a medical issue.
Veteran Bank of America MD Follows Former Brevan Howard Trader to the Buy-Side (eFinancialCareers)
A former managing director at Bank of America who spent nearly three decades with the firm across two different stints has left to join Phillimore Investments, the Connecticut hedge fund launched in 2017 by former Brevan Howard trader Giles Coppel. Greg Kaldor will start at Phillimore later this year as a macro strategist. Phillimore Investments launched two years ago with $200 million in backing from hedge fund giant Brevan Howard, where Coppel had been heading up trading in New York since 2012, according to Business Insider. The firm had eight employees as of its last SEC filing.
Hyundai Mobis Rejects Elliott Proposal for $2.2 billion Dividends: Source (Reuters)
SEOUL (Reuters) – Hyundai Mobis, an affiliate of Hyundai Motor, said on Tuesday its board rejected a shareholder proposal for dividends worth 2.5 trillion won ($2.24 billion) on concerns the spending would undermine future competitiveness. Hyundai Mobis did not elaborate on which shareholder made that proposal, but a source familiar with the matter said U.S. hedge fund Elliott made the proposal. Elliott did not immediately reply to an emailed request for comment.
Hedge-Fund Veteran Who Won Big on Volatility Is Back in the Game (Bloomberg)
Stephen Diggle, the executive who made more than $2.5 billion on volatility wagers during the global financial crisis, is getting back into the hedge-fund game. Eight years after Artradis Fund Management returned money to investors, Diggle has hired fellow veteran Gavin Gilbert as chief investment officer of Kit Trading Fund, a $10 million vehicle that currently manages money for his family office, Vulpes Investment Management, and other wealthy clans. By bringing in outside institutional investors, the pair plan to expand Kit to as much as $350 million by the end of 2019, and possibly more if extra traders are hired.
A senior Citadel Portfolio Manager Nearly Joined Balyasny — But Decided to Stick with Ken Griffin (Business Insider)
Nilsson Kocher came close to running money somewhere other than Citadel — the place where he had worked for a decade — when he signed on to work at rival Chicago hedge fund Balyasny Asset Management. But, thanks to an offer for a more senior position, Kocher decided to return to Ken Griffin’s $30 billion firm in the end, a source tells Business Insider.