A Top Millennium Quant Exec is Jumping Ship for a Stealthy and Fast-Growing Proprietary Trading Firm in Chicago (Business Insider)
A senior quant executive at hedge fund giant Millennium Partners is leaving to join a quiet but quickly growing proprietary trading firm in the Midwest. Alejandro Cañete, the global head of the systematic strategies platform at Millennium, is taking a senior role at Chicago Trading Company (CTC), according to people familiar with the matter. CTC is a quantitative proprietary trading firm that specializes in derivatives. Representatives for Millennium and CTC declined to comment. Cañete declined to comment.
Geopolitical Hedge Fund Shuts Down Due to Pandemic (Opalesque)
Dominic Armstrong, co-founder and CEO of the Horatius Fund, a geopolitical hedge fund, announced that at the end of December, the firm would be returning funds to investors and cease trading. “Ultimately the global pandemic has made it very difficult to meet new potential investors face to face, and that ‘airlock’ in the supply chain of potential new assets to manage – vital for a small emerging fund – has alas proved unbridgeable,” he says in an emailed announcement seen by Opalesque.
Centene Settles with Activist Politan, Overhauls Board, CEO to Exit (Reuters)
BOSTON, Dec 14 (Reuters) – Centene Corp (CNC.N) reached a deal with activist investment firm Politan Capital Management in which five new directors will join the managed care company’s board and its chief executive will retire in 2022 after serving for a quarter of a century.
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Why Hedge Funds Trading on Fundamentals Have Had a Tough Time (CNBC)
Patrick Ghali, managing partner at advisory firm Sussex Partners, discusses hedge fund performance across 2021, the outlook for next year and the impact of increased market volatility on returns.
Fresh VIX Spikes Offer Persistent Opportunities for Hedge Funds (Hedge Week)
Increasingly frequent spikes in the VIX volatility index could offer hedge funds and other investment managers strong return opportunities amid the resulting equity market gyrations, new analysis published by Man Group suggests. Probing various trends emerging from the biggest VIX surges over the past 30 years, Man’s ‘Views From The Floor’ commentary noted that four of the top 10 spikes have occurred since the Covid-19 pandemic. At the end of last month, the volatility index soared by some 11 points – a 10-month high – as a result of growing fears over the emerging Omicron Covid-19 variant.
Ares Management Raises $8bn Fund in a Private-Credit Arms Race (Opalesque)
American global alternative investment manager Ares Management closed its latest direct lending fund, $8 billion Ares Senior Direct Lending Fund II (SDL II), which was oversubscribed and exceeded its $4.5 billion initial fundraising target. According to a press release from the investment manager operating in the credit, private equity, and real estate markets, the new fund is 167% larger than its predecessor, the $3 billion Ares Senior Direct Lending Access Fund, which closed in 2018. SDL II provides directly originated senior secured loans to middle-market companies primarily in North America. It has committed more than 30% of its investable capital base across a portfolio of 70 companies.
Tuesday 12/14 Insider Buying Report: THO, GOED (Nasdaq.com)
At Thor Industries, a filing with the SEC revealed that on Friday, Director Peter Busch Orthwein purchased 10,000 shares of THO, at a cost of $103.41 each, for a total investment of $1.03M. Thor Industries is trading up about 2.6% on the day Tuesday. This purchase marks the first one filed by Orthwein in the past year. And on Monday, Chief Executive Officer Albert Fouerti bought $999,228 worth of 1847 Goedeker, buying 458,876 shares at a cost of $2.18 a piece. Before this latest buy, Fouerti made one other purchase in the past year, buying $972,345 shares at a cost of $2.95 a piece. 1847 Goedeker is trading up about 8.7% on the day Tuesday. Fouerti was up about 11.1% on the purchase at the high point of today’s trading session, with GOED trading as high as $2.42 at last check today.
The CMO of Natus Medical (NASDAQ: NTUS) is Buying Shares (Analyst Ratings)
Yesterday, the CMO of Natus Medical (NTUS), Dong Chune (Christopher) Chung, bought shares of NTUS for $243.8K. Following this transaction Dong Chune (Christopher) Chung’s holding in the company was increased by 29.52% to a total of $926.3K. This is Chung’s first Buy trade following 6 Sell transactions. Based on Natus Medical’s latest earnings report for the quarter ending September 30, the company posted quarterly revenue of $114 million and quarterly net profit of $5.57 million.
Elon Musk Sells Another $934M Worth Of Tesla Shares To Pay Tax Bill (Benzinga)
Tesla Inc (TSLA) CEO Elon Musk sold another 934,091 shares in the automaker, worth nearly $906.5 million, on Monday, as per filings made with the U.S. Securities and Exchange Commission. What Happened: Musk conducted the sale of shares to satisfy tax withholding obligations on the exercise of stock options to purchase 2.13 million shares of Tesla, as per the filings.
Warby Parker Inc (WRBY) Co-CEO Neil Harris Blumenthal Sold $13.8 million of Shares (Guru Focus)
Co-CEO of Warby Parker Inc, Neil Harris Blumenthal, sold 297,341 shares of WRBY on 12/13/2021 at an average price of $46.45 a share. The total sale was $13.8 million.
SEC Charges CFO and Former Partner with Insider Trading (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged the former Chief Financial Officer of pharmaceutical company Immunomedics, Inc. and his former romantic partner with insider trading in the company’s stock. According to the SEC’s complaint, while serving as CFO of Immunomedics, Usama Malik learned that the FDA had permitted the company to halt a clinical trial for a breast cancer drug because the existing trial data provided compelling evidence that the drug was effective. The complaint alleges that Malik – who was subject to a trading “black-out” that prohibited him and anyone living in his household from purchasing Immunomedics stock – immediately tipped Lauren S. Wood, with whom he lived at the time, as well as three family members.
