Bid on a Private Lunch With Ray Dalio to Help Support Financial Education for All Students (Businesswire)
Ray Dalio, New York Times bestselling author and the founder of Bridgewater Associates, the world’s largest hedge fund, will host an exclusive “Lunch with Ray” auction to raise funds and bring attention to the importance of financial literacy for the next generation, underscoring his belief in the value of personal finance and economics education for young people. In honor of April’s Financial Literacy Month, the Council for Economic Education (CEE), the nation’s leading nonprofit focused on helping youth gain financial and economic knowledge for life, is auctioning a private lunch with the global investment leader. All funds raised will help ensure every student in America is taught essential financial basics in high school.
GMO Financial Holdings Buys 10% of Crypto Hedge Fund AWR Capital (CoinDesk)
AWR also hired Phillip Gillespie, former CEO of crypto market maker B2C2, as managing partner to lead its business development strategy. GMO Financial Holdings, an investor in crypto and foreign-exchange margin trading businesses, bought a 10% stake in AWR Capital, a multi-strategy crypto hedge fund, according to a statement shared with CoinDesk on Monday. The price wasn’t disclosed. AWR, which is based in London, will become a market maker at one of Japan’s largest FX and digital-assets exchanges, GMO Coin, a subsidiary of GMO Financial Holdings, AWR said. Market makers are entities tasked with providing liquidity on an exchange by creating buy and sell orders.
Hedge fund manager Verition Signs Office Lease in Norwalk (CTInsider)
NORWALK — Hedge fund manager Verition Fund Management is expanding its presence in Connecticut by leasing space in one of the state’s largest office complexes. Verition announced last week that it had signed a lease for 20,586 square feet at 45 Glover Ave., which is one of three buildings in the Building and Land Technology-owned office complex known as the Towers at Merritt River. The new space will complement the firm’s offices that opened in 2008 at 1 American Lane, in the northwest corner of Greenwich, as well as locations in Manhattan, London, Hong Kong and Singapore.
Abbey Capital Founders Donate €5.5m to Own Charity (The Times)
The net worth of Cavendish Capital, the owner of Ireland’s biggest indigenous hedge fund manager Abbey Capital, soared above €350 million in the year to June after a huge jump in profits at its subsidiary. Cavendish, which is controlled by founders and senior executives including Tim Brosnan, Tony Gannon and Mick Swift, donated €5.5 million in the year to Small Foundation, an aid charity founded by the directors. Cavendish ended the financial year with €253 million in cash on its balance sheet.
Why One Firm’s 3,612% Return Is Drawing the Ire of Hedge Funds (Bloomberg)
Mark Spitznagel is a master at generating buzz for his tail risk-protection business. From partnering with the man who coined the very term “Black Swan” to warning this January that we’re in “the greatest tinderbox-timebomb in financial history,” he makes sure Universa Investments is rarely far from the Wall Street spotlight. But it’s the firm’s returns that really make headlines — and get the blood of some of the hedge-fund world’s biggest names boiling in the process.
Greenlight Posts a Small March Loss (Institutional Investor)
Greenlight’s short-centric portfolio has kept most of the firm’s market-fueled gains in check. David Einhorn’s Greenlight Capital continued to tread water in March. The long-short hedge fund lost 1.5 percent last month and was down 1.3 percent for the first quarter. This isn’t particularly surprising.
Sachem Head Presses Arconic to Sell Itself (Hedge Week)
Sachem Head Capital Management, an activist hedge fund firm founded by Scott Ferguson in 2012, has urged US aluminium sheet maker Arconic to execute its plan to sell itself, after acquiring a stake in the business, according to a report by Reuters. Unnamed Reuters sources say that Arconic has been in talks with private equity firms, including Apollo Global Management Inc, about selling itself, with Apollo so far indicating it is willing to pay $27 to $28 per share for Arconic, according to reports, close to the level the firm’s shares are trading at currently.
Prysm Capital Closes Maiden Fund at $305 Million (Opalesque)
Growth equity firm, Prysm Capital has closed its first fund at $305 million. The firm makes growth equity investments in companies in the technology, consumer and healthcare sectors. The firm was founded in 2019 by Jay Park, Muhammad Mian and Matt Roberts, who previously worked together at BlackRock for nearly a decade.
Monday 4/3 Insider Buying Report: WBA, XAIR (Nasdaq.com)
At Walgreens Boots Alliance, a filing with the SEC revealed that on Wednesday, CEO Rosalind G. Brewer bought 10,000 shares of WBA, at a cost of $33.95 each, for a total investment of $339,510. So far Brewer is in the green, up about 4.5% on their purchase based on today’s trading high of $35.46. Walgreens Boots Alliance is trading up about 2.4% on the day Monday. This purchase marks the first one filed by Brewer in the past year. And on Thursday, Director Robert Carey bought $127,500 worth of Beyond Air, buying 20,000 shares at a cost of $6.38 each. Before this latest buy, Carey purchased XAIR at 6 other times during the past twelve months, for a total cost of $869,355 at an average of $6.03 per share. Beyond Air Inc is trading off about 0.2% on the day Monday. Carey was up about 6.8% on the buy at the high point of today’s trading session, with XAIR trading as high as $6.81 in trading on Monday.
NVIDIA, Boston Scientific And This Technology Stock Insiders Are Selling (Benzinga)
NVIDIA: The Trade: NVIDIA Corporation (NVDA) Director Dawn E Hudson sold a total of 5,000 shares at an average price of $274.55. The insider received around $1.37 million from selling those shares. Boston Scientific: The Trade: Boston Scientific Corporation (BSX) EVP&Pres, Periph Intervent Jeffrey Mirviss sold a total of 4,903 shares at an average price of $49.60. The insider received around $243.19 thousand from selling those shares.
SEC Charges Hedge Fund Trader and Broker-Dealer Over SPAC Insider Trading (Hedge Week)
The Securities and Exchange Commission has filed insider trading charges against Sean Wygovsky, a former trader at a Canadian asset management firm, and Christopher Matthaei, a former partner at a US broker-dealer, for using nonpublic information in advance of at least seven merger announcements involving Special Purpose Acquisition Companies (SPACs) to earn illicit profits of more than $3.4 million. The SEC’s complaint alleges that Wygovsky learned material non-public information about upcoming SPAC mergers from his employer’s involvement in transactions related to the mergers. The complaint further alleges that, from May 2020 through April 2021, Wygovsky used encrypted messaging to tip his close friend and trading client, Matthaei, about the upcoming mergers. According to the complaint, Matthaei, who ran a trading and research group focused on SPACs during the relevant period, allegedly traded on Wygovsky’s tips.
