Hedge Fund and Insider Trading News: Ray Dalio, Steve Cohen, Brevan Howard Asset Management, Tesla Inc (TSLA), Xpel Inc (XPEL), and More

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Reggie Jackson Goes to Bat for Steve Cohen Amid Mets Purchase: ‘MLB and the City Need Him’ (Fox Business)
Reggie Jackson went to bat for billionaire Steve Cohen and his bid to purchase the New York Mets. “Mr. October” sent a tweet Thursday in support of Cohen amid reports that New York City Mayor Bill de Blasio is actively trying to get in the way of Cohen’s purchase of the Mets. “Wishing my friend and New Yorker Steve Cohen, a successful MLB vote Friday to join Baseballs (sic) fraternity. He’s a lifetime fan. He’s wanted the team since the day I ‘Met’ him. I’m sure he’ll get the great Met franchise back on its winning ways. MLB and the city need him. Go my man,” Jackson wrote.

Ray Dalio Sounds the Alarm about a Rising China (AI-CIO.com)
Watch out: Fast-growing China is coming for us, Ray Dalio warns. Dalio, co-founder of Bridgewater Associates, the world’s largest hedge fund firm, has sounded warnings in the past about China’s growing power and the threat it poses to US hegemony. Certainly, the Chinese economy has recovered far faster than that of the US, even though the pandemic originated in China. In a new book due out in January, The Changing World Order: Why Nations Succeed and Fail, Dalio expands this dire scenario. He sketches out how he believes China’s rising economic prominence could spell the end of US supremacy. US policymakers are well aware of this peril from the second largest economy, he noted, but larger weaknesses hobble the US going forward.

Brevan Howard Reappoints Portfolio Manager (Pensions&Investments)
Louis Basger will join Brevan Howard as a portfolio manager in November, while the hedge fund he founded will be rebranded and run internally. Mr. Basger will start Nov. 1. He was previously an employee of Brevan Howard, a news release said. Mr. Basger was founder and CIO of Cove Capital, which was incorporated in 2018, according to an SEC filing. The Cove Capital Macro Funds will be rebranded as the BHLB Macro Funds and managed by Mr. Basger internally at Brevan Howard, the news release said.

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Hedge Fund Alpha in Unlisted Equites (Hedge Nordic)
Stockholm (HedgeNordic) – Not every company has the urge to rush to be listed on a public market, or may have not yet reached the stage in their business cycle to justify such a move. This segment favors active managers who can invest in these private businesses at a potentially faster stage of growth and perhaps at more attractive valuations. A handful of Nordic hedge funds have the ability, skill and desire to invest in attractive risk-reward opportunities in this unlisted space.

Bitwise Surpasses USD100m in AUM Due to Rising Demand for Crypto from Hedge Funds and Financial Advisers (Hedge Week)
Bitwise Asset Management, a provider of cryptoasset index funds to professional investors, has surpassed USD100 million in assets under management (AUM). The majority of demand has been for its Bitwise 10 Crypto Index Fund, which tracks the 10 largest cryptoassets – including bitcoin, ethereum, and litecoin – that historically comprise over 80 per cent of the entire crypto asset class. The fund is currently available as a private placement; shares are expected to start publicly trading later this quarter.

Credit Suisse Shutters Funds, Begins Layoffs in Asset Management (Bloomberg)
Credit Suisse Group AG is closing down funds and laying off employees at its alternative asset management business after several of the strategies struggled to perform in the volatility caused by the Covid-19 pandemic. The bank’s actions include shuttering a quantitative fund and taking a 24 million Swiss franc ($26 million) charge on seed capital in a U.S. real estate fund in the quarter, Chief Financial Officer David Mathers said in an interview, declining to name the funds.

Preqin Special Report: The Future of Alternatives in the Middle East (Preqin.com)
The Middle East is at an economic crossroads. Across the region, governments are introducing reforms aimed at reducing reliance on oil and creating jobs for the youthful population in sectors from financial services to healthcare and tourism. As the region’s largest investors turn their attention closer to home, funds are beginning to flow into private equity, private debt, real estate, infrastructure, and natural resources. Successful investors will be those that can blend know-how from international markets with local cultures.

TVM Capital Closes the Second Fund on $478m (Opalesque.com)
TVM Capital Life Science has announced the final close of TVM Life Sciences Investments II (TVM LSI II) on $478m. TVM LSI II was substantially oversubscribed, said a press release from the Munich, Germany, and Montreal, Canada-based life sciences venture capital firm. The committed capital was raised from high-profile international investors, including Eli Lilly and Company, other strategic investors, pension funds, endowments, foundations, fund-of-funds, wealth managers, and large US banks as well as multi and single-family offices from the Americas, Europe, and South Korea. The geographical focus for the Fund’s investment activity is on North-America and Europe said the release.

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