Ray Dalio’s $100 million Education Charity Hit with Abuse of Wealth and Power Lawsuit (Fox Business)
Ray Dalio‘s controversial education philanthropy continues to haunt the hedge-fund billionaire. Dalio Philanthropies, a nonprofit run by the Bridgewater Associates chief, is being sued by the former chief executive of a now-dissolved nonprofit that partnered with Dalio to improve education for low-income students in Connecticut, according to a lawsuit obtained by FOX Business.
MLB Rumors: Yankees Expected to Back Mets Sale to Steve Cohen (NJ.com)
The Big Apple is big enough for Steve Cohen. The billionaire hedge fund manager, who has a deal in place to buy the New York Mets, needs approval from 23 of MLB’s 29 owners to officially take control of the franchise. SNY’s Andy Martino reports that the New York Yankee are “not expected to be one of the no votes on Cohen.”
Besst Point Capital House Hedge Fund Switches to MetaTrader 5 (Hedge Week)
The Besst Point Capital House hedge fund has now moved its trading infrastructure to the MetaQuote’s MetaTrader 5 platform. The funds traders all now benefits from access to the multi-asset platform, plus powerful algorithmic trading capabilities and a unique ecosystem of services from MetaQuotes. Besst Point Capital House Limited is an independent global company founded by experienced fund managers. The broker’s team focuses on differentiated strategies that help to successfully manage investments.
Eastern Europe Absolute Shutdown (Hedge Nordic)
Stockholm (HedgeNordic) – Danske Bank’s asset management arm, known in the Nordic hedge fund industry for its successful suite of fixed-income hedge funds, is liquidating its Eastern Europe-focused long/short equity fund. Danske Invest Eastern Europe Absolute is set to liquidate on October 19 due to a decline in the volume of assets under management. “Having taken into account all relevant factors, namely the fact that the level of the assets of the Fund has reached a level which no longer allows for the Fund to be operated in an economically efficient manner, the Board is of the view that the contemplated termination of the Fund would be in the best interest of the Shareholders of the Fund,” according to an announcement. “The Board has therefore decided to close the Fund for subscription by any additional investor as of 21 September 2020 at 10:00 AM.”
Longitude Capital Raises $585m in Its Largest-Ever Fund (Opalesque.com)
Health-care venture capital firm Longitude Capital has rounded up its largest fund yet after having a string of portfolio companies go public or be acquired, raising $585 million to invest in biotechnology and other medical startups. “The Longitude Venture Partners IV (LVP4) will build on the proven strategy of its predecessor funds by investing in biotechnology, medical technology, and health solutions companies that seek to transform the healthcare industry,” said a press release from the US-based venture investor. The co-founders and co-managing directors of Longitude Capital Marc Galletti and Patrick Enright like to invest in what they call “transformative healthcare companies.”
UK Managed Assets Seen Near Pre-Pandemic Record Above $10 Trillion (Reuters)
LONDON (Reuters) – British fund managers’ assets under management rebounded by the end of June towards record highs above 8 trillion pounds seen before the COVID-19 pandemic, estimates from the sector’s trade body show. Assets under management hit record highs of 8.5 trillion pounds at the end of 2019, a rise of 10% from 2018, helped by strong stock market performance, the Investment Association said in its annual Investment Management Survey on Thursday.