Dubai Court Orders Hedge Fund Trader Sanjay Shah to Pay $1.25 bn to Danish Tax Authorities (CanIndia.com)
A Dubai court has ordered Indian-origin hedge fund trader Sanjay Shah, convicted of tax fraud and money laundering, to pay Denmark’s tax authority 4.6 billion dirhams ($1.25bn), thus rejecting a final appeal by him against a civil lawsuit, media reports said. The Dubai Court of Cassation issued a binding ruling this month, saying Shah must pay the amount as part of a civil case that was filed by Denmark’s tax authority (Skat) five years ago, The National reported.
Brahman Closes Hedge Fund After More Than Three Decades (Bloomberg)
The New York-based hedge fund lost money the past two years. Clients will get most of their capital back by mid-June. Brahman Capital Corp. is shuttering its stock-picking hedge fund and returning cash to clients after more than three decades, according to people familiar with the matter. The fund has lost money the last two years — including an 18% decline in 2022 — and has been flat this year through April, according to documents seen by Bloomberg.
Westport-Based Bridgewater Associates Pays Back CT Government Loan (Patch.com)
The hedge fund giant is now out from under the job-creation agreement, though it says it has no plans to move out of Connecticut. WESTPORT, CT — Westport-based hedge fund giant Bridgewater Associates has paid back a state loan that was designed to create jobs in Connecticut, reported the Connecticut Post. As a result, Bridgewater is forgoing millions of dollars worth of tax credits, though the company says it plans to stay in Connecticut. The publication wrote that Bridgewater is “Bridgewater is proud to be based in Connecticut,” Sarah Fass, Bridgewater’s chief human resources officer, told the Post in a statement. “We’ve called Connecticut home for over four decades, and we have no plans to relocate.”
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Hedge Fund Investors Pull Record $11.6bn in April (Hedge Week)
Hedge fund investors pulled $11.57 billion in April as the sector saw its biggest month of outflows so far this year, taking YTD outflows to £19.4 billion, according to eVestment’s latest Hedge Fund Industry Asset Flow Report. While outflows were seen across the board, equity hedge funds saw the biggest redemptions with $8.94 billion of funds removed during the month.
A Secretive US Hedge Fund has Likely Notched a $5 Billion Gain on Nvidia Stock this Year as the AI Boom Rages on (Business Insider)
A secretive US hedge fund has likely notched a $5 billion gain on Nvidia this year, making it one of the biggest winners from the microchip maker’s epic stock rally. Jennison Associates owned roughly 23 million Nvidia shares at the end of last year and at the end of March this year, regulatory filings show. The position jumped in value from $3.4 billion to $6.3 billion in the first quarter as Nvidia’s stock price soared. It would be now worth an astounding $8.6 billion, based on Thursday’s closing price.
