Activist Investor Legion Partners Nominates 7 Directors to Genesco Board (Reuters)
BOSTON (Reuters) – Activist investor Legion Partners Asset Management LLC has nominated seven directors to sit on specialty retailer Genesco Inc’s eight-person board, according to a letter made public in a filing on Monday. Legion, run by Christopher Kiper, wants Genesco to consider selling non-core assets and buy back shares. It owns a 5.6% stake in the retailer, which has a market capitalization of $727.8 million. Genesco’s stock price inched up 1.3% to $49.29.
Steve Cohen’s Manhattan Penthouse Sells After a 74% Price Cut (Bloomberg)
Hedge fund manager Steve Cohen found a buyer for his midtown Manhattan penthouse. It took eight years and a 74% price cut. Cohen’s 9,000-square-foot (836-square-meter) duplex at 151 East 58th St. is under contract in Manhattan’s priciest deal last week, according to a report Monday by luxury brokerage Olshan Realty Inc. The sale marks the end of a journey that began in 2013 when Cohen, founder of Point72 Asset Management and owner of the New York Mets, listed the place for $115 million.
Investor Dan Loeb’s $17 billion hedge fund Third Point holds an undisclosed amount of cryptocurrencies with Coinbase (Business Insider)
Dan Loeb‘s New York-based hedge fund Third Point is yet another name in a line of Wall Street players to reveal cryptocurrency investments. Third Point, which manages about $17 billion, disclosed in a regulatory filing in late March that five of its funds hold crypto assets under custody with Coinbase. The amount and duration of investment is currently unclear. In a separate brochure, the firm said it could invest in crypto directly or indirectly through derivatives contracts.
leungchopan/Shutterstock.com
Hedge Fund Titan Bill Ackman Backs ESG Investing (Nasdaq.com)
Hedge fund titan and founder/CEO of Pershing Square Capital Management Bill Ackman was effusive in his praise of environmental, social, and governance (ESG) investing in a recent Pershing Square Holdings 2020 report. “With the benefit of substantial philanthropic and investing experience, I have come to believe that capitalism is likely the most powerful potential force for good in addressing society’s long-term problems,” said Ackman, per a Yahoo! Finance article. “A successful business operating ethically and sustainably can create many thousands of high-paying jobs, deliver high long-term returns for pensioners, long-term savers and other investors, and provide goods and services that materially increase its customers’ quality of life, broadly defined. That said, capitalism is far from perfect,” he added.
Credit Suisse, After Archegos, Faces Tough Choices on Investment Bank (The Wall Street Journal)
When Credit Suisse Group AG announced a $4.7 billion hit from the Archegos Capital Management meltdown, there was a silver lining: The rest of its investment bank did so well in the quarter, the overall pretax loss would only be $1 billion. The situation exposes the bank’s dilemma. Its investment bank, which takes on more risk, has been its profit engine, making up for its larger, slower-growing wealth-management business. But now it is expected to be scaled back for safety, with Chief Executive Thomas Gottstein saying its structure and strategic relevance would be evaluated.
Strongest 12 Months on Record (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic equity hedge funds advanced 1.2 percent in March (94 percent reported) to bring their first-quarter advance to 5.2 percent, capping the best one-year rolling performance on record. The NHX Equities, currently represented by 49 funds, enjoyed the best one-year rolling period after gaining 32.9 percent over the twelve months ending March. Global equity markets, as measured by the FTSE World, advanced 3.7 percent in local-currency terms last month, with the Euro-hedged advance reaching 6.8 percent as the U.S. dollar strengthened by nearly three percent against the Euro.
Tyr Capital to Launch Long-Only Fund (Institutional Asset Manager)
Tyr Capital Partners, the team behind crypto arbitrage hedge fund, Tyr Capital Arbitrage SP, is setting up an actively managed long-only fund to launch next year, following increasing demand from investors. The fund will offer investors exposure to the potential long-term rewards of a portfolio of cryptocurrencies. The structure and strategy will be tested this year with a small number of private investors, including the fund’s founders. Tyr Capital Partners predicts the fund will open for investment in 2022.
Norway’s Sovereign Hedge Fund Prepares to Flex Its Muscles (Bloomberg)
What happens when a hedge fund star takes charge of the world’s biggest sovereign wealth fund, with $1.3 trillion to play with? The fund starts to act a little less like a massive index tracker, and a little more like an adventurous hedge fund. So far, the shifts are subtle. But how much risk could wind up being too much for the owner of about 1.5% of the world’s equities? Norway’s sovereign fund, whose proper title is Norges Bank Investment Management, has just released its Strategy Plan for 2021-2022. Naturally the fingerprints of Nicolai Tangen, who took over as chief executive officer in September after a successful career running Ako Capital LLP, are all over it.
Hedge Funder Flips Miami Beach Teardown to Tommy Mottola and Thalía (The Real Deal)
A hedge fund manager’s investment in a La Gorce Island teardown in Miami Beach appears to have paid off. Adam Wyden, who heads his investment firm ADW Capital, and his wife Allison, sold their home at 31 La Gorce Circle for $5.5 million to music executive Tommy Mottola and his wife, Mexican singer and actress Thalía, The Real Deal has learned. The Wydens bought the house in December for $4.2 million.
Toshiba Faces Investor Call to Seek Alternatives to CVC Bid (Reuters)
TOKYO (Reuters) – Toshiba Corp is facing a call from a leading shareholder to seek other offers from potential suitors following a $20 billion buyout bid from private equity firm CVC Capital Partners, according to a statement. U.S. hedge fund Farallon Capital Management said the Japanese conglomerate should evaluate “the privatisation proposal in a sincere manner through a fair process that includes a proactive market check and formation of an independent special committee,” according to the statement.
Google Accused of Insider Trading Over Secret Digital Ads Programme (CityA.M.)
Google has been accused of insider trading in the digital advertising market through its use of a secret programme that allegedly gave it an unfair advantage over rivals. Court documents filed in a Texas lawsuit state the scheme, dubbed Project Bernanke, used access to data about past bids in Google’s advertising exchange to give it the upper hand on competitors. Lawyers allege that this amounted to anti-competitive behaviour and insider trading in the digital ads market.
Insider Trading: April 12, 2021 (BIV.com)
Insider Geoffrey Lawson Scott, director. Company: Glacier Media Inc. (TSX:GVC). Shares owned: 2,455,900. Trade date: March 31. Trade total: $820,000. Trade: Acquisition of 2,000,000 shares at a price of $0.41 per share. Insider Derek Jason Elder, director. Company: Vecima Networks Inc. (TSX:VCM). Shares owned: 50,000. Trade date: March 26. Trade total: $712,500. Trade: Acquisition of 50,000 shares at a price of $14.25 per share.
Monday 4/12 Insider Buying Report: CRSR, MACK (Nasdaq.com)
On Friday, Corsair Gaming’s Director, Randall J. Weisenburger, made a $999,991 buy of CRSR, purchasing 58,823 shares at a cost of $17.00 a piece. Weisenburger was up about 100.4% on the purchase at the high point of today’s trading session, with CRSR trading as high as $34.06 at last check today. Corsair Gaming is trading down about 0.1% on the day Monday. And on Wednesday, See Remarks Gary L. Crocker purchased $13,166 worth of Merrimack Pharmaceuticals, purchasing 2,127 shares at a cost of $6.19 each. Before this latest buy, Crocker made one other purchase in the past year, buying $33,956 shares for a cost of $6.79 a piece. Merrimack Pharmaceuticals is trading down about 2.1% on the day Monday.
Moderna Inc (MRNA) CEO Stephane Bancel Sold $2.5 million of Shares (Guru Focus)
CEO of Moderna Inc, Stephane Bancel, sold 19,000 shares of MRNA on 04/08/2021 at an average price of $132.27 a share. The total sale was $2.5 million. Moderna Inc has a market cap of $56.44 billion; its shares were traded at around $140.920000 with and P/S ratio of 69.24.
An Insider at Artis Real Estate Investment (Other OTC: ARESF) is Buying Shares (Analyst Ratings)
Today, an Insider at Artis Real Estate Investment (ARESF), Navdeep Kaur Gill, bought shares of ARESF for $3.67M. In addition to Navdeep Kaur Gill, 22 other ARESF executives reported Buy trades in the last month. Following this transaction Navdeep Kaur Gill’s holding in the company was increased by 6% to a total of $51.9 million.
Follow Insider Monkey on Twitter
