U.S. House Advances Bills to Address Archegos, GameStop Turmoil (Reuters)
WASHINGTON (Reuters) – Wealthy families that set up investment funds known as “family offices” to manage their personal wealth would face stricter oversight from U.S. regulators under a bill advanced by a U.S. congressional panel late on Thursday. The bill was among 11 that lawmakers hope will address failings highlighted by March’s meltdown of family office Archegos Capital which led to billions of dollars in losses for some banks and January’s GameStop saga.
Steve Cohen’s First Trade Deadline as Mets Owner has High Stakes (News Day)
At 4 p.m. on Friday, Mets owner Steve Cohen will have his eye on the clock for two reasons: The closing bell on Wall Street. And baseball’s trade deadline. It’s a delicious coincidence for the rookie owner’s first trade deadline. The closing bell? Cohen has faced that thousands of times. You know the billionaire hedge fund titan has no fear about moving millions of dollars around with the touch of a button or a wink to a subordinate. It’s what he does for a living.
It’s Open Season on Closed-End Fund Activists. How Fund Holders Can Win – and Lose. (Barron’s)
The Templeton Global Income fund frustrated investors for years. Despite star manager Michael Hasenstab at the helm, the closed-end fund returned an average of 0.3% annually in the past decade, versus an average 7% for peers in global income. Also frustrating, its shares rarely traded close to the fund’s underlying net asset value, or NAV. The discount averaged 11% in the past three years. nvestors have caught a break, however, thanks to Saba Capital Management, a hedge fund shop run by activist investor Boaz Weinstein.
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Hedge Funds Sell Single Stocks And Buy Equity ETFs In June (Forbes)
In June, hedge funds sold stocks in most parts of the world, but they bought stocks in Europe. North American hedge funds were small net sellers of stocks, and long/ short equity funds drove the bulk of the selling, according to data from Morgan Stanley. The firm also found that the buying in Europe was the highest since February as long/ short equity and quant funds drove most of the buying.
Fund Manager Nursing Loss in China Stocks Says He Made ‘Mistake’ (Bloomberg)
The founder of Hong Kong’s Brilliance Asset Management Ltd. said he made a mistake in underestimating the impact of Beijing’s reforms in the education sector, but struck an optimistic note about two players in an industry many are writing off. Shi Lin’s Brilliance has invested in the sector, which saw its fortunes plummet after China unexpectedly banned certain after-school tutoring companies from making profits, going public and hosting classes on weekends and holidays.
THETA Appoints Strategic Sales Advisor (Hedge Week)
THETA, a specialist provider of buy-side trading technology as a service, has appointed Paul Flanagan as Strategic Sales Advisor, managing relationships with asset managers, hedge funds, fund managers and pension funds. Flanagan has worked in Fixed Income sales to financial institutions for over 30 years. Most recently he was Managing Director for Institutional Investor sales at Lloyds Bank in London, where he worked for over five years. Previously he has worked in Fixed Income sales management at Societe Generale, HSBC, Citi and Deutsche Bank.
Hedge Fund Giant Paulson Snoops on Ex-Virgin Money Chief’s App (Sky News)
An investment fund established by one of the most renowned investors in the US is ploughing £15m into the money-saving app founded by Dame Jayne-Anne Gadhia, the former Virgin Money chief. Sky News has learnt that Snoop, which launched 15 months ago, is close to announcing an equity injection from Paulson & Co., which at one stage ranked among Wall Street’s most successful hedge funds.
Corporate Headhunter Egon Zehnder Accused of $13M New York State Tax Fraud in Whistleblower Lawsuit (CNBC)
A whistleblower lawsuit accuses corporate headhunter Egon Zehnder International of a decade-long scheme that allegedly deprived New York state out of $13.25 million in taxes owed by the firm. The Manhattan Supreme Court suit says Egon Zehnder — which has placed top executives and board members at some of the biggest companies in the U.S. and the world — kept two sets of financial books as part of the scheme. The suit is seeking treble damages and penalties under New York’s False Claims Act, which would total at least $47 million before taking into account compounded interest on the claim.
Alabama Coal Miners Bring Strike to BlackRock Offices in NYC (Democracy Now)
Hundreds of striking Alabama coal miners traveled to New York City this week and held a protest in front of the offices of hedge fund BlackRock, the largest shareholder of Warrior Met Coal. Over 1,000 members of the United Mine Workers of America have been on strike since April 1 after rejecting a new contract that refused to restore their full pay, after miners took a pay cut in 2016 to help keep the company afloat.
A Director at Brown & Brown (NYSE: BRO) is Buying Shares (Analyst Ratings)
Today, a Director at Brown & Brown (BRO), Palmer Proctor, bought shares of BRO for $110K. Following Palmer Proctor’s last BRO Buy transaction on July 26, 2019, the stock climbed by 18.3%. Following this transaction Palmer Proctor’s holding in the company was increased by 5.57% to a total of $2.05 million. Based on Brown & Brown’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $726 million and quarterly net profit of $139 million.
Crocs Inc (CROX) EVP, COO Elaine L Boltz Sold $1.2 million of Shares (Guru Focus)
EVP, COO of Crocs Inc, Elaine L Boltz, sold 9,296 shares of CROX on 07/27/2021 at an average price of $129.39 a share. The total sale was $1.2 million.
