Hedge Fund and Insider Trading News: Steve Cohen, Ken Griffin, Andrew Law, Marcho Partners, Elliott Management, Balyasny Asset Management, Chipotle Mexican Grill, Inc. (CMG), Lexicon Pharmaceuticals, Inc. (LXRX), and More

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Hedge Fund Boss Who Gave £3m to Tories Backs Liz Truss (The Times)
A Conservative donor who has given more than £3 million to the party has become the latest senior businessman to back Liz Truss. Andrew Law, 56, is a hedge fund manager who is helping to finance Truss’s campaign. He said that her pledge to immediately cut about £30 billion in taxes would help to grow the economy. He dismissed criticism of her economic plans as “bonkers”. Law joins a host of other Tory donors who have flocked to Truss after she emerged as the frontrunner in the Conservative leadership race. Truss has comfortably raised enough money to reach the £300,000 spending limit imposed on the two candidates’ leadership campaigns.

Point72’s Steve Cohen Exits Investment in Crypto Firm Radkl (Bloomberg)
Hedge fund billionaire Steve Cohen exited his investment in cryptocurrency trading startup Radkl, according to a spokesperson for the digital-asset company. The quantitative crypto trading firm, which was formed last year by New York Stock Exchange market maker GTS, has already lost at least four managing directors this year, including Jim Greco, Allan Erskine, Jason Bell and Beatrice O’Carroll. On Radkl’s website, only five employees are listed including O’Carroll, who confirmed with Bloomberg in a LinkedIn message that she has left the company.

What Drove This Hedge Fund to Crash 84% in Six Months (The Wall Street Journal)
Marcho Partners lost nearly 84% in the year’s first half, when Shopify and other growth stocks fell sharply. Stock-picking hedge funds around the world are hurting amid the market rout. And then there is Marcho Partners a tech-focused fund, founded by a onetime deputy of tech investor Chamath Palihapitiya. The London-based fund, which had over $1 billion in assets under management at its peak, was down nearly 84% through June 30, according to a summary Marcho sent to its investors, marking one of the worst-known performances for a hedge fund so far in 2022.

10 best cheap stocks to invest in February 2021

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Ex-JPMorgan MD Hires Goldman MD into Hedge Fund Tech Role (eFinancialCareers.com)
Mike Grimaldi is still hiring senior people in his new job at Balyasny Asset Management. Grimaldi, who was the head of technology at JPMorgan’s corporate and investment bank between 2017 and 2021, joined hedge fund Balyasny as chief information officer in September 2021. Grimaldi has since added numerous senior technology staff from JPMorgan and Goldman Sachs, and just tapped another top technologist from Goldman. – Nick Young, a managing director in Goldman’s New York markets strats group has joined Balyasny as head of macro technology.

Ken Griffin’s Citadel Comes to Brickell — and Supercharges the Market (TheRealDeal.com)
A home in north Coconut Grove sparked a bidding war, even though the house wasn’t built yet. One buyer was paying all cash, and the other was financing his purchase. The seller, a spec home builder, saw an opportunity. The builder raised the price to $4.9 million from $3.8 million, said the listing agent, Compass’ Liz Hogan. The all-cash buyer then made the developer an offer he couldn’t refuse: $3 million on the spot, with another $1.5 million once the house is built, likely next year.

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