Hedge Fund of Blackpool FC Owner Simon Sadler ‘Cut Off’ by Bank of America and Citigroup Over Trading Concerns (Business-Live.co.uk)
The hedge fund of Blackpool FC owner Simon Sadler has been cut off from trading equities with two of its banks about its bets on the sale of large blocks of shares, according to reports. All equity trading with Segantii Capital Management has been suspended by Bank of America and Citigroup, the FT reports. The FT adds that Bank of America has stopped trading with Hong Kong-based Segantii in all financial instruments.
The Rise and Fall of Wall Street’s Most Controversial Investor (NYMag.com)
Around the middle of April, Cathie Wood sat onstage at the storied Fontainebleau hotel in Miami. It was an awkward time to be a keynote speaker at a conference for money managers: Wood’s flagship fund, the ARK Innovation ETF, had lost roughly half of its value over the prior year, as its aggressive bets on hot companies from Coinbase to Robinhood and Tesla had melted down amid a bear market in tech stocks.
Toshiba Nominates Houlihan Exec as Chair, Invites Elliott, Farallon Execs to Board (Reuters)
TOKYO, May 26 (Reuters) – Toshiba Corp on Thursday nominated executives from two of its major hedge fund shareholders for board seats, potentially a turning point in a long battle between the Japanese conglomerate and its activist shareholders. Toshiba also nominated Akihiro Watanabe, an executive at M&A advisory firm Houlihan Lokey, as board chairperson, a key post as the company undertakes a fresh strategic review.
Rawpixel.com/Shutterstock.com
Nickel Digital Arbitrage Fund Outperforms S&P500 Despite Crypto Crisis (Hedge Week)
London-based Nickel Digital Asset Management (Nickel), a regulated crypto hedge fund manager, has outperformed the S&P500 since January 2020, despite the initial strong performance of equities during the Covid period. The firm’s Digital Asset Arbitrage Fund had returned 25.5% net of fees between 1 January, 2020, and 24 May, 2022, compared with 22.2% by the S&P 500 and 25.5% by the NASDAQ Composite over the same period.
Mets Owner Steve Cohen Invests in Startup 24-7 Stock-Trading Platform (New York Post)
Hedge fund billionaire and Mets owner Steve Cohen is investing in a startup that wants to make 24-7 stock trading a reality – cashing in on the armchair-trading craze that heated up during COVID lockdowns. Amid Reddit boards stuffed with trading tips that have targeted beaten-down stocks left for dead only to see the companies – like GameStop and AMC – roar back to life, Cohen and 24 Exchange are betting the enthusiasm exists to support 24-hour-a-day, 7-day-a-week trading.
