BlueMountain Shareholder AMG Weighs Hedge Fund Firm Exit (Bloomberg)
Affiliated Managers Group Inc. is exploring a sale of its majority stake in BlueMountain Capital Management, according to people familiar with the matter, after the firm took a first-quarter writedown as the hedge fund’s value fell. AMG has been working with advisers on a potential sale, said the people, who asked not to be identified as the discussions are private. AMG and BlueMountain are looking for a buyer that would invest new capital to help grow the business, they said.
An Outside Hedge Fund Is Driving Steve Cohen’s Gains (The Wall Street Journal)
Billionaire Steven A. Cohen’s hedge fund is up about 10% this year. But a significant part of that return has come from a money manager who doesn’t work at Mr. Cohen’s fund. Mr. Cohen is widely viewed on Wall Street as one of the best traders of all time. From 1993 through 2011, his firm trailed the S&P 500 only once, according to a Wall Street Journal calculation. Mr. Cohen’s former firm, SAC Capital Advisors, used to make more than 60% in some years, a client document shows.
Barings Hires Former Hedge Fund Manager to Head New Institutional Unit (Institutional Investor)
Barings, an asset manager owned by Massachusetts Mutual Life Insurance Co., has hired a former hedge fund manager to lead a new unit focused on institutional investors. Stewart Russell, who previously worked at Louis Bacon’s Moore Capital Management, has joined the firm as head of institutional solutions, according to a statement Monday from Barings. Russell will be based in Charlotte, North Carolina and report to global markets head Michael Freno.
Kyle Bass Talks Market Sell-off, Bitcoin Rally & Hong Kong Outlook as Trade War Fears Mount (Yahoo Finance)
Stocks see worst day of 2019 as U.S.-China trade war concerns escalate. Yahoo Finance’s Zack Guzman, Brian Cheung & Julia LaRoche, along with NY Post Hedge Fund reporter Carleton English discuss with Hayman Capital Management Founder & Chief Investment Officer Kyle Bass.
Column: Hedge Funds were Divided on Oil, Until Trump Tweeted (Reuters)
LONDON (Reuters) – Hedge fund managers were deeply divided over the future direction for oil prices, until the United States announced fresh tariffs on China and sent prices plunging late last week. Hedge funds and other money managers increased their net long position in the six major petroleum futures and options contracts by 20 million barrels over the seven days ending on July 30.
$2 billion Hedge Fund Start-up Starts Trading (Business Report)
INTERNATIONAL – The biggest hedge fund start-up so far this year is debuting with $2 billion (R29.57bn) in investor commitments and former Citadel traders Michael Rockefeller and Karl Kroeker at the helm. Their firm, Woodline Partners, began trading on Thursday after the duo decided to cap the size of their fund, according to people familiar with the matter. They’ll be among a small group of well-pedigreed managers expected to open with at least $1bn in 2019. While last year saw the mega-launches of ExodusPoint Capital and D1 Capital Partners, enterprising managers are facing an uphill battle with investors who have grown disillusioned with the $3.25 trillion industry’s lofty fees and mediocre performance.
ESG-Themed Hedge Funds Close Down Too (Hedge Nordic)
Stockholm (HedgeNordic) – Handelsbanken Fonder is closing down its sustainability-themed hedge fund, Handelsbanken Hållbarhet Hedge Criteria. In a letter to investors announcing the closure, Handelsbanken said the fund is closing its doors as a result of low investor demand. Handelsbanken Hållbarhet Hedge Criteria was launched in early February of 2018 and has been managed by Viking Kjellström since September 17 last year. Kjellström took over the day-to-day management of the fund in September as the previous portfolio manager left Handelsbanken. The fund has been investing in companies with a particular focus on sustainability, whose business models were deemed to benefit from the broader fundamental shift towards a more sustainable living and environment.