Odey Fund Stays Shut to Investors One Month On (Financial News)
An absolute return fund run by one of Odey Asset Management‘s star managers that has been gated for a month will remain suspended in the wake of sexual assault allegations against the firm’s founder. Authorised corporate director Link Fund Solutions notified investors on 11 July it would continue to block withdrawals from the Brook Absolute Return fund. It said this was the “best option” for shareholders as Odey AM decides what to do with the fund, which has been shut since 12 June.
Tiger Global Pulls Back on Raising New Capital and Focuses on Returns, Amid Brutal Fundraising Environment (Business Insider)
For years, Tiger Global, Chase Coleman‘s $50 billion investment fund, went on a fundraising tear, raising billions of dollars in fresh capital and dominating the venture ecosystem in the process. Now the firm is pulling back on fundraising for its hedge fund business and focusing on returns, according to SEC filings and a person familiar with the matter. A spate of recent filings show that three of Tiger’s investment funds have slowed considerably on raising new capital following a year of massive inflows.
Month in Review – June 2023 (Hedge Nordic)
Stockholm (HedgeNordic) – Nordic hedge funds concluded the first half of 2023 on a positive note after registering the second-highest monthly gain of the year at 0.9 percent (as reported by 93 percent of funds). All five strategy categories in the Nordic Hedge Index recorded gains, with trend-following CTAs and equity-focused funds demonstrating the strongest performance on average. Nordic CTAs achieved their best month of the year, marking a third consecutive month of gains. Led by traditional trend-followers, the small group of Nordic CTAs recorded an average gain of 1.7 percent in June to reduce their year-to-date decline to 1.5 percent.
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Hedge Funds Grow More Cautious on Crypto After Turmoil (Reuters)
Global hedge funds not specialising in crypto assets have grown skittish from recent industry turmoil and this has lead to an exit from the sector, a survey showed on Tuesday. The proportion of traditional hedge funds investing in crypto-assets has dropped to 29% this year from 37% in 2022, the report by PwC, CoinShares and the Alternative Investment Management Association (AIMA) said.
AI in Hedge Funds: Bridgewater Trusts ChatGPT to Pass Investment Associate Test (Zee Business)
One of the world’s largest hedge fund Bridgewater Associates has announced that OpenAI’s ChatGPT successfully passed its investment associate test, indicating the potential of AI in financial analysis and decision-making. In a significant development that highlights the increasing role of artificial intelligence (AI) in finance, Bridgewater Associates, one of the world’s largest hedge fund by assets under management (AUM), recently announced that OpenAI’s ChatGPT successfully passed its investment associate test. This achievement is especially notable considering Bridgewater Associates’ status as a trailblazer in the hedge fund industry, boasting $150 billion AUM and offering a range of innovative strategies to institutional clients.
Ex-Citadel PM Launches Healthcare-Focused Hedge Fund with $275m (Hedge Week)
Cutter Capital Management, a new healthcare-focused hedge fund founded by former Citadel portfolio manager Vince Aita, has begun trading with $275m from two institutional investors, according to a report by Bloomberg. The report cites a letter sent to prospective investors and seen by Bloomberg as revealing that the initial funding, which has been invested via separately managed accounts, will be leveraged up to $550m.
Hedge Fund Millennium Got Another Goldman Commodities Trader (eFinancialCareers)
Millennium, the multi-strategy hedge fund that likes to hire from banks, particularly likes to hire commodities traders from Goldman Sachs. It took one in the form of Anthony Dewell, Goldman’s 38-year-old oil trading superstar last October. Now it’s come back for another bite. Katie Edin, a vice president in Goldman’s natural gas derivatives trading in New York City has also gone to Millennium. Edin is eight years into her career, having joined Goldman Sachs after graduating in 2015.
Abu Dhabi in Talks to Attract 30 Global Hedge Funds (Financial News)
Abu Dhabi’s financial centre is in talks with more than 30 hedge funds to help them set up in the Middle East. “We are increasingly seeing more hedge funds setting up or exploring setting up a presence in Abu Dhabi Global Market,” Arvind Ramamurthy, chief of market development told Financial News. “The pipeline of potential new hedge funds that Abu Dhabi Global Market has been engaging with is more than 30.”
Tesla, Netflix And 2 Other Stocks Insiders Are Selling (Benzinga)
Tesla: The Trade: Tesla, Inc. (TSLA) CFO Zachary Kirkhorn sold a total of 3,750 shares at an average price of $278.70. The insider received around $1.05 million from selling those shares. Moderna: The Trade: Moderna, Inc. (MRNA) Director Noubar B. Afeyan sold a total of 15,000 shares at an average price of $124.73. The insider received around $1.87 million from selling those shares.
Insiders Buy the Holdings of AIVL ETF (Nasdaq.com)
Williams Cos Inc (Symbol: WMB), which makes up 3.48% of the WisdomTree U.S. AI Enhanced Value Fund (AIVL), has seen 3 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $13,480,473 worth of WMB, making it the #1 largest holding. The table below details the recent insider buying activity observed at WMB.
