UBS Hires Ex-Point72 Money Manager as CIO of New Hedge Fund Strategy (Institutional Investor)
The bank’s hedge fund unit has recruited a former investor at Point72 for an absolute return strategy that will consider climate change. UBS Group’s hedge fund business has hired Ken Geren, a former portfolio manager at Steven Cohen’s Point72, as chief investment officer of its newly formed absolute return strategy. The strategy will fold the impact of environmental issues into its investment process, according to a statement expected to be released Wednesday by UBS O’Connor, the bank’s multistrategy hedge fund business. Geren will oversee a team that includes Gary Lisiewski, a managing director for capital markets and trading who also previously worked at Point72.
Longtime Quant Specialist Offering AI Play (HFAlert.com)
The founder of alternative data-technology company CloudQuant is starting a hedge fund that would employ machine-learning tactics. Working via his newly formed Sentinel Point Capital, John “Morgan” Slade is aiming to launch the vehicle in May or June with at least $100 million. His staff consists of 7-8 professionals who have been running two separate accounts within CloudQuant since January 2019, and will continue to use that firm’s tools for the new vehicle. Slade, known for running high-frequency trading programs at managers including Wolverine Trading, Citadel and Millburn Ridgefield, holds the title of chief investment officer at Sentinel Point. He still serves as chief executive of CloudQuant. Sentinel Point’s two separate accounts invest in U.S. equities and exchange-traded funds. The plan is to broaden into non-U.S. stocks and futures over the next two years.
We Got a Look at Billionaire Investor Seth Klarman’s Super-Rare Book. Here are the Predictions He Nailed, and Where He Missed (Business Insider)
Billionaire Baupost founder Seth Klarman has been one of the most-followed voices in investing for years. His 1991 book, “Margin of Safety: Risk-Averse Value Investing Strategies for the Thoughtful Investor,” is considered by many to be the seminal text on value investing. It is out of print, and first editions of the book sell online for thousands of dollars. In the book, Klarman makes several predictions, some of which now seem prescient while others are clear misses. For example, Klarman calls indexing – and index funds – a fad.
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Eaton Partners Acts as Exclusive Placement Agent for Ridgewood Infrastructure’s Inaugural Fund (GlobeNewswire)
ROWAYTON, Conn., Feb. 26, 2020 (GLOBE NEWSWIRE) — Eaton Partners, one of the largest capital placement agents and fund advisory firms and a wholly owned subsidiary of Stifel Financial Corp. (NYSE: SF), is pleased to have acted as exclusive placement agent for Ridgewood Infrastructure. The Ridgewood Water & Strategic Infrastructure Fund reached its hard cap of $600 million in capital commitments, exceeding its initial target of $500 million. The heavily oversubscribed fund received strong support from both leading North American and European institutional investors.
Hedge funds predicted to increase level of shorting of UK stocks in 2020 (Opalesque.com)
Opalesque Industry Update – New research from ETF provider GraniteShares reveals 81% of institutional investors expect the use of leveraged investment strategies to increase over the next five years. Similarly, 58% predict the level of shorting of UK stocks by hedge funds to become more prevalent this year when compared to 2019 – with one in four (25%) anticipating a dramatic rise. Only 12% expect the level of shorting of UK stocks by hedge funds to fall. This comes at a time when 71% of institutional investors interviewed by GraniteShares expect to increase their exposure to UK stocks, with the main reason given for being that they expect 2020 to be a good year for the economy.
Biden’s Hypocritical Attack on Steyer’s Private Prison Investment (TownHall.com)
Last night’s Democratic debate was filled with fireworks and personal attacks, before voters head to the polls in South Carolina on Saturday. Former Vice President Joe Biden touted his record in the Senate and in the Obama Administration, and spent a good chunk of time attacking Tom Steyer on criminal justice and prison policy. In a heated exchange, VP Biden accused Steyer of complicity in the mass incarceration: “You talk about concerns about race. My good friend on the end of this platform, he, in fact, bought a system that was a private prison system after he knew that, in fact, what happened was they hogtied young men in prison here in this state. They, in fact, made sure that in Georgia they did not have health care for the people who were being held. They, in fact, went on, and he said, after he knew that, he bought it. And then he said he was proud of his accomplishment,” Biden said.
Hedge Fund to Add Directors to Tivity Health Board (Reuters)
NEW YORK, Feb 25 (Reuters) – Tivity Health, which owns diet management company Nutrisystem and fitness and health programs for seniors, said on Tuesday it agreed for hedge fund HG Vora Capital Management to recommend two directors to its board. “The board of directors of the company has determined to add two new independent directors to the board at the recommendation of HG Vora,” Tivity said in a regulatory filing. The company has not named the new directors who will join its 10-member board.
The Insiders Fund Was Named The 4th Best Long Short Equity Fund In 2019 By BarclayHedge (TheStreet)
PARK CITY, Utah, Feb. 26, 2020 /PRNewswire/ — Alpha Wealth Funds reports that two of its three hedge funds were included in the list of the Top Ten performing hedge funds in the world in 2019 by BarclayHedge, a leading independent alternative database vendor. The Insiders Fund was named the 4 th best performing hedge fund in the long-short equity category. Theta Investments was named the 9 th best performing fund in the options category. The Insiders Fund is based on a common-sense strategy. Portfolio manager and founder of Alpha Wealth Funds, Harvey Sax, explained his strategy: “If the very people that were running the company weren’t willing to buy their own stock at or near prices the general public could buy it at, why should I? I wish more people would pay heed to what management is doing with their own money. Too many companies today use their stock as their own personal piggy bank, awarding themselves stock options and then announcing giant buy backs that they sell their stock into.”
Kreditfonden Grows on All Fronts (Hedge Nordic)
Stockholm (HedgeNordic) – Stockholm-based asset manager Kredifonden keeps expanding its team as assets under management continue to rise. After announcing the hiring of Arnar Vidarsson in early February, the asset manager has just announced that Johan Nobel is also joining the team as a Senior Analyst. Nobel joins Kreditfonden from AB Svensk Exportkredit, which provides loans to Swedish exporting companies and their customers abroad. He worked in several different roles, most recently as a business manager in the medium-sized business segment. “Johan has solid experience of credit analysis, interest rate and market analysis, as well as investment experience focused on direct loans,” comments Fredrik Sjöstrand, CIO and founding partner.
Boardroom Battles: Why Activist Hedge Funds are Back in the Spotlight (Hedge Week)
From the new UK chancellor’s career background to the latest campaigns from the best-known US managers, activist hedge funds are firmly back in the spotlight, not least after a stellar 12 months of performance. Before being named Chancellor of the Exchequer earlier this month, Rishi Sunak originally cut his teeth at The Children’s Investment Fund Management (TCI) – Sir Chris Hohn’s well-known activist giant which made 41 per cent last year – later co-running London-based long/short equity fund Theleme Partners before going into politics full-time.
Final Judgment Against Research Analyst Who Tipped Hedge Fund Portfolio Manager (HedgeCo.Net)
(HedgeCo.Net) A federal district court in New York has entered a final consent judgment against Sandeep Aggarwal, a former research analyst at a registered broker dealer and investment research firm. The SEC previously charged Aggarwal with insider trading for tipping Richard Lee, a portfolio manager at former hedge fund advisory firm S.A.C. Capital Advisors L.P. The SEC filed its action in July 2013, alleging that Aggarwal tipped Lee in advance of the public announcement of an internet search engine partnership between two technology companies. Lee’s trading enabled the S.A.C. Capital hedge fund that Lee managed to generate more than $350,000 in illegal profits. Lee also traded in his personal securities account on the nonpublic information he received from Aggarwal.
Inovalon Holdings Inc (INOV) CEO and Chairman of the Board Keith R Dunleavy Bought $1.3 million of Shares (Guru Focus)
CEO and Chairman of the Board of Inovalon Holdings Inc., Keith R Dunleavy, bought 63,005 shares of INOV on 02/25/2020 at an average price of $20.33 a share. The total cost of this purchase was $1.3 million. Inovalon Holdings Inc is a United State based technology company. It delivers seamless, end-to-end platforms that bring the benefits of big data and large-scale analytics to the point of care.
Wednesday 2/26 Insider Buying Report: ACNB, TRXC (Nasdaq.com)
On Monday, ACNB’s Director, David L. Sites, made a $268,071 buy of ACNB, purchasing 7,685 shares at a cost of $34.88 a piece. Investors can grab ACNB even cheaper than Sites did, with shares changing hands as low as $33.54 at last check today — that’s 3.8% below Sites’s purchase price. ACNB is trading up about 0.5% on the day Wednesday. This purchase marks the first one filed by Sites in the past year. And also on Monday, Director Andrea Biffi bought $187,512 worth of TransEnterix, buying 151,219 shares at a cost of $1.24 each. This purchase marks the first one filed by Biffi in the past twelve months. TransEnterix is trading up about 3.5% on the day Wednesday. Investors are able to pick up TRXC at a price even lower than Biffi did, with shares changing hands as low as $1.15 in trading on Wednesday which is 7.3% below Biffi’s purchase price.
The Chairman, Interim CEO of Plantronics (NYSE: PLT) is Buying Shares (Analyst Ratings)
Yesterday, the CHAIRMAN, INTERIM CEO of Plantronics (PLT), Robert Hagerty, bought shares of PLT for $141.7K. This recent transaction increases Robert Hagerty’s holding in the company by 43.71% to a total of $446.8K. In addition to Robert Hagerty, 4 other PLT executives reported Buy trades in the last month.
