Exclusive: Hedge Fund Whitebox Places Big Bet on Gunmaker Remington (Reuters)
(Reuters) – Whitebox Advisors LLC, a credit-focused hedge fund, has been quietly capitalizing on Wall Street’s ambivalence toward gun manufacturers by replacing some banks as a lender to Remington Outdoor Company. Whitebox, whose assets under management have grown from $2 billion to $6 billion in the last six years, became a major lender to Remington this year, according to people familiar with the transactions that allowed it to build its position.
Billionaire Tom Steyer Tells Fellow 2020 Presidential Candidates to Fly Commercial Like Him to Help the Environment (CNBC)
Tom Steyer can certainly afford to fly private. The hedge fund manager and environmental activist is also a self-made billionaire with a net worth of $1.6 billion, according to Forbes. But Democratic candidate Steyer is also an outspoken supporter of environmental issues who has made tackling climate change a key component of his 2020 presidential campaign and says flying private sends the wrong message.
CQS Gives U.S. Stocks a Stamp of Approval With New Equities Fund (Bloomberg)
At a time when U.S. stocks trade near a record high, billionaire Michael Hintze’s $18 billion asset management firm CQS believes more returns can be reaped as clients seek out risk assets. CQS, one of the largest credit hedge fund firms in Europe, is expanding its asset management arm with a $31 million fund focused on North American equities. Portfolio manager Raphael Pitoun, who also manages the firm’s New City Global Equity fund, says he is betting on non-crowded quality companies that are able to prosper even during an economic downturn.
Carlson Capital’s Latest Investor Letter Reveals Market-lagging Flagship Funds, and Insiders Say 2 More Portfolio Managers have Jumped Ship (Business Insider)
Carlson Capital‘s two multi-strategy funds – Black Diamond and Double Black Diamond – have returned just 2.5% and 1.4% this year through the end of October, an investor document shows. The firm has also lost two portfolio managers recently, including real-estate investor Matt Adams and healthcare PM Rob Gupta, who joined Millennium. Its hedge fund assets overall stand at roughly $4.8 billion – roughly 40% less than the $8.2 billion the firm began 2018 with.
Florida’s Sunshine and Tax Benefits Beckon Billionaires (The Wall Street Journal)
President Trump’s recently announced adoption of Florida as his home state over his native New York follows a rich tradition of high-profile financiers who have ditched northeastern states for warmer climes with lower taxes. David Tepper, Paul Tudor Jones and Barry Sternlicht are among the prominent transplants who have pulled up roots in New York, New Jersey or Connecticut in recent years for Florida. New Yorker Carl Icahn has said he is moving his company to Miami next year.
Global Hedge Fund Software Market 2019 Producing Analysis, Market Outlet and Competitive Research 2024 (PremierHerald24.com)
Fiormarkets recently introduced a market study Global Hedge Fund Software Market Growth 2019-2024 that provides an encyclopedic overview of the global market size and share from 2014-2024. The report offers an exhaustive focused approach on product Scope and industry insights and outlook to 2024. It serves planners, marketers and senior management with the analytical information they need to estimate the global Hedge Fund Software sector. The report provides a large-scale guideline about contemporary market trends, driving factors, market size, and industry-leading competitors of the market.
Swiss Boutique Acquires Vontobel AM’s Hedge Fund Unit (Investment Europe)
Swiss investment boutique Progressive Capital has agreed to acquire Vontobel Asset Management’s Alternative Fund Solutions unit. Further to an existing mandate and a fund solution, their current team of four specialists will be joining Progressive Capital. More than 80% of the assets under management within this unit originate from pension funds. The team of experienced alternative investment specialists have been developing investment solutions for institutional clients such as pension funds, insurance companies, trusts, and family offices for years.