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.
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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.
Reed Smith Hits Back At Hedge Funds’ Suit Over $15M Deal (Law360.com)
Law360, London (November 11, 2019, 3:35 PM GMT) — A subsidiary of Reed Smith LLP has denied allegations by three hedge funds that it deliberately concealed an agreement on contingency fees while handling a settlement in a separate dispute with Société Générale SA. Reed Smith England said in new court documents it was not directly retained by the hedge funds and denied concealing the extent of its involvement and subsequent fees in a claim brought by B C Capital Group Ltd., or BCCG, against SocGen in London. “Reed Smith England did not enter into arrangements that were ‘designed to conceal’ any fact from any party,” the law firm said in…
Billionaire Hedge Fund Manager Ken Griffin Says Bitcoin has ‘Elements of the Tulip Bulb Mania‘ (StockDailyDish.com)
Citadel‘s said Monday that bitcoin may be in a bubble. “Bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in Holland,” said the billionaire hedge fund manager in an exclusive interview with CNBC‘s. Griffin, however, said he does believe the blockchain technology backing the cryptocurrency is valid. “Blockchain‘s a very interesting technology that will have some very profound applications for society over the years to come,” he said. Blockchain creates a quick, permanent and secure record of transactions, eliminating the need for a third party such as a bank. Banks and other large corporations are testing how blockchain can help improve everything from supply chain management to global payments.
Henry Schein Inc (HSIC) Chairman, CEO Stanley M Bergman Sold $6.1 million of Shares (Guru Focus)
Chairman, CEO of Henry Schein Inc., Stanley M Bergman, sold 90,000 shares of HSIC on 11/06/2019 at an average price of $67.51 a share. The total sale was $6.1 million. Henry Schein Inc is a provider of healthcare products and services to office-based dental, animal health and medical practitioners. The company also serves dental laboratories, government and institutional health care clinics. Henry Schein Inc has a market cap of $10.11 billion; its shares were traded at around $68.91 with a P/E ratio of 20.77 and P/S ratio of 0.76.
Uber Founder Travis Kalanick Sells 20M Shares Amid IPO Lockup Expiration (Benzinga)
Uber Technologies Inc (UBER) is down another 13.3% in the past week as the stock endured heavy selling pressure surrounding its IPO lockup expiration on Nov. 6. New SEC filings have revealed one of the biggest sellers of Uber stock following the expiration was Uber founder Travis Kalanick. What Happened: Filings have revealed Kalanick sold 20 million shares of Uber stock last week worth a total of more than $546 million. Kalanick was dumping shares at price ranges of between $26.65 and $27.40.
Collins’ Guilty Plea Fails to Spur Action from Aussie Regulators (The Buffalo News)
WASHINGTON – An Australian stock tip will likely land former Rep. Chris Collins in federal prison in the United States, but it still hasn’t put him in any legal jeopardy in the land down under. More than a month after Collins pleaded guilty to insider trading charges in New York, sources in Australia said they see no signs that regulators in that country plan to take any legal action against him – even though his U.S. guilty plea seems to be a tacit admission that he violated Australian securities law, too.
Insder Trading Case: SAT Lifts Market Ban on former CMD of Gammon Infra (OutlookIndia.com)
New Delhi, Nov 11 (PTI) The Securities Appellate Tribunal (SAT) has set aside a Sebi order that banned Abhijit Rajan, former chairman of Gammon Infrastructure Projects, from the capital markets for alleged insider trading. In July 2014, Sebi had barred Rajan after finding him guilty of trading in shares on the basis of unpublished price sensitive information. It had also directed to disgorge an amount of Rs 1.09 crore, which was already deposited by him in an escrow account. This direction was further confirmed by the regulator through a confirmatory order passed in March 2015. This was one of the few cases where CMD of a company came under the scanner in an insider trading case.
