Two Sigma Ramps Up China Hedge Fund Push After 22% Return (Bloomberg)
Two Sigma Investments is stepping up its bid to tap the wealth of Chinese investors by asking them for a fresh round of cash for its outperforming fund and expanding local headcount. The US quant giant’s China private fund business — the local equivalent of a hedge fund — is seeking to raise about 1.2 billion yuan ($180 million) for its managed futures product, adding to about 3.8 billion yuan in assets the firm has amassed since early 2020, according to people with knowledge of the matter.
Martin Gilbert’s AssetCo Strikes Deal for SVM to Build Edinburgh Hub (Financial News)
AssetCo, the deals company set up by fund management veteran Martin Gilbert, has snapped up Edinburgh-headquartered SVM Asset Management to help build a hub in the Scottish city. SVM, which oversees £586m and manages a suite of five open-ended funds together with an investment trust, was set up in 1990 by Colin McLean and Margaret Lawson. The duo, alongside a family trust, are significant majority owners of the business.
New Hedge Fund Managers Tackle Capital Inflow Trends (AlternativesWatch.com)
As the equity markets take a turn for the worse, it may just be a good time to be a hedge fund manager, or at the very least to be launching a new investment strategy. According to Robert Mirsky, partner-in-charge of the London office and head of Eisner Amper’s Asset Management Group, hedge fund launches picked up in the second half of 2021. And after a minor lull in the early part of 2022, he suspects the third quarter will be a busy one for his team and for new hedge fund launches.
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Future Fund in Management Shake-Up as CIO Departs (AFR.com)
The Future Fund has been forced into a management reshuffle after the sudden resignation of chief investment officer Sue Brake on Tuesday, but chief executive Raphael Arndt says the restructure will ensure the fund can manage the $200 billion portfolio through a period of inflation-induced market disruption. Ms Brake’s resignation for family reasons has led to the appointment of three deputy CIOs reporting to Dr Arndt, who will take on the acting CIO role until a replacement is found.
Light Street, Maverick Extend Losses (Institutional Investor)
The Tiger-related funds are among the latest to find themselves well below their high-water marks. This year’s tech-led bear market continues to rock the hedge fund world, especially the Tiger crowd – several of which also lost large sums last year. Many of these firms are down more than 50 percent from their high-water marks, which means they’ll need to post better than 100 percent gains…
Hedge Funds Fled Gold Ahead of the Fed Rate Hike But Didn’t Go Very Far (Kitco.com)
(Kitco News) – Hedge funds fled the gold market in anticipation of the Federal Reserve’s biggest rate hike in 28 years, according to the latest trade data from the Commodity Futures Trading Commission. Although investors quickly unloaded their bullish bets in gold and increased their bearish positioning, some analysts note that sentiment remains pretty neutral. Gold prices remain caught in a trend between support at $1,800 an ounce and resistance at $1,850 an ounce.
Jefferies Hired a Rates Trading MD Who Left a Hedge Fund (eFinancialCareers.com)
In a further sign that rates traders are flavour of the year, Jorge Deza Neira has joined Jefferies’ as a managing director and rates trading. Previously, Deza Neira was a portfolio manager at Millennium and left the hedge fund in December 2021 after a two-year stint. Prior to Millennium, Neira was a government bond trader at Citi and began his career at Santander. It’s unclear whether Neira is based in Madrid or in London. – While his LinkedIn profile states he’s in Madrid, he’s listed on Bloomberg as being based in London, and Neira didn’t respond to a request to comment.
Stock Rally Follows Biggest Hedge-Fund Shorting Binge Since 2008 (Bloomberg)
Who knows why stocks picked Tuesday to surge. But one fact to consider is the immense bout of short selling that went on last week. Hedge funds tracked by Goldman Sachs Group Inc. doubled down on bearish wagers, with the dollar amount of short sales hitting the highest level since the 2008 financial crisis. Similar trends were on display at prime broker units of Morgan Stanley and JPMorgan Chase & Co., where bearish positions increased among clients.
Tuesday 6/21 Insider Buying Report: AFCG, MCHP (Nasdaq.com)
On Thursday, AFC Gamma’s Managing Director, Jonathan Gilbert Kalikow, made a $899,712 purchase of AFCG, buying 57,600 shares at a cost of $15.62 a piece. Kalikow was up about 8.2% on the buy at the high point of today’s trading session, with AFCG trading as high as $16.90 at last check today. AFC Gamma is trading up about 6.2% on the day Tuesday. Before this latest buy, Kalikow bought AFCG on 2 other occasions during the past twelve months, for a total cost of $654,953 at an average of $16.41 per share. And at Microchip Technology there was insider buying on Friday, by CEO Ganesh Moorthy who purchased 8,000 shares for a cost of $57.29 each, for a total investment of $458,301. Microchip Technology is trading up about 3.3% on the day Tuesday. So far Moorthy is in the green, up about 4.5% on their buy based on today’s trading high of $59.88.
Executives Sell Around $12M Of 3 Stocks (Benzinga)
Smart Sand: The Trade: Smart Sand, Inc. (SND) Director Enrique Jose Feliciano sold a total of 2,552,462 shares at an average price of $3.18. The insider received around $8.11 million from selling those shares. Enphase Energy: The Trade: Enphase Energy, Inc. (ENPH) Director Ian Joseph Malchow sold a total of 12,500 shares at an average price of $188.00. The insider received around $2.35 million as a result of the transaction.
