Goldsky’s Ken Grace Pleads Guilty to Dishonest Conduct (AFR.com)
Ken Grace, the man behind Goldsky, the ill-fated hedge fund that he ran from Kingscliff in northern NSW, has pleaded guilty to five counts of dishonest conduct that carry maximum penalties of 10 years imprisonment. The guilty plea comes two years after the corporate regulator laid eight criminal charges against Mr Grace relating to dishonest conduct and one charge of operating a financial services business without a licence.
Corvex Settles With SEC Over SPAC Activities (Institutional Investor)
Shares of the hedge fund’s three SPAC merger partners have plummeted. Corvex Management has agreed to pay $1 million to settle a Securities and Exchange Commission complaint related to the activities of three special purpose acquisition companies co-sponsored by the hedge fund.
Hedge Funds Go All In on Dollar, First Time in Over a Year (Bloomberg)
Hedge funds are betting the greenback’s longest stretch of weekly declines in almost three years is about to reverse after investors ramped up pricing for Federal Reserve interest-rate cuts to extreme levels. Leveraged funds were net short all major currencies against the dollar last week, the first time that’s occurred since January 2022, according to the latest Commodity Futures Trading Commission data. While a gauge of overall investor positioning remains bearish on the greenback, the broad degree of optimism among hedge funds may signal receding concern over the impact of the banking crisis on the Fed’s willingness to battle inflation.
West Coast Activist Phase 2 Targets Jupiter Fund Management (Hedge Week)
West coast activist hedge fund Phase 2 Partners is targeting UK-listed asset manager Jupiter Fund Management, according to a report by The Times. Financial Conduct Authority disclosure data shows the San Francisco-based hedge fund is now a leading short-seller of Jupiter. The US group has built a net short position of 0.59 per cent in shares of the London-listed asset manager. Phase 2 is one of three hedge funds that have built short bets against Jupiter that are larger than the 0.5 per cent threshold required for investors to disclose their positions to the regulator.
Pinterest, Advanced Micro Devices And 2 Other Stocks Insiders Are Selling (Benzinga)
Advanced Micro Devices: The Trade: Advanced Micro Devices, Inc. (AMD) EVP and CSO Paul Darren Grasby sold a total of 12,500 shares at an average price of $94.85. The insider received around $1.19 million from selling those shares. Pinterest: The Trade: Pinterest, Inc. (PINS) SVP, Products Naveen Gavini sold a total of 11,185 shares at an average price of $27.95. The insider received around $312.58 thousand from selling those shares.
