Heralding Cayman Finance 2.0 Submitted 31/03/2023 - 10:10am PARTNER CONTENT If you’re a regular HedgeWeek reader, you probably already know that the Cayman Islands is the world’s number one domicile for alternative investment funds.    At Cayman Finance, it’s our job to help ensure it stays that way.      As we mark the 20th year since our founding in 2003, we’re excited to be relaunching the Cayman Finance brand, expanding our team, and inviting you, the valued users of our jurisdiction, to become more involved.  It’s all part of what we’re calling Cayman Fina ..read more

Hedge fund launches on the up heading into 2023 Submitted 31/03/2023 - 11:06am New hedge fund launches were on the rise in Q4 2022 as the industry headed into 2023, with 96 funds making their debut, rising from 71, the lowest level since Q4 2008 in the prior quarter, according to the latest HFR Market Microstructure Report. The number of hedge fund liquidations was steady over the prior quarter, as an estimated 144 funds closed their doors in Q4 2022.  For the full year 2022, an estimated 432 total new hedge funds launched, while an estimated 571 funds liquidated. Hedge fund fees remai ..read more

Brevan Howard appoints CTO in New York and IR exec in Singapore Submitted 31/03/2023 - 11:04am Brevan Howard, the Jersey-headquartered global macro hedge fund firm, has continued its recent hiring spree with the appointment of Subhek Garg, a former managing director at Goldman Sachs, as its new chief technology officer based in the firm's New York office. The firm has also bolstered its business development team in Singapore with the appointment of Yishi Lian, the former head of investor relations at Singapore-based macro hedge fund Southern Ridges Capital. Garg spent 16 years in total at G ..read more

Hedge funds reverse course in Jan with $3.94bn net inflows Submitted 31/03/2023 - 11:01am After eleven straight months of redemptions, hedge fund industry flows reversed course in January as the industry posted $3.94 billion worth of net inflows, equivalent to about 8 basis points in asset growth, according to the Barclay Fund Flow Indicator published by Backstop-BarclayHedge.  A $151.82 billion trading profit in January brought total hedge fund industry assets back over the $5 trillion threshold to settle at $5.05 trillion.   “After a string of monthly redemptions reaching back t ..read more

Bed Bath & Beyond terminates hedge fund deal Submitted 31/03/2023 - 10:59am Struggling US home furnishings retailer Bed bath & Beyond has terminated its fundraising deal with hedge fund Hudson Bay Capital, and is instead looking to the public market to raise funds as it looks to stave off bankruptcy. In February, the company avoided a bankruptcy filing by completing a complex stock offering backed by Hudson Bay providing an immediate cash injection of $225 million in funds and a pledge for $800 million in the future to pay down its current debt load. That deal as now been cancelled ..read more

Schuss Capital launches small-cap merger arbitrage fund Submitted 31/03/2023 - 10:56am Schuss Capital (Schuss), a New York-based hedge fund that specialising in arbitrage strategies, has launched a new fund, with a target of $300 million, which will employ a small-cap merger arbitrage strategy.  Small-cap merger arbitrage is a specialised investment strategy that seeks to profit from the price discrepancy that often occurs when a company announces a merger or acquisition. This strategy involves buying shares of the target company at a discount to the offer price and then selling them a ..read more

LTX completes AWS migration Submitted 31/03/2023 - 10:55am LTX, a subsidiary of Broadridge Financial Solutions Inc, has completed a successful migration of its AI-powered corporate bond e-trading platform for buy-side investors and dealers to Amazon Web Services (AWS).  LTX says the move will allow clients to make more informed corporate bond trading decisions based on transparency and real-time insights.    The migration will allow LTX to provide more advanced analysis of its Liquidity Cloud, the LTX network of anonymous real-time buy- and sell-side indications of interest ..read more

WorldQuant appoints deputy general manager in London Submitted 30/03/2023 - 11:07am WorldQuant, the Connecticut-headquartered hedge fund firm founded in 2007 by ex-video game programmer-turned portfolio manager Igor Tulchinsky, has appointed James Henderson as deputy general manager based in London, according to a report by Reuters. According to his LinkedIn profile, Henderson was previously chief of staff in New York-headquartered hedge fund SquarePoint Capital's London office. WordlQuant, which is a spin-out from Izzy Englander's Millennium Management and uses mathematical models to predi ..read more

Envestnet names three new directors following Impactive pressure Submitted 30/03/2023 - 11:29am Envestnet Inc has added three new directors to its board following pressure from activist investment firm Impactive Capital, which has been pushing for the fintech to prove its performance by cutting costs, according to a report by Reuters. The new board members are banking executive Barbara Turner, veteran board member Wendy Lane, and Lauren Taylor Wolfe, the co-founder of Impactive Capital, who have all joined the board in the last few days. Envestnet, which provides technology and automation s ..read more

Citadel's Tokyo office to reopen this year Submitted 30/03/2023 - 11:08am Citadel, the hedge fund firm founded by Ken Griffin, is to make a 'comeback' in Japan with plans to reopen its Tokyo office later this year, almost 15 years after closing operations there during the global financial crisis, according to a report by the Financial Times. Three unnamed FT sources have confirmed that the $54 billion firm is currently applying for licences to operate in Japan's financial markets and expects those to be granted before the end of the year. Citadel's decision to reopen in Tokyo comes as other ..read more