Balyasny AM reduces workforce amid decline in revenue and profit
Hedge Week
by Nadya Oppenheim
2h ago
Dmitry Balyasny’s hedge fund, Balyasny Asset Management, has reduced its headcount by nearly 18% to 219 employees by the end of 2023, down from 266 in the previous year, according to a report by Financial News citing the firm’s latest financial reports.  The hedge fund, which oversees more than $20bn in assets, also cut its staff expenses by 27% last year, with total staff costs, including directors’ remuneration, falling to £226m from £310m in 2022. The highest-paid director at Balyasny received £150,651, a sharp decrease from £7.1m the prior year.   Revenue for Balyasny in 202 ..read more
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Coatue’s Aaron Weiner to launch Millennium-backed hedge fund
Hedge Week
by Nadya Oppenheim
2h ago
Aaron Weiner, formerly of Coatue Management, is set to establish his own hedge fund with substantial backing from Izzy Englander’s Millennium Management, according to a report by Bloomberg.  Bloomberg’s sources confirmed that Weiner will receive several billion dollars to initiate trading exclusively for Millennium, which manages approximately $68bn.  Englander’s firm has previously allocated several billion dollars to external managers, including Delta Global Management and Lorenzo Rossi’s Kedalion Capital Management. Recently, Millennium provided $3bn to Diego Megia for his hedge f ..read more
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Jain Global to launch with strong Asia presence
Hedge Week
by Nadya Oppenheim
2h ago
Bobby Jain’s new hedge fund firm, Jain Global, is poised to employ over 30 staff members in Asia by its July launch, leveraging a management model that will give local leaders key responsibilities like hiring and risk management, according to a report by Bloomberg.  According to an unnamed Bloomberg source, the new hires, roughly divided between Singapore and Hong Kong, will include over 10 portfolio managers.  Jain Global has secured a permanent lease for an office in Singapore’s Central Business District, accommodating 40 employees, with plans to move in by September. A similar lon ..read more
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Tiger-Wolf Capital owner pleads guilty to $700,000 investment fraud scheme
Hedge Week
by Nadya Oppenheim
17h ago
Frank Mercado, the owner of hedge fund firm Tiger-Wolf Capital, has admitted to wire fraud, confessing to defrauding over 100 victims out of more than $700,000 through a fraudulent investment scheme, according to a report by Business North Carolina.  From July 2019 to December 2022, Mercado, a resident of Charlotte, North Carolina, executed a scheme that deceived friends, former colleagues and other social acquaintances by presenting himself as an experienced and successful options trading expert.  Operating under the name of his hedge fund, Mercado assured investors that their ..read more
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Cboe expands FTSE Russell digital asset derivatives tie-up
Hedge Week
by Nadya Oppenheim
19h ago
Derivatives and securities exchange network Cboe Global Markets is expanding its collaboration with global index provider FTSE Russell by developing new derivatives products, potentially beginning with cash-settled index options tied to the FTSE Bitcoin Index and the FTSE Ethereum Index. This follows Cboe’s recent realignment of its digital assets business – a move that will consolidate all Cboe US futures products, including digital asset futures, onto one exchange, subject to regulatory review, via its broader global derivatives franchise and technology platform. The FTSE Bitcoin Index and F ..read more
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CLS appoints five new board directors
Hedge Week
by Nadya Oppenheim
19h ago
CLS, a financial market infrastructure group delivering settlement, processing and data solutions, has appointed five new members to its board of directors at the CLS Annual General Meeting held on 4 June 2024. The new directors on the Board are Teddy Cho (BNY Mellon), Scott Lucas (JP Morgan Chase), Akila Raman (Goldman Sachs), Peter Whitelaw (National Australia Bank) and Michael Lawrence (Independent/Outside Director). Cho serves as the Managing Director and Chief Information Officer for the Markets business at BNY Mellon. With a career spanning more than three decades in senior technology ro ..read more
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Be prepared: operational risk management in 2024
Hedge Week
by Nadya Oppenheim
1d ago
Operational risk management: three words never far from the mind of every ops leader in the hedge fund industry. Preparing for the unexpected has always been challenging in such a complex and fast-moving sector, and the pace of change is only accelerating as technology advances, working practices evolve and new regulations emerge. This data-driven Hedgeweek report, sponsored by Derivitec, provides valuable intelligence and context to hedge fund COOs and other ops professionals ..read more
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SEC penalises activist Anson for secret researcher payments
Hedge Week
by Nadya Oppenheim
1d ago
The US Securities and Exchange Commission has imposed its first significant penalty as part of an extensive investigation into activist short sellers, fining Anson Funds Management and Anson Advisors a combined $2.5m, according to a report by Bloomberg. The commission accused Anson of concealing payments totalling $1.1m to an unidentified publisher of bearish research, with the firm’s hedge fund allegedly generating over $4m in gains in late 2018 by coordinating with the researcher on the timing of negative reports and social media posts. Although the SEC did not name the researcher, it noted ..read more
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Jain taps Credit Suisse VP for trading role
Hedge Week
by Nadya Oppenheim
2d ago
Jain Global, former Millennium Co-Chief Investment Officer Bobby Jain’s new hedge fund firm, which is gearing up to launch later this summer, has added former Credit Suisse Vice President Emily Facchina Fluet to its London trading desk, according to a report by The TRADE. Fluet spent over five years at Credit Suisse, first joining the bank as an analyst in 2018 before working in various electronic trading roles. When she left Credit Suisse last November, she was VP for advanced execution services and algorithmic and direct market access trading ..read more
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Higher Hong Kong court to hear Segantii hedge fund insider trading case
Hedge Week
by Nadya Oppenheim
2d ago
An insider trading case involving Asian hedge fund Segantii Capital Management, its British founder, Simon Sadler, and a former trader, will now be heard in a higher court in Hong Kong following a request from the prosecution, according to a report by Reuters. On Wednesday, the Eastern Magistrates’ Court approved the transfer of the case to a district court, with the next hearing now scheduled for 2 July. The move means that if found guilty, the defendants could face a maximum prison term of seven years rather than the two to three years that can be imposed by the magistrate’s court. Segantii ..read more
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