Credit Suisse credit researcher joins Point72 Submitted 28/03/2023 - 1:11pm Credit Suisse's 'rescue' by rival UBS means that a lot of the Swiss bank's employees may soon find themselves looking for new employment opportunities, but ex-Credit Suisse credit researcher Alexia Mignon has already found a new home with hedge fund Point72. According to her LinkedIn profile, the French national, who has been working in the UK since 2017, has joined the London office of Steve Cohen's $27.2 billion firm as a long/short credit analyst after less than two years at Credit Suisse. Prior to Credit Suisse ..read more

Elliot ditches plans for Salesforce proxy battle Submitted 28/03/2023 - 10:36am Activist hedge fund Elliot Investment Management has decided not to proceed with its planned director nominations at Salesforce Inc, after a rise in the company's stock price and the initiation of a series of strategic changes at the enterprise software firm, according to a report by Bloomberg. In a joint statement issued on Monday, the companies said that Elliot's decision was prompted by  Salesforce's "strong" 2023 fiscal year report and "clear focus on value reaction”. Salesforce is one of the S&P500 ..read more

Hedge funds dump US banking stocks Submitted 28/03/2023 - 10:35am Global hedge funds' exposure to US banking stocks has hit a near 10-year record low as the turmoil in the sector triggered by the demise of Silicon Valley Bank and Signature Bank, and the 'rescue' of Credit Suisse by rival UBS, prompted managers to sell their positions, according to a report by Reuters. The report cites Goldman Sachs' prime services weekly report as revealing that investors have also cut their exposure to credit to the lowest level in nearly five years as concerns over a potential credit crunch have grown. "F ..read more

Credit crunch fears fuel hedge fund oil sell-off Submitted 28/03/2023 - 10:33am The prospect of a recession driven by tighter credit conditions following recent turmoil in the global banking sector, prompted hedge funds and other money managers to sell oil-related futures and options contracts at the fastest rate for almost six years, according to a report by Reuters. The report cites records published by ICE Futures Europe and the US Commodity Futures Trading Commission as revealing that traders sold the equivalent of 142 million barrels in the six most important contracts in the seven day ..read more

Hedge funds close bets against Scottish Mortgage Submitted 28/03/2023 - 10:31am Odey Asset Management is among a number of hedge fund firms that have cut back on bets against Baillie Gifford’s Scottish Mortgage Investment Trust after a large fall in its share price, according to a report by the Financial Times. The report cites an investor update from James Hanbury, who runs Brook Absolute Return and Developed Markets at Odey, as revealing that the fund had pared back its short positions in the £13.4 billion, London-listed investment trust, despite ongoing concerns over board governance and ..read more

CVC and Elliott bid for parts of Cineworld Submitted 28/03/2023 - 10:27am Buyout firm CVC Capital Partners and activist hedge fund Elliott Management are among the suitors to have tabled bids to acquire parts of struggling cinema chain Cineworld, according to a report by Sky News. Unnamed Sky News sources have revealed that both firms have made offers for Cineworld’s Israeli and eastern European businesses, but are not interested in the company's UK and US operations, its two biggest divisions.  Cineworld owns 128 UK cinemas operating under the Cineworld and Picturehouse brands, and 51 ..read more

Nomura Private Capital launches first fund Submitted 28/03/2023 - 10:25am Nomura Private Capital (NPC) has launched its first investment product, the Nomura Alternative Income Fund (NAIFX), which it says marks a significant milestone in the firm's global push into private markets. Nomura has provided an initial $100 million to seed the fund.   NPC says NAIFX is a closed-end interval fund that aims to provide diversified exposure to private and public credit sectors for accredited investors, enabling easy access by removing operational and suitability-related hurdles that such investors ..read more

Horizon secures Montreal Exchange certification Submitted 28/03/2023 - 10:22am Horizon Software (Horizon), a provider of electronic trading solutions and algorithmic technology for the global capital markets, has secured certification from TMX Group's derivatives trading venue Montreal Exchange (MX).  Horizon's clients can now trade exchange traded derivatives, including equity derivatives, currency options, index derivatives, and interest rate derivatives on the exchange.   Horizon is also now able to provide connectivity to any financial institutions that want to trade on MX, in ..read more

Digital assets funds see highest inflows since July 2022 Submitted 28/03/2023 - 10:21am Digital asset investment products saw inflows totalling $160 million last week, the highest level since July 2022, according to the latest Digital Assets Fund Flows Weekly Report from CoinShares.  The inflows represent a marked turnaround following six weeks of outflows totaling $408 million. Bitcoin was the primary beneficiary, seeing inflows of $128 million. Not all investors saw it as a 'safe haven' though with short-bitcoin also seeing inflows of $31 million.   Like this article? Sign up t ..read more

Groucho Marx and investment management: lessons for manager selection Submitted 27/03/2023 - 11:45am Performance success inspires capital inflow and can lead to deteriorating returns Hedge funds can align themselves better with investor interests than mutual funds  Thorough manager diligence and monitoring is essential to avoid alpha decay By David Bizer Managing Partner, Global Customised Wealth There is a paradox at the heart of an investor’s search for funds that can produce attractive returns. Effective diligence must seek to overcome a powerful dynamic in investment managem ..read more