The Hedgeweekender | Water woes, multi-Millennium theft, Novovax shake-up
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This week in hedge fund world???
?? Multi-strategy major Millennium Management and Boston-based systematic global equity manager Arrowstreet Capital, Limited Partnership are among a number of hedge funds shorting the assets of UK water companies, after a crisis at Thames Water highlighted high debt levels across the industry. Read more????
?? Global proprietary trading firm Jane Street Capital, LLC has taken legal action against multi-strategy hedge fund major Millennium Management and two former employees over the alleged theft of trader secrets.?Read more??
?? Hong Kong has granted initial conditional approvals to Harvest Global Investments Limited and a partnership between HashKey Capital and Bosera Asset Management (International) Co. for spot-bitcoin and ether exchange-traded funds. Read more??
?? Registered investment advisers (RIAs) who run private funds for clients have upped their allocations to private equity investments while cutting their exposure to hedge funds over the last nine years. Read more?
?? Struggling Covid-19 vaccine maker Novavax is coming under pressure from US-based activist hedge fund firm Shah Capital – which owns 6.6% of the company’s stock – to implement an “urgent shake-up” of its board and overhaul its sales strategy. Read more???
?? Hedge fund founder Sanjay Shah has been accused of masterminding a “meticulously pre-planned” cum-ex trading scheme that defrauded the Danish government of ￡1.4bn ($1.7bn) at a civil court case in London brought by Danish tax agency Skat. Read more?
The week in numbers
?? $4bn – Element Capital Management , the global macro hedge fund firm founded by Jeff Talpins, is planning to return around $4bn in external capital to clients as it looks to improve performance and focus on managing its own funds. Read more?
?? $3bn – Schonfeld Strategic Advisors, the multi-strategy hedge fund firm born in 2015 out of Steven Schonfeld’s proprietary trading-firm-turned family office, has still not raised the $3bn for its proposed drawdown fund since late last year.?Read more ? ?
?? 54% – Shares of life insurance company Globe Life dropped by 54% to $57, their lowest point in over a decade, after short seller Fuzzy Panda Research published a research report alleging insurance fraud at the company. Read more???
?? 42% — L1 Capital , a prominent Australian activist hedge fund firm launched by former Macquarie investment banker James Hawkins, has recorded a gain of more than 42% with its Catalyst Fund since the strategy launched in 2021.?Read more??
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