Weekly round - up

Veteran London trader leaves Elliott

According to a Financial Times report, James Bayliss, who served as the head trader at Elliott Management's London office, is the most recent member to resign from the primary European office of the $59 billion US hedge fund. The report confirms Bayliss' departure early this month. Similar to other long -standing employees who have left the firm in the past 18 months.

Among the other notable departures from the London office in the last year and a half are senior portfolio manager Mark Levine in November 2022 and portfolio manager Sebastien de La Riviere in January. Additionally, portfolio managers Mark Wills and Giorgio Furlani left the firm last year.

Ex Portfolio Manager at autonomy capital moves to SPX

Bruno Magalhaes, formerly a portfolio manager at Autonomy Capital Research, is poised to join the prominent Brazilian hedge fund, SPX Capital. This move comes after Magalhaes was involved in the closure of the hedge fund he assisted in launching in Brazil just two years ago, as reported by Bloomberg.

The report indicates that Sterna Capital, boasting over BRL60 million in assets, intends to return funds to clients due to industry-wide redemptions and the impact of double-digit interest rates on its growth prospects. Magalhaes is scheduled to assume the role of portfolio manager for macro funds at SPX in early 2024. In this new capacity, he will be tasked with managing a novel portfolio encompassing multi-asset strategies, encompassing both onshore and offshore investment positions.

Prosperity Capital relocating from London to Abu Dhabi

Prosperity Capital Management, a hedge fund specialising in Russian equity investments, has attributed its decision to relocate from London to Abu Dhabi to Brexit and the perceived "uncooperative" business environment in the UK, as reported by IntelliNews.

Mattias Westman, the co-founder and chief executive of the firm, stated that the economic and political consequences of the UK's exit from the European Union were the driving factors behind this move. Westman expressed his perspective on the UK becoming "increasingly insular and uncooperative" citing Brexit as a specific catalyst for their decision to leave.

Hedge funds generate returns from troubled wind energy stocks

Several investment firms, including hedge fund Marshall Wace and quantitative trading firm Qube Research & Technologies, have successfully capitalised on well-timed bets against wind energy stocks, resulting in positive returns according to a Financial Times report. These firms have reportedly earned millions by strategically positioning themselves against the wind industry's stock prices, which have experienced significant declines this year, particularly in companies like Siemens Energy and ?rsted.

The trend of shorting activities in the wind generation market reflects a broader decline in enthusiasm for green energy stocks. Despite substantial government tax credits and subsidies available to companies in the US and Europe, higher interest rates have increased the cost of raising funds for already-expensive new projects, contributing to the shift in market sentiment.