CQS deal with spinoff team falls apart

A deal between Michael Hintze's CQS and its equity hedge fund spinoff has collapsed as the billionaire renews focus on his core credit investing roots in a turbulent year marred by record losses.

CQS was to take an equity stake in the business — Landseer Asset Management — and allocate some capital to it. But Mr. Hintze's firm and Landseer, led by former CQS head of equities Paul Graham, have now abandoned the plan, according to people with knowledge of the matter...

Rhenman to shutter Global Opportunities equity long/short hedge fund

Rhenman & Partners Asset Management says it is closing its Rhenman Global Opportunities L/S strategy and intends to return capital back to investors.

The fund – a global equity-based strategy which trades long and short across all industries and sectors, with a focus on value-oriented companies – has struggled with performance throughout 2020.

The strategy, which has an annual return target of 7-8 per cent - is down more than 23 per cent...

GAM’s CEO makes sustainability drive his 2021 priority

GAM’s 2021 action plan will centre around the creation and delivery of its sustainable fund range, with the addition of an impact investment head to steer their thinking, according to its chief executive, Peter Sanderson.

Sanderson responded to emailed questions from Citywire Selector about his vision for the Swiss asset management company over the short and long term...

BlackRock poised to replace Goldman Sachs inside the White House

Forget “Government Sachs” — it’s BlackRock that’s shaping up to become Wall Street’s new elephant inside the White House.

President-elect Joe Biden is raising eyebrows with chatter that he’s poised to name two executives from BlackRock — the asset-management colossus headed by billionaire Larry Fink, with more than $7 trillion in holdings — for top posts on his economic team.

UK Hedge Fund Argonaut Takes Aim at Astrazeneca-Oxford Vaccine and Warns Against “Silver Bullet” Recovery

The recent stock market “exuberance” sparked off by breakthroughs in Covid-19 vaccine trials may give way to disappointment next year, says Argonaut Capital CEO and CIO Barry Norris, who continues to build short positions in a number of drug companies, including AstraZeneca, amid continued uncertainty over efficacy and dosage in its trial process.

Norris, who runs the UK firm’s Argonaut Absolute Return equity long/short hedge fund, has taken a negative stance on several pharmaceutical stocks this year as the hunt for an effective Covid-19 treatment heated up...

Steve Cohen and D1 Capital Team Up For Collectors Universe

Cohen Private Ventures, which invests the personal capital of hedge fund billionaire Steve Cohen, is teaming with Dan Sundheim’s D1 Capital Partners and sports card collector Nat Turner to take collectibles-grading company Collectors Universe Inc. private for about $700 million.

The deal represents a 3.7% premium to Friday’s closing price of $72.55. Shares of the Santa Ana, California-based company have more than tripled this year as consumers dedicate more time to hobbies like collecting during quarantine and lockdowns. Collectors Universe provides authentication and grading services to buyers and sellers of memorabilia, including sports cards, coins and vintage autographs...

Einhorn Gets Fund Back to Near Even With Value Stocks Soaring

David Einhorn’s Greenlight Capital hedge funds rose 9.4% in November -- their best monthly showing this year -- bringing them near positive ground as value stocks surged.

Greenlight is now down 1.1% in 2020, according to an investor update viewed by Bloomberg. It was Einhorn’s fifth straight positive month.

The value investor has been waiting for years for his stock-picking style to return to favor...

Dutch FoHF Kempen preps distressed vehicle

Firm to back move into distressed with dedicated vehicle slated for January 2021...

Hedge fund billionaire Dalio to open office in Singapore

Ray Dalio, founder of hedge fund Bridgewater Associates LP, is opening an office in Singapore to run his investments and philanthropy in the region.

Dalio has been building relationships in Singapore and China for the past three decades and he and his family believe it is “high time” they have a physical presence there, a statement from the Dalio Family Office said on Friday..

Aberdeen Standard targets women-led hedge funds with new strategy

Aberdeen Standard Investments, one of Europe’s biggest asset managers, is set to launch a fund investing solely in hedge funds run by women, meeting demand from investors who are keen to foster diversity in a male-dominated industry and from those who believe greater diversity leads to better returns.

The new fund will track the performance of an index of women-run hedge funds, constructed by data provider HFR, and aims to capitalise on growing interest among US pension plans and other investors picking asset managers based on environmental, social and governance criteria...