Scammer Poses as Pantera CEO in Fraud Bid

The cryptocurrency craze is turning some dreamers into schemers.

During the same month that the founder of a cryptocurrency operation in New York pleaded guilty to leading a Ponzi scheme that fueled his elaborate lifestyle, the chief executive of America’s first digital-asset fund has told investors that someone posing as him is deceitfully peddling tokens.

In an email sent last week under the heading, “Disregard ‘Token Sale’ Fraudulent Email,” Pantera Capital chief executive Dan Morehead notified investors of the impostor...

Odey’s Shrinking Hedge Fund Exposes a Pile of Illiquid Assets

Crispin Odey’s long decline is exposing a new risk for the investors who are left: as his troubled money pool gets smaller, a larger slice is in hard-to-sell holdings.

After a flood of redemptions and losses, the share of unquoted securities in his main fund jumped to almost 25% of its long equity holdings as of January, according to an investor document seen by Bloomberg. That’s up from 16% in November when Odey started disclosing the figures.

The concentration has come down again since as the fund surged 45% so far this year on bets against government bonds, according to a person with knowledge of the returns. The strategy is highly leveraged and historically alternated between big gains and losses...

Ratan Capital Bounces Back In 2020 After Years of Curve Balls

A few years ago, Ratan Capital Management faced questions of survival due to bad bets that shriveled its capital and its founder settling regulatory charges about information sharing.

Now, the hedge fund is back in the spotlight after posting stellar returns last year that might help lure new investors.

Ratan Capital, run by Nehal Chopra, delivered a 98% return in 2020, its best ever, thanks to long-held investments in companies that provide business solutions, according to a letter sent to investors and seen by Reuters...

As Wall Street Migrates to Florida, Hedge-Funders Move to Offload Manhattan Homes

Three Manhattan listings—a downtown penthouse asking $39.5 million, a sprawling co-op seeking $40 million and a pair of Upper West Side condos on the market for $25 million—share one thing in common. Their sellers are among the top brass at Elliott Management, a hedge fund that announced last year it is moving its headquarters from New York City to Florida.

Real-estate veterans and hedge-fund executives believe a seismic shift is under way, one that is moving vast amounts of Wall Street wealth from New York to South Florida. For the past several years, Wall Street has been colonizing the Sunshine State, attracted to more favorable tax policies and sunnier climes. And the momentum is only accelerating amid the pandemic...

Israel Englander’s hedge fund earned nearly $4 billion last year

Millennium Management’s Israel Englander earned $3.8 billion last year, landing him the biggest payday of any hedge fund manager in 2020, according to Institutional Investor.

Englander more than doubled his $1.5 billion payday in 2019 and made $2 billion more than the previous year’s rich-list leaders Chris Hohn and Jim Simons, while making gains of 26 percent for his investors...

Hedge Fund Bridgewater Reshuffles Leadership Ranks After Bruising Year

Bridgewater Associates is shuffling its management ranks after one of the most challenging years in the hedge-fund giant’s history.

One of Bridgewater’s top executives, Chief Operating Officer Brian Kreiter, is leaving. Nir Bar Dea, previously the co-head of Bridgewater’s “investment engine,” was promoted to deputy chief executive under Chief Executive David McCormick. Bridgewater is also creating an investment committee “to broaden the decision making” beyond Bridgewater founder Ray Dalio and co-chief investment officers Bob Prince and Greg Jensen...

Millennium emerges as top hedge fund investor in Spacs

Izzy Englander’s Millennium Management increased its investments in blank-cheque companies almost six-fold last year as hedge funds poured tens of billions of dollars into Wall Street’s hottest investment product.

The New York-based group, which has $47bn under management, had $4.4bn invested in special purpose acquisition companies as of December, up from $750m at the end of 2019, making it the top hedge fund buyer of such vehicles, according to data compiled by Spac Research..

Gresham shuts commodity fund to new money after reaching $550m full capacity

Gresham Investment Management is shutting its alternative commodities absolute return (ACAR) fund to new money after reaching full capacity, according to a person familiar with the matter.

The product launched in March 2017 with a seed investment of $50m from parent Nuveen and has grown over tenfold in the last four years, with assets under management now standing at around $550m, the person said. Since inception, the ACAR fund has had an annualised return of 14.46%...

Quibi Says Elliott Management Might Have Supported Patent Lawsuit Because of Personal Motive

Defunct streaming service Quibi is trying to force executives at Elliott Management to explain whether the hedge fund’s involvement in financing a patent lawsuit against the company was motivated by a relationship between Elliott’s founder and a colleague.

In a brief filed Thursday in Los Angeles federal court, Quibi said Elliott’s founder and co-Chief Executive Officer Paul Singer, 76 years old, is in a romantic relationship with an Elliott colleague, age 70, whose son is employed by Eko, the interactive-video company claiming trade-secret theft...