Money Manager Exane Joins Peers in Freezing Fund Withdrawals

Exane Asset Management has suspended dealing in one of its funds, citing fallout from the spread of the deadly coronavirus.

The French boutique money manager said the valuation of a number of derivatives traded over the counter and held in its Exane Integrale Fund has “shifted significantly from their theoretical value,” leading it to freeze the money pool, according to a statement on its website on Wednesday...

Plunging Conditions Drag Down Hohn’s TCI

Plummeting stock prices have sent TCI Fund Management’s returns deep into negative territory.

Sources said the London firm recently was running a year-to-date loss of more than 20% through its flagship vehicle, The Children’s Investment Fund. The situation worsened late last week, with industry participants pegging the entity’s slide at about 30%...

Billionaire Bill Ackman Made 100-Fold Return On Coronavirus Hedge That Yielded $2.6 Billion

Bill Ackman is a hedge fund billionaire, but he isn't known for his hedges.

Most of the time Ackman’s fund, Pershing Square, is almost 100% long by way of an ultra-concentrated portfolio of large stock holdings. His current style is to find about seven-or-eight companies he believes strongly in and bet between $500 million and $1 billion on each.

So when Ackman decided to protect Pershing Square’s $6.5 billion portfolio of stock holdings..

Glitchy coronavirus markets cause quant funds to misfire

Glitchy coronavirus markets cause quant funds to misfire. Renaissance, Two Sigma and DE Shaw suffer unusual setbacks...

UTIMCO’s Assets Down 12% YTD

UTIMCO's total managed assets have fallen by about 12% to $45 billion so far this year, from $50.5 billion as of Dec. 31, investment officers told company directors during a board meeting Tuesday.

But the investment team is prepared to take advantage of investment opportunities resulting from current market turmoil to rebuild assets under management, said T. Britton Harris III, president, CEO and CIO, in an audiocast of the meeting..

DE Shaw Quant Fund Takes Hit From Markets Gone Haywire

‘Statistical arbitrage’ fund was the group’s original strategy when founded in 1988.

DE Shaw’s priciest, most exclusive hedge fund has lost more than 9 per cent this month...

Citadel turns 2020 profit after spotting virus risk early

Citadel, the Chicago-based hedge fund giant led by billionaire Ken Griffin, has so far weathered the coronavirus market storm well, turning a slight profit in its flagship Wellington hedge fund for the year through Monday, according to a person familiar with the situation.

The fund, which practices a so-called multi-strategy array of bets on stocks, bonds, commodities and other securities using teams of traders, was as of Friday down 5.25% for March, the person said...

Citadel Securities accused of ‘aggression’ and ‘hypocrisy’ over recruitment practices

If you feel like a new algorithmic trading job at a high frequency trading (HFT) operation at this point in time, don't presume swapping roles will be easy. Virus or not, HFT funds can be fussy about their employees; Citadel Securities stands accused of being more so than most.

GSA Capital, a systematic macro hedge fund with $7.5bn under management, has brought a counterclaim in the London high court against accusations that it asked Vedat Cologlu, a former market maker at Citadel Securities to divulge proprietary information when it attempted to poach him last year.

Ronin Capital assets auctioned

Assets of Chicago trading firm Ronin Capital were auctioned off Friday, futures exchange operator CME Group said.

Ronin, which traded at CME, "was unable to meet its capital requirements going forward," CME said in a statement.

Trading firms sometimes fail when financial markets become too volatile...

BlackRock, Nuveen Unwind Leveraged Muni Trades Roiled by Havoc

Large municipal-bond funds run by BlackRock Inc., Nuveen, Pacific Investment Management Co. and Invesco Ltd. are unwinding a leveraged investment strategy that backfired this month, contributing to the flood of debt that’s been unloaded during a record-setting sell-off.

Last week, fund companies began liquidating about 75 so-called tender-option bond trusts holding $1.2 billion worth of state and local government debt, according to data compiled by Bloomberg. The trusts issue floating-rate notes to money-market funds and use the cash to buy higher-yielding long-term bonds. Mutual funds seek to pocket...