HFObserver aggregates on a daily basis the most relevant news related to hedge funds/alternative investment firms and people moves.
Here is our news from approximately the last week.
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With the coronavirus crisis disrupting its launch, startup Sourcerock has revised its approach.
Founder Christian Zann, formerly a Balyasny Asset Management partner, initially set out to start trading through the Chicago operation as early as the second quarter of 2020. The intent at the time was for him to lead four other staffers in the creation of a book of both credit and equity instruments tied to the energy sector.
Instead, Sourcerock kicked off Sept. 1 with Zann and two staffers trading exclusively in energy-related stocks...
FIRM Hiring/Promotions/Departures, NEW Firm/Fund Launches & Allocations, Open
PGIM Fixed Income has hired Steve Logan as a portfolio manager for its European leveraged finance team.
Logan will be based in London and report to Citywire AA-rated Jonathan Butler, head of European leveraged finance and co-head of global high yield at PGIM Fixed Income.
Logan joins from Aberdeen Standard Investments where he was head of European high yield and global loans...
Hedge funds have chopped short positions in long-dated Treasury bonds that were at record levels just weeks ago, in a move that drove the yield curve to the flattest levels since August.
Fast-money traders pulled bets in futures on higher long-end yields at the fastest pace since the first quarter in the week to Nov. 24, according to the latest data from the Commodity Futures Trading Commission. That helped narrow the gap between the 10- and 30-year Treasury yields to as little as 69 basis points, from 82 a month earlier. To be sure, curve-steepening bets haven’t been abandoned entirely; the spread has since recovered to about 73 basis points, including about 1 basis point of steepening on Tuesday...
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.
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...
Chris James, who co-founded one of the biggest technology hedge funds in the early 2000s, is starting a firm to invest in companies that can have a positive impact on society and the environment.
Engine No. 1 will press for change in the public and private companies it invests in, according to a statement Tuesday. A company’s ability to create long-term shareholder value depends on the investments it makes in workers, communities and the environment, the San Francisco-based firm said...
FIRM Hiring/Promotions/Departures, Hedge Fund, NEW Firm/Fund Launches & Allocations, Open
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...
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.
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...
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...
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