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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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Millennium PM eyes 2021 event-driven launch

Millennium PM Felix Lo is prepping an equity event driven #hedgefund launch...

Calpers CIO Meng’s Mysterious Exit Preceded by Months of Torment

First, he was called a Chinese spy. Then he was accused of misleading his board. Yet Ben Meng stayed on as investment chief at California’s mammoth state pension plan. What finally drove him to quit wasn’t only the public pressure, it was a Wall Street sin every rookie in the business knows to avoid: He steered the fund’s money into investments that could benefit him personally.

Meng’s seemingly abrupt resignation Wednesday from the $400 billion California Public Employees’ Retirement System was in fact months in the making, the culmination of internal scrutiny, external attacks and...

Third Point Re to combine with Sweden’s Sirius in $3.3bn deal

Third Point Re, the reinsurer founded by billionaire hedge fund manager Daniel Loeb, has agreed to combine with Swedish rival Sirius in a $3.3bn deal that seeks to mitigate capital risks amid a potential wave of claims due to the fallout of the coronavirus pandemic...

Millennium taps BlackRock and Point72 as expansion continues

Izzy Englander's firm said to be eyeing global expansion...

Swedish multi-family office Wictor plans new macro fund hires

Shift from health and tech allocations towards value also in motion...

Odey Asset Management selects institutional head

Jos Trusted joined Odey Asset Management as head of institutional business, a newly created role...

Hedge Fund Leading Battle Over Neiman Marcus’s MyTheresa Faces Inquiry

A prominent hedge-fund manager has been accused of using his influence at investment bank Jefferies Group LLC to profit from buying shares in MyTheresa, a Neiman Marcus Group Ltd. e-commerce spinoff.

Dan Kamensky, founder of hedge fund Marble Ridge Capital LP, faces an investigation by Justice Department bankruptcy watchdogs into whether he pressured Jefferies as part of his plan to secure shares in Neiman’s lucrative MyTheresa business at a steep discount...

Millennium Said to Hire Ex-New York Fed Official Simon Potter

Millennium Management has recruited former New York Federal Reserve official Simon Potter, according to people familiar with the matter.

Millennium, which manages almost $44 billion in assets, hired Potter in June as vice chairman, fixed income, to be an adviser to the hedge fund’s debt portfolio managers, the people said, asking not to be identified as the details are private. He reports to the division’s co-heads Mark Tsesarsky and John Anderson, the people said...

Renaissance Hedge Funds See Red in 2020 While Market Turns Green

Renaissance Technologies, one of the industry’s best performing hedge fund firms, is down 13.4% this year in its biggest fund open to the public despite the surging U.S. stock market.

While the Renaissance Institutional Equities Fund gained 2.4% last month, it was still outpaced by equities for the year, a rarity in the four-decade history of the firm founded by Jim Simons. Its two market-neutral funds didn’t fare any better.

Renaissance has struggled to make money this year...

Startup XN Assembles Army of Professionals

The operator of one of the biggest hedge funds to launch this year also started with 2020’s deepest day-one staff.

XN, led by Gaurav Kapadia, started trading on July 1 with more than $1 billion of commitments. It already has 22 employees, including alumni of big-name firms including Citadel, D.E. Shaw, Elliott Management and Soros Fund Management.

The team also includes personnel who worked with Kapadia at former employer Soroban Capital, creating a sense of continuity that investors find appealing...