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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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Odey Says Governments May Make Private Gold Ownership Illegal

Crispin Odey, one of Europe’s highest-profile hedge fund managers, said that governments may ban private gold ownership if they lose control of inflation in the wake of the coronavirus crisis.

“It is no surprise that people are buying gold. But the authorities may attempt at some point to de-monetise gold, making it illegal to own as a private individual,” Odey wrote in a letter to investors seen by Bloomberg. “They will only do this if they feel the need to create a stable unit of account for world trade...”

Hedge Funds Build War Chests to Target Dislocated Debt in Europe

The damage wrought by the coronavirus pandemic has funds across Europe smelling blood.

Investors who profit off others’ woes are raising cash like never before, anticipating that desperation will lead to opportunity from Manchester to Milan. About a dozen funds are in race to gather more than $11 billion, which would more than double the unspent capital available in European distressed debt money pools, according to data compiled by Preqin...

Texas A&M Foundation Picks CIO

Michael Pia has been appointed as CIO of Texas A&M Foundation. He replaced Ben Wall, who left in Oct’19 to join RoseRock Capital as CIO. Pia will oversee the university’s $1.8bn foundation, reporting to Tyson Voelkel, President and CEO...

Millennium hired macro MDs from JPMorgan, Goldman Sachs

Early in the pandemic, Millennium Management - the multistrategy hedge fund with $41.9bn in assets under management - wasn't said to be doing that well. In March, the Financial Times reported that Millennium closed some of its trading 'pods' after losing money. However, in April it emerged that only 10 of Millennium's 230 pods had been shut and that the fund had made up its losses. In a further sign that all is well, Millennium has been hiring.

Millennium's two most recent recruits include James Whittingham from Goldman Sachs and Brian Fitzpatrick from JPMorgan...

Oklahoma City drops PAAMCO hedge fund strategy

Oklahoma City Employee Retirement System terminated PAAMCO Prisma from its hedge fund-of-funds portfolio.

The $730 million pension fund's board approved the termination at its virtual meeting Thursday, a video of the meeting shows...

Connecticut ending partnership with hedge fund foundation

Connecticut's partnership with a charity backed by a wealthy hedge fund founder has been disbanded “due to a breach of trust," Gov. Ned Lamont said Tuesday, alluding to leaks that have resulted in negative media coverage.

The Democrat, a former businessman, said he was “very sad” that the arrangement with Dalio Philanthropies, the foundation founded by Barbara and Ray Dalio, was ending...

Third Point hedge fund founder Daniel Loeb takes over as Munib Islam leaves firm

Billionaire investor Daniel Loeb is taking back the reins as sole chief investment officer at his hedge fund Third Point, less than one year after he appointed long-time colleague Munib Islam to be his co-chief investment officer, according to a letter the firm sent its investors.

Loeb, who is about to celebrate his 25th anniversary at Third Point, told investors about his decision in a letter on Tuesday...

JPMorgan shutting down ETFs that use hedge fund strategies

JPMorgan Chase & Co. is planning to close a handful of ETFs that echo strategies used by hedge funds.

The $22.6 million JPMorgan Long/Short ETF (JPLS), the $53.9 million JPMorgan Managed Futures Strategy ETF (JPMF), the $53.8 million JPMorgan Diversified Alternatives ETF (JPHF) and the $25.1 million JPMorgan Event Driven ETF (JPED) will be liquidated in June, the bank said in a statement Friday...

Eleven Hedge Fund Traders Scored Big During Worst of the Crisis

A small group of hedge funds managed to overcome the fast and furious market rout in March as the coronavirus pandemic sent countries around the world into a lockdown. For them, the sell-off brought riches that some haven’t seen since … well, since the last financial crisis. Notably, these profits were derived from a wide variety of investment approaches, from macro and credit to long/short equity and oil.

The crisis beaters were the exceptions.

Most hedge funds, including those run by industry titans such as Ray Dalio and Michael Hintze, failed in their mission to protect investors from the market turmoil. Three in every four hedge funds lost money, with some down as much as 40% in March, according to data compiled by Bloomberg...

Here are some of the March winners...

Former Associate Accuses $8.5B Wall Street Hedge Fund of ‘Rating Women,’ Frequent Slurs

A former investment associate has launched a sexual harassment and discrimination lawsuit alleging that a prominent Wall Street hedge fund allowed male superiors on an open-space trading floor to refer to women generally as “bitches” and “cunts,” and to “brazenly classify” women as ones to either “f___,” “marry,” or “kill.”

The federal lawsuit, which lays out allegations that repeatedly smack of the movie “The Wolf of Wall Street,” was lodged Monday against Advent Capital Management by former junior investment associate Courtney Robb...