400 Capital Preparing Credit-Product Vehicle

Hedge fund manager 400 Capital is aiming to raise $600 million for a closed-end vehicle.

The New York firm has set a $750 million capacity for its asset-based term fund, ABT 3. The five-year fund is broken into a two-year draw period and a three-year harvest, with options for a pair of one-year extensions.

The firm is expected to close on a first round of equity early in the third quarter. The firm is aiming for a net internal rate of return of 12% to 15%...

Following $33 Million NYC Buy, Hedge-Funder Spends $39.5 Million on North Palm Beach Mansion

Less than two months after closing on a $33-million apartment in Manhattan, Connecticut-based hedge-fund manager Igor Tulchinsky is buying again, this time a $39.5-million mansion in North Palm Beach, Fla.

Mr. Tulchinsky is the founder and chief executive of WorldQuant, a hedge fund and quantitative-investment management firm. In a statement, Mr. Tulchinsky’s agent, Ryan Serhant of Serhant, said his client is “excited to spend a significant amount of time in Florida as WorldQuant expands its global presence to include West Palm Beach and Miami.”

The seller of the North Palm Beach property was Jeffrey Jacobs, scion of...

St. Paul charter school loses $4.3M with illegal investment in New Jersey hedge fund

A St. Paul charter school last school year invested $5 million in a New Jersey hedge fund, in violation of state law, and most of that money may be lost forever.

Auditors working to close the books on Hmong College Prep Academy’s 2019-20 financials disclosed the mistake to the school’s board during an emergency meeting in December.

The school on Nov. 30 asked the hedge fund, Woodstock Capital Partners, to liquidate the investment, according to board meeting minutes. But multiple deadlines were missed, the hedge fund’s agent never showed up to board meetings, and the school ultimately received just $684,762...

Private equity and hedge fund firms invested pension cash for retired Ohio teachers. Here’s what happened.

For more than 30 years, Dean Dennis and his wife, Patty, worked in the Cincinnati school system, paying into their pensions so they wouldn't have to worry about retirement. "We managed our money well. We had our plans for our future," Dennis said.

But the Dennis family's plans and those of thousands of other former educators and school system workers in Ohio have been upended. In 2017, the State Teachers Retirement System of Ohio, or STRS, pension plan eliminated an annual cost-of-living increase. Since then, recipients have had no increase in payments while prices have risen by 8 percent.

Dennis sued the pension plan after the cost-of-living adjustment was eliminated, a case that is pending in federal court. Now, he says, he is concerned about the safety of the $88 billion fund after an analysis concluded that its overseers are overstating performance through a misleading benchmark and doling out undisclosed fees to Wall Street private equity and hedge fund firms...

Man Group-Oxford Quants Say Their AI Can Predict Stock Moves

Man Group Plc-backed researchers at the University of Oxford say they’ve created a machine-learning program that can project how share prices move -- notching an 80% success rate for the equivalent of about 30 seconds of live trading.

Artificial-intelligence experts at the Oxford-Man Institute of Quantitative Finance exploited principles from natural-language processing to trawl liquidity data across limit order books, a record of buying and selling at preset prices...

BlockTower Capital Buys ‘Market-Neutral’ Crypto Hedge Fund Gamma Point

Crypto hedge fund BlockTower Capital has acquired rival hedge fund Gamma Point Capital in a $35 million deal announced Tuesday.

In an interview with Bloomberg on Tuesday afternoon, BlockTower CEO Matt Goetz said his company’s acquisition of Gamma Point, which has a unique strategy of market-neutral investing that seeks profit in both bull and bear markets, is intended to help BlockTower better navigate the current market volatility.

BlockTower’s acquisition of Gamma Point Capital is one of many crypto-related acquisitions in recent months...

Ex-WL Ross duo prep special sits fund for external capital

5P Capital Management, a distressed and special situations-focused firm founded by former WL Ross financiers, is planning a new fund to take in external capital later this year...

Wall Street Reins In Hedge Funds’ Short Bets on Meme Stocks

Wall Street’s top brokers are quietly tightening their rules for who can bet against retail traders’ most-popular meme stocks.

Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Jefferies Financial Group Inc. are among firms that have adjusted their risk controls at prime-brokerage operations, according to people familiar with the moves. The banks are trying to protect themselves against fallout from extreme surges and dips that have characterized trading in companies including AMC Entertainment Holdings...

Two Sigma: The hot new mover and shaker

Technology-driven hedge fund Two Sigma is in the market for a major space expansion and consolidation that could be worth a fortune to a number of Manhattan landlords.

Although it’s rarely in the press, the international, privately held firm boasts $58 billion in assets under management. It’s currently headquartered in a mini-campus at 100 and 101 Sixth Ave. in Tribeca, according to its Web site...

A $20 billion hedge fund from New York is signing a 10-year lease in Coconut Grove

Yet more financial firms are coming to Miami.

The latest: D1 Capital partners, a $20 billion hedge fund that has signed a 10-year lease for 25,000 square feet within Related Group’s newly completed 2850 Tigertail art-filled office building in Coconut Grove.

D1’s arrival represents another out-of-state financial giant betting on Miami by putting an office there. It follows Blackstone, Thoma Bravo and New York Mets owner Steve Cohen’s Point72 among firms opting for a Miami presence...