Millennium Management, one of the world’s largest hedge fund firms, was sued on Friday by rival Jane Street Group, which accused it of stealing a valuable in-house trading strategy after two traders defected. Jane Street said the traders Douglas Schadewald and Daniel Spottiswood had been “intimately” involved in developing the strategy before resigning separately to … Read more
It’s a tale of two Wall Streets. Hundreds of thousands of junior bankers are cutting back after their bonuses were a bust this year. But the very top of the 1% is living large thanks to the stock market surging and Bitcoin soaring — meaning their inflation-beaten bonuses didn’t affect their wealth. The stock market’s … Read more
Advance Auto Parts is appointing three new board members after hedge funds Third Point LLC and Saddle Point Management took positions in the automotive afterparts provider, the company said. The company will add executives with automotive supply chain and merchandising expertise to sit on its board which currently has nine members. The board refreshment comes only six … Read more
A $3 billion bet on Walt Disney by Nelson Peltz’s Trian Fund Management was largely responsible for the investment management firm’s underperformance last year compared to its activist hedge fund peers, according to financial details provided to Reuters by a Trian investor. The previously unreported details illustrate the high financial stakes for Trian as it seeks … Read more
Bill Ackman’s Pershing Square Capital Management has reclaimed a spot on the list of the world’s 20 best-performing hedge funds nine years after falling out of the ranking. Pershing Square claimed the 20th spot after edging out Louis Bacon’s Moore Capital Management, according to research by LCH Investments. LCH said that the New York-based fund, … Read more
Major hedge fund moguls including Ken Griffin, Steve Cohen, and Izzy Englander failed to keep pace with the S&P 500 and the Nasdaq in what proved to be a difficult year for money managers. While Griffin’s Citadel led the pack when it came to performance, his flagship fund — the name typically given the premier … Read more
With their offices traditionally situated in the city’s Central district and neighbouring Admiralty, finance workers can usually be seen congregating at the IFC Rooftop Garden or SoHo on weekday late afternoons, enjoying a pint or two with their affiliates. Goodbye, Hong Kong: celebrity hairstylist Kim Robinson closes up shop For outsiders, it can be a … Read more
Billionaire hedge fund manager Bill Ackman called out the New York Times for publishing a “false and misleading” story about why he’s been outspoken about on-campus antisemitism at Harvard. The Times article published Tuesday, headlined “Bill Ackman’s Campaign Against Harvard Followed Years of Resentment,” reported that Ackman’s campaign to oust university President Claudine Gay has … Read more
