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FinTech: Klarna’s Valuation Plunges To $6.5B In Talks To Raise $650M (WSJ)

July 1, 2022

Klarna, the Swedish fintech known for its buy-now-pay-later (BNPL) financial product, is negotiating to raise $650 million at a valuation of $6.5 billion, which is a very sharp comedown from the $45.6 billion tag in a June 2021 funding round led by SoftBank Group.

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One of Asia’s oldest hedge funds warns of looming ‘distressed cycle.’

August 14, 2019

The US-China trade war and growth concerns are likely to push up debt defaults in the region
As default rates in China tick up, a distressed cycle is looming on the horizon, according to George Long, Chief Investment Officer of LIM Advisors, a 14-year-old hedge fund based out of Hong Kong that manages $1 billion in assets.

Argentina’s Stock Rout Hammers Newfoundland Capital Management

August 14, 2019

Newfoundland Capital Management, a Brazilian asset manager, had $300 million in a long-only fund that invested heavily in Argentine stocks
The fund’s losses could be substantial given that Argentina’s key stock index crashed 33% this week following political developments that dimmed President Mauricio Macri’s re-election chances in October.

New SEC Regulations Will Increase Investor Participation in Alternatives

August 14, 2019

The SEC’s revamp would be a boon for financial advisors who are already seeing increasing demand for investment opportunities in alternatives.
According to Lawrence Calcano, CEO of iCapital, the $40 billion alternatives platform used by Fidelity and Morgan Stanley, the SEC may also lower the eligible net worth limits to qualify for investing in alternatives.

Coinbase Loses Barclays Banking Services

August 14, 2019

Barclays reportedly ends its relationship after less than 20 months. Coinbase, one of the world’s largest cryptocurrency exchanges, is looking for a new provider of banking services. Coindesk reported Wednesday that Barclays cut ties with the firm. Their relationship lasted less than 20 months, according to sources cited on the matter. Though neither party responded to…

Brookfield Business Partners Buys Big Stake in Genworth Financial’s Canadian

August 13, 2019

The deal clears the way for China Oceanwide to purchase Genworth. Brookfield Business Partners announced plans to purchase a 57% stake in Genworth Financial’s Canadian mortgage insurance unit. According to terms of the deal, the stake is worth roughly $1.81 billion. Brookfield purchased 4.9 million common shares of Genworth MI Canada stock for CAD$48.86 per…

The Bitcoin ETF Trust

SEC: Veritaseum ICO was Illegal, CEO Charged with Manipulative Trading

August 13, 2019

The SEC wants to stop Veritaseum ICO operators from dissipating from what it described as an illegal offering. The Veritaseum ICO isn’t what it was cracked up to be. In what feels like a daily occurrence, the regulators have frozen assets over an alleged ICO fraud scheme. The SEC filed an emergency lawsuit in federal…

Cat Digital Assets

SEC Chief Who Investigated ICO Fraud Departs after 15 Years

August 13, 2019

The SEC loses a key leader with cryptocurrency prices and ICO fraud back in the headlines A leading investigator of ICO fraud will depart as head of the SEC’s cyber enforcement division in August. Robert A. Cohen departs his role at the Division of Enforcement’s Cyber Unit after 15 years of service. Cohen was the…

SEC Approves Hedge Fund Backed by Jon Corzine

August 13, 2019

The approval comes with many restrictions… begging the question “what’s the point?” The SEC approved Jon Corzine’s new fund, despite protect from professionals in the financial community. The hedge fund approval, however, does come with a series of restrictions that limit its investment scope. The agency order bars former MF Global chief Jon Corzine’s new…

Hedge Fund Q2 Moves: Third Point Buys IPO Stocks

August 13, 2019

Pershing Square, Third Point Cut Stakes in United Technologies SEC filings have revealed the latest hedge fund Q2 moves. Hedge fund Third Point has joined Pershing Square Capital by cutting its stake in United Technologies, according to the firm’s latest 13-F filings with the SEC. Dan Loeb’s shop sold 480,000 UTX shares and still holds…

Powered by alternative investments, UK investment trust assets top £200 billion

August 13, 2019

Investment trusts have become the preferred vehicles in the UK for acquiring alternative assets that were once the preserve of bank funding. These alternative assets have also been dubbed as ‘bond proxies,’ as investors seek to replace fast-fading bond yields with substitutes. Aircraft leases, student property, and medical centers are some of the assets of choice.

RBC Junior Analyst Bill Tsai Faces Insider Trading Charges

August 12, 2019

The recent NYU grad concealed a trading account from RBC Capital markets. He faces one count of securities fraud that carries a maximum 20-year prison term. Bill Tsai was new to Wall Street. He was the student body president at New York University’s Stern School of Business. He also had a sweet gig at RBC…

Cloud Computing

Carl Icahn and Cloudera Strike Deal

August 12, 2019

Icahn gains two board seats, agrees not to boost stake above 20% in cloud computing firm Carl Icahn and Cloudera have reached a voting and standstill agreement. The cloud-computing firm has agreed to appoint Nicholas Graziano and Jesse Lynn to its board of directors. Both new board members are employees of Icahn Enterprises. Both board directors’ terms expire…

Gerardus Vos Will be Busy in London

Gerardus Vos Leaves Barclays to Run BAML Fintech Team

August 12, 2019

Bank of America Merrill Lynch continues its global expansion Fintech analyst Gerardus Vos is heading to Bank of America Merrill Lynch. The U.S. bank has hired Vos to lead head a financial technology investment banking team for Europe, the Middle East, and Africa (EMEA). Once he starts in September, Vos will report to Giorgio Cocini…

Goldman Taps Avinash Mehrotra to Lead Activist Defense

August 12, 2019

Avinash Mehrotra returns to the group he led after the departure of William Anderson in 2015. The Goldman Sachs activist defense team has a new leader after the departure of partner Steven Barg. Goldman has announced that Avinash Mehrotra would lead the company’s activist defense group. The firm released details in an internal memo, according…

Och-Ziff Changes Its Name to Something Worth Fewer Scrabble Points

August 12, 2019

Hedge fund chooses new name Sculptor Capital Management as an ongoing shakeup of Dan Och’s firm continues. The Och-Ziff name change is complete. The company has channeled its inner Stringer Bell. Following the departure of billionaire founder Dan Och, a bribery scandal in Africa, and a revolving door exodus of client money – Och-Ziff has…

Why Investors are Flocking to Private Markets Despite the Risk

August 12, 2019

There is a gush of inflows into venture capital and other alternative investments as investors crave better returns and lower correlation to a toppy Wall Street
Institutional investors have been upping their allocations to alternative investments in the face of diminishing returns and recessionary fears from traditional markets.
“The incentives for early exposure to rapidly growing, mature companies are still intact,” PitchBook senior manager Garrett James Black said in the firm’s 2019 Unicorn Report. “Unicorns aren’t going away anytime soon.”

Limin Wang Becomes Managing Director at Blackstone

August 12, 2019

The former Credit Suisse director joins a deep quantitative team as Blackstone aims to increase its quantitative approach Limin Wang has become Managing Director of the Quantitative Research team at Blackstone Alternative Asset Management (BAAM). Wang was previously in portfolio management at Laurion Capital Management since 2015. Prior to that, he was a proprietary trader…

Neil Shah Joins Evercore as Senior Managing Director

August 12, 2019

The Harvard law graduate has 20 years of private equity experience and will launch Evercore’s permanent capital business. Neil Shah will join Evercore’s Investment Banking business as a Senior Managing Director in its Advisory practice. Shah will focus on advising financial sponsor clients in the firm’s New York office. He will also launch and lead Evercore’s…

BlackRock Cuts First Private Equity Deal for Authentic Brands

August 12, 2019

BlackRock becomes the largest stakeholder in a company with a powerful portfolio of global brands. BlackRock announced over the weekend that it scored a 30% stake in Authentic Brands.  The deal means that BlackRock’s portfolio will now include a stake in Sports Illustrated, Nine West, Aeropostale, and Juicy Couture. In addition, Authentic owns more than…

Rocket Dollar Review – Making Alternative Investments Easier

August 12, 2019

Financial platform Rocket Dollar has taken the pain out of alternative investments for the common investor’s retirement portfolio. Rocket Dollar now allows you to invest in a whole swath of alternative assets through a solo 401(k) plan or a self-directed IRA.
Regarding investment choices, anything goes except those specifically prohibited by the IRS.

Tiger Global: Pedal to the metal on investing in Indian startups

August 11, 2019

Tiger Global Management, the hedge fund that made a multi-bagger call on Indian startup Flipkart, is again stalking the Indian startup scene.
According to reports, Tiger Global has closed investments in at least half of the dozen startups that it recently evaluated.

The Death of Sears – We’re Well Past 1,000 Cuts

August 9, 2019

Eddie Lampert’s Transform Holdco will shutter another 26 shops as Sears’ demise accelerates. The death of Sears will continue at a slow, steady pace well into the fall. Next week, Transform Holdco, the company created by Sears Chairman Eddie Lampert to purchase the retailer’s assets out of bankruptcy, will start “liquidation sales” at locations it…

ESG Hedge Fund operated in Sweden

ESG Hedge Fund Falters in Sweden

August 9, 2019

The fund had only $2.46 million in assets one year into its operations Handelsbanken Fonder will shutter its ESG hedge fund Handelsbanken Hållbarhet Hedge on September 5, according to a letter to investors. Despite increasing demand around the globe for ESG strategies, the Swedish asset manager cited low client enthusiasm. Launched in February 2018, the…

Chicago - Najarian Brothers

Najarian Brothers Welcome New Advisors to Cannabis ETF

August 9, 2019

Jon and Pete Najarian on Board Biotech Entrepreneur and Cannabis Investment Specialist The Najarian brothers of CNBC fame have welcomed two new members to the strategic advisory team of Innovation Shares’ Cannabis ETF (THCX). The ETF, which launched in July, will add Stable Road Capital CIO, Brian Kabot, and healthcare and biotechnology entrepreneur, Neal Patel,…