News
Each day, DailyAlts tracks major developments across the alternative investment world. Our content is procured from primary contacts in the industry and secondary sources across the web. Our goal is to give readers the most up-to-date news and engaging experience to open new doors and areas of knowledge. Our stories cover nine separate verticals of the alternative investment industry.
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Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while the ROCm 6 open software stack introduces new features supporting Large Language Models (LLMs). Additionally, the Ryzen 8040 Series processors come equipped with Ryzen AI capabilities.
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Hedge Fund Scandal Triggers Run on South Korean Firms
South Korea hedge funds are experiencing the worst run on assets in history. A scandal at Lime Asset Management has fueled outflows on local hedge funds.
Walmart Canada To Roll Out World’s Largest Blockchain For An Industrial Application
Walmart Canada and blockchain company DLT Labs collaborated to develop the retail giant’s automated freight tracking and payments system.
The new blockchain-based logistics system will use distributed ledger technology. It will track deliveries, verify transactions, and automate payments and reconciliation for the vast logistics of Walmart Canada.
Another Shot to Icahn – HP Rejects Xerox Takeover Bid
Carl Icahn and Xerox will have to do more to convince HP to accept a takeover bid.
On Sunday, HP’s board of directors rejected an unsolicited $22 per share offer for the company.
Weekend Conversation: Neocova Co-Founder and CEO Sultan Meghji
Five years ago, Neocova Co-Founder and CEO Sultan Meghji worked on an aid mission in Africa to improve financial services in Africa and other emerging markets.
The primary goal was to provide services in parts of Africa, where branch banking was not a valid option.
RIA Deal Fervor Continues: Bluespring Wealth Acquires Vector Wealth Management
Founded in 1993, Vector Wealth Management is a wealth management and financial advisory RIA located in Minneapolis. The $1.1 billion firm was acquired by Bluespring Wealth Partners, as announced Thursday, though terms were not disclosed. Bluespring is a subsidiary of Kestra Financial, an independent broker-dealer. Private equity firm Warburg Pincus acquired majority ownership of Kestra in February 2019.
Lazard to Launch Venture and Growth Banking Unit in London
The firm hires two key executives to lead European initiatives Lazard has hired two Numis executives to launch a new group in Europe. The team will focus on European private companies looking for venture capital and growth equity. The firm hired Garri Jones and Nick James to head a new division called Lazard Venture and…
U.S. National Debt Not Good for Our Kids and Grandkids (Powell); Would Bitcoin Be?
In what should be a wake-up call to the powers-that-be, Federal Reserve Chair Powell warns of unsustainable US national debt.
Speaking during testimony before the Congress’ Joint Economic Committee on Nov. 13, Powell talked of the growing US debt pile. Warning that the growth in debt was outstripping that of growth in GDP, Powell said the issue must be addressed at some point in time. Should we prepare for imploding fiat money by investing in bitcoin?
How Serious Should We Take ESG Investing in 2020?
Sustainable funds are hardly sustainable based on their carbon footprint. The Wall Street Journal reported Wednesday that eight of the largest 10 sustainable funds in the U.S. have oil and gas investments.
This news comes as a way of criticism has hit the newest – and perhaps surprising fad in institutional investment. ESG funds are booming. They’ve taken in a record $13.5 billion in new money over the first three quarters of the year. That figure comes from Morningstar. But how sustainable are the investments in these funds?
Guild Education Hits $1 Billion Valuation
Guild Education is the latest company to join the exclusive unicorn club this year. The firm announced it has closed its Series D round, pulling in $157 million in the process.
Alibaba’s “Escape Valve” Listing in Hong Kong Will Be Paperless
Alibaba is choosing to list its forthcoming IPO in Hong Kong as a backup base outside its US listing. It likely has an apprehensive view of the US-China trade wars and is, therefore, seeking continuity in the trading of its shares in another global financial center. Therefore, the moniker “escape valve listing.” Moreover, there have been media reports about the Trump administration considering a ceiling on how much of Chinese stocks US government pensions could buy. Further, the Alibaba IPO will be paperless.
Mitsui Fudosan Scores Facebook as Tenant at Hudson Yards
Facebook is moving to Hudson Yard, the single largest private real estate project in the United States. The social media giant will lease 30 floors and three buildings in the West Side neighborhood of Manhattan.
Here’s What Warren Buffett Bought and Sold in the Third Quarter
The Warren Buffett 13-F for the third quarter hit the news cycle on Thursday. His firm Berkshire Hathaway purchased 1.2 million shares of Restoration Hardware (RH(. The news pushed RH stock up another 7% after the bell.
Northgate Capital Announces New $120 Million VC Fund
Northgate Capital announced it has closed Northgate Venture Partners VIII (NVP VIII) fund at $120 million. NVP VIII invests primarily in marquee venture capital firms and a select number of emerging managers. Brent Jones and Tommy Vardell founded Northgate Capital in 2000. The firm and its global affiliates jointly manage $4.9 billion in assets.
Study: Activist Investing Spurs Innovation in Targeted Companies
A research study by Columbia Business School’s Professor Wei Jiang shows that activist investors help the cause of innovation in their companies. Prof Jiang is the Arthur F. Burns Professor of Free and Competitive Enterprise at the University. Third-party interventions can actually increase the longevity and sustainability of a company’s innovation.
Hawaiian Electric to Activist Fund: We’re Not Looking Outside for New Leader
Hawaiian Electric slammed activist hedge fund ValueAct this week. The company responded to the activist fund’s call to locate a successor for its President and CEO Constance Lau. ValueAct has a $50 million stake in the company.
Quarz Capital Pushes for Sabina-ESR REIT Merger
Quarz Capital Management is pushing for a merger of two large Singapore-based real estate investment trusts (REITs). The activist fund is pushing for a merger of Sabana Shari’ah Compliant Industrial REIT and ESR-REIT.
CPPIB Reports 2.2% Return in the Second Quarter
The Canada Pension Plan Investment Board (CPPIB) reported gains of 2.2% during the second quarter. On Thursday, the nation’s largest public pension fund reported how it delivered the return.
Is Saudi Arabia Running Out of Money?
The Saudi Aramco IPO could be a ploy to raise money for a nation under financial duress. That’s the statement from former CIA chief David Petraeus in an interview with CNBC. Petraeus says that the nation needs to list its state oil company on the public markets in order to raise money.
Bonanza of New Accounts at Charles Schwab After Zero-Commission Trading
Brokerage Charles Schwab added a solid 31% more accounts in October compared to September.
Charles Schwab’s move last month to introduce commission-free trading has paid off in spades. Previously, it charged a commission of $4.95 per trade.
Carl Icahn Takes Stake in HP, Pushes for Xerox Merger
Activist investor Carl Icahn has purchased roughly $1.2 billion in HP Inc. stock. Icahn is now pushing the personal computer maker to merge with printing giant Xerox. Icahn now owns a 4.2% stake in HP. He also owns 10.6% of Xerox.
The New Geneva AI Tool Automatically Learns How to Evade Censorship
In the arms race to implement (and avoid) censorship, David has a new tool against Goliath. It’s called Genetic Evasion, or Geneva for short.
Censoring regimes and authoritarian governments are all the time developing new and sophisticated online means to implement their censorship laws. Manual methods of circumventing censorship have been slow and ineffectual. But the AI-based Geneva tool will change the balance in favor of the researchers and protesters.
Paypal Blocks Payments to PornHub Models; Cryptos See Opportunity
Pornhub is up in arms against PayPal for suddenly blocking payments to its 100,000 models.
“We are all devastated by PayPal’s decision to stop payouts to over a hundred thousand performers who rely on them for their livelihoods,” said a notice today on Pornhub.
It appears PayPal has assigned no reason for suddenly getting religion on the subject of model payouts.
Bank-branded Checking Accounts Soon from Google
Google is partnering with Citigroup and the Stanford Federal Credit Union to offer checking accounts by next year.
Checking accounts. That all-important banking bastion may fall as cashed-up, data-heavy, and user-rich techs muscle into finance. Google’s Cache project will launch the search giant’s thrust deeper into banking with an offer of checking accounts, according to a report in the Wall Street Journal.
These Funds Were the Biggest Laggards in 2019
In a raging bull stock market, the biggest losers in 2019 were obviously funds that were short, or bet on volatility.
A Morningstar compilation of the 20 top loser funds or ETNs over 2019 through to November 2019 showed that, on average, they lost over 8% during the period.