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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Citadel Launches Zurich Office (And People on the Move)
Hedge fund Citadel is launching a new office in Zurich. The new space will host its marketing-arm, Citadel Securities, according to the firm. This division is one of the world’s top shops for high-frequency trading.
Paying Off Student Loan Debt Most Significant Life Milestone for 35% of Millennials
Millennials valued paying off their student loans even more than buying a house or starting a family. That’s a finding on student loan debt from a survey by personal finance company SoFi of over 1,000 Americans aged from 22 to 35.
Richard Grossman: Preparing for Shareholder Activism On Your M&A Deal
Richard Grossman, a partner in Skadden’s M&A practice, has advice on tackling activist hedge funds during an M&A transaction.
SEC Extends EGC Rule, Modernizes ETF Rules
The SEC announced Wednesday it had adopted new rules that extend the “test-the-waters” accommodation.
Burning Through Cash, WeWork Turns to Goldman
Is WeWork running out of money? According to Bloomberg, WeWork (or We Co.) burning through the green stuff at a torrid pace.
What’s the Matter With Chinese Private Equity?
Chinese private capital dealings slumped dramatically in the first half of the year. A new report from the Emerging Market Private Equity Association reveals startling figures on the state of the Chinese market.
Blackstone Chief Schwarzman: Private Assets Valuations Too High, Bubble-like
Stephen Schwarzman, the co-founder, chairman, and CEO of the Blackstone Group said dot.com like conditions prevailed in the startup industry. He said asset valuations had reached bubble-like proportions and that there could be a painful reckoning of losses from investing in companies such as Uber and WeWork.
GSAM European ETF Ready for Lift Off
The GSAM European ETF is a sign that Goldman Sachs expanding its role on the passive investing craze. Here’s the latest news on the ETF launch on Thursday.
Goldman CEO David Solomon: Time for ESG Investing to Go Mainstream
Goldman CEO David Solomon said that financial institutions need to push ESG investing into the mainstream. During a talk at the Bloomberg Global Business Forum, Solomon encouraged advisers to ramp up conversations with clients about climate change and the associated exposure.
eVestment: August 2019 Redemptions Top $6.5 Billion
August 2019 redemptions from hedge fund hit $6.51 billion for global hedge funds, according to eVestment’s newest asset flows report. The additional outflows drove the total withdraws from hedge funds to negative ($63.61) billion in 2019.
The DailyAlts Playbook – September 26, 2019
THE DAILYALTS PLAYBOOK September 26, 2019 Today, the DailyAlts Playbook talks topics like the wave of activist adventures, the (temporary) end of diversity on the ECB, and why Josh Brown wants Altria Group to vanish from the markets like vaping smoke. PRIME OVERVIEW Good morning, The Dow Jones is up about 51 points today as…
Big-Name Institutional Investors Join Hands for Carbon-Neutral Portfolios by 2050
Announced at the UN Secretary-General’s Climate Action Summit in progress in New York, the Alliance will address climate change and low-carbon portfolios.
REIT CBL & Associates Attracts Activist Investor
Beleaguered mall REIT CBL & Associates Properties (CBL) has attracted an activist investor. Mall REIT CBL & Associates could face pressure in the board room. Noted distressed debt and restructuring investor Michael Ashner has filed a 14D stating that he now owns 5.97% of the REIT. In the filing, Ashner says his firm “purchased the…
EQT Partners Stock Pops 25% in Debut
The markets are cheering the IPO of the private equity firm. EQT Partners stock surged more than 25% on the first day of trading in Stockholm. The firm now has a valuation of more than $8 billion. Private equity firms have sometimes struggled to gain investor acceptance. Perhaps this is a sign that investors are…
Juul Labs CEO Kevin Burns Steps Down (And Other People on the Move) – September 26, 2019
Juul Labs CEO Kevin Burns Departs the Business He Co-Founded Juul Labs CEO Kevin Burns stepped down Wednesday from his role. The announcement comes as merger talks between Altria and Phillip Morris collapsed. The ongoing moral panic about vaping products has fueled negative headlines for the company and other industry participants. With Washington D.C. holding…
Altria and Philip Morris call off $200B merger; Juul’s CEO replaced by Altria Exec
Juul, the maker of e-cigarettes, had its CEO replaced amidst the current controversy surrounding its products.
A string of deaths, apparently due to the use of e-cigarettes, led Juul to cease product advertising and government lobbying. At least nine deaths have been attributed in recent months to vaping and e-cigarettes. The Centers for Disease Control reported 530 cases of lung injuries tied to vaping.
Elliott Management Tells Marathon Oil to “Split Into Three”
Paul Singer owned Elliott Management, an activist investor, sent a letter and presentation to Marathon Petroleum.
Elliott Management demanded of Marathon’s board that the company split into three separate businesses, thereby unlocking value worth $22 billion.
Australian Watchdog Orders Audit of Paypal for Lapses in Money Transfers
Austrac suspects that Paypal had not met reporting obligations regarding anti-money laundering and counter-terrorism financing laws. An external auditor will conduct Austrac’s audit of Paypal and report to Austrac within 120 days. However, Paypal will pay for the audit.
Activist Investors Push Out eBay CEO Devin Wenig
CEO cites disagreements with his board as activist pressures intensify Activist investors have pushed out CEO Devin Wenig. In a Tweet marked Wednesday, Wenig cited disagreements with fellow board members over the company’s future. “In the past few weeks it became clear that I was not on the same page as my new Board,” he…
Some Hedge Funds and Airlines to Gain from Thomas Cook’s Collapse
Hedge funds that used credit default swaps to bet on Thomas Cook’s collapse will make a lot of money.
The 178-year old travel operator, Thomas Cook’s collapse, will lead to the loss of 21,000 jobs. Besides, more than 150,000 tourists are stranded across the world at vacation spots.
WeWork CEO Adam Neumann Steps Down; Company May Cut 5,000 Jobs
WeWork’s founder and chief executive officer has stepped down as CEO but will continue as non-executive chairman.
WeWork’s Adam Neumann said he had decided it was in the best interest of the company to step down as chief executive.
Neumann said the business was strong but that he was distracted by the intense media scrutiny directed at him.
WeWork CEO Neumann facing boardroom coup?
WeWork CEO Adam Neumann may be forced out if some members of his company’s board have their way, reports Bloomberg.
According to unnamed sources, SoftBank Group head honcho Masayoshi Son was pushing for Neumann’s exit.
Elliott Management Bulking Up on Cash
Paul Singer’s Elliott Management, fearing a market meltdown, is raising fresh money from investors.
The activist investor could raise a war chest of $5 billion, according to an investor.