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.
Top Story
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.
Get Daily Updates
Subscribe to DailyAlts Today to get Alternative Investment news, insight, and commentary delivered straight to your inbox every day.
More Stories on News
Accenture: Global Fintech Investments Plunge in H1 of 2019
The US-China trade war took a toll on global fintech investments, which slumped 29% in the first half of the year.
According to a report from consulting firm Accenture, fintech deals across the globe in the first half of 2019 amounted to $22 billion, sharply lower than $31.2 billion in the same period in 2018.
The number of deals was higher by 2% to 1,561 this year, however.
EU Member States Harder on Crypto Assets
Do cryptocurrencies present a more significant risk to individual EU states than to Brussels?
It would seem so, because many European countries have implemented crypto regulations that are stricter than the EU’s Fifth Anti-Money Laundering Directive, which came into force in July 2018.
Negative Interest Rates: Danish Bank Unit Pays Interest to a Borrower
For the first time in its history, Realkredit Danmark, a lending unit of the Danske Bank Group, has had to pay out interest on a loan taken by a customer
A fallout of the negative interest phenomenon, more such events are expected where a lender pays out interest to a borrower (rather than the other way round, as in the case of positive interest rates).
Listed Lending Platform Funding Circle Hits $10 Billion in Funds Issued
Listed lending P2P platform Funding Circle, headquartered in London, has surpassed the magic figure of $10 billion in funds loaned
Launched in 2010, Funding Circle is the first P2P platform to be listed in the UK.
30-Year Treasury Bond Slumps Under 2% for First Time
Markets fear a global recession. The old reliable 30-year bond just hit an all-time low. The 30-year treasury bond just hit an all-time low. While the Dow slumped 800 points Wednesday, the 30-year bond dropped under 2% for the first time in history. We witnessed a drop to 1.991% during Asian trade. It’s also the…
That iconic Mustang from Bullitt may set a new muscle car record at 2020 auction
Mecum’s 2020 Kissimmee auction in January will notably feature the 1968 Ford Mustang driven by Steve McQueen in the movie Bullitt.
This would be the first time the renowned car will feature in an auction after it was miraculously found intact in Tennessee 18 months ago.
According to Dana Mecum, company president and founder, the Mustang might well pull past the previous American muscle car record of $ 3.5 million held by a 1971 Plymouth Hemi Cuda convertible. Considering the highest auction price for a Mustang so far has been $ 2.2 million for a 1967 Shelby GT500 Super Snake, that would be quite an achievement.
Harry Markopolos: GE Operating $38B Accounting Scam
Markopolos working with an unnamed hedge fund that is shorting GE
Harry Markopolos is an accounting expert reputed for exposing Bernie Madoff’s Ponzi scheme.
On Thursday, Markopolos released a 170-page report that alleged various accounting irregularities at GE. The report says that many of GE’s filings with regulators could be inaccurate and fraudulent.
Cambridge Taps Tilly Franklin as New Endowment CIO
Franklin replaces Nick Cavalla, who left in 2018 for Talisman Global Asset Management. Tilly Franklin is the new CIO of the University of Cambridge’s £3.2 billion endowment fund. The role shouldn’t bring any surprises to Franklin. She has been on the school’s investment board since 2014 and is an alumna. She assumes the CIO role…
Softbank-Backed Brazilian Fintech Looks to Boost Resources and Innovation
São Paulo-based secured lending platform Creditas announced a $231 million funding round on July 10 that values the fintech at $750 million.
The funding round is led by SoftBank Group. Existing investors Vostok Emerging Finance, Santander InnoVentures and Amadeus Capital will also participate.
Lapis Advisers Pressures University on Technical Default
Bethune-Cookman University, in technical default on bonds worth $17 million, is under fire from hedge fund Lapis Advisers, the largest holder of those bonds
Lapis Advisers and bond trustee U.S. Bancorp are alleged to be pressuring the college for a first mortgage on its property worth about $161 million, as part of a forbearance agreement with tenure until December.
Pershing Square Bets on Warren Buffett
Bill Ackman’s secret investment we discussed last week was just a big bet on Berkshire Hathaway Pershing Square Capital Management has made a passive investment on Warren Buffett. A new SEC filing disclosed a 3.5-million stake in Berkshire B shares during the second quarter. Reuters reports it’s a passive investment for Ackman’s firm. As of…
P2P lending platform Mintos Clocks Over €3 Billion in Loans Given
Mintos is stepping up the pace on its lending activities with over €1 billion in loans advanced since April of this year
The platform provides a large cross-section of loans through 65 loan originators. Most of these loans are in the consumer category, though loan types such as agro, business, and invoice financing are also available.
Softbank Vision Fund Makes its Maiden Investment in an Energy Firm
Softbank’s Vision Fund, known for its massive bets on tech companies such as Uber, WeWork and Slack, has invested $110 million in Swiss energy startup Energy Vault.
Energy Vault pioneered the storage of renewable energy using recycled concrete blocks built into a tower.
Argentina’s Stock Rout Hammers Newfoundland Capital Management
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
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
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…
RBC Junior Analyst Bill Tsai Faces Insider Trading Charges
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…
Gerardus Vos Leaves Barclays to Run BAML Fintech Team
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…
Why Investors are Flocking to Private Markets Despite the Risk
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
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
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
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…
The Death of Sears – We’re Well Past 1,000 Cuts
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 Falters in Sweden
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…