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☆ Hedge funds are reeling from some of the worst outflows since the Great Recession and managers are shunning Wall Street – even as a bull market reigns
▼ + stars: | 2023-07-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

For twelve consecutive months, the sector has experienced net outflows – coupled with the worst May since 2009. The industry's total Wall Street exposure has fallen to the lowest in over 10 years – despite US stocks enjoying a remarkable 2023 bull run. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "The net outflow in May 2023, while not generally large, was the largest net outflow value we've seen." "Attempting to be blunt…there was little evidence of meaningful new interest in hedge funds in May."

Persons: Peter Laurelli, Laurelli, Alison Savas Organizations: Service, Nasdaq, Research, Financial Times, Antipodes Partners, Nvidia Locations: Wall, Silicon, Australia, Europe

☆ Explainer-Why is the U.S. SEC reforming money market funds?
▼ + stars: | 2023-07-12 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

WHAT ARE MONEY MARKET FUNDS? All the major asset managers and bank groups, including BlackRock, Vanguard, Fidelity and Goldman Sachs offer money market funds. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. The agency has made changes to primarily address concerns about “prime” and tax-exempt money market funds, which are particularly susceptible to runs in times of stress. In addition, some money market funds would be required to impose a discretionary liquidity fee if the fund’s board deems it’s necessary.

Persons: Andrew Kelly, Goldman Sachs, It’s Organizations: WASHINGTON, U.S . Securities, Exchange Commission, SEC, Washington , D.C, REUTERS, U.S, Vanguard, Fidelity, U.S . Treasury, Treasury, Federal Reserve, redemptions Locations: Washington ,, BlackRock

☆ US SEC scraps contentious pricing proposal in final money market fund reforms
▼ + stars: | 2023-07-12 | by ( John Mccrank | ) www.reuters.com time to read: +3 min

Money market funds saw massive outflows in March 2020 at the onset of the COVID-19 pandemic, prompting the U.S. government to intervene to stabilize them. The panic was reminiscent of 2008 when a run on money market funds threatened to freeze up global markets and prompted the government to backstop the sector. Critics have said money market funds, which are a key source of short-term corporate and municipal funding, now enjoy an implicit government guarantee. In December 2021, the SEC proposed new liquidity requirements for money market funds, as well as scrapping redemption fees and restrictions. "I believe that liquidity fees, compared with swing pricing, offer many of the same benefits and fewer of the operational burdens."

Persons: Gary Gensler, John McCrank, Douglas Gillison, Michelle Price, Nick Zieminski, Emelia Organizations: YORK, U.S . Securities, Exchange Commission, SEC, BlackRock, Vanguard, Fidelity, U.S, Securities Industry, Financial Markets Association, Investment Company Institute, U.S . Chamber of Commerce, Thomson

☆ EU watchdog calls for early adoption of stablecoin standards
▼ + stars: | 2023-07-12 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, July 12 (Reuters) - The European Union's banking watchdog urged stablecoin issuers on Wednesday to voluntarily comply with 'guiding principles' on managing risks and protecting consumers ahead of mandatory rules due in a year's time. The European Banking Authority (EBA) published on Wednesday for public consultation its first batch of measures to flesh out MiCAR requirements for issuing a stablecoin that would come into force on June 30, 2024. Separately the EU's European Securities and Markets Authority (ESMA) set out draft rules for so-called crypto asset service providers (CASPs) who trade cryptocurrencies. EBA will issue a second batch of draft rules in October that focus on capital requirements for stablecoin issuers, and how firms should deal with stablecoin redemptions in stressed markets. Reporting by Huw Jones; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: stablecoin, Huw Jones, Paul Simao Organizations: EU, Crypto, European Banking Authority, European Securities and Markets Authority, unbacked, Thomson Locations: unbacked cryptoassets

☆ Explainer: Why is the U.S. SEC reforming money market funds?
▼ + stars: | 2023-07-12 | by ( Michelle Price | ) www.reuters.com time to read: +3 min

Persons: Goldman Sachs, It's, Michelle Price Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Vanguard, Fidelity, U.S . Treasury, Treasury, Federal Reserve, redemptions, Thomson Locations: BlackRock

☆ SEC to vote on new money-market rules Wednesday that industry opposes
▼ + stars: | 2023-07-12 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

The SEC is expected to vote on new rules for money-market funds Wednesday. Increase in liquidity requirements Most money market funds invest exclusively in cash or government securities. Some, known as "prime" money market funds, also invest in commercial paper. All are subject to liquidity requirements (some assets have to be readily convertible to cash), including levels of daily and weekly liquidity requirements. The Securities Industry and Financial Markets Association (SIFMA), an industry trade group, wrote to the SEC, expressing "substantial concerns" about the liquidity requirements.

Persons: Jon, Luc Dupuy, SIFMA, Kenneth Bentsen, Brad Sherman, Sherman, Dupuy, redemptions Organizations: SEC, Federal, Bloomberg, CNBC, Asset Management, Investment Funds, Securities Industry, Financial Markets Association

The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. A bankruptcy court appointed a mediator in April to help Genesis, DCG and its creditors agree on a restructuring plan, but the parties have yet to reach a deal despite several extensions. Under the offer, DCG would retain the proceeds from the sale of Genesis' lending unit. If Silbert and DCG do not agree, Gemini will sue Silbert and DCG, and file a motion to place DCG in default and demand immediate debt repayments, Winklevoss said.

Persons: Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Cameron Winklevoss, Winklevoss, DCG, Mark Zuckerberg, Silbert, ” Winklevoss, Hannah Lang, Dietrich Knauth, Michelle Price, Matthew Lewis Organizations: Digital Currency Group, Gemini, U.S, Olympic, Reuters, Genesis, Meta, Facebook, Thomson Locations: Connecticut, Washington

☆ UK regulator orders investment funds to manage liquidity better
▼ + stars: | 2023-07-05 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

The suspension of property funds in Britain and difficulties faced by liability-driven investment funds last September have thrown a spotlight on the ability of asset managers to drum up enough cash to meet investor redemptions or collateral calls. The watchdog said its review of asset managers found that while some firms showed very high standards, most fell short in some aspects of liquidity management, with a minority having inadequate frameworks to manage liquidity risks. "As things stand, gaps observed in liquidity management could lead to a risk of investor harm," the FCA said in a statement. The watchdog had already asked firms to review their liquidity arrangements back in 2019, and boards of asset managers should study the findings of the review, the FCA said. Asset managers should also perform liquidity stress testing diligently, and use liquidity management tools appropriately, it said.

Persons: Huw Jones, Mark Potter Organizations: Authority, Thomson Locations: Britain

☆ Regulators tighten screw on investment fund redemptions
▼ + stars: | 2023-07-05 | by ( Huw Jones | ) www.reuters.com time to read: +3 min

Central banks had to inject liquidity into markets in March 2020 during COVID-19 lockdowns as money market funds struggled in the face of a "dash for cash" to meet promises of daily redemptions. Property funds aimed at retail investors have also been offering daily redemptions and some have faced multiple suspensions in recent years due to market turbulence. For funds that invest over 50% in liquid assets, daily dealing would remain appropriate. Funds that invest mainly in less liquid assets could still offer daily redemptions if they can show regulators an ability to use specified "anti-dilution" liquidity management tools (LMTs), or else they must tighten redemption terms, the FSB said. LMTs include being able to deduct a fee from redemptions to end "first-mover advantage", or investors who rush for the exits leaving those remaining worse off.

Persons: IOSCO, Martin Moloney, Huw Jones, David Holmes, Christina Fincher Organizations: Industry, IMF, ICI, Thomson Locations: COVID, redemptions

☆ Ghost of Silicon Valley Bank turns up in Italy
▼ + stars: | 2023-07-04 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

The rapid collapse of Silicon Valley Bank earlier this year was largely down to an ill-advised bond portfolio and liabilities that were less sticky than assumed. While Italy’s Eurovita isn’t a bank, its demise has some similarities with events across the Atlantic. Eurovita, whose 2022 balance sheet was only about 15 billion euros, chiefly offered life insurance products that guaranteed policyholders’ invested capital and a fixed annual return. Follow @LJucca on TwitterCONTEXT NEWSItaly’s top four insurers and Germany’s Allianz have agreed a multibillion-euro rescue deal for ailing life insurer Eurovita, industry supervisor IVASS said on June 30. The deal also involves banks that sold the insurance products through their networks.

Persons: policyholders ’, Cinven, Intesa, redemptions, Eurovita, Marco Sesana, weren’t, IVASS, George Hay, Oliver Taslic Organizations: MILAN, Reuters, Banco, Reuters Breakingviews, Allianz, Germany’s Allianz, Thomson Locations: Silicon, Eurovita

☆ Arrival, Nikola signal more pain for EV startups
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +2 min

July 3 (Reuters) - Arrival SA will terminate plans to merge with a blank-check firm and Nikola Corp will offload its newly acquired battery unit, the companies said on Monday, amplifying concerns over the struggles electric vehicle (EV) startups face in building scale. Meanwhile, Nikola Corp (NKLA.O) will liquidate the assets of Romeo Power, an EV battery maker it acquired less than a year ago, to energize the business. In contrast, electric vehicle behemoth Tesla (TSLA.O) and California-based Rivian Automotive (RIVN.O) beat market estimates for second-quarter deliveries. Arrival had in April bet that the second reverse merger would release $283 million of cash held in trust before redemptions. The EV startup in May reported a 37% slump in cash and cash equivalent at the end of the first three months of the year, from the preceding quarter.

Persons: Nikola Corp, Romeo Power, Tesla, Van, Akash Sriram, Sriraj Organizations: Nikola Corp, Kensington Capital, Corp, Romeo, EV, CIIG Merger Corp, United Parcel Service, Thomson Locations: British, Kensington, California, Charlotte , North Carolina, Bengaluru

☆ Odey Asset Management to move Adrian Courtenay's fund to Green Ash Partners -letter to investors
▼ + stars: | 2023-07-03 | by ( Nell Mackenzie | ) www.reuters.com time to read: +1 min

LONDON, July 3 (Reuters) - Odey Asset Management is in advanced talks to move its special situations fund managed by Adrian Courtenay to Green Ash Partners, said a letter to investors dated July 3. Green Ash Partners is a boutique investment manager based in Switzerland and the UK with over $1 billion in assets under management, according to its website. The discussions are subject to due diligence as well as board and regulatory approvals, the letter said. "Similar discussions are ongoing in relation to other funds managed by OAM LLP and we will provide further updates about all funds in due course," the letter said. Reporting by Nell Mackenzie; Editing by Chris Reese and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Persons: Adrian Courtenay, Green, Crispin Odey, Odey, Nell Mackenzie, Chris Reese, Leslie Adler Organizations: Odey, Management, Green Ash Partners, redemptions, Financial Times, Tortoise Media, Thomson Locations: Switzerland

☆ Barclays seeks to stop being corporate banker to Odey Asset Management, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. OAM and Barclays did not immediately respond to a Reuters request for comment outside usual office hours. FT also reported earlier that the FCA had restricted the movement of cash and assets from OAM to restore order at the firm. Letters to OAM investors last week showed the manager has proposed to restructure two of its key funds as part of efforts to extract Crispin Odey from the business after the assault allegations.

Persons: Crispin Odey, Odey, AJ Bell, Hargreaves Lansdown, Goldman Sachs, Morgan Stanley, Rishabh, Kevin Liffey, David Holmes Organizations: Barclays, Odey Asset Management, Financial Times, redemptions, Tortoise Media, Sunday Barclays, Financial, Authority, FT, JPMorgan, Thomson Locations: British, Canada, Halifax, Bengaluru

☆ Italy's top insurers, banks strike Eurovita rescue deal
▼ + stars: | 2023-07-01 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

MILAN, June 30 (Reuters) - Italy's top four insurers and Germany's Allianz (ALVG.DE) have agreed a multi-billion euro rescue deal for Eurovita, industry supervisor IVASS said on Friday after months of work to broker an accord which also involves 25 banks. Earlier this year, Eurovita became the first Italian insurance company to be placed under special administration, after running into trouble due to higher interest rates. Insurers Generali (GASI.MI), Intesa Sanpaolo Vita (PST.MI), Poste Vita (PST.MI), UnipolSAI (US.MI) and Allianz will set up a new company that will take on Eurovita life insurance policies. To prevent the five insurers from being hit by redemptions once the ban is lifted, banks that sold Eurovita the products are participating in the rescue. The lenders will provide financing to repay Eurovita customers who redeem their policies, while holding the underlying bonds to maturity and neutralising any losses.

Persons: IVASS, Eurovita, redemptions, Intesa, Vitale &, Gatti Pavesi Bianchi, Valentina Za, Alvise Armellini, Alexander Smith Organizations: MILAN, Germany's Allianz, Allianz, Banco, Credit Agricole, Thomson Locations: Eurovita

☆ EU leaders push to fund Ukraine with proceeds from Russia's frozen assets
▼ + stars: | 2023-06-29 | by ( Jan Strupczewski | Thomson Reuters | Jan Is The Acting Bureau Chief In Brussels. He Has Been Covering European Union Policy | ) www.reuters.com time to read: +2 min

BRUSSELS, June 29 (Reuters) - European Union leaders will push senior officials on Thursday to find legal ways to funnel proceeds from billions of dollars of frozen Russian assets into projects helping rebuild Ukraine, papers showed. The bloc has said it froze more than 200 billion euros ($218.2 billion) of Russian central bank assets in reaction to Moscow's invasion of Ukraine in February last year. Another 30 billion euros of Russian oligarchs' private assets were also immobilised. The EU also needs to establish where to keep any proceeds from the Russian assets and how to disburse them. Belgium's Euroclear, which settles transactions and safeguards assets, said blocked coupon payments and redemptions boosted its balance sheet by 88 billion euros year-on-year by the end of March to 140 billion euros.

Persons: Kaja Kallas, Belgium's, Ursula von der Leyen, Jan Strupczewski, Philip Blenkinsop, Andrew Heavens Organizations: Union, Kremlin, European Council, High Representative, Commission, EU, Ukraine, Thomson Locations: BRUSSELS, Ukraine, Russian, Brussels, Estonian, Russia, EU, United States, Canada, Britain, Japan

Read our review Read Our Review A looong arrow, pointing rightThe Ink Business Preferred® Credit Card offers a huge welcome bonus and solid earning and benefits for a moderate annual fee. Chase Ink Business Preferred Review: Is It the Best Credit Card for You? Read our review Read Our Review A looong arrow, pointing rightChase Ink Business Preferred Annual Fee and Other CostsThe Ink Business Preferred® Credit Card has a $95 annual fee, but if you can take advantage of the bonus categories and benefits, it's well worth it. The Ink Business Preferred® Credit Card is a small business card, so you must have a business (even a part-time one, or a side gig) to qualify. Methodology: How We Reviewed the Chase Ink Business PreferredThe credit card experts at Insider reviewed the Ink Business Preferred® Credit Card in comparison to other small-business cards with similar annual fees and features.

Persons: You'll, We're, Chase, Cash, I'd, you'll, aren't, you've, It's Organizations: Reading Chevron, Chase, Shipping, Chevron, Ink, Apple, Chase Ink, Cell, Business, Chase Sapphire, Chase Sapphire Reserve

☆ 6 reasons why the Capital One Venture X is worth the annual fee
▼ + stars: | 2023-06-28 | by ( Holly Johnson | ) edition.cnn.com time to read: +9 min

Still, I decided to keep the Capital One Venture X when the annual fee was charged again in December. The $300 annual travel credit is easy to useYou can book airfare on most major airlines with the Venture X's travel credit. The Venture X offers lots of airport lounge optionsThe Capital One Lounge at Dallas Fort Worth International Airport (DFW) airport. Getty ImagesThe Capital One Venture X offers some solid earning rates for travel booked through Capital One Travel. Anyone with am eligible rewards-earning Capital One credit card — including no annual fee cards like the Capital One Quicksilver Cash Rewards Credit Card and the Capital One VentureOne Rewards Credit Card — are also eligible to use the platform.

Persons: Emily McNutt, I’ve, Taylor, Taylor Swift Organizations: CNN, American Express, Capital, Venture, Getty, Venture X, Dallas Fort Worth International, Chase, Denver International, Dulles International, Chase Sapphire Reserve, Air France, KLM, Blue, British Airways Executive Club, American, 55,000, Air, Ticketmaster, Capital One Entertainment, Entertainment Locations: Bruges, Belgium, DFW, Dallas, Denver, Washington, airfare, Newark, Budapest, Paris, Air France

☆ World of Hyatt Business Credit Card review
▼ + stars: | 2023-06-27 | by ( Holly Johnson | ) edition.cnn.com time to read: +15 min

Best for: The World of Hyatt Business Credit Card is best for those who travel for business and want to redeem rewards for Hyatt hotel stays around the world. The World of Hyatt Business Credit Card earns World of Hyatt points, which are more valuable than hotel points from competing brands. While business owners can earn World of Hyatt points just for being a member and staying with the brand, the World of Hyatt Business Credit Card helps accelerate their earnings. Other business cards to compare to the World of Hyatt Business Credit CardCompare the World of Hyatt business credit card to other business credit cards on the market. If you are pretty set on earning World of Hyatt points but you’re not quite sure about this business credit card, you can also look into the personal World of Hyatt Credit Card.

Persons: Hyatt, Chase, Guy, Hilton, cardholders, Kitts Christophe, Marriott Bonvoy, isn’t, Cash, you’ll, you’re Organizations: CNN, American Express, Hyatt Business, Card, Hyatt, Hyatt Centric Chicago, Hilton Honors, Marriott, . Shipping, Local, Social, Gas, Hyatt Business Credit, Citi, Citi Premier, Expeditions, Getty, Chase, Ink, Hilton Honors American Express, Hyatt Credit, Miraval Resorts Locations: Hyatt St, Kitts, Kitts Christophe Harbour, Hyatt, Cana

☆ Costco Anywhere Visa Business Card by Citi review
▼ + stars: | 2023-06-22 | by ( Holly Johnson | ) edition.cnn.com time to read: +13 min

Digging into the Costco Anywhere Visa Business CardThe Costco Anywhere Visa Business Card earns bonus cash back on gas, both at Costco and other gas stations. iStockThe Costco Anywhere Visa Business Card is a business credit card that’s geared to small business owners and entrepreneurs, yet it works best for Costco members who already pay for a membership. Advantages of the the Costco Anywhere Visa Business CardCostco only accepts Visa credit cards in its stores, so the Costco Anywhere Visa Business Card is a good choice for business owners who shop at the wholesale store. Stacking the Costco Anywhere Visa Business Card up against our benchmarkCNN Underscored uses the Citi® Double Cash Card as our “benchmark” credit card. Remember, you don’t have to commit to carrying the Costco Anywhere Visa Business Card as your only business credit card.

Persons: Cash Organizations: CNN, American Express, Costco, Citi, EV, Costco Gold Star, Card Costco, Citi Entertainment, Cash, Citi Premier ℠, ℠, Mastercard, Chase, Ink, Visa, Capital, Venture Locations: U.S, New York

☆ With more than $1 billion in deals in the works, Wall Street is poised to get back into the home buying game
▼ + stars: | 2023-06-21 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

Wall Street landlords raised $110 billion to buy homes but have had a quiet year. One large transaction, and one large listing, could signal that investors are ready to start buying. The single-family rental market, a popular playground of Wall Street landlords in 2020 and 2021, has been in a deep-freeze for the last year. Rising borrowing costs and a shakier housing market halted most transactions, leaving idle much of the $110 billion raised to buy homes. The company, which was valued at nearly $2 billion last year, says it has facilitated more than $5 billion in deals.

Persons: dealmaking, Goldman Sachs, Don Mullen, DR, Barry Sternlicht's, redemptions, Gary Beasley, Roofstock, Allison Arest, Topping, Beasley, Morgan Stanley's, Ellen Zentner, Jay Powell, LeMaistre, everybody's Organizations: Bloomberg, Barry Sternlicht's Starwood Group, Fed Locations: Beach

☆ The Grayscale Bitcoin Trust is getting a boost from BlackRock. Here's what you need to know
▼ + stars: | 2023-06-20 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The Grayscale Bitcoin Trust (GBTC) , which has long traded at a steep discount to its net asset value, rose 12.8% on Friday after BlackRock filed to launch a spot bitcoin ETF. GBTC 5D mountain The Grayscale Bitcoin Trust has rallied more than bitcoin in recent days. The proposed BlackRock fund would also use Coinbase as a custodian for cryptocurrency, even though Coinbase was recently sued by the SEC . "If BlackRock is getting an ETF, I would want to own the BlackRock ETF. Wilshire Phoenix's wShares has a pending registration filing for its own bitcoin trust, but that product is not an ETF.

Persons: bitcoin, Bryan Armour, Armour, Coinbase, Gary Gensler, Pat Tschosik, Ned Davis, Tschosik, GBTC, William Cai, Cai Organizations: BlackRock, Securities, Exchange Commission, SEC, North America, Morningstar, Ned, Ned Davis Research, NDR, wouldn't, Wilshire Locations: BlackRock, bitcoin, Wilshire Phoenix, GBTC

☆ Bank of England launches first sector-wide liquidity 'stress test'
▼ + stars: | 2023-06-19 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, June 19 (Reuters) - The Bank of England has launched its first system-wide liquidity 'stress test' to establish how big banks, insurers, clearing houses and investment funds respond collectively during extreme stresses in markets, it said on Monday. The BoE had said in December that investment funds and other non-bank financial institutions would face their first 'stress test' to apply lessons from the near-meltdown in Britain's pension fund sector in September. Liability-driven investment (LDI) funds, used by pension funds to ensure their long-term payouts, struggled to meet collateral calls after turmoil caused by the fiscal plans of Liz Truss's short-lived government in September. Money market funds also came under "dash-for-cash" pressure during market stresses following economy lockdowns to fight COVID-19 in 2020. "The exercise is not a test of the resilience of the individual firms participating.

Persons: The BoE, BoE, Jon Cunliffe, Liz Truss's, lockdowns, COVID, Huw Jones, Emma Rumney, Kirsten Donovan Organizations: Bank of England, Money, Thomson

☆ Father’s Day Used to Remind Me of What I Didn’t Have - The New York Times
▼ + stars: | 2023-06-17 | by ( Esau Mccaulley | ) www.nytimes.com time to read: +2 min

If life is our most precious gift, then time — the chance to learn and grow — is a close second. Relocation for education and later for work meant that I often had to cheer and pray for him from a distance. This Father’s Day, I probably will get a present or two from our older children and handmade cards from the younger ones. It is a joy to receive those cards because they represent the full extent of her skills at the moment of composition. I had to begin with the skills I had and grow into a role that was more complex and difficult than I imagined.

☆ Capital One Venture X credit card review
▼ + stars: | 2023-06-13 | by ( ) edition.cnn.com time to read: +19 min

Digging into the Capital One Venture XThe Capital One Venture X provides valuable benefits to frequent flyers. Getty ImagesThe Capital One Venture X credit card debuted in November 2021 and turned of heads for those looking for a premium travel rewards credit card. Advantages of the Capital One Venture XEarn miles toward a beautiful beach vacation with the Capital One Venture X. iStockAs a new premium credit card, the Capital One Venture X has a lot to offer. Stacking up the Capital One Venture X against our benchmarkCNN Underscored has chosen the Citi Double Cash card as our current “benchmark” credit card. Other credit cards similar to the Capital One Venture XCompare the Capital One Venture X to other premium travel credit cards before you apply.

Persons: that’s, you’ll, — you’ll, Air Canada Aeroplan, That’s, you’re, Guy, Emily McNutt Organizations: CNN, American Express, Capital, Venture, PreCheck, Fort, Dulles, Hertz President’s, British Airways, Airlines Aeromexico Club Premier Cathay Pacific Asia Miles Qantas Frequent Flyer Air Canada, Emirates Skywards Singapore Airlines KrisFlyer Air France, KLM Flying Blue Etihad Airways, TAP Air Portugal Miles, Airlines Miles & Smiles British Airways Avios, Wyndham, British Airways Executive Club, Air Canada, United Airlines, Emirates, Singapore Airlines, Citi, Cash, Citi Premier, Accident Insurance, Chase, Express, Chase Sapphire, Rapid, Hyatt Locations: Dallas, Fort Worth, DFW, Denver, Washington, American, Alaska, Asia, Europe, Chicago

☆ Odey Asset Management freezes funds as clients pull money, prime brokers flee
▼ + stars: | 2023-06-13 | by ( Nell Mackenzie | ) www.reuters.com time to read: +3 min

LONDON, June 13 (Reuters) - Odey Asset Management (OAM) is closing one fund and restricting money clients can pull from another, two investor letters showed, just as the hedge fund was scrambling on Tuesday to keep its prime brokers from ending vital relationships with the firm. Odey Asset Management has closed its Odey Swan Fund and is restricting the money clients can pull from its Brook Developed Markets Fund, according to investor letters seen by Reuters. An OAM spokesperson declined to comment but confirmed the letter about the Brook Developed Markets Fund and was not immediately available to respond to a request about the closure of the Swan Fund. He did not respond when contacted by Reuters on Tuesday about either the Brook or Swan fund. Brook Developed Markets Fund is open to retail investors and had about $216 million, as of the end of February, the latest data from Morningstar showed.

Persons: Crispin Odey, Odey, Goldman Sachs, Morgan Stanley, Swan, Nell Mackenzie, Dhara Ranasinghe, Elisa Martinuzzi, Susan Fenton Organizations: Odey, Management, Financial Times, Tortoise Media, Reuters, JPMorgan, Swan, Swan Fund, Morningstar, Thomson

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