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☆ Investors pile into cash but "no equity capitulation" - BofA
▼ + stars: | 2023-03-17 | by ( Lucy Raitano | ) www.reuters.com time to read: +2 min

REUTERS/Henry Nicholls/File PhotoCash funds saw a “huge” inflow of $112.7 billion in the latest week, BofA said, citing EPFR data. Inflows into cash for the first quarter of 2023 are on course to be the highest since the second quarter of 2020, BofA said. Meanwhile, equity funds saw a “tiny” weekly outflow of $26 million, and investors pulled $2.3 billion from bonds and put $600 million into gold. The turmoil in markets has spooked investors, but BofA said equity flows had been unchanged week-on-week and there was “no equity capitulation”. There was a “flight to quality” in fixed income according to BofA, with $9.8 billion poured into Treasuries - the largest weekly inflow since May 2022.

REUTERS/Brian Snyder/File PhotoLONDON, March 15 (Reuters) - Investment managers Bridgewater Associates, Millennium Management and Marshall Wace added to short positions on European banking shares after the collapse of Silicon Valley Bank sparked contagion fears across global banks, according to data from Breakout Point. Short sellers had amassed bearish positions worth more than $15.7 billion against European banks by Tuesday, according to S&P Global Market Intelligence. Millennium Management, Citadel, Wellington Management, Capital Fund Management, Odey Asset Management and Marshall Wace declined to comment. Marshall Wace held the largest disclosed number of short positions against banks, public filings from Austria, Italy, Sweden, Britain, Spain and Poland analysed by Breakout Point showed. Its shares were up 18% at 1602 GMT, in a broader European banking index (.SX7P) up 1.4%In the week to Wednesday, some 120 billion euros had been wiped off the value of European bank shares.

☆ Britain to bolster the City after Silicon Valley Bank collapse
▼ + stars: | 2023-03-15 | by ( Huw Jones | ) www.reuters.com time to read: +4 min

[1/2] A person walks over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. Following the collapse of its parent company in the United States, Silicon Valley Bank's UK arm was sold to HSBC over the weekend to avoid disrupting its customers in Britain. Hunt said he would make a statement in the autumn on how the UK financial system would be strengthened. City Minister Andrew Griffith has said that an accounting rule for pension funds has become a "performance penalty" which holds back investment in Britain. The financial sector has called for faster implementation of the proposals after Amsterdam overtook London as Europe's biggest share trading centre.

Big investors including Kyle Bass and Bill Ackman argue the government must take quick action to avoid Silicon Valley Bank's collapse sparking more widespread withdrawals in the banking system. That could be determined by how hard the world's central banks continue to push interest rates higher. The market is signaling contagion could factor into the Fed's calculus, possibly prompting it to slow down the pace of interest rate hikes. Silicon Valley Financial Group was deeply woven into the fabric of the technology industry. Bass and Ackman separately warned that the government would have to move quickly in resolving Silicon Valley Bank to assure depositors.

☆ Remember when Gillian Anderson wore this exposed thong on Oscars night?
▼ + stars: | 2023-03-10 | by ( Jacqui Palumbo | ) edition.cnn.com time to read: +4 min

When she turned around, her thong was fully visible, rising up from the ultra-low Eduardo Lucero jersey dress. Gillian Anderson's fashion choices for the 2001 Vanity Fair Oscars party have become an iconic early 2000s moment. Anderson told a panel in 2016 that the thong was a last-minute decision, not a planned style choice. But when I put it on, my pubic hairs poked through the dress,” Anderson told the moderator and the audience to raucous laughter. As for the fate of the Eduardo Lucero dress, Anderson donated it to a charity auction (sans thong) to benefit research into the genetic disorder Neurofibromatoses, according to her website.

Persons: Julia Roberts, Erin Brockovich, Benjamin Bratt, “, ”, Björk, Gillian Anderson, Eduardo Lucero, Gillian Anderson's, William Conran, wasn’t, Rose McGowan, Halle Berry, Roberts, Valentino, Jennifer Lopez’s, Anderson, I’m, I’d, ” Anderson, Bella Hadid’s, Alexa Demie —, Hailey Bieber, Alexa Demie, Gregg DeGuire, Bieber, Alexander Wang, angiescully ”, Lucero Organizations: CNN, Academy, MTV, Twitter, Yahoo Locations: Paris

☆ AI might revolutionize how we borrow money. But is that a good thing?
▼ + stars: | 2023-03-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But a recent report by Credit Suisse on the use cases for both ChatGPT and AI in finance caught my eye. AI models are only as good as the data they receive, which leaves them susceptible to bias, just like humans. A top-performing hedge fund is looking to team up with one of the hottest tech tools. Izzy Englander's Millennium Management told clients that it'll expect to get paid regardless of whether the hedge fund actually makes money for its investors, according to Bloomberg. The billionaire hedge fund manager believes all signs are pointing towards a recession.

[1/3] People walk over Millennium Bridge amidst early morning fog, as the sun rises beyond the City of London financial district in the background, in London, Britain, February 8, 2023. REUTERS/Henry Nicholls/File PhotoLONDON, March 9 (Reuters) - Investors Aviva (AV.L) and M&G (MNG.L) on Thursday joined calls for Britain to press ahead with financial reforms and give high-growth sectors such as technology companies more support to keep London's markets competitive. Andrea Rossi, chief executive of asset manager and insurer M&G, said Britain needed to better support new companies to attract them to London's stock market. Rossi said while he was "bullish" on Britain's prospects, the country needed regulatory and political stability after a turbulent end to 2022. ($1 = 0.8408 pounds)Reporting by Iain Withers in London and Sinchita Mitra in Bengaluru, Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Bank of Canada and Fed head for historic divergence, in a blow to loonie
▼ + stars: | 2023-03-09 | by ( Fergal Smith | ) www.reuters.com time to read: +3 min

[1/2] A sign is pictured outside the Bank of Canada building in Ottawa, Ontario, Canada, May 23, 2017. A lower expected peak for Canadian rates has pressured the Canadian dollar against its U.S. counterpart. ,Canadian rates have peaked below U.S. rates in the three major tightening cycles since the start of the millennium, with the gap ranging between 50 and 75 basis points. "Poring over the national accounts, it's increasingly clear that interest-sensitive demand has wilted in Canada," Warren Lovely and Taylor Schleich, strategists at National Bank of Canada, said in a note after the recent GDP data. Still, there could be a limit to how much interest-rate divergence the BoC will allow, say analysts.

☆ Ken Griffin just keeps winning
▼ + stars: | 2023-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

No, 4.1 billion represents the number of dollars Ken Griffin made from his hedge fund, Citadel, in 2022 alone. Griffin made more money in one hour than the average American makes in their lifetime! Oh, and one more thing: That's not even all the money Griffin earned in 2022! I've said before you could make the case for Griffin being the most powerful person on Wall Street. And check out this fascinating profile from Insider's Dakin Campbell on Ken Griffin.

☆ Plastic entering oceans could nearly triple by 2040 if left unchecked -research
▼ + stars: | 2023-03-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Antonio BronicSINGAPORE, March 8 (Reuters) - Plastics entering the world's oceans have surged by an "unprecedented" amount since 2005 and could nearly triple by 2040 if no further action is taken, according to research published on Wednesday. Marine plastic pollution could rise 2.6 fold by 2040 if legally binding global policies are not introduced, it predicted. "We need a strong legally binding U.N. global treaty on plastic pollution that stops the problem at the source," he added. Experts said the study showed that the level of marine plastic pollution in the oceans has been underestimated. Environmental group Greenpeace said that without a strong global treaty, plastic production could double within the next 10 to 15 years, and triple by 2050.

☆ Citadel boss Ken Griffin made $4.1 billion last year, the most of any hedge fund manager in history
▼ + stars: | 2023-03-07 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Institutional Investor just released its annual rankings of the highest-earning hedge fund managers. The top 25 hedge-fund managers on the list together made $21.5 billion in 2022, the third highest total in the rankings' history. Griffin took the number one spot on the rich list for the first time in six years. Across the firm, assets under management ballooned to $53.7 billion, according to Institutional Investor. Overall, in 2022 Citadel brought in $16 billion, and returned roughly $7 billion to investors at the end of the year.

☆ ExodusPoint is on the comeback trail after a rocky 2022
▼ + stars: | 2023-03-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

It's the beginning of the month, which means a chance to see how the top hedge funds are performing. But the top dog among large multi-strategy hedge funds was ExodusPoint. Click here to check out the performance of top hedge funds like Citadel, Millennium, and Point72. Working on Wall Street is so bad this woman left to clean up crime scenes. Stacey Foyster detailed how after a decade on Wall Street in risk analysis, she opted for a career change.

☆ Ken Griffin’s hedge fund Citadel is up again in 2023 following a record year
▼ + stars: | 2023-03-03 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Ken Griffin's flagship hedge fund matched the broader market's performance in the beginning of 2023 following a record year, according to a person familiar with the returns. Citadel's multi-strategy flagship Wellington fund gained 0.7% last month, bringing its 2023 performance to 2.8% through February, the person said. This year's gain comes after a stellar year for the hedge fund, which soared 38% in 2022, marking the firm's best year ever and outperforming its largest competitor, Millennium, by more than 3 to 1. Hedge funds aim to offer downside protection during market turmoil, and Citadel managed to shine during the worst chaos in the market in years. Citadel's equities fund, which uses a long/short strategy, is up 2.4% this year, while its global fixed income fund is higher by 1.6% so far in 2023, the person said.

☆ Performance for top hedge funds including Citadel, Millennium, Point72 just dropped. An unlikely winner is at the top of the pile.
▼ + stars: | 2023-03-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +2 min

February performance figures show a mixed-bag at the top multi-strategy hedge funds. Citadel, continuing its winning streak, is up 2.8% so far, while Millennium is up just 0.5%. Some of the largest multi-strategy hedge funds had killer years in 2022 while much of the industry struggled. An unlikely winner is off to a torrid start after a challenging year in 2022: ExodusPoint is up 2.9% through February on the back of a 2% gain during the short month, according to people familiar with the matter. Citadel has continued its winning streak after record-breaking performance in 2022, up 2.8% this year, sources told Insider.

☆ Goldman Sachs' investor day led to more questions than answers
▼ + stars: | 2023-03-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

David Solomon at Goldman Sachs' 2023 investor day. All eyes were on Goldman Sachs yesterday as the bank held its second-ever investor day. The biggest news of the day was Solomon, along with other key executives, acknowledging the bank was exploring "strategic alternatives" for its consumer business. Hinting at "strategic alternatives" was something people would want to hear more about. And click here to read more about Goldman exploring "strategic alternatives" for its consumer biz.

☆ Edmond de Rothschild to open advisory office in Dubai
▼ + stars: | 2023-02-28 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, Feb 28 (Reuters) - Edmond de Rothschild Group, which specialises in asset management and private banking, said on Tuesday it is expanding its presence in Dubai with an advisory office as it looks to the fast-growing Middle East hub to cater to an affluent pool of clients. It previously had a representative office in Dubai, but said the new office will "enhance" its ability to serve clients in the region. Edmond de Rothschild plans to hire about five people in Dubai next year, a spokesperson said. A growing number of hedge funds have set up shop in Dubai, attracted by lower licensing fees and capital requirements for the industry, including Millennium Management, ExodusPoint Capital Management and BlueCrest. French private equity firm Ardian said last month it was opening an office in neighbouring Abu Dhabi, capital of the United Arab Emirates, while CVC opened an office in Dubai last year.

☆ American Girl enters the 1990s with a new set of 'historical' dolls from the not-so-distant past
▼ + stars: | 2023-02-24 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

American Girl announced its first set of twin dolls since the company's founding in 1986. The sisters are historical characters from the year 1999, and their accessories are a blast from the past. American Girl has produced historical characters from each decade of the 20th century. The latest additions to the historical characters have people speculating what a doll from the 2000s will eventually look like. American Girl has had a historical character for each decade of the 20th century, and a few dolls from the 19th century.

☆ A renowned market bear who called the dot-com crash warns stock valuations are at 'nosebleed' levels — and suggests that tech stocks could be the market's 'Achilles' heel'
▼ + stars: | 2023-02-24 | by ( William Edwards | ) www.businessinsider.com time to read: +3 min

Societe Generale's Albert Edwards warns stock valuations are at 'nosebleed' levels. Historically, when yields are low, higher stock valuations are accepted as investors seek yield. But currently high yields in the Treasury market mean stock valuations, on a historical basis, should be lower. Societe GeneraleEdwards said the drop in long-term growth expectations could be assigned to a deteriorating outlook for tech stocks. Societe Generale"An expensive US CAPE ratio has long been justified by the US market's far higher weighting in tech," he said.

☆ Column: The devil's metal strikes again in Trafigura nickel fraud case
▼ + stars: | 2023-02-17 | by ( Andy Home | Thomson Reuters | Senior Metals Columnist Who Previously Covered Industrial Metals Markets For Metals Week | ) www.reuters.com time to read: +7 min

Appearances can be deceptive when it comes to nickel, as Trafigura has just found out half a millennium later. Just as it's impossible to say whether some of the recent price volatility on the LME nickel contract was down to Trafigura restructuring hedge positions. The problem is that LME nickel trading has been volatile and unpredictable ever since last year's meltdown. There is now also a growing crisis of confidence in the world of physical nickel trading. Nickel could really do with a reputational break but recent history suggests it's just a matter of time before the devil's metal strikes again.

☆ Kia's new electric SUV is the stylish, super-quick competitor of Elon Musk's nightmares — but it has one big downside
▼ + stars: | 2023-02-16 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

The 2023 EV6 GT Kia lent me came out to roughly $63,000, including a destination fee. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. The 2023 Kia EV6 GT. Our impressionsThe 2023 Kia EV6 GT is a unique, adrenaline-inducing ball of energy that makes you feel outrageously cool while behind the wheel.

☆ The behind-the-scenes role that's minting future stars at BlackRock
▼ + stars: | 2023-02-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Some of the most powerful people on Wall Street are men and women you've never heard of. Click here to learn more about BlackRock's new chief of staff and why the role is rising in importance across Wall Street. Everybody wants macro traders. A fintech helping companies engage with their retail investors got backing from Alexis Ohanian's Seven Seven Six. These are the top 10 holdings in the church's investment portfolio, including one Wall Street titan.

☆ Demand for macro traders remains white hot. Millennium just lured a star portfolio manager from rival ExodusPoint.
▼ + stars: | 2023-02-14 | by ( Alex Morrell | ) www.businessinsider.com time to read: +4 min

Demand for macro portfolio managers remains white hot after a bounceback year in 2022. Millennium recently hired John Curtice from rival ExodusPoint, while Ben Melkman has been in talks to join another, Insider has learned. Millennium Management recently added another star to its stable, lifting a 32-year-old macro PM out of rival ExodusPoint, according to people familiar with the matter. Macro focused funds including BlueCrest, Brevan Howard, and Rokos produced stellar returns as most of the hedge fund industry — especially stock pickers — faltered. But even in late 2022 firms were scrambling to lift out macro PMs, recruiters working in the strategy told Insider.

☆ Some hedge fund traders are scoring 'Tom Brady-like' salary packages in the tens of millions even as big banks slash headcount and throttle bonuses
▼ + stars: | 2023-02-14 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

In-demand hedge fund traders are garnering eye-popping salary packages as top Wall Street banks cut costs. Millennium offered certain hires nearly $60 million in guaranteed pay, sources told The New York Times. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. "You're seeing Tom Brady-like pay packages," Colin Lancaster, a former Citadel executive, told the outlet. The recently retired NFL star made $25 million per year, the report reads, not including the millions in outside partnerships.

In the last five years, multi-manager hedge funds averaged returns of 8.3%, outperforming the wider industry's 5.5%, the note seen by Reuters this week said. Hedge funds such as Citadel, Millennium Management and Balyasny Asset Management employ a multi-manager hedge fund model, according to investors and public filings. Barclays tracked 42 multi-manager hedge funds collectively managing over $290 billion in assets, two-thirds of which are in the United States, it added. Costs may run high, but the final amount they see back beats most other hedge funds. Multi-manager hedge funds have doubled assets under management since 2016, said the Barclays note.

☆ Analysis: Dollar's gyrations raise hedging costs for U.S. companies
▼ + stars: | 2023-02-06 | by ( Laura Matthews | ) www.reuters.com time to read: +5 min

Currency volatility drove the J.P. Morgan VXY G7 Index (.JPMVXYG7) in September to its highest in more than two years. Volatility, which causes wider bid-ask spreads and makes hedging more expensive, is causing companies to reassess their hedging programs. SPREADING BETSAnother way businesses are trying to minimize hedging costs is by spreading currency management around to more brokers outside of their main clearing banks, hedging advisors said. Revenue at Argentex Group, a riskless principal broker, has risen 63% from to 2021 as FX volatility elevated corporate hedging needs. While currency gyrations have ebbed and hedging costs have declined, “volatility and inflation remain a concern for many companies,” Kyriba’s Gage said.

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