Monthly Archives: August 2020
SEC modernises accredited investor definition
(Opalesque) The Securities and Exchange Commission (SEC) has adopted amendments to the “accredited investor” definition, one of the principal tests for determining who is eligible to participate in private capital markets. This follows a proposal done last year. An accredited […]
Workday stock surges as earnings top estimates; company promotes Chano Fernandez to co-CEO
(CNBC) Workday shares rose as much as 13% in extended trading on Thursday after the cloud software company reported better-than-expected quarterly revenue and earnings. The company also said Chano Fernandez is being promoted from co-president to co-CEO, operating alongside Aneel […]
SEC Halts Fraudulent Offering by Florida Investment Adviser
(HedgeCo.Net) The Securities and Exchange Commission today announced that it has filed an emergency action against Florida-based investment adviser Coral Gables Asset Management LLC and its sole owner, David C. Coggins, in connection with an alleged fraudulent offering. On Aug. 20, 2020, […]
Navy SEAL Trader at Jefferies Helped Expose Hedge Fund Scandal
(Bloomberg) He was a Navy SEAL, before becoming a trader. Then someone messed with him. Joe Femenia, the head of distressed-debt trading at Jefferies Financial Group Inc., set in motion one of the most astonishing falls-from-grace to captivate the world […]
S&P 500 and Nasdaq close at records again as Salesforce sparks massive tech rally
(CNBC) The S&P 500 and Nasdaq Composite rose to fresh record highs on Wednesday, building on their massive rallies off the March lows, as tech shares led the way higher. The broader market index advanced 1% to 3,478.73 while the […]
The Fed is expected to use a new pandemic-era tool to fight a long-running battle against low inflation
(CNBC) Even before Covid-19 crushed the economy, the Fed was worried about low inflation and was working on ways to let it run slightly hotter temporarily in order avoid the trap of long-term sluggish growth and weak pricing power. Chairman […]
Stock futures slip as Wall Street awaits speech from Fed’s Powell
(CNBC) Futures contracts tied to the major U.S. stock indexes slipped during the overnight session Wednesday evening as Wall Street turned its attention to an upcoming address from Federal Reserve Chairman Jerome Powell. Dow futures slipped 55 points, pointing to […]
Citadel hires ex-Glencore trader to head Asia commodities trading team
(Reuters) Citadel, one of the world’s largest hedge fund managers, said on Thursday it had hired a former Glencore energy derivatives trader to head its first commodities trading team in Asia. Daniel Liu will join Citadel’s commodities business in November […]
Super Micro and Former CFO Charged in Connection with Widespread Accounting Violations
(HedgeCo.Net) The Securities and Exchange Commission today charged Super Micro Computer, Inc., a producer of computer servers, and its former CFO, Howard Hideshima, with prematurely recognizing revenue and understating expenses over a period of at least three years. According to […]
Hedge funds see inflows after four consecutive months of redemptions
(Hedgeweek) Investors allocated an additional USD9.33 billion to hedge funds around the world in July, ending four consecutive months of redemptions that saw investors pulling some -USD72 billion from the industry between March and June, according to the just-released eVestment […]
Asset manager financials continue to slide in Q2 on account of the Covid-19 crash
(Opalesque) Asset manager financials remain fragile despite the second-quarter market rebound, according to a study. According to asset management strategy consultant Casey Quirk, capital markets are mostly returning to pre-pandemic crisis levels, yet asset manager financials are still feeling the […]
U.S. alternative investment managers hit record fundraising in Q2
(Opalesque) Many of the U.S.-based alternative investment managers (alt IMs) had their best fundraising periods on record in the second quarter, said a study. Investors searching for yield amid persistently low-interest rates led to record fundraising for alt-IMs in 2Q, […]