Monthly Archives: November 2023
Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’
(CNBC) When Citigroup CEO Jane Fraser announced in September that her sweeping corporate overhaul would result in an undisclosed number of layoffs, a jolt of fear ran through many of the bank’s 240,000 souls. “We’ll be saying goodbye to some […]
Opening Brief Filed in Lawsuit Against the SEC to Vacate Private Fund Adviser Rule
(Opalesque) Gibson, Dunn & Crutcher LLP, an international law firm, has filed an opening brief in the U.S. Court of Appeals challenging the new rule adopted by the U.S. Securities and Exchange Commission (SEC) regulating private fund advisers. According to […]
Stock futures are little changed after the S&P 500?s best week of 2023:
(CNBC) U.S. equity futures were flat on Monday after the major averages capped their best week so far this year. Futures tied to the Dow Jones Industrial Average rose 24 points, or 0.07%. S&P 500 futures ticked higher by 0.03% […]
Berkshire Hathaway posts a 40% jump in operating earnings, cash pile swells to a record $157 billion
(CNBC) Berkshire Hathaway on Saturday reported a big jump in third-quarter operating earnings, while sitting on a record amount of cash as Warren Buffett saw few dealmaking opportunities. The Omaha-based conglomerate’s operating earnings — which encompass profits made from the […]
Sam Bankman-Fried faces over 100 years in prison at sentencing. Experts weigh in on how much time he’ll actually get
(CNBC) In this case, the statutory maximum sentence is around 115 years, but there is a sliding scale for sentencing according to recommended guidelines given the scale of the crimes and the criminal history of the defendant. “I wouldn’t be […]
Why BlackRock’s Rick Rieder says investors ‘underestimate’ active fixed income ETFs
(CNBC) BlackRock Chief Investment Officer of Fixed Income Rick Rieder said investors underestimate actively managed fixed income exchange-traded funds. “The beauty of this active ETF is we can move around and take advantage of where the opportunity is,” said Rieder, who […]
Hedge funds down 0.24% in September, says SS&C GlobeOp index
(Hedgeweek) Hedge funds lost money in September, according to SS&C Technologies, with the gross return of the S&C GlobeOp Hedge Fund Performance Index measuring -0.24% for the month. Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index […]
President/CCO of Prophecy Asset Management Advisory Firm Charged with Multi-Year Fraud
(HedgeCo.Net) The Securities and Exchange Commission has charged John Hughes, president and chief compliance officer of registered investment adviser Prophecy Asset Management LP, for his alleged involvement in a multi-year fraud that concealed losses of hundreds of millions of dollars […]
Sam Bankman-Fried found guilty on all seven criminal fraud counts
(CNBC) “Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history,” Damian Williams, U.S. attorney for the Southern District of New York, said in a briefing after the verdicts were read. “While the cryptocurrency industry might be new […]
Hedge fund outflows total $80bn so far in 2023
(Hedgeweek) The hedge fund industry saw a net $80 billion of outflows for the year to Oct. 18, even as it raked in net profits of about $119 billion, hedge fund specialist Aurum Funds said in a report on Wednesday, […]
Systematic stock-pickers top the human touch in October
(Hedgeweek) Systematic long-short hedge funds which employ computer algorithms to trade equities registered a strong performance advantage over fundamental long-short funds run by humans in October, according to a report by Reuters. To read this article:
Half of systematic investors are AI-ready, says study
(Opalesque) Half of systematic investors have already integrated artificial intelligence (AI) into their investment process, revealed a study. According to a new study by Invesco, the majority of respondents (62%) anticipate that, within a decade, AI will be as important […]