Brevan Howard Hunt for US-Based Chair Sparks Talk of Float for $23bn Hedge Fund (Sky News)
Brevan Howard, one of the City’s best-known hedge fund managers, has kicked off a search for a US-based chairman, sparking industry talk of a potential stock market listing for the $23bn asset manager. Sky News has learnt that Brevan Howard, which was jointly founded by the billionaire Conservative Party donor Alan Howard, is working to identify a new figurehead for the firm.
Family Video owner following Ken Griffin out of state and moving his suburban Chicago company to the Sun Belt (Chicago Tribune)
Ken Griffin isn’t the only longtime Chicago-area business owner packing up his company for the Sun Belt. Keith Hoogland, whose Family Video chain outlasted Blockbuster before closing for good last year, is pulling up stakes and moving the diversified Glenview-based parent company, Highland Ventures, to Nashville in September. The family-owned business, which has turned its 700-plus former video stores into a sprawling, multistate real estate company and the largest franchise owner for Marco’s Pizza, will head south with dozens of employees and almost as many Hooglands in search of greener corporate pastures.
Crypto Exchange Blockchain.com Faces $270M Hit on Loans to Three Arrows Capital (CoinDesk)
Cryptocurrency exchange Blockchain.com stands to lose $270 million from lending to Three Arrows Capital, the over-leveraged hedge fund now the subject to a liquidation order in the British Virgin Islands. “Three Arrows is rapidly becoming insolvent and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com,” Peter Smith, Blockchain.com’s CEO, wrote in a letter to shareholders, reviewed by CoinDesk.
Form D Friday: Kyle Bass-Led Environmental Sustainability Firm Raises $114 Million (BizJournals.com)
Conservation Equity Management: $114 million: An environmental sustainability-focused private equity firm led by Kyle Bass and conservationist Terry Anderson has raised more than $114 million in a fund titled “Conservation Equity Fund I LP,” per an SEC filing. Conservation Equity Management, based in Dallas and Nacogdoches, was officially launched in February to acquire rural land and “raise the value of ecosystems, mitigate environmental impacts, create biodiversity, and promote permanent conservation,” per a release earlier this year. Bass leads hedge fund Hayman Capital, and rose to prominence for betting against subprime mortgages prior to the financial crisis of 2008. Bass said in a prepared statement in February that investors were increasingly prioritizing environmental balance in their portfolios.
Coast Capital Engaged Fund Up 3.3% in Q2 Despite Market Turmoil (Hedge Week)
The Coast Capital Engaged Fund advanced 3.3% in Q2 despite market turmoil that saw a 16% drop in both the S&P 500 and MSCI Europe indices. Year to date, the event-drive fund has appreciated by 15.0% versus a 22.3% decline for MSCI Europe index. And despite some managers including Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, betting against European stocks, Coast Capital manager James Rasteh has found value in continental companies.