Saba Picks a Fight with BlackRock Over Closed-End Funds (Risk.net)
Boaz Weinstein is taking on the world’s largest asset manager in a proxy battle. Weinstein’s Saba Capital Management filed so-called ‘fight’ letters with the US Securities and Exchange Commission on June 1 concerning three BlackRock funds: the BlackRock Innovation and Growth Term Trust (BIGZ), BlackRock California Municipal Income Trust (BFZ) and BlackRock ESG Capital Allocation Term Trust (ECAT).
The Founder of the World’s Largest Hedge Fund on Debt, Government Spending and Education (Marketplace.org)
Now that the latest debt ceiling deal has been signed into law, the “Marketplace Morning Report” decided to take a wider-angle view on the debate given that it’s almost certainly not the last time the nation will see a fight over how to extend the federal government’s debt limit. “Marketplace Morning Report’s” David Brancaccio recently spoke with Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, about the wider issues dredged up by the debt fight. They also discussed how more spending on education is a good return on investment.
English Football League approve Tom Wagner’s takeover of Birmingham City (The Athletic)
The English Football League (EFL) has approved American hedge fund manager Tom Wagner’s proposed takeover of Birmingham City. The club confirmed last month that Shelby Companies Limited had agreed to buy 24 per cent of the club’s shares from Birmingham Sports Holdings Limited (BSHL) and a 21.64 per cent stake from Oriental Rainbow Investments Limited and Achiever Global Group Limited.
Pixabay/Public Domain
Citadel’s Red-Hot Run has Led to a New Problem: It’s Harder than Ever to Nab an Internship There (Business Insider)
Billionaire Ken Griffin‘s Citadel internship program is attracting more students than ever before. Citadel, the $57 billion hedge fund, and market maker Citadel Securities recruit hundreds of undergraduate and graduate students every year for an 11-week summer internship program. The acceptance rate was roughly 0.5% this year, with over 69,000 applications. The number of applications was up 65% from last year.
Macro Hedge Fund LHG Capital Closes First Single-Investor Fund at $150m (Hedge Week)
LHG Capital Management, a $1 billion-plus hedge fund specialising in ‘quantamental’ global macro investing, has closed its first ever single-investor fund at $150 million, boosting the firm’s assets under management to over $1.3 billion. Unlike its separately managed account (SMA) products, which trade on a pari passu basis with its flagship fund, the hedge fund firm’s ‘Fund of One’ product combines its two macro strategies, Diversified Global Macro and China Macro, into a single integrated fund, with customised ESG integration, geographical focus, currency exposure management, return/risk profile, and lock-up period.
