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Carlo Agostinelli has departed from Ghisallo Capital Management in Hong Kong after just over a year, following the loss of his regulatory license. Previously co-head of UBS Group AG’s Asia equity capital markets syndicate, he joined Ghisallo as it sought to expand in a challenging financial environment. The firm, which manages $3.4 billion, has recently seen new entrants in the market amid ongoing changes in the region's financial landscape.
Carlo Agostinelli has departed from Ghisallo Capital Management in Hong Kong after just over a year, following his role as a managing director and responsible officer for the firm's regulatory license. Previously co-head of UBS Group AG’s Asia equity capital markets syndicate, Agostinelli joined Ghisallo in October 2023 as the firm expanded its presence in a challenging financial landscape. Ghisallo, which oversees $3.4 billion, has recently attracted talent from major banks amid a shifting market environment.
The multi-manager hedge fund sector is experiencing a downturn, with over $30 billion in client withdrawals in the year ending June 2024, marking the first outflows in seven years. While larger firms like Citadel and Millennium thrived, smaller players struggled with minimal gains, and rising fees deterred investor interest. Despite this, a long-term performance record shows multi-manager funds outperforming traditional hedge funds, suggesting potential for recovery if returns improve.
Bitcoin's sustained performance above $100K has set the stage for a surge in altcoins, with AAVE and Chainlink (LINK) experiencing significant gains of over 120% and 100%, respectively. IntelMarket (INTL), leveraging AI for trading, is also gaining traction, with its presale surpassing $4.88 million and a projected 500% rally. The growing confidence in these altcoins highlights their pivotal role in reshaping the decentralized finance landscape.
Albert Rüetschi, a lawyer from Aargau, is pressuring the Swiss government to reverse the decision that transferred AHV assets from UBS to the US-based State Street, arguing it jeopardizes the safety of Swiss pension funds. He demands that the management of these assets return to a Swiss institution by January 2025, suggesting taxpayer-dominated cantonal banks as custodians instead. Compenswiss defends its choice, claiming the risk of US authorities freezing assets is low and that the savings from the switch are significant.
Aargau lawyer Albert Rüetschi is demanding accountability from the state government over the decision to transfer AHV assets from UBS to the US firm State Street, arguing it jeopardizes Swiss independence and safety. He insists that the management of pension assets must return to Swiss institutions by January 2025, proposing taxpayer-dominated cantonal banks as custodians. Rüetschi threatens the dismissal of Compenswiss's Board of Directors for what he deems irresponsible behavior regarding the management of Swiss pension funds.
European stocks closed slightly higher as investors awaited the U.S. Federal Reserve's interest rate decision. Renault shares surged 5.39% amid merger talks with Nissan and Honda, while U.K. inflation rose to 2.6%, dampening hopes for a rate cut from the Bank of England. The cost of renting in London jumped 11.6%, marking the fastest rise on record.
Wells Fargo Advisors has successfully recruited two teams from UBS Wealth Management in New Jersey, managing a combined $625 million in assets. The larger team, now known as Bergen County Wealth Management, includes Stephen R. Laddy and John K. Serocke, who previously managed $354 million and generated $3.65 million in annual revenue. Additionally, veteran advisor Thomas Bishop and his team, managing $270 million, have also joined Wells, reflecting a trend of advisor movement amid changes in compensation structures at UBS.
Morgan Stanley's Mike Wilson recommends a barbell investment strategy for 2025, balancing high- and low-risk assets amid a mixed economic outlook influenced by potential policy changes under Trump. While corporate tax cuts could boost earnings, risks from tariffs and immigration policies may create uncertainty, leading to a conservative market approach early in the year. The S&P 500 is projected to rise over 7% to around 6,500 by year-end.
EON SE's share price remains stable at €12.17, reflecting a cautious trend amid broader market challenges. The company has received an "Outperform" rating from Bernstein Research, with a target price of €15, while concerns about energy security persist in Germany. EON's recent financial maneuvers include a successful yen bond issuance, marking a strategic step in diversifying its funding sources.
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