Bumble stock closes up 63% after soaring in market debut [CNBC]
It priced the shares at $43 apiece, above its target range of $37 to $39, and sold 50 million shares…. At 31, Wolfe Herd is the youngest female founder to take a U.S. company public.
Amsterdam ousts London as Europe’s top share trading hub [FT]
An average €9.2bn shares a day were traded on Euronext Amsterdam and the Dutch arms of CBOE Europe and Turquoise in January, a more than fourfold increase from December. The surge came as volumes in London fell sharply to €8.6bn, dislodging the UK from its historic position as the main hub for the European market…. The shift was prompted by a ban on EU-based financial institutions trading in London because Brussels has not recognised UK exchanges and trading venues as having the same supervisory status as its own….
Paris and Dublin also had small increases in business last month as trading funnelled through the EU arms of Aquis and Liquidnet respectively, rather than through London.
Sculptor Hedge Fund Hit Sixth Straight Year of Outflows in 2020 [Bloomberg Quint]
Withdrawals from the Sculptor Master Fund and associated portfolios brought the 2020 total to $464 million, according to a statement Thursday from the New York-based firm. Over the past six years, clients have pulled about $30 billion from those products./Sculptor, formerly known as Och-Ziff, was founded in 1994 by billionaire Daniel Och. The outflows began after it was disclosed that it was the target of a bribery probe into its business in Africa in late 2014.
BayPine Progresses Toward $2 Billion Goal for Debut Fund [WSJ]
BayPine LP, which was co-founded by Silver Lake co-founder David Roux, has rounded up at least $1.1 billion in an initial closing on its debut fund…. BayPine looks to acquire controlling stakes in businesses across multiple sectors to help facilitate their digital….
Epstein Estate Executors Accused of Enabling Trafficking Scheme [Bloomberg]
U.S. Virgin Islands Attorney General Denise George said her office had “newly-obtained evidence” showing that Darren Indyke and Richard Kahn had “direct participation” in almost all of Epstein’s business operations and financial activities -- including the alleged sex-trafficking network -- and that they facilitated forced marriages among his victims to ensure their immigration status…. George and the estate are locked in a battle over funding for a victims’ compensation program which has paid out more than $57 million to at least 150 claimants. Fund administrator Jordana Feldman said last week. But the administrator said there’s not enough cash in the estate to meet her latest request to replenish the fund. George has asked a probate judge to freeze the estate’s assets.
Famed Hedge Fund Firm CQS Is Surviving — But Not Because of Its Hedge Funds [II]
Though its assets have stabilized, the firm is now managing a smaller proportion of hedge fund assets. In fact, its non–hedge fund products attracted significant inflows last year, offsetting some of the losses and redemptions from its hedge funds. It is set to launch a total return credit UCITS strategy with $75 million in assets, and it recently won a €350 million ($421 million) mandate to manage a portfolio of convertible bonds. But those types of funds earn a fraction of the fees that hedge funds do…. “People like to talk about my fund — and it’s important, but it’s 10 percent of our assets. The GRV fund has done really well. We are about to get another €350 million for a convertibles mandate,” [founder Michael Hintze] says. “The fees aren’t 2 and 20, but let’s be clear, it pays the bills, it allows us to employ people, it allows us to offer ten to 12 traineeships. That is real resilience.”
Elon Musk Wants To Build A Rocket-Powered Tesla Roadster That Can Hover 'Without Killing People' [Benzinga via Yahoo! Finance]
Talking to Joe Rogan on the “Joe Rogan Experience” podcast streamed on Spotify Technology SA’s service, the entrepreneur said, “I want [the Roadster] to hover, and I was trying to figure out how to make this thing hover without, you know, killing people.”
“Maybe it can hover like a meter above the ground, or something like that. If you plummet, it’ll blow out the suspension but you’re not gonna die.”