As the investment banks shrink, the hedge funds gain. London-based hedge fund firm BlueCrest Capital Management has hired three credit traders, two of whom are from Wall Street’s largest banks. The $36 billion hedge-fund firm headed by Michael Platt has brought in Simon Gee from Goldman Sachs Group and Sid Gowda from Credit Suisse Group. The firm also hired Daniel Escobar from Arrowgrass Capital Partners, another London hedge fund firm.
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Glenview Capital Management LLC is putting more pressure on Health Management Associates. The hedge fund, which has launched a proxy fight against the hospital management company, added a ninth nominee to be considered for the company’s board. Glenview, which manages more than $6 billion, last month filed a preliminary consent solicitation in an attempt to take over the board of HMA. Interestingly, the stock dropped more than 4 percent on Wednesday and is now down more than 6 percent from its mid-June high. However, the stock probably dropped because on Wednesday the implementation of a key provision of Obamacare was delayed by a year.
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Shares of hedge fund favorite Apple are up about 7 percent in the last four trading days, closing at $420.80 on Wednesday.
