Donal Griffin

London

Finance Reporter at Bloomberg News

Bloomberg News finance reporter in London. Usual caveats. Tips at [email protected]/Threema ID: VANY52NH

Articles

Swiss Hedge Fund Blue Diamond Falls 17% as Volatility Bets Sour

2 weeks ago | bloomberg.com | Donal Griffin |Nishant Kumar

Blue Diamond Asset Management, a Swiss hedge fund that seeks to profit from volatility, lost almost a fifth of its value during the market rout triggered by US President Donald Trump’s tariff plan. The Zug-based fund, which oversees about $2.5 billion, has lost 17% in April through Friday, according to people familiar with the matter. That’s worse than Blue Diamond’s biggest ever monthly loss of 7.7% in Oct. 2013, according to documents reviewed by Bloomberg.
Wall Street’s Embrace of Turkey Unraveled in Just 30 Minutes

1 month ago | bloomberg.com | Kerim Karakaya |Donal Griffin |William Shaw

When Wall Street banks and hedge funds gathered in Istanbul last Wednesday with a top Turkish economist, they were prepared to hear about the country’s improved stability. Then they glanced at their phones. The Turkish lira was plunging against the US dollar, fueled by that morning’s detention of Istanbul mayor Ekrem Imamoglu — the biggest rival of President Recep Tayyip Erdogan.
Hedge Funds Aim to Break Coulson's Hold Over Packaging Empire

1 month ago | bloomberg.com | Luca Casiraghi |Jennifer Duggan |Donal Griffin

Arini and Canyon are fighting Paul Coulson in court as they seek to take control of Ardagh’s valuable metal packaging business This article is for subscribers only. Welcome to The Brink. It’s Luca Casiraghi in Milan, Jennifer Duggan in Dublin and Donal Griffin in London, where we looked at the career trajectory of Irish tycoon Paul Coulson ahead of a battle against hedge funds for control of Ardagh. We also have news on Forever 21, Panama bonds and Thames Water. Follow this link to subscribe.
Brevan Howard Slashes Traders’ Risk-Taking as Losses Exceed 5%

1 month ago | bloomberg.com | Nishant Kumar |Donal Griffin

Macro hedge fund specialist Brevan Howard Asset Management is slashing the amount of risks that its traders can take amid a performance slump that has wiped out last year’s gains. The firm’s Chief Executive Officer Aron Landy has taken some defensive steps in recent days given rising volatility and market chaos, people with knowledge of the matter said, asking not to be identified because the information is private. That includes lowering risk limits for some traders, the people said.
Millennium Snags Eisler Partner Delattre to Run Funds Externally

1 month ago | bloomberg.com | William Shaw |Donal Griffin |Nishant Kumar

Millennium Management has tapped one of Eisler Capital’s most profitable traders to manage funds externally as Izzy Englander’s hedge fund continues to deploy more cash both inside and outside the firm. Adrien Delattre, a portfolio manager working in equity volatility arbitrage and dispersion, resigned from Eisler in recent days and will work for Millennium in Paris, according to people familiar.
SoftBank-Backed Cybereason CEO Quits After Boardroom Turmoil

1 month ago | bloomberg.com | Min Lee |Donal Griffin

Cybereason Inc.’s chief has stepped down following a months-long feud with investors SoftBank Group Corp. and former US Treasury Secretary Steven Mnuchin that’s stalled decision-making at the cash-strapped startup. Eric Gan resigned after a boardroom battle erupted at the La Jolla, California-based cybersecurity company, which has been struggling to raise money and stem losses. A planned merger with Chicago-based peer Trustwave Holdings Inc.
Oaktree in Talks With B. Riley (RILY) to Replace Nomura (8604 JP) as Main Lender

2 months ago | bloomberg.com | Todd Gillespie |Donal Griffin

Oaktree Capital Management LP, the investment firm led by Howard Marks that made its name lending to troubled companies, is in talks to replace a group led by Nomura Holdings Inc. as the main lender to B. Riley Financial Inc. B. Riley, which has lost most of its value since 2023, is looking for successors to the Nomura-led syndicate as part of a turnaround plan that may see B. Riley spin off its broker-dealer, according to people familiar with the talks, which are still in the discussion stage.
Creditors of Wall Street-Backed Stenn Face Near-$200 Million Hit

2 months ago | bloomberg.com | Donal Griffin |Lucca de Paoli

Creditors of Stenn Technologies, the trade-finance firm backed by some of the world’s biggest banks and investors, are facing a potential shortfall of almost $200 million in the wake of its collapse last month. Stenn Assets UK Ltd. and Stenn International Ltd., the London-based company’s UK subsidiaries that went into insolvency in December, have a combined £156 million ($194 million) estimated deficiency of assets, according to filings at Companies House.
HSBC’s CEO Eyes $3 Billion in Potential Savings from Overhaul

Dec 10, 2024 | bloomberg.com | Harry Wilson |Donal Griffin

HSBC Holdings Plc is examining plans that could cut costs by at least $3 billion as it continues to restructure its worldwide operations under new Chief Executive Officer Georges Elhedery. Europe’s largest bank told managers last week that its revamp would take until June 2025 to pull off, according to people familiar with the matter.
HSBC Raised Fraud Alarm That Sparked Collapse of Fintech Stenn

Dec 9, 2024 | bloomberg.com | Donal Griffin |Lucca de Paoli

A finance firm backed by several influential Wall Street investors collapsed last week after HSBC Holdings Plc discovered some of the company’s transactions may have been fraudulent. The UK operating companies of Stenn Technologies, which said it was valued at $900 million in 2022, were placed into administration on Dec. 4.