The Morning Brief: Millennium Names New Fixed-Income Head

May 03, 2017   Stephen Taub

Izzy Englander's firm has hired Citigroup's Mark Tsesarsky after the surprise departure of Michael Gelband earlier this year.

Israel Englander’s Millennium Management has named Citigroup’s Mark Tsesarsky as co-head of its fixed income and commodities business, according to a Wall Street Journal report, citing people close to the matter. With the hiring, the $35 billion multistrategy hedge fund firm is combining its fixed-income and commodities businesses. Englander was stunned earlier this year when Lehman veteran Michael Gelband, the head of fixed income, left the firm. According to the report, Tsesarsky had spent 31 years at Citigroup, where he most recently was a managing director focused on securitizations. Millennium is currently up 2.6 percent for the year after gaining just 3.4 percent in 2016.

___

Shares of hedge fund favorite Apple dropped more than 1 percent in after-hours trading after the maker of the iPad and iPhone reported second-quarter earnings that beat expectations but revenues that came up short of forecasts. In addition, iPhone shipments came in below expectations. The company also said it is increasing its stock repurchase program to $210 billion and lifting its dividend by 10.5 percent. At year-end it was the seventh-most widely held stock among hedge funds.

___

Credit Suisse raised its price target on hedge fund favorite Priceline Group from $1,935 to $2,050 in anticipation of the online travel company reporting earnings on May 9. The bank also said it raised its estimates for 2017 and 2018 due to foreign exchange issues. At year-end, at least 92 hedge funds held a position in the stock, according to Goldman Sachs. The stock Tuesday closed at $1,880.52, up less than 1 percent.

___

Shares of activist favorite Monzelez International jumped about 3.5 percent in after-hours trading after the snack foods giant slightly beat quarterly earnings and revenue estimates. At year-end the stock was the third largest long of both Trian Fund Management and Pershing Square Capital Management.

___

Shares of Valeant Pharmaceuticals International surged 6.6 percent, to $10.30, one day after the drug company said it had further cut its debt. It seems investors were also excited that chief executive officer Joe Papa said at the company’s annual meeting it is considering changing Valeant’s name, citing bad publicity.


Related Articles


Latest Poll

How will hedge funds finish 2017?

 - 74%
 - 13%
 - 14%

View previous results