News round-up: New £110m UK finance in clean infrastructure; Hedge fund to mint billions in Avis surge; Ex-Macquarie equity research chief appointed as Corinthian’s new COO

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South East Asian countries to benefit from £110 million new UK finance in clean infrastructure

Revealed at the climate summit COP26 in Glasgow, which began last week, the Association of Southeast Asian Nations (ASEAN) Catalytic Green Finance Facility will increase access to finance for critical infrastructure for ASEAN countries. This will support the development of sustainable infrastructure projects such as renewable energy, clean transportation or urban infrastructure in developing countries across the region.

The UK’s £110 million new financial support will deploy public and private funds, and forms part of a wider commitment from ASEAN governments and partners, to channel over £5 billion into green projects across the region.

Co-investing with allies in clean and reliable infrastructure in developing countries is part of the Foreign Secretary, Elizabeth Truss's plan to deepen economic ties with friends and partners. This will further boost jobs and growth in the UK and across the developing world, as well as providing an alternative source of investment.

“The UK is working closely with allies, through COP26 and beyond, to deliver the clean and reliable infrastructure investment that the world so urgently needs,” Truss said.

“Co-investing with our friends in Asia provides jobs and opportunities here in Britain and will help the world meet its climate goals, but will also drive growth in developing countries by supporting high quality infrastructure deals, in line with international standards,” she added.

The UK is committed to supporting viable green enterprises which help to promote green recoveries in urban transport, renewable energy and water, and sanitation to help countries across the world pursue green and sustainable growth and economic development.

Hedge fund to mint billions in Avis surge

US car rental company, Avis Budget Group Inc., has given a possible $5 billion boost to SRS Investment Management, the hedge fund that has been backing the company for about 10 years.

Stock closed at 108 percent at $357.17, the biggest jump its seen so far. Shares climbed as high as $545.11 earlier which sent the Dow Jones Transportation Average surging at an all-time high.

The leap came after Avis executives shared their plans on increasing electric vehicles to its fleet.

The sudden surge of shares could potentially also be from the rally in shares of GameStop and various other meme stocks earlier this year with the possibility of it being driven partly by retail investors coordinating on Reddit’s WallStreetBets and other online forums.

Set to benefit from this is New York-based hedge fund, SRS, which held a 27.7 percent stake in Avis,  including 18.4 million shares of common stock and an exposure of 11.4 million more shares through cash-settled equity swaps, coming up to 16.3 percent of the outstanding shares of the common stock.

Ex-Macquarie equity research chief Peter Redhead is Corinthian’s new COO

Crypto hedge fund, Corinthian Digital Asset Management, has named ex-Macquarie and JP Morgan equity research head Peter Redhead as partner and chief operating officer.

Established by Argentium founder Paul Frost-Smith, Corinthian has announced plans to open its debut hedge fund strategy, Chiron, to external capital in February 2022.

Smith said that Redhead’s “drive and entrepreneurial spirit, and keen interest in the development of the crypto markets as they move towards institutional adoption, will be invaluable.”

In his 25 years-plus career, Redhead was the global head of equity research for Macquarie Global after having spent some time as managing director and head of EMEA equity research and head of Asian equity research at JP Morgan.

Carmen Bamford

Head of Event Content, HFM

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