• Ben Jacobs, the former co-chief investment officer at Viking Global, is in the process of starting his own fund, which sources tell Business Insider will be named Anomaly Capital. 
• Jacobs is following in the path of Daniel Sundheim and other Viking standouts in starting his own fund. He spent more than a decade at O. Andreas Halvorsen's shop.
• Jacobs hopes to launch in the second half of 2020 and is currently in the process of building out his investment and business development teams. It is unclear much capital he plans to raise.
• Industry insiders told us that expectations are high for a big launch. Sundheim raised $4 billion for D1 Capital Partners, which began trading in 2018. 
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The Tiger family tree continues to grow. 

Ben Jacobs, Viking Global Investors' former co-chief investment officer, is planning to launch his own fund in New York, which will be named Anomaly Capital, sources tell Business Insider. He left Viking in June. 

A source close to Jacobs said he is currently in the process of building out his investment and business development teams, and that he is going to be the CEO and CIO of the new firm. 

It is unknown how much money Jacobs is looking to raise but he plans to begin trading in the second half of 2020. There is a recent precedent for the ex-Viking executive to follow for a big launch: Daniel Sundheim raised $4 billion for D1 Capital Partners, which began trading in 2018, after he worked at Viking for 15 years.

Jacobs' rise to the upper ranks of billionaire O. Andreas Halvorsen's fund — one of the most successful funds founded by Tiger Management founder Julian Robertson's former analysts — mirrors Sundheim's, as Jacobs progressed from analyst to portfolio manager to co-CIO over a ten-year run.

He and Ning Jin became co-CIOs when Sundheim left the firm in 2017 to start D1. Jin became the sole CIO for public equities in June when Jacobs left the firm. 

Jacobs joined Viking in 2009 after spending five years at Blackstone, according to his LinkedIn profile. 

Jacobs could not be reached for comment. Viking declined to comment on whether it will be supporting the new fund, but a source familiar with the firm's thinking told Business Insider that Viking is not in the business of backing other hedge funds. 

Jacobs will join a long list of Viking alumni — considered Tiger Grandcubs by industry watchers because of the extended connection to Robertson — that have gone on to start their own fund.

Just since 2013, Sundheim, Jeff Eberwein, James Parsons, Steve Rosenberg, and Paul Enright have all launched their own funds. Former analyst Steve Mykijewycz is planning to launch a fund focused on real estate and consumer stocks with $200 million in 2020, Hedge Fund Alert reported this summer.

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• Nicholas Perkins, who appeared with his pet tiger cub in Logan Paul's controversial video, has been convicted of illegally possessing and mistreating a wild animal.
• Perkins has been placed on probation and will have to pay nearly $100,000 in fines, penalties, and veterinary bills.
• Los Angeles City Attorney Mike Feuer condemned Perkins' conduct, saying, "We should never allow any animal to be exploited."
• The tiger, now called Neil, resides in America's Teaching Zoo at Moorpark College in California.
• Visit Insider's homepage for more stories.

Nicholas Perkins, who appeared with a tiger cub in YouTube star Logan Paul's controversial 2017 video, has been convicted of illegally possessing and mistreating the animal in his home. The 33-year-old has also been convicted of possession of anabolic steroids, according to Los Angeles City Attorney Mike Feuer. 

In Paul's video, titled "KONG MEETS A BABY TIGER! **Showdown**," the vlogger and Perkins gathered in the YouTuber's backyard, allowing the Bengal tiger cub and Paul's dog Kong to interact. Paul is also shown stroking the cub's stomach and feeding it bamboo. 

"Just got a house. Super cool. Think I'm gonna return the house and invest in tiger cubs instead," Paul joked. 

Paul faced intense backlash for the video, which been viewed over 8 million times. 

"This is animal abuse, stop it," one commenter wrote.

"This was a stupid idea," another said. "Why would you risk your dog's life to make a video? All that tiger was doing was chasing Kong , the noises are signaling they are sending warnings to each other."

The tiger cub was removed from Perkins' home in 2017 after wildlife officers were alerted by one of the video's viewers.

Perkins pled no contest to one count of unlawful possession of a restricted wild live animal. The terms he agreed to include: 36 months of probation; a $1000 fine (in addition to penalties and assessments, totaling an estimated $39,000), a $2000 donation payment to the DFW Preservation fund; payment of the tiger's veterinary bills amounting to $52,000; attendance at 16 hours of animal cruelty classes; and cooperation with any further investigation into the breeder and seller of the tiger.

"We should never allow any animal to be exploited," Feuer said. "The defendant's conduct here is illegal — and flaunting this treatment of an exotic, endangered baby tiger on social media sent a horrible message that behavior like this is OK. It isn't."

The tiger cub, now called Neil, resides at America's Teaching Zoo at Moorepark College in California, according to a post from Feuer on Instagram. "Neil (l) and his BFF Karma," the attorney captioned the photo. 

The tiger situation is hardly Paul's first brush with controversy. The YouTube star has established himself as a polarizing presence in the vlogger community. In 2018, Paul posted a video of himself happening upon a dead body in the Aokigahara forest (often called Japan's 'suicide forest'). This video was met with outrage and Paul apologized, later posting a short documentary about mental health and suicide. 

Read more:

6 things to know about Logan Paul, the controversial YouTube star who filmed a dead body in Japan's 'suicide forest'

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Jake Paul says he and his brother Logan are the 'big bad wolves' of YouTube that everyone wants to see fail

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• Tiger Global, Maverick Capital, and Coatue all fell double-digits in March. Viking lost money as well.
• The Tiger Cubs, all founded by former members of Julian Robertson's Tiger Management's staff, focus on public equities; which were hit hard by the novel coronavirus pandemic.
• The average hedge fund fell nearly 6% in March, according to Hedge Fund Research's global index of hedge-fund strategies.
• Visit Business Insider's homepage for more stories.

Some of the biggest names in the hedge-fund game were not spared from the coronavirus selloff that tanked global markets. 

Coatue, Tiger Global, and Maverick all lost double-digits in March, sources told Business Insider, while Viking fell 5% for the month. Bloomberg first reported the Coatue and Viking losses. 

The funds, all run by billionaires, are considered Tiger Cubs, which is the first generation of funds to come from Tiger Management, the legendary hedge fund founded by Julian Roberson. 

Maverick's losses were the worst of the funds, with Lee Ainslie's fund down 11.7% for March and 13.6% for the year. The firm declined to comment.

In a note sent to investors right as the coronavirus was beginning to spread to the US, Ainslie had said his plan was to take advantage of the volatility in the markets and buy up stocks of companies he liked at a discount. 

Tiger Global, the fund founded by Chase Coleman that invests heavily in both public and private markets, fell 10.8% in March and is down 5.8% for the year. The firm declined to comment.

Bloomberg reported that Philippe Laffont's Coatue dropped 10% in March and is down 6% for the year. Viking's losses are at 2% for the year, after the 5% drop in March, according to Bloomberg. 

The average hedge fund fell nearly 6% in March, according to Hedge Fund Research's global index of strategies, and is down 6.85% for the year.

Stephen Mandel Jr.'s Lone Pine meanwhile lost tens of millions on an investment into Luckin Coffee, filings showed, after the China-based company's stock dropped 80% on the news that its COO falsified about $310 million of sales. Lone Pine declined to comment on Luckin and declined to provide a performance update.

SEE ALSO: Julian Robertson's Tiger Management is at the center of a quarter-trillion-dollar web linking billionaires, the Pharma Bro, and a 'Big Short' main character

SEE ALSO: Macro hedge funds are soaring while quants and stock-pickers tank. Here are the biggest winners and losers.

SEE ALSO: How a brain-zapping device can calm hedge-fund traders' nerves when markets are chaotic, according to a veteran performance coach

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• April was a good month for markets and the hedge funds that bet on them.
• Managers across the board made money, including quants, credit managers, concentrated equity managers, and activists.
• Few managers were able to outpace the overall stock market, which returned more than 12% after dividends were reinvested. 
• Visit Business Insider's homepage for more stories.

Hedge funds aren't supposed to move in conjunction with the overall market, but managers that were thrashed in an ugly March didn't mind bouncing back with the market in April.

Funds, as varied as big quants like Renaissance Technologies and credit funds like BlackRock's Obsidian and traditional equity shop's like Lee Ainslie's Maverick, posted positive returns in April, when the stock market posted double-digit gains on the back of stimulus packages from governments across the world. 

The average hedge fund gained 1.4% in April, in comparison to a drop of nearly 6% in March, according to Hedge Fund Research's global index of strategies.  

In the quant world, where there was widespread pain in March, Renaissance Technologies' main fund that's available to outside investors posted gains of 1.9% in April, according to Bloomberg, and is down more than 13% for the year. Sources say Graham Capital's multi-billion-dollar quant macro fund put up returns of more than 3% last month, but is still down more than 8% for the year, while the Winton Fund run by David Harding returned roughly 1.5% in April. 

Concentrated equity managers were able to parlay big bets in April to break even for the year. Tiger cubs Viking, Coatue, Maverick, and Tiger Global surged between 6% and 13% last month, with Lee Ainslie of Maverick leading the way. This followed a month when these big names, minus Viking, lost at least a tenth of their assets in a tough March. 

In March, Credit funds were hit hard, as everything from structured credit like mortgage-backed securities to blue-chip corporate debt to municipal bonds was slammed. BlackRock's Obsidian fund, which lost 20% through the first three weeks of March, was up 4.5% through April 24, sources say. Lester Coyle's III Capital Management posted positive returns in his two credit strategies in April after a poor March. 

Managers with a publicly-traded closed-end vehicle like Dan Loeb's Third Point and Bill Ackman's Pershing Square also made money in April. For Third Point, the 7% gain in April — driven by the firm's investment in Amazon, IAA, and Sony — helped lower the year-to-date losses for the fund to 10.4%. Pershing meanwhile continued to build on the year's gains with returns of more than 13% in April.

Sculptor Capital, the public hedge fund manager formerly known as Och-Ziff, held its earnings call this morning, when CEO Robert Shafir said that the master fund's losses on credit investments in March is the reason the fund is still down for the year, at 1.4%, at the end of April. The master fund did return more than 5.5% in April, after the manager bought back into equities after nearly getting out entirely before the market collapsed in March. 

SEE ALSO: Credit Suisse just shut down its $519 million computer-run QT Fund after a month from hell for quants

SEE ALSO: AQR's former machine-learning head says quant funds should start 'nowcasting' to react to real-time data instead of trying to predict the future

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• Tiger Cub hedge fund Valinor Management is winding down its operations, Business Insider has learned. 
• The fund, which is based in New York, notified vendors it was terminating relationships with them on Tuesday night via an email seen by Business Insider.
• The email stated the hedge fund "has determined to begin the process of winding up its business operations and liquidating the funds' portfolios."
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Valinor Management, a New York-based hedge fund created by an alumnus of the prestigious Tiger Management, is winding down its fund, Business Insider has learned. 

The New York-based firm oversaw $2.5 billion in assets on behalf of six clients, according to its last regulatory filing at the end of March. 

Valinor sent an email to vendors on Tuesday evening notifying them it "has determined to begin the process of winding up its business operations and liquidating the funds' portfolios."

The firm declined to comment through a spokesperson.  

The hedge fund industry was slammed by never-before-seen market volatility in March, but hasn't seen many notable closures during the pandemic.

Credit Suisse earlier this year liquidated a $519 million quant hedge fund after a tough stretch for quant managers, and some credit funds halted redemptions after many faced margin calls from their lenders, but this is the first reported closure of a fund of Valinor's size and stature.  

See more: We mapped 4 generations of Tiger Management's hedge fund descendants: here's the quarter-trillion-dollar web of cubs

The email, which was seen by Business Insider, came from the address of Owen Schmidt. According to his LinkedIn, Schmidt is a partner, general counsel, and chief compliance officer at Valinor, and joined the fund in July 2018. David Angstreich, the chief operating office and chief financial officer at Valinor, according to his LinkedIn, was also CC'd on the note. 

The email indicated no specific timeline around when the fund would official close, beyond adding that "this process will take some time."

Valinor was founded in July 2007 by David Gallo, who ran a fund that focused on fundamental investing in equities. Gallo previously was a partner at Bridger Capital and worked at Francisco Partners after he spent four months as an analyst at Tiger, per his LinkedIn.  

Bridger Capital is run by Roberto Mignone, who previously worked at Blue Ridge Capital Management, founded by John Griffin, a disciple of billionaire and Tiger Management founder Julian Robertson.

Partner Seth Cohen, who joined the firm from Blackstone, oversaw another Valinor fund that invested in small private companies, with investments between $5 million and $20 million, per an annual filing with the SEC.

"We are of course disappointed to be sharing this news, but we are deeply appreciative of all of your help and support over the years," the email read.

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SEE ALSO: Credit Suisse just shut down its $519 million computer-run QT Fund after a month from hell for quants

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• Coatue Management scored a 52% gain this year by betting on Tesla and against German fintech Wirecard, the Financial Times reported.
• The $11 billion tech-focused hedge fund is run by "Tiger cub" Philippe Laffont, who previously worked at billionaire Julian Robertson's Tiger Management.
• Coatue held 3.1 million Tesla shares at the end of the third quarter that are now worth $1.3 billion, the FT said.
• The fund's performance eclipses the average 17% return gained by tech-focused hedge funds this year.
• Visit Business Insider's homepage for more stories.

New York-based Coatue Management has been one of the best-performing big hedge funds in 2020, scoring a gain of 52% through November. 

Coatue made its notable gain by betting on Elon Musk's fast-rising automaker Tesla and against scandal-plagued German payments processor Wirecard, according to the Financial Times. 

The tech-focused fund makes long-short investment strategies, meaning that it buys equities that are expected to increase in value and sells those expected to decrease in value. The tech focus helped create a success story for Coatue as tech stocks went through a blockbuster rally during the work-from-home environment this year.

Run by prominent "Tiger cub" Philippe Laffont, who spent time working at Julian Robertson's Tiger Management, the main fund manages assets worth more than $11 billion.

The fund's position in Tesla helped notch big gains since the carmaker's stock is up 592% year-to-date, boosted by retail investor interest and its upcoming inclusion in the S&P 500 on December 21. Coatue held 3.1 million Tesla shares at the end of the third quarter, now worth $1.3 billion, the FT said, citing a source.

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The fund also held a big short position in Germany's biggest accounting fraud, Wirecard. The fintech filed for insolvency after a huge accounting scandal that saw $2 billion go missing and its former CEO's subsequent arrest. Coatue's exact position in Wirecard is not clear.

Coatue's solid performance overshadows the 5% gain in HFR's Global Hedge Fund Index so far this year. 

The hedge fund did not immediately respond to Business Insider's request for comment.

"I truly believe that in every portfolio you need to ask yourself what is going to be more relevant five to 10 years versus today," FT quoted Coatue's Laffont as saying at a 2018 industry conference. "The most interesting trend is that technology, which used to be mostly software and semiconductors and obscure things, it's coming everywhere, it's the future of cars and the future of transportation and every sector."

Read More: Value investor Adam Schwartz explains why Warren Buffett's Berkshire Hathaway slashed its JPMorgan and Wells Fargo stakes, cheers its record buybacks, and praises its patience

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Lone Pine — the $30 billion Tiger Cub headquartered in Greenwich, Connecticut — has soared in 2020.

The equity manager has returned more than 23% in its flagship long-short fund after gaining roughly 1.6% last month, sources say. Its long-only fund though has been the real star of its offerings — the fund is up more than 38% for the year after returning nearly 11% in November.  

The average hedge fund has recorded a 4% gain this year up to the end of November, according to Hedge Fund Research. 

The discreet manager — founded by Stephen Mandel Jr. and now run by the team of Mala Gaonkar, Kelly Granat, and David Craver — has fueled its run this year with the success of its biggest position, according to the firm's most recent regulatory filing: Canadian e-commerce platform Shopify.

As of the end of September, the retailer made up more than 7% of Lone Pine's portfolio, filings show, and Shopify has continued to skyrocket in price; since the start of the year, the company's stock has more than doubled. The firm also boasts large stakes in Facebook and Microsoft, both of which have risen at least 35% this year.

The firm declined to comment. 

See more: THE TRUE TIGER KING: Inside the sprawling web of billionaire Julian Robertson, whose legendary Tiger Management has helped spawn hundreds of new hedge funds

While tech companies have often been thought of as growth stocks traditionally, Lone Pine has been arguing for at least a year that the investor community needs to reconsider what it means to be a growth or value stock. In an investor letter last year, the manager said that some downtrodden companies are struggling because they've become outdated, and shouldn't be considered a value buy just because their stocks have fallen.

Similarly, Gaonkar, appearing on a panel hosted by the Milken Institute, said that companies like Facebook can even been considered a value buy now since the pandemic has sped up many technological changes people expected years to take. 

Read more: A portfolio manager at $20 billion Lone Pine says value investing is alive and well with a new class of company leading the way — and explains why hyper-growth firms like Facebook now fit the bill

Lone Pine, a concentrated equity manager, has been compared to fellow Tiger Cubs — managers that spun out of legendary investor Julian Robertson's Tiger Management — such as Chase Coleman's Tiger Global, Philippe Laffont's Coatue, Lee Ainslie's Maverick, and Andreas Halvorsen's Viking Global.

Like those firms, Lone Pine has dipped into private market investing, including private taco chain Torchy's Tacos and online fundraising platform Patreon. 

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Goldman Sachs Group on Monday assuaged client and investors concerns, telling them that any loss incurred following the billion-dollar stock selling spree of  Archegos Capital Management is likely to be immaterial, a source told Bloomberg.

The investment bank's loans to Archegos were fully collateralized, Goldman said. In addition, the New York-based investment bank said it was among the first to reduce its exposure and has therefore exited most of its positions in relation to Archegos, a source told Bloomberg. 

This is in stark contrast to Nomura Holdings and Credit Suisse Group, which both said they are facing "significant" losses following Archegos' unwinding of positions. Neither bank referred to Archegos by name in the warnings they individually issued investors on Monday. 

In the same note, Credit Suisse added that the loss brought about by the Archegos fire sale will be material to the bank's first-quarter earnings. 

Archegos, founded by former Tiger Management trader Bill Hwang, is now at the epicenter of a bet that is roiling global markets. The US-based hedge fund manages the wealth of the billionaire, who like other alums of the legendary fund carries the honorary title of "Tiger Cub."

It's not Hwang's first run-in with market irregularities, as he pleaded guilty to insider trading in 2012 but was not banned from the securities industry. As recently as 2018, Goldman perceived Hwang as a risk and refused to conduct any business with him, Bloomberg reported. But that did not last long.

On Friday, Hwang's margin call forced liquidation of more than $20 billion in shares. While block trading is a common practice in the stock market, what made the Friday incident unusual is the size of the deal, with some chunks exceeding $1 billion. The trading erased up to $35 billion in market valuation for a handful of stocks, notably including ViacomCBS.

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