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Israel Englander’s hedge fund earned $3.8 billion last year

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Israel Englander's hedge fund earned $3.8 billion last year

Millennium Management’s Israel Englander earned $3.8 billion last year, landing him the biggest payday of any hedge fund manager in 2020, according to Institutional Investor.

Englander more than doubled his $1.5 billion payday in 2019 and made $2 billion more than the previous year’s rich-list leaders Chris Hohn and Jim Simons, while making gains of 26 percent for his investors.

The top 10 hedge fund managers globally earned $20.1 billion in 2020, a 50.2 percent rise from $13.4 billion in 2019, against the backdrop of volatile markets amid the coronavirus pandemic.

Hedge funds made gains of 11.7 percent on average in 2020 amid a huge sell-off in March and large economic shutdowns following the emergence of the novel coronavirus, according to data from Hedge Fund Research.

But top 10 averaged returns of 43 percent in 2020, with Coatue Management making 65 percent, Renaissance Technologies racking up 76 percent and Tiger Global Management 48 percent, the data from Institutional Investor showed.

All of the top 10 hedge fund managers made over $1 billion in 2020, compared with eight in 2019.

Renaissance Technologies’ Simons earned $2.6 billion last year while Tiger Global Management’s Chase Coleman made $2.5 billion and Citadel’s Ken Griffin landed $1.8 billion.

Pershing Square’s Bill Ackman made up the last spot on the top 10, with a $1.4 billion paycheck after not featuring on the list in 2019.

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Sweetgreen salad chain files for IPO

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Sweetgreen salad chain files for IPO

Salad chain sweetgreen said on Monday it had confidentially filed for an initial public offering in the US, hopeful of strong investor interest as demand for plant-based food products surges globally.

The company, which counts tennis star Naomi Osaka as its youngest investor, was valued at $1.8 billion after a funding round earlier this year, according to media reports. T.Rowe Price, Lone Pine Capital and D1 Capital Partners are among sweetgreen’s other investors.

California-based sweetgreen, which was founded in 2007 and has more than 100 stores in the US, did not reveal more details about the size of the proposed IPO.

Plant-based food companies have attracted investor attention over the past few years, particularly as more people gravitate to healthy and environment-friendly food.

Much of the demand is being led by millennials and generation Z consumers, who are more than willing to spend on sustainable products that are also healthy.

About 65 percent of Gen Z consumers are in favor of plant-based foods, sweetgreen says on its website.

Last year, plant-based retail sales in the US hit $7 billion, up 27 percent year-on-year, according to a report by the Good Food Institute and the Plant-Based Foods Association.

Swedish oatmilk maker Oatly Group AB, which went public last month, closed nearly 53 percent above its IPO price on Friday. Plant-based burger maker Beyond Meat was also up 16 percent this year.

Sweetgreen is home to such options as the Kale Caasar, Peach Burrata, and Harvest Bowl Houson, and Cashew Pesto Sweet Potato. The chain is the brainchild of three college students looking for healthier diet options.

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Victoria’s Secret will change its name amid rebrand

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Victoria’s Secret is tweaking its name as it revamps its business

Victoria’s Secret — which has been aggressively overhauling its brand during the past year to appeal to a more diverse range of customers — likewise plans to tweak its name.

The lingerie giant said Monday it will be renamed Victoria’s Secret & Co. when it splits off from L Brands in August and becomes an independent, publicly-traded company.

The change comes amid a flurry of news around the quickly transforming business, which last week unveiled a new marketing campaign and collection — VS Collective — featuring seven women including soccer star, Megan Rapinoe, 17 year-old American skier, Eileen Gu and tech investor and actress Priyanka Chopra Jonas.

Its famous “Angels,” which over the years have included supermodels Heidi Klum, Tyra Banks and Gisele Bundchen, will be phased out of the company’s marketing after years of complaints that it excluded women with more natural looks and normal body types.

(L-R) Models Lily Aldridge, Karlie Kloss, Adriana Lima, Doutzen Kroes, Candice Swanepoel, and Behati Prinsloo walk the runway at the 2013 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 13, 2013 in New York City.
(L-R) Models Lily Aldridge, Karlie Kloss, Adriana Lima, Doutzen Kroes, Candice Swanepoel, and Behati Prinsloo walk the runway at the 2013 Victoria’s Secret Fashion Show at Lexington Avenue Armory on Nov. 13, 2013 in New York City.
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The company also announced last week a new board of directors, of which six of the seven directors are women.

“This is an exciting time for all of us at Victoria’s Secret,” chief executive Martin Waters said in a statement. “The progress we have made over the last year underscores our commitment to driving profitable growth, creating new opportunities for our talented associates and evolving our brand and product to reflect the diverse experiences, passions and perspectives of our our customers.”

Victoria’s Secret & Co. also will encompass the company’s Pink brand — which is focused on teens and women in their twenties.

Victoria's secret logo
Victoria’s Secret stores in recent months have been improving their profitability by slashing costs and scaling back discounts on lingerie.
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L Brands also owns Bath & Body Works, which will become an independent company in August as well. Its name will remain the same.

The Ohio-based company founded by billionaire Les Wexner, which has also been boosting profits at Victoria’s Secret by slashing costs and scaling back discounts, has seen its stock surge 69 percent year to date versus an 11-percent increase in the S&P 500.

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EEOC files lawsuit over worker fired for refusing to be fingerprinted

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EEOC files lawsuit over worker fired for refusing to be fingerprinted

A Minnesota man refused to leave fingerprints — and got fired for it.

As a result, the U.S. Equal Employment Opportunity Commission is suing a Minnesota firm on behalf of Henry Harrington, of Mound, who was sacked for refusing the company’s requirement to be fingerprinted on religious grounds, the Star Tribune reported Friday.

The EEOC suit against AscensionPoint Recovery Services, a debt recovery company, was filed this week.

AscensionPoint had requested that workers be fingerprinted as a result of a background check requirement of one of its clients, according to the EEOC.

Harrington, 37, however, told AscensionPoint in July 2017 that having his fingerprints captured was contrary to his Christian beliefs. He was fired the same day.

The suit seeks back pay for Harrington from the time he was fired, and other financial compensation for “emotional pain, suffering, inconvenience, loss of enjoyment of life and humiliation.”

“An employee should not have to choose between his faith and his livelihood,” Gregory Gochanour, the EEOC’s regional attorney in the Chicago District Office, said in a statement.

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