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Global macro and CTA managers experienced negative returns in January due to long USD positions, especially versus the Euro, according to Lyxor’s latest weekly hedge fund brief.
Meanwhile, fixed income arbitrage, L/S credit, and event-driven managers outperformed both last week and in January overall.
Fixed income arbitrage and L/S Credit funds have been supported lately by both alpha and beta components. The rise in bond yields has created arbitrage opportunities such as the deviation between cash and futures bond prices (the so-called basis). Beta conditions were also supportive as high yield spreads tightened in January. A simple quantitative exercise
- 07/02/2017
Man GLG, the discretionary investment management business of Man Group, has launched the Man GLG Innovation Equity Alternative, a global long-short fund managed by Priya Kodeeswaran.
Available in UCITS format, the fund focuses on opportunities in companies or sectors undergoing change or innovation.
The USD450 million fund seeks out companies within sectors that are particularly susceptible to change and innovation, primarily within the consumer discretionary, technology, telecoms and industrials sectors. Companies in these sectors can be fundamentally mispriced as market consensus can lag the actual or potential effects of disruption, while lower sector correlations allow the manager to build
- 07/02/2017
Hong Kong’s Value Partners Group is supporting business expansion beyond Asia by automating its front-and middle-office activities with the Charles River Investment Management Solution (Charles River IMS).
A client since 2015, Value Partners recently went live on Charles River’s Post-Trade solution across its equities, fixed income, FX and derivatives operations. The firm now has a single investment management platform with centralised confirmation, trade matching and settlement instruction capabilities.
“The implementation of Charles River has significantly increased our ability to monitor and control trading activity,” says Tim Bruce, managing director of information technology, Value Partners. “We are well positioned to
- 07/02/2017
KKR and Pacific Alternative Asset Management Company (PAAMCO) are teaming up to create a new liquid alternatives investment firm by combining PAAMCO and KKR Prisma.
Under the terms of the agreement, the entire businesses of both PAAMCO and KKR Prisma will be contributed to a newly formed company that will operate independently from KKR, and KKR will retain a 39.9 per cent stake as a long-term strategic partner.
This transaction will create one of the largest firms in the liquid alternatives industry, with over USD30 billion of assets under management or advisement and the ability to fulfil a
- 07/02/2017
Forex Capital Markets (FXCM), its parent company FXCM Holdings and FXCM’s founding partners, Dror Niv and William Ahdout, are to pay a USD7 million penalty to settle CFTC charges that they defrauded retail forex customers.
In addition, FXCM, Niv, and Ahdout are prohibited from registering with the CFTC, acting in exempt capacities or acting as principals, agents, officers or employees of registrants.
The CFTC finds that, between 4 September 2009 though at least 2014, FXCM engaged in false and misleading solicitations of FXCM’s retail foreign exchange (forex) customers by concealing its relationship with its most important market maker and
- 07/02/2017
GAIN Capital, a provider of online trading services, has signed a non-binding letter of intent to acquire the client base of FXCM's US operations.
Under the letter of intent, customers of FXCM's US regulated business will be transferred to GAIN's retail brand FOREX.com.
The transaction is subject to GAIN and FXCM reaching a definitive agreement and to final regulatory approval. Upon reaching an agreement, the account transfer is expected to occur prior to the end of February.
GAIN Capital is one of the largest providers of retail FX & CFD trading services globally. The company is currently regulated
- 07/02/2017
Jersey funds and regulatory specialist Emily Haithwaite has joined Ogier as a partner.
Haithwaite’s (pictured) wide-ranging investment funds and financial services law experience has brought her recognition from clients and industry.
Head of Ogier's Jersey funds team, Niamh Lalor, says: "She has an outstanding reputation in her field, named as a Leader by Chambers, Legal 500, IFLR and Citywealth."
Haithwaite ihas almost two decades' experience acting for banks and asset managers in the formation, listing and winding-up of funds, as well as for sovereign wealth funds, funds of funds and investors investing into Jersey funds.
Her expertise
- 07/02/2017
- 07/02/2017
Event driven was the top-performing hedge fund strategy in 2016, with the HFRX Event Driven index up 11.1 per cent in USD terms, according to the latest monthly hedge fund update from GAM portfolio manager Kier Boley.
The HFRX Event Driven index has also started 2017 brightly with returns of 1.1 per cent in January.
The event driven space also saw significant dispersion: distressed and special situations-based managers performed particularly well, given recoveries in beaten up deep value stocks and credits, while merger arbitrage had a more modest run, with the HFRX Event Driven Merger Arbitrage index returning 4.3
- 06/02/2017
B Trading has launched a systematic order insurance service exclusive to the financial services sector in London.
Created by Oleg Bagrii (pictured) in 2008, after his first-hand experience as a trader on the forex market and tested over a nine-year period, B Trading’s product is aimed at providing accurate and emotionless prediction of the financial results of a trade while remaining sufficiently flexible to operate within the individual parameters of each client.
Bagrii says: “Even a well-designed trading strategy can fail, which is why I decided to think outside of the box to find out how best to minimise
- 06/02/2017
By Ras Sipko, KOGER – For the past four years, alternative fund managers with US investors have been coming to terms with the far-reaching effects of the Foreign Account Tax Compliance Act or FATCA. Some 60-plus countries have signed up to cooperate with the IRS in order to enforce FATCA and this year the compliance burden is set to grow yet again. On 31st May 2017, fund managers will have to submit their first filing under the OECD Common Reporting Standards initiative, which can best be thought of as global FATCA or 'GATCA'.
Creating an internal programme to comply with FATCA/GATCA
- 06/02/2017
- 06/02/2017
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