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Castlewood Select Funds’ flagship portfolio, The Castlewood Select Opportunity Fund, returned 13.5 per cent to investors net of fees and expenses in 2016.
“We are very pleased with the portfolio’s 2016 performance,” says managing partner Mark Wittenstein (pictured). “The fund’s return marks a second consecutive double-digit growth year as it follows our 16 per cent net return in 2015 and demonstrates the consistency of performance for which we aim.”
Wittenstein says that the strength of the market’s advance since election day was something of a surprise.
“Stocks continue to confound investors, particularly those who called for a steep
- 01/02/2017
Assets held by hedge funds globally reached a record USD3.22 trillion as of the end of November 2016, according to Preqin’s 2017 Global Hedge Fund Report.
Investor outflows through the year totalled USD102 billion, and at the end of the year, a record 66 per cent of hedge fund investors said their hedge fund portfolios had fallen short of their expectations.
However, 2016 also marked the best performance year for the industry since 2013, posting gains of 7.40 per cent. This offset net investor outflows to drive total industry AUM past USD3.2 trillion, a record high.
Hedge funds
- 01/02/2017
By Ron Geffner (pictured), Sadis & Goldberg – With the Trump administration in the White House, regulatory uncertainty permeates the financial services industry. While many on Wall Street are very excited by the Trump presidency, others are approaching this new era with trepidation. President Trump is unpredictable in many ways and the industry eagerly awaits his actions hoping that the financial markets do not respond negatively and create chaos in the global marketplace.
While we should expect that the Trump administration will aim to cut back financial regulation implemented during the last eight years, it is unrealistic that these
- 31/01/2017
Nasdaq has reported record fourth quarter 2016 net revenues of USD599 million, up USD63 million or 12 per cent from USD536 million in the prior year period, driven primarily by a USD54 million positive impact from acquisitions.
Organic growth in non-trading segments was 5 per cent as compared to the fourth quarter of 2015.
"As Nasdaq's new CEO, I'm excited to have the privilege to lead one of the best businesses in the world as we pursue our mission to help our clients more efficiently and effectively navigate the global capital markets," says Adena Friedman (pictured), president and CEO,
- 31/01/2017
- 31/01/2017
The volume of European restructurings is expected to hit its next peak in 2017, according to a survey by Debtwire in conjunction with independent investment bank Greenhill and law firm Orrick.
The study, for Debtwire Europe’s 13th European Distressed Debt Market Outlook, canvassed the opinion of 130 European hedge fund managers, distressed debt investors and private equity professionals and provides insight into their expectations for the European distressed debt market in 2017 and beyond.
“2016 proved to be another challenging year for the restructuring community, mostly as a result of a continued slim pipeline of workouts and distressed opportunities,”
- 31/01/2017
Lombard Odier Investment Managers has expanded its alternatives range with the launch of the 1798 Event Convexity Strategy, as part of its initiative to offer structurally convex strategies that have asymmetric risk/return profiles.
The launch, with over USD100 million of committed capital, follows the launch of the 1798 Credit Convexity Strategy in early November 2016.
The 1798 Event Convexity Strategy, managed by Christophe Thomas, portfolio manager, focuses on building deeply asymmetric risk profiles around events using intra-capital structure dislocations. The investment approach enhances traditional fundamental event driven analysis with the convexity available from the combination of equities, credit and
- 31/01/2017
FiREapps, a provider of currency sensitive analytics for multinational corporations, has promoted Malcolm Cummings to managing director, product management.
Among other responsibilities, Cummings will lead FiREapps' new Cash Flow Exposure Management solution.
Cummings joined FiREapps in 2016, with 20 years of management experience in financial markets and technology. Most recently, he was product manager for Deutsche Bank's currency and global markets ecommerce products.
"Malcolm has been a great addition to the FiREapps team. When he joined the team last year he immediately took on a leadership position that resulted in the new product. His drive, talent, and currency
- 31/01/2017
- 31/01/2017
Bill Prew (pictured), CEO of Indos Financial, the independent depositary firm, writes that the UK government has finally revealed its Brexit position.
“Any chance of a soft Brexit or retained membership of the Single Market has apparently been removed. The UK will almost certainly pull out of the Single Market although some hope policymakers will negotiate a transitional arrangement to avoid a cliff-edge Brexit.
“The risk of a cliff-edge Brexit – that is an abrupt UK departure from the EU with no interim set-up – is something service providers and fund managers need to be awake to. Nonetheless, a cliff-edge
- 31/01/2017
Andrew Tually, counsel at international offshore law firm Carey Olsen, has joined the firm's Singapore office as a result of increasing demand for its corporate and finance legal services and rapid growth in Asia.
This follows the firm's launch in Singapore in October 2015 – with a focus on finance and corporate transactions including capital markets, mergers & acquisitions and alternative investment funds – and the opening of a Hong Kong office in November 2016.
Ben Morgan, partner in Carey Olsen's Guernsey office, says: “We’ve experienced strong growth in Asia in recent months. With offices in Singapore and Hong
- 31/01/2017
- 31/01/2017
Failure to efficiently transfer weather risk has left wind energy stakeholders across the globe with untapped asset values totalling an estimated USD56 billion, according to renewable energy underwriter GCube Underwriting Ltd.
In a new report entitled Gone with the Wind: An Asset Manager’s Guide to Mitigating Wind Power Resource Risk, GCube outlines the scale of the threat posed by resource underperformance to wind energy operators and investors around the world.
Well-documented recent wind speed lulls in established markets such as North America, Europe and Australia – often triggered by unforeseen and widespread climatic phenomena – have affected the ability of
- 31/01/2017
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