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Lyxor’s Cross Asset Research team has released a report on the performance of active mutual funds versus their benchmarks in 2016. The team writes that it would be an understatement to say that active investing has been challenged in 2016.
“Political risks loomed large and the switch from deflation fears to reflation hopes in H2 led to sizeable trend reversals across the board. This took most investors by surprise.”
The result was that hedge funds underperformed global equity and bond indices in 2016, while active mutual funds failed to beat their benchmarks.
“A very small proportion of both European and
- 03/01/2017
Euronext has made an irrevocable EUR510 million all-cash offer to LCH.Clearnet Group Limited (LCH.Clearnet Group) and London Stock Exchange Group (LSEG) to acquire LCH.Clearnet SA (Clearnet).
Clearnet is a leading, multi-asset, Eurozone-based Central Counterparty (CCP) serving Euronext’s markets, pan-European electronic trading platforms and OTC markets, with gross income of EUR137 million and profit after tax of EUR36 million in 2015, and shareholders’ equity of EUR301 million.
Clearnet has commenced a period of consultation with its works council during which LSEG and LCH.Clearnet Group have granted exclusivity to Euronext.
Euronext says the acquisition will strengthen the company’s position at the heart
- 03/01/2017
Nuveen, an operating division of TIAA Global Asset Management, has completed the liquidations of the Nuveen Diversified Commodity Fund (CFD) and the Nuveen Long/Short Commodity Total Return Fund (CTF).
As previously announced, each fund’s shares ceased trading and were delisted after the close of business on Friday, 23 December, 2016.
Access to Schedules K-1 and information for the funds’ 2016 tax year is expected to be provided by the end of the first full week of March 2017, and will be made available on Nuveen’s website. In accordance with Commodity Futures Trading Commission rules applicable to the funds, each fund
- 02/01/2017
- 02/01/2017
Bricknode has released a tax reporting app for the platform Bricknode Financial Systems in order to streamline tax reporting for financial institutions.
Tax reporting involves generating tax verification data and tax filings for local tax agencies and is one of the most resource consuming areas of the financial industry. In order to keep up with changing regulations and legacy back office systems the consultancy costs has exploded. For numerous years Bricknode has worked with several brokerage firms, fund companies and other financial institutions. By doing so, Bricknode has been able to analyse the most significant areas where this could be
- 02/01/2017
Japan Macro Advisors (JMA), whose clients include a few of the world’s largest hedge funds and global manufacturing companies, has launched "My Charts," a set of web-based analytical tools to help economists and decision makers stay on top of the Japanese economy.
Building upon the free and constantly updated economic database JMA provides to the public, My Charts functions as a personal chartbook that is east to maintain and can be converted instantly to PowerPoint slides.
"Economists and analysts such as myself spend too much time not analyzing, but searching and downloading data, updating charts and tables, copy-pasting them to presentation
- 02/01/2017
State Street Global Exchange’s global Investor Confidence Index (ICI) decreased to 94.2 in December, down 3.4 points from November’s revised reading of 97.6.
The decline in sentiment was driven by the 6.7 point decrease in the Asian ICI to 109.1 along with the 6.0 point decline in the North American ICI to 87.5. By contrast, the European ICI rose 13.7 points from 86.4 to 100.1.
The Investor Confidence Index was developed by Kenneth Froot (pictured) and Paul O’Connell at State Street Associates, State Street Global Exchange’s research and advisory services business. It measures investor confidence or risk appetite quantitatively by
- 02/01/2017
PKF O’Connor Davies has published “From Hedge Fund to Family Office: Making the Right Choices for Your Investment Business and Family,” a new guide to converting hedge funds to family offices written by by Partner Alan S Kufeld (pictured).
The new guide explores the intricacies of the conversion and and discusses how investment managers can leverage their expertise to properly structure their new business. The giude is available on the Insights section of the PKF O’Connor Davies website.
“Converting to a family office is a trend that we have been monitoring for some time. Increased regulation and inconsistent market performance
- 02/01/2017
Eurex Global Securities (EGS) has signed an exclusive agreement with DKG Group for trading on its new advanced and streamlined dark pool trading platform, the European Global Trading Platform (ETGP).
Dark pool trading began to emerge in early 2000s, mainly thanks to the nature of private equity trading and the fact that it allows large institutional investors to buy a large number of stocks without attracting the attention of other public investors. EGS recently announced the agreement with DKG, and will start stock trading activities at the end of this year as part of a global expansion of the stock
- 02/01/2017
William J Brodsky, Susan M Phillips and R Eden Martin, among CBOE Holdings' longest serving board members, are to step down from the board upon the closing of CBOE’s acquisition of Bats Global Markets.
Their resignations are conditional upon the transaction closing.
CBOE Holdings and Bats have entered into a definitive agreement that provides that at the effective time of the Bats acquisition, CBOE Holdings' board of directors will consist of 14 directors.
These 14 directors will include 11 directors currently serving on the CBOE Holdings board plus three individuals who are serving on the Bats board of
- 23/12/2016
- 23/12/2016
One of the great myths of 2016 is that volatility has returned, says AIMA, which believes this year saw the continuation of the post-crisis trend of low market volatility, having an impact on certain hedge fund strategies.
Nevertheless, many individual hedge funds performed very well in 2016. To the end of November, average hedge fund performance was about +5 per cent (HFRI, Preqin).
AIMA’s view is that volatility has not returned, especially when compared with historic volatility levels. The long-term average (since 1990) for the Chicago Board Options Exchange Volatility Index (VIX) is 19.7. In 2015, it was 16.6
- 23/12/2016
- 23/12/2016
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