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Politics and central bank policy took centre stage through the second quarter in the lead up, and in reaction, to the 23 June Brexit referendum, according to GAM portfolio manager Anthony Lawler (pictured).
“Across asset classes, market pricing and correlations became increasingly influenced by Brexit opinion polls. Expectation around the Brexit vote became a litmus test on emerging populism in developed market electorates,” says Lawler. “Uncertainty on the outcome of the vote, combined with an unexpectedly weak May payroll, pushed back market expectations of Fed rate hikes and lowered the expectations on terminal rates. Uncertainty and rising populism are not
- 06/07/2016
Affiliated Managers Group (AMG) has completed its investments in Capula Investment Management, Mount Lucas Management and CapeView Capital.
Capula is a global fixed income specialist firm managing absolute return, enhanced fixed income, and tail risk strategies, focusing on developing innovative investment strategies that exhibit low correlation to traditional equity and fixed income markets. Founded by chief investment officer and managing partner Yan Huo in 2005, Capula is based in London with affiliated entities in Tokyo, Hong Kong, and Greenwich.
Mount Lucas manages global macro, diversified futures index, commodity futures index, and large cap equity strategies. The firm was founded
- 06/07/2016
The investment management industry is lagging others in exploiting the vast potential of information technologies, and asset managers are under growing pressure to be more innovative and leverage emerging disruptions occurring in other industries.
That’s the conclusion of SEI’s new white paper, “The Upside of Disruption: Why the Future of Asset Management Depends on Innovation.” The paper depicts an industry that has been supported by favourable business conditions that are now shifting, making it vulnerable to disruption by technology firms.
The demographic and regulatory tailwinds that have propelled the industry’s strong business performance are weakening or reversing, states SEI’s
- 06/07/2016
ITG has launched an enhanced version of its smart order router which, in early tests, has returned 35 per cent size improvement over the displayed quantity and USD0.0015 per share price improvement if routed to dark and lit venues.
“This enhanced smart order router delivers market-leading size and price improvement, plus customisation and transparency features, giving clients more control,” says Raj Jain, head of US liquidity products at ITG. “It offers multi-broker conditional orders, on an opt-in basis, which can route outsized, trade-now orders to the largest block crossing networks, including POSIT Alert. In addition, real-time monitoring tools and detailed performance
- 06/07/2016
- 06/07/2016
June average daily volume (ADV) for options contracts traded on Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2), and futures contracts traded on CBOE Futures Exchange (CFE) totalled 5.2 million contracts, an increase of 22 per cent from May 2016 and 15 per cent from June 2015.
Total options and futures volume was 114.0 million contracts, an increase of 27 per cent from the previous month and 15 per cent from a year ago.
CBOE Volatility Index (VIX Index) futures at CFE set record volume in non-US trading hours on 24 June, with 235,141 contracts. The new
- 06/07/2016
- 06/07/2016
June average daily transaction value (ADV) on the Euronext cash order book stood at EUR8,345 million in June, 9.3 per cent lower than June 2015, which was a record month following the previous one in 2010.
The activity on ETFs significantly increased during June 2016 with an average daily transaction value of EUR683 million, up 16.5 per cent compared to June 2015. The exchange’s ETF offer continued expanding with six new listings during the month.
The average daily volume on equity index derivatives was down 14.4 per cent to 244,761 contracts in June 2016, while the average daily volume
- 06/07/2016
- 06/07/2016
Almost a third (30 per cent) of asset managers outside of North America continue to maintain legacy platforms despite the technology’s role in trade delays and errors, according to a TABB Group survey.
The research, “The Buy-side Legacy IT Hangover: Finding the Cure for Alpha, Compliance and Growth,” reveals trade delays caused by inadequate technology account for opportunity costs of anywhere up to 50 per cent of revenue.
The risk of not meeting the needs of both clients and regulators means loss of assets, potentially incurring large fines and not sustaining profitability and growth.
In the report, TABB
- 06/07/2016
Global financial market volatility spiked in June as the UK voted to leave the European Union, resulting in steep losses for Sterling and many European equities, while bond yields plunged further into negative territory and gold surged.
Hedge funds posted gains for the month as the HFRX Market Directional Index gained 2.16 per cent, the HFRX Equal Weighted Strategies posted a gain of 0.31 per cent and the HFRX Global Hedge Fund Index gained 0.20 per cent for the month. 


HFRX Event Driven Index posted a gain of 1.37 per cent for June, its fifth consecutive month of positive
- 06/07/2016
- 06/07/2016
GAM is to launch a new merger arbitrage strategy in July, subject to regulatory approval, which will focus on inefficiencies in the market prices of companies that may occur after the announcement of corporate events such as mergers, acquisitions or spin-offs.
Arbitrage opportunities may also arise after company-specific news, such as the inclusion of its shares in major market indices. Events like these offer the potential for risk arbitrage, and the strategy aims to exploit a set of low-risk opportunities to generate alpha.
Risk management is embedded in the portfolio construction by keeping a suitable level of diversification across
- 06/07/2016
- 06/07/2016
The long-term impact of the historic decision by the United Kingdom to leave the European Union on 23 June will take investors and analysts time to fully quantify but there is no question that over the short-term, ‘Brexit’ is going to create ripples of volatility.
The sterling, which many anticipated would bounce on the news of a Remain vote, slumped to a 31-year low against the US dollar, falling as low as USD1.3228.
An estimated USD3trillion was wiped off global market indices over the course of two days, leading the FTSE 100 to fall as much as 8.7 per cent
- 05/07/2016
- 05/07/2016
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