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Hedge fund industry assets climbed above USD3 trillion for the first time this year in May as investors continued allocating to hedge funds, according to eVestment’s May 2016 Hedge Fund Asset Flows Report.
But at USD3.014 billion, funds are barely above that threshold and market forces unleashed by the late June vote for the United Kingdom to leave the European Union could impact that number dramatically cautioned report author Peter Laurelli, eVestment vice president and global head of research
Leading up to June’s BREXIT vote, hedge funds domiciled in Europe saw assets fall USD3.3 billion while funds with Europe
- 29/06/2016
GAM has bought USD4 billion Cantab Capital Partners for a USD217 million upfront cash payment. GAM is also to launch the GAM Systematic investment platform, focused on quantitative investing across long only and alternative strategies.
The firm writes that the acquisition accelerates GAM’s strategy to diversify its active management capabilities is expected to be significantly accretive to GAM’s underlying earnings per share in the first full year of ownership; closing expected in H2 2016.
The cash for the purchase has come from GAM’s existing cash resources, and deferred consideration based on future management fee revenues and the firm
- 29/06/2016
- 29/06/2016
A UK-based investment adviser and its Chief Investment Officer (CIO) have agreed to pay more than USD2.5 million to settle charges that they breached their fiduciary duties by operating two private funds in a manner inconsistent with their prior disclosures about the nature and extent to which they allocated IPOs and other securities offerings between the funds.
According to the Commission’s order instituting a settled administrative proceeding, James Caird Asset Management LLP (JCAM) and Timothy Leslie represented to the board and investors of the JCAM Global Fund (Global) – a liquid USD2 billion multi strategy fund client – that there
- 29/06/2016
Value Line Funds, a mutual fund company comprised of equity, fixed income and hybrid funds with assets exceeding USD2 billion, has completed the acquisition of the Alpha Defensive Alternatives Fund.
The Fund has been renamed the Value Line Defensive Strategies Fund and investor (VLDSX) and institutional (VLDIX) shares are now available.
The Value Line Defensive Strategies Fund is a fund of funds that seeks to achieve capital preservation while producing positive returns with low volatility. The Fund has a flexible investment mandate to hold multiple asset classes with varying levels of correlation to the overall market. As an alternative investment,
- 29/06/2016
The US CFTC has charged former CBOE member Alvin Guy Wilkinson and his limited partnerships Chicago Index Partners (CIP) and Wilkinson Financial Opportunity Fund (WFOF) with fraud and acting as unregistered Commodity Pool Operators.
The CFTC Complaint also charges Wilkinson with providing false statements and documentation to the National Futures Association (NFA) during an NFA investigation. Wilkinson formerly served in a leadership capacity on Chicago Board Options Exchange (CBOE) committees and the CBOE board of directors.
The Complaint, filed on 28 June 28, 2016, alleges that, from July 1999 to the present, Wilkinson fraudulently solicited and accepted at least USD6.9 million from at least
- 29/06/2016
Third Point Reinsurance has entered into new long term investment management agreements with Third Point (Third Point).
At its inception in December 2011, Third Point Re retained Third Point as its exclusive investment manager under a five year investment management contract. This agreement, and a separate investment management agreement for Third Point Reinsurance (USA) Ltd, were renewed to have effect from 22 December, 2016, in each case for a five year term.
John Berger says: "Third Point has been an outstanding partner in all respects. They helped us form Third Point Re, have supported us in building out our financial
- 29/06/2016
RIMES, together with the European Fund and Asset Management Association (EFAMA) and the Financial Markets Law Committee (FMLC), has cautioned compliance teams against overlooking important regulatory challenges during its first Regulatory Seminar.
Investment managers need to comply with MAD II requirements, which came into force this month, and prepare for the imminent arrival of MiFID II and the EU Regulation on Financial Benchmarks. These three pieces of regulation, when combined, mean that the buy-side will face compliance challenges unlike any it has faced before.
The buy-side must now have compliance monitoring as part of its core operational requirements. This requires
- 28/06/2016
FactSet Research Systems, a leading provider of integrated financial information and analytical applications, has announced its results for the third quarter of fiscal 2016.
For the quarter ended May 31, 2016, revenues grew to USD287.5 million. Operating income was USD89.3 million compared to USD85.4 million in the prior year period. Net income was USD66.8 million versus USD61.4 million a year ago. Diluted earnings per share were USD1.62 compared to USD1.45 in the same period of fiscal 2015.
Adjusted operating income and margin, adjusted net income and adjusted diluted earnings per share exclude both deal-related amortisation and non-recurring items. The Company
- 28/06/2016
Gen II Fund Services, an independent private equity fund administrator, has joined The Depository Trust & Clearing Corporation (DTCC) Alternative Investment Product (AIP) Services.
AIP is a platform that links global market participants — including broker/dealers, fund managers, fund administrators and custodians, providing a single standard, efficient end-to-end process for alternative investments including private equity, hedge funds, funds of funds, non-traded real estate investment trusts (REITs), managed futures and limited partnerships.
Gen II's membership in the AIP services enables the Firm to seamlessly and efficiently service our private fund sponsor clients that maintain investor relationships with Registered Investment Advisors.
"Joining
- 28/06/2016
Intercontinental Exchange (ICE), a leading operator of global exchanges, clearing houses and data services, has introduced the expanded ICE Data Services, bringing together proprietary exchange data, valuations, analytics, desktop tools and connectivity solutions from across ICE and the New York Stock Exchange, Interactive Data and SuperDerivatives.
This development is part of the ongoing integration of Interactive Data, which ICE acquired in December 2015.
ICE formed its ICE Data subsidiary in 2003, recognising the rising demand for exchange data as markets became increasingly automated. ICE continues to invest in its data services to address evolving customer needs driven by regulatory reform,
- 28/06/2016
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