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Emerging Markets hedge funds posted strong gains in March, leading industry-wide gains as equity and commodity markets reversed early quarter declines to conclude the first quarter, according to data released today by HFR. The HFRI Emerging Markets Index advanced +6.9 per cent for the month, offsetting steep losses from January and bringing YTD performance to +0.8 per cent. March represents the strongest month of performance for Emerging Markets (EM) since the Index gained +9.6 per cent in May 2009.  Hedge funds posted strong gains across Equity, Event Driven and Relative Value strategies, with the HFRI Fund Weighted Composite Index® advancing
Blackstone Alternative Investment Advisors (BAIA), an affiliate of Blackstone’s hedge fund solutions business, will be closing the Blackstone Alternative Multi-Manager Fund (BXMMX), the smaller of its two mutual fund products.  Blackstone launched BXMMX in August of 2013 as a dedicated vehicle for Fidelity Investments. As of 31 March, 2016, the AUM of BXMMX was USD631 million. Blackstone will liquidate the fund on or before 31 May, 2016. BXMMX sought capital appreciation through a diversified global set of exposures, traded by alternative asset managers, which demonstrated relatively low beta to traditional markets and produced attractive risk-adjusted performance. BXMMX is operated as
Violent swings across financial markets have forced investors to re-evaluate portfolio allocations, as well as hedging practices. TABB Group’s new Market Note,“Broken Hedges: Credit Traders and the Lure of Equity Options,” examines why credit investors are turning to equity options as hedging tools, and what specific products these investors are using the most. Report author Callie Bost reports that while the US corporate bond market is expanding, the availability of credit-default swaps (CDS) is dwindling. Last year, the notional value outstanding in the US corporate bond market was USD8.1 trillion, more than double the amount in 2002, according to Federal
Nomura Research Institute (NRI) has launched the second phase of its Proof-of-Concept (PoC) to examine the applicability of blockchain technology for securities markets. This project will be done in collaboration with Asia’s leading exchange group, Japan Exchange Group. (JPX). Through this partnership, NRI and JPX will assess the usability as well as the challenges of blockchain technology when applied to securities markets. Along with JPX, the PoC will be supported by Nomura Securities, SBI Securities, Mitsubishi UFJ Financial Group and others, to ensure the study is explored from various perspectives. The PoC will mainly examine business scenarios and validation items,
Calamos Investments has added to its liquid alternatives offering with the launch of the Calamos Phineus Long/Short Fund, a global long/short mutual fund.  The fund's launch follows the September 2015 acquisition of San Francisco-based Phineus Partners by Calamos Investments. Michael Grant, Senior Vice President and Senior Co-Portfolio Manager, launched Phineus' Long/Short hedge fund in 2002 and will manage this new mutual fund with the same investment approach. Because the approach and GIPS-compliant investment history of Phineus Partners' long/short hedge fund is consistent with the transparency and liquidity requirements of a '40 Act fund, the new mutual fund will retain the
JTC, the multi-jurisdictional, independent provider of institutional and private client services, has formed a partnership with INDOS Financial in order to provide an independent depositary solution for its alternative fund clients.  The partnership means that JTC’s range of private equity, real estate, hedge, infrastructure and other alternative fund clients will now have access to a specialist depositary, which can help managers meet the requirements of the EU Alternative Investment Fund Managers Directive (AIFMD) and deliver an additional level of oversight that is independent from the fund administration service.   UK-based INDOS Financial specialises in providing independent AIFMD depositary services to
The publication of the Panama Papers has raised serious questions about global compliance with international regulatory standards, and it is apparent that some jurisdictions have fallen markedly behind in the global efforts to combat money laundering and tax evasion. By contrast, the Overseas Territories and the Crown Dependencies, being British international financial centres (British IFCs), are rated as having amongst the highest regulatory standards in the world by all international assessments, including by the Organisation for Economic Co-operation and Development (OECD) and Financial Action Task Force (FATF).   The British IFCs automatically exchange tax information with the UK and US
Prestige Fund Management and Affiliated companies (Prestige), a specialist direct lending investment management group has recently celebrated the seventh birthday of its “Alternative Finance Fund” by passing USD500 million/GBP350 million in assets under management. Group assets raised since 2008 now stand at approximately USD1.1 billion/GBP780 million. Prestige, focuses on commercial loans for small and medium enterprises (SMEs) in the UK, launched its loan strategy in 2008 and now has over 60 employees and retained consultants globally. Specialist financing areas of focus include asset, project and invoice finance related opportunities.   The milestone comes for Prestige as pension funds and other
Argonaut Capital founder Barry Norris (pictured) has assumed full ownership of the specialist European equity asset manager, subject to completion via a scheme of arrangement and regulatory approval. Formed as a joint venture between the Argonaut founders and Britannic Asset Management (later known as Resolution then Ignis) in 2005, a passive minority stake in Argonaut was retained by Standard Life Investments following its acquisition of Ignis in 2014. Following completion of the deal, both SLI and Oliver Russ will exit the business. Norris says Argonaut will flourish as a fully independent business, with the firm’s strong long-term track record built
Offshore law firm Campbells has appointed six new partners in its Cayman Islands and Hong Kong offices. Marianne Rajic will join Campbells’ Hong Kong office as a partner later this month.  Rajic was previously a partner with Walkers in the British Virgin Islands and will bring a wealth of experience and knowledge to the firm’s Investment Funds and Corporate & Finance Group.  “We are delighted to welcome someone of Marianne’s calibre to our new Hong Kong office, and this key hire serves to demonstrate our commitment to growth and development in the Asian market,” says Ross McDonough, Senior Partner and

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