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Hedge funds posted declines in December, led by Energy and Quantitative CTA strategies, to conclude a volatile, turbulent year in financial markets, according to data released today by HFR.
The year began with major dislocations in currency markets, included steep declines for oil and energy commodities, as well as Emerging Markets, and concluded with rising geopolitical and terrorism threats as well as the first US interest rate increase in nearly a decade. Oscillating between positive and negative performance throughout the year, the HFRI Fund Weighted Composite Index® posted a decline of -0.85 per cent in December, ending the year down
- 11/01/2016
Multiple and powerful pressures are impacting the hedge fund industry, but two are particularly prominent: a dramatically increased regulatory burden, and investor demands for greater transparency and lower fees.
Far-reaching and complex new rules continue to reshape the environment, from Dodd-Frank and EMIR to FATCA and AIFMD. To meet these stringent regulatory responsibilities, and keep pace with evolving investor best practices, hedge funds will need to adopt a firm-wide “culture of compliance.”
Non-compliance not an option
Satisfying regulatory rules and investor demands may seem like a costly headache, but compliance is simply good business. Poor or non-compliance risks:
More frequent
- 11/01/2016
- 11/01/2016
Steven A Cohen has been prohibited from supervising hedge funds that manage outside money for two years after reaching a settlement with the SEC over charges that he failed to supervise a portfolio manager who engaged in insider trading while employed at his firm.
The ban imposed by the ’neither admit nor deny settlement’, which means Cohen did not have to admit to any of the SEC's substantive allegations to end the case, runs until 31 December, 2017. Until that time, Cohen will continue to be able to run his large Family Office, Point 72 Asset Management, although the firm will
- 09/01/2016
Global law firm K&L Gates has continued to bolster its investment management, hedge funds and alternative investment practice with the addition of Derek Steingarten (pictured) as a partner in the firm’s New York office.
Steingarten, who joins K&L Gates from Goodwin Procter LLP, is the office’s third new partner in the investment management area in the last six months.
Steingarten brings 15 years of focused experience representing investment advisory firms and fund sponsors across a broad spectrum of formation, regulatory, and transactional matters. His client base spans seasoned and startup investment managers, hedge funds, funds-of-funds, and open- and closed-end mutual
- 08/01/2016
Abbey Capital Limited’s mutual fund, the Abbey Capital Futures Strategy Fund surpassed USD300 million assets under management as at 31 December 2015.
Launched on 1 July 2014, the Fund has returned over 23 per cent since inception and offers individual and institutional investors access to a multi-manager managed futures strategy, complemented with an actively managed fixed income exposure, achieved in a highly competitive cost structure.
“We are delighted with the strong asset growth which we believe reflects the growing appetite for liquid alternatives and also the unique attributes of our product offering,” says Mick Swift, Deputy CEO of Abbey
- 08/01/2016
Independent institutional and private client service provider JTC has extended the capabilities of its Cayman Islands office to offer a broad range of fund administration services, following the completion of its acquisition of GAM’s Cayman Islands fund administration business.
Having announced the acquisition in October and with full regulatory approvals from the Cayman Islands Monetary Authority now granted, JTC believes it is strongly positioned to provide a full spectrum of fund administration services, adding to the private client services it already offers from the jurisdiction, where it has had a presence since 2013.
With all 14 staff in the Cayman
- 08/01/2016
Accenture is to acquire Formicary, a provider of consulting and systems integration services for trading platforms in the UK and North America.
Accenture believes the acquisition will further strengthen its capabilities in helping banks, asset managers, hedge funds and clearing organisations transform their trading technology platforms, enabling them to quickly and cost-efficiently adapt to market and regulatory change. Terms of the transaction were not disclosed.
Formicary specialises in financial trading systems consulting, systems integration and migration, and IT services and software for over-the-counter (OTC) clearing, which includes implementations of industry-leading trading platforms such as Murex, Calypso and Misys Summit.
- 08/01/2016
- 08/01/2016
Prophet Capital Asset Management, a USD2.3 billion structured credit hedge fund, has adopted Broadridge Financial Solutions’ integrated trading, portfolio management and operating platform.
“An established structured credit fund like ours, with a two-decade growth trajectory and an increasingly sophisticated investor base, requires scalable, institutional-quality infrastructure,” says Kurt Rechner, COO of Prophet Capital Asset Management. “The Broadridge solution offered out-of-the-box functionality as well as the option for customisation to support trading of complex securities – which was key for us – all through a single platform.”
Broadridge Investment Management Solutions, which includes the award-winning Portfolio Master operating platform, now supports
- 08/01/2016
Millennium Trust Company has launched the Millennium Alternative Investment Network (MAIN), a centralised online service dedicated to simplifying the custody of alternative investments.
MAIN aims to deliver an efficient end-to-end solution for individuals and advisors looking to hold alternative investments within either IRAs or taxable custody accounts. Through MAIN, investors can link to the growing number of investment platforms offering access to an increasing range of alternative investments. After completing their research and selecting an investment via a platform, investors can complete Millennium's required documents to open and fund an account and direct their investments entirely online.
Further, MAIN
- 07/01/2016
ChartIQ, a specialist in HTML5 financial charting for capital markets, has launched a fully integrated app in Thomson Reuters Eikon, a platform for consuming real-time and historical data, and connecting the financial markets community.
App Studio in Eikon allows third parties to build their own apps that sit within the Eikon desktop, powered by Thomson Reuters and other data, and to make them available to Eikon users.
ChartIQ is focused on building HTML5 financial charting and data visualisation tools for capital markets applications. Owing to the flexibility of its technology and the open capabilities of Thomson Reuters Eikon, users
- 07/01/2016
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