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The nature of how research is disseminated and accessed within the funds industry is changing. In some respects, sellside institutions are adopting a Good Cop Bad Cop stance. On the one hand, they are starting to scale back the value of the research they send out to smaller clients. On the other hand, they are committed to providing best execution prices to those same clients.
One of the primary drivers behind this scaling back, which is known as ‘ghosting’, is that under Mifid II, sellside institutions will be required to disentangle research from trade commissions and as such place greater
- 04/01/2016
The State Street Global Investor Confidence Index (ICI) rose to 108.3 in December 2015, up 1.0 point from November’s revised reading of 107.3, driven by an increase in the European ICI from 96.2 to 103.7 along with the Asian ICI rising 4.6 points to 105.1.
By contrast, the North American ICI decreased by 5.9 points to 106.6.
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 analysing the actual buying and selling patterns of
- 04/01/2016
Todd W Betke has joined K&L Gates from Pepper Hamilton as a partner in the firm’s Washington DC office.
Betke focuses his practice on commercial, legal, and regulatory issues surrounding private equity, venture capital, and hedge fund formation, as well as related acquisitions and dispositions of portfolio companies and assets. He has served as outside counsel to dozens of funds over the course of his 20-year career, and has extensive experience with the formation, regulation, and operation of varying types of funds, including Small Business Investment Companies licensed by the U.S. Small Business Administration.
Betke represents investment funds with capital
- 04/01/2016
Exchange traded fund sponsor and asset manager WisdomTree has launched the WisdomTree Dynamic Long/Short US Equity Fund (DYLS) and WisdomTree Dynamic Bearish US Equity Fund (DYB) on the BATS Exchange.
DYLS offers a stock selection strategy designed to add alpha in the core long stock portfolio, while hedging market drawdowns with a dynamic hedge on the market. DYB also offers a stock selection strategy designed to add alpha in the core long stock portfolio, but is designed to provide “more bearish” net positioning. DYLS and DYB each have a net expense ratio of 0.48 per cent.
As markets have become
- 04/01/2016
China Everbright Limited (CEL) has launched a multi-strategy alternative investment fund (FoF) with an initial RMB5 billion of committed capital, RMB1.25 billion of which is from CEL’s principal capital.
The fund’s target is RMB10 billion, which will be invested in CEL's primary market funds as well as in leading private equity funds that maintain good cooperation with CEL, an excellent market reputation and a strong performance track record.
CEL believes that a multi-strategy alternative investment fund (FoF Fund) can significantly diversify the investment portfolio of institutional investors, alleviating the volatility attributed to similarity in investment portfolios.
- 04/01/2016
Japan is host to some of the largest pools of institutional investment assets in the world. It ought to be a magnet for asset managers of all kinds, and especially for the alternative investment managers that are garnering substantial shares of institutional assets in North America and Europe. Yet Japan has proved an exceptionally challenging market to penetrate, for reasons which range from the cultural to the structural.
However, says SumiTrust, there are now signs that Japan’s institutional investors are opening their portfolios to foreign and alternative assets. How should alternative managers approach this opportunity?
Japan is an
- 23/12/2015
- 23/12/2015
It all started so well. In February 2015, hedge funds posted their highest monthly gains (+2.13 per cent) for two years and there was an overall feeling of optimism in the air. As Preqin’s data reveals in its December Hedge Fund Spotlight, at the time 60 per cent of hedge fund managers felt that overall hedge fund performance in 2015 would exceed that of 2014.
Onwards into March, and further positive performance led to Q1 2015 being the best quarterly performance since Q4 2013, with the average hedge fund posting returns of +3.03 per cent.
And then, slowly but
- 23/12/2015
Vineer Bhansali has formed LongTail Alpha, a new investment management advisory firm that will provide qualified investors with the opportunity to benefit from the experience of one of the most accomplished tail risk experts in the financial industry.
LongTail Alpha believes that sustained portfolio performance comes from expecting the unexpected, and positioning portfolios to earn yield while maintaining convexity. The firm will blend a solutions approach with additional value provided through applying decades of experience in active portfolio implementation of these techniques.
“I am eager to embark on this new stage in my career, and apply my professional and
- 23/12/2015
The US Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad has signed a Memorandum of Understanding (MOU) with Hong Kong Securities and Futures Commission (SFC) Chief Executive Officer Ashley Alder regarding cooperation and the exchange of information in the supervision and oversight of regulated entities that operate on a cross-border basis in the United States and in Hong Kong.
Through the MOU, the CFTC and the SFC express their willingness to cooperate in the interest of fulfilling their respective regulatory mandates. The scope of the MOU includes markets and organised trading platforms, central counterparties, and intermediaries, dealers, and other market
- 23/12/2015
The Grand Court of the Cayman Islands has ordered that redemption payments made to an investor of the failed Weavering Macro Fixed Income Fund prior to the commencement of its liquidation are to be repaid.
The Court ruled that the redemption payments constituted preferences and were therefore invalid. In doing so, the court has ordered that the redemption payments, which totalled over USD8.2m, be repaid to the fund.
The decision, handed down earlier today, represents the first successful attempt by liquidators of a Cayman Islands investment fund to recover redemption payments on the basis of preference, meaning that the
- 23/12/2015
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