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Concept Capital’s Jack Seibald (pictured) discusses the risks of ’40 Act liquid alternatives, the potential mismatch between managers and investors, fund investor alienation, and why prime brokers might raise their costs to support the ‘short’ side of these funds. HW: The rise of the ’40 Act alternative mutual fund has attracted a lot of headlines this year as assets climb north of USD300bn. How do you feel about this?   JS: I’ve been in this business a long time. Every time I see everyone running towards a new product I get concerned. The last big product evolution was ETFs. There’s an
Eight months after announcing their plans to develop a new asset servicing model for TARGET2-Securities (T2S), Clearstream and BNP Paribas Securities Services have signed a partnership agreement.  Both companies are now well underway towards a timely T2S readiness and in a pioneer position when it comes to presenting a tangible asset servicing model for the market environment with T2S. In this new model Clearstream will connect via its German central securities depository to the T2S platform, hence attracting settlement flows, while custodian bank partners will handle asset servicing at a domestic market level, bringing strong local market expertise to the
Jersey’s strengths as a centre for wealth management, company listings and fund servicing were showcased to over 500 stakeholders in key Asian markets last month, through Jersey Finance’s inaugural Asia Roadshow. Between 17 and 26 November, Jersey Finance hosted a range of breakfast and lunch events in Hong Kong, Kuala Lumpur, Singapore and finally the United Arab Emirates, featuring a range of guest speakers who discussed trends in the private client, funds, and capital market spaces; including regulation, transparency, and how Jersey expertise and structures are increasingly being employed in an Asian context.    This inaugural Roadshow series builds on
Natixis Global Asset Management has launched the ASG Global Macro Fund (GMFAX), an alternatives mutual fund managed by AlphaSimplex Group, LLC (ASG).  The fund pursues an absolute-return oriented, long/short strategy that employs a dynamic risk-managed approach to invest across a range of global markets. Investors and financial advisors are clamoring for accessible, liquid ways to invest in alternative strategies,” says David Giunta, president and chief executive officer, at Natixis Global Asset Management – US Distribution. “The ASG Global Macro Fund provides a solution by offering tools and techniques more widely available in hedge funds in a ’40 Act structure. It
Japan Exchange Group (JPX) and Singapore Exchange (SGX) are to enter a Letter of Intent (LOI) to collaborate in the joint development and promotion of the markets on both exchanges.  This cooperation further deepens the long-standing relationship and strategic partnership between JPX and SGX.  Under the LOI, JPX and SGX will jointly explore and collaborate in areas such as:-  • Examining the possibility of developing new derivatives products based on TOPIX;  • Collaborating the development of commodities markets on both exchanges;  • Enhancing international connectivity via co-location data centres in each market; and  • Facilitating greater understanding of both markets
Eurekahedge has launched a new index, the Eurekahedge 50, created in partnership with Markov Processes International, which tracks the world top 50 hedge funds in terms of consistently attractive risk-adjusted returns. The index was created to meet the demands of institutional hedge fund investors seeking a more selective benchmark reflective of diversified institutional quality hedge fund portfolios. The Eurekahedge 50 tracks the returns of the top hedge funds based on longevity, assets under management (AUM) and quality of risk-adjusted returns, taking into account stability and consistency. Boasting attractive performance coupled with a low downside deviation, the Eurekahedge 50 contains household
European institutional investors are taking a pragmatic approach to investing in renewable infrastructure that favours performance over SRI-related factors, according to new research by Aquila Capital. Almost two-thirds (63%) of respondents cited portfolio returns as the main reason for investing in renewables compared to just 6% who do so for environmental and ethical reasons. Diversification and inflation-hedging was identified by 12% and 9% of investors respectively as their primary driver for gaining exposure to renewable infrastructure. The majority (52%) of European institutions have some exposure to renewable infrastructure and currently allocate an average of 4% to this asset class but
Commodities trading house Gunvor Group Ltd has agreed a USD1,090,000,000 revolving credit facility in favour of Gunvor International BV and Gunvor SA . The facility will replace the maturing tranche of the Borrower’s Revolving Credit Facility dated 6 December 2013 and be used to finance general corporate and working capital requirements. The facility was oversubscribed, having launched at USD900 million, and complements the existing USD305 million Facility that matures in 2016. “We’re pleased to have the continuing support of our banking partners, as well as the participation of new banks,” says Jacques Erni, Gunvor Group CFO. “Gunvor continues to grow
Venture capital funds produced average returns of 27% in the year to March 2014, higher than any other private equity strategy over the same period. Preqin's Christopher Elvin comments: The Achilles Heel for venture capital funds since the turn of the millennium has, of course, been performance. Returns have generally been lagging well behind other private equity strategies, but despite this, many investors have stuck with the asset class. The main argument for this has been that while the average performance has been disappointing, the returns of the best funds have been excellent. If investors can identify and get into these
European Capital is to acquire a majority stake in Cordium, subject to change of control consent by the Financial Conduct Authority and the Malta Financial Services Authority. 

 The majority share was purchased from Sovereign Capital, a UK-based buy-and-build specialist and Cordium’s private equity backer since November 2010. Through Sovereign’s strategy of buy & build, Cordium has become one of the largest independent regulatory compliance consultancies in the world, quadrupling its number of clients worldwide. With Sovereign’s backing Cordium has made a total of eight acquisitions, which included HedgeOp in New York, HedgeStart in London and Zodiac Advisory Services in

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