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Under the AIFMD, European fund managers must focus more intently on operational risk. Earlier this summer, the Central Bank of Ireland produced an AIF rulebook highlighting 16 requirements to which an AIFM should adhere in order to establish best practices around operational risk.
“What transpired from this was a feeling among AIFMs of an increased burden on compliance and a huge cost associated with adhering to the CBI’s guidance,” says Colin Keane, Ireland Country Head at SS&C GlobeOp. The CBI listened to managers’ feedback, issuing a further consultation paper. There will likely be further guidance if not at the end
- 20/11/2014
- 20/11/2014
Quintillion Limited is a European-based affiliate of U.S. Bancorp Fund Services, a global alternative administrator with assets under administration of USD117bn, with Europe’s AuA totalling approximately USD19bn.
Over the last two years, Quintillion focused on making structural changes to the business in response to European regulation. According to Ken Somerville (pictured), Head of Business Development, Quintillion, depo lite has been a “distinct and absolute” change to the business model.
“That has been facilitated in part through operational changes, in part through the banking license we have. There are quite a few moving parts to depo lite that need to
- 20/11/2014
- 20/11/2014
Market sentiment has been shaken recently over fears of low growth in the Eurozone and a potential slide back into recession. The German government downgraded its economic forecast to 1.2 per cent for 2014; and this is meant to be the Eurozone’s powerhouse economy.
Nevertheless, pockets of growth are emerging for investors to exploit. “We are seeing an uptick in domestic real estate activity in Dublin. It has really picked up in the last year. International managers are looking to buy in to the recovery in Ireland and a number of them are choosing to do it through regulated fund
- 20/11/2014
- 20/11/2014
It is highly anticipated that Ireland will have a new corporate vehicle for Irish funds in place by the end of 2014: the Irish Collective Asset-Management Vehicle or ICAV.
Its imminent introduction will provide managers with an alternative to the public limited company (PLC) that has, to date, been the most popular vehicle for Irish collective investment funds. The Bill was introduced at the end of July 2014 and is being treated as a high priority by the Irish parliament.
Brian Kelliher is Partner, Asset Management & Investment Funds, at Dillon Eustace and is in no doubt that the
- 20/11/2014
REDI Holdings has added Evercore ISI Institutional Equities’ (Evercore ISI) electronic execution platform to the REDI multi-broker network.
“Evercore ISI has long been acclaimed for its sophisticated macro and fundamental investment research, evidenced most recently by the firm’s stellar performance in the 2014 Institutional Investor Equity Research rankings,” says Sean Sullivan, Global Head of Sales & Marketing at REDI. “More recently, however, Evercore ISI has begun receiving similar praise for its algorithmic trading platform. We’re very pleased to further expand our multi-broker network with the addition of such a well-regarded provider.”
Brian Suth, Head of Electronic Trading at Evercore
- 20/11/2014
Investor redemptions from hedge funds in October outpaced new allocations for the second consecutive month resulting in a slight net outflow of USD2.9 billion (only 0.10% of AUM), according to eVestment.
The industry has not had two consecutive months of outflow since the wake of the 2012 edition of the European sovereign crisis.
Investor sentiment towards equity-focused hedge funds was negative for the second consecutive month October, confirming a deviation from the positive trend which had been in place the preceding 14 months. October redemptions appear more related to elevated losses in June and July, rather than due to
- 20/11/2014
Although much maligned for sub-par performance since the dot-com crash, venture capital returns for more recent funds have picked up significantly – one-year horizon returns are among the best in the entire private equity industry. Preqin’s latest special report examines the drivers of this recent success, and uncovers the impact of improved performance on LP attitudes towards the asset class and the prospects for future fundraising.
Following a rapid reversal of fortunes at the turn of the millennium, the venture capital industry has experienced largely lacklustre returns which have led to tough fundraising conditions for all but a select group
- 20/11/2014
Hedge funds lost 0.11% in October, according to the Barclay Hedge Fund Index compiled by BarclayHedge. After ten months in 2014 the Index is up 2.87%.
“Continued easing by the ECB and the BOJ as the Federal Reserve wound down its bond purchases, the unraveling of crowded trades in Abbvie/Shire and Fannie/Freddie and S&P 500 earnings exceeding expectations propelled risk asset prices sharply lower in the first half of the month, only to recoup those losses by month’s end," says Sol Waksman, founder and president of BarclayHedge. “At mid-month the S&P 500 was down by 5.6 percent, but managed to
- 20/11/2014
Irving H Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), is seeking approval of a recovery agreement with Senator Fund SPC, a Cayman Islands incorporated investment fund invested exclusively with BLMIS.
Under the terms of the recovery agreement, the settlement will benefit the BLMIS Customer Fund by USD95 million. Approval of the Senator agreement is pending with the United States Bankruptcy Court. In addition, a recovery agreement of approximately USD497 million, reached between the SIPA Trustee and the Herald/Primeo feeder funds, is also pending approval with the Bankruptcy Court. Once
- 20/11/2014
Investors’ devotion to Alpha is hindering investment success, says State Street research
Investment professionals are failing to deliver alpha and investors are failing to achieve their long-term goals, according to new research published today by State Street’s think-tank, the Center for Applied Research.
The research, titled “The Folklore of Finance: How Beliefs and Behaviours Sabotage Success in the Investment Management Industry” explores the concept of investment success and the impact of common beliefs and biases within the investment management industry.
While more than 60 percent of the industry’s capital is spent on the pursuit of alpha, a growing skepticism has
- 20/11/2014
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