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“The Special Limited Partnership (SCSp) has been successfully introduced into Luxembourg law. It is set to benefit from onshore fund activity following the AIFMD and is of particular interest to Anglo-Saxon managers and investors given their familiarity with limited partnership structures,” explains Paul Van den Abeele (pictured), Partner at Clifford Chance (Luxembourg).
In essence, what Luxembourg’s lawmakers have done is modernise what was quite an antiquated limited partnership regime in the SCS (société en commandite simple) based on the 1915 company law.
Alternative fund managers – in particular private equity and real estate managers – can now choose to either
- 24/10/2014
“The Special Limited Partnership (SCSp) has been successfully introduced into Luxembourg law. It is set to benefit from onshore fund activity following the AIFMD and is of particular interest to Anglo-Saxon managers and investors given their familiarity with limited partnership structures,” explains Paul Van den Abeele (pictured), Partner at Clifford Chance (Luxembourg).
In essence, what Luxembourg’s lawmakers have done is modernise what was quite an antiquated limited partnership regime in the SCS (société en commandite simple) based on the 1915 company law.
Alternative fund managers – in particular private equity and real estate managers – can now choose to either
- 24/10/2014
Today’s prevailing narrative is quite simple: heightened demands for a transparent view of investment risks are putting considerable pressure on private equity and real estate fund managers, and their service providers.
In short, risk transparency is becoming a key requirement which managers need to address. This is not that easy when one considers the complex structure of private equity and real estate funds and the illiquid non-tradeable nature of the underlying assets. The complexity of data needed to meet various global reporting regimes is a challenge. Indeed, the much talked about Solvency II regime in Europe is merely one cog
- 24/10/2014
- 24/10/2014
According to figures released by ALFI at the end of July 2014, there were 3,891 funds with total assets of EUR2.90trn. By comparison, at the end of 2013 the size of Luxembourg’s fund industry was EUR2.61trn with 3,902 funds. During 2013 the number of sub-funds increased by 265 and there were 279 SICARs established. Between end-2012 and end-2013, the number of Specialised Investment Funds (SIFs) – Luxembourg’s most popular regulated fund vehicle – increased from 1,485 to 1,562.
Much emphasis has been placed by the Luxembourg authorities on ensuring that financial market regulation is closely monitored. As the fund numbers
- 24/10/2014
Goldman Sachs, Bank of America Merrill Lynch and Morgan Stanley have maintained their positions as the leading brokers of flow equity derivatives to North American institutional investors.
In Europe, where the flow equity derivatives field is more crowded, Deutsche Bank, Morgan Stanley and JP Morgan have established strong platforms across products.
Winning trading relationships with institutions in options, swaps, futures, ETFs, and other flow equity derivatives is critical to broker-dealer success. Investors use far fewer brokers in these products than in cash equities or fixed income. Institutions typically use only six or seven counterparties for equity derivatives trades and broker-dealer
- 24/10/2014
In this report, we discuss the attractiveness of Emerging Market equities based on valuation criteria. We also show that Alternative EM is a better option for diversification purposes, since it preserves the performance of EM while significantly reducing the volatility.​
- 24/10/2014
Total assets in hedge funds decreased 1.5 per cent in September to USD3.012 trillion, according to the latest Hedge Fund Asset Flows report from eVestment.
Performance accounted for the majority of the USD46.7 billion decline, but investor redemptions outpaced new allocations causing an outflow of USD6.9 billion during the month.
Total industry assets declined in Q3 2014 for the first time since Q2 2012. Performance reduced AUM by USD30.3 billion, the equivalent of an asset-weighted return of -1.0 per cent. Flows were positive in the quarter as USD9.6 billion was added to the industry.
The most noticeable deviation
- 24/10/2014
More than half (57 per cent) of institutional investors plan to narrow down the number of different alternative asset managers they work with in the next 12 to 24 months, according to a survey by UBS Fund Services and PwC.
The survey reveals that they intend to focus on fewer key relationships as they gain increasing expertise in the sector. A higher proportion of institutional money in alternative asset classes is also leading to more rigorous selection of managers.
Mark Porter, head of UBS Fund Services, says: “Institutional investors are demanding more transparency and increased liquidity from their alternative
- 24/10/2014
Orangefield, a provider of corporate and fund services, has appointed Anna Coutts Donald as director at its UK office.
Coutts Donald will be responsible for growing the UK business and cultivating relationships with key UK and international clients.
The UK office – also known as Waterlow – was acquired in 2012 and since has grown steadily.
''I am very excited to be joining Orangefield as it is a true global provider of outsourcing services," says Coutts Donald. "Its client coverage and scope of services is a real strength."
Coutts Donald, a Scottish Chartered Accountant and former Council
- 23/10/2014
Asia ex-Japan hedge funds lead global peers with year-to-date returns of 6.66 per cent, due in large part to a 25.79 per cent rise in Indian equities since the start of the year, according to the latest data released by hedge fund research firm Eurekahedge.
Funds investing in North and Latin American came in second and third place, delivering returns of 5.21 per cent and 3.71 per cent respectively.
Japan focused funds returned 2.92 per cent, while European managers came in last place at 1.31 per cent.
As a whole, hedge funds were up 3.82 per cent year-to-date, registering performance-based
- 23/10/2014
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