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Since 2008 nearly one-third of European charities have restructured their investment portfolios to increase their exposure to alternative products, according to a survey by Cerulli Associates.
The latest issue of The Cerulli Edge-Global Edition includes the results of a survey of major European charities which, together, hold a total of GBP64.2 billion (USD109.3 billion) in assets.
"The conclusion must be that for asset managers with a proven track record in alternatives-be it hedge funds, infrastructure fund managers, private equity groups, or an institution that can act as a broker for direct investments-there are some terrific opportunities within the sector," says Barbara Wall,
- 22/07/2014
Lazard Asset Management (LAM) has expanded its US equity capabilities with the addition of Frank Sustersic as director and portfolio manager.
Based in LAM’s new Radnor, Pennsylvania office, Sustersic will manage two new small cap equity strategies: the Lazard US Small Cap Equity Growth strategy and the Lazard US Small Cap Equity Growth Concentrated strategy.
Both strategies will be available to investors as separately managed accounts beginning in mid-July, and LAM plans on launching a mutual fund for the US Small Cap Equity Growth strategy on 30 August.
Sustersic joins LAM from Turner Investments where he was a
- 22/07/2014
Andrew Shrimpton (pictured), global head of regulatory compliance at Kinetic Partners, on what the next focus for UK AIFMs should be following the end of the AIFMD transitional period…
With today marking the end of the AIFMD transitional period, firms have been busy ensuring that they have their depositary agreements and risk management in place. Now, a key focus for UK AIFMs should be the reporting which they must adhere to, this includes:
• Annex IV Report: UK AIFMs must report to the FCA on each AIF they manage/market in the EEA. The first report will be due for
- 22/07/2014
- 22/07/2014
The implementation of the Alternative Investment Fund Managers Directive (AIFMD) is incomplete and significant uncertainty remains, according to the the Alternative Investment Management Association (AIMA).
A number of European countries have not implemented the AIFMD to date or not implemented it completely. AIMA says this is hindering managers’ ability to do business and means that investors in certain countries may be prevented from accessing alternative investment funds.
AIMA says that even where the AIFMD has been implemented, managers in some European countries are facing delays in being authorised by their national regulators. This means that managers for now may
- 22/07/2014
Alternative asset management group Gottex Fund Management has reported combined client assets of USD8.5 billion as at 30 June 2014.
Fee earning assets of alternative solutions and multi-asset endowment products remained stable during the second quarter of 2014.
Gottex’s low correlated bond substitution product line remains ahead of its benchmarks, generating positive returns ranging from 2.9 per cent to 4.7 per cent YTD, net of all fees.
Similarly, the group’s liquid and regulated UK and Scandinavian multi-asset products continue to perform well, adding respectively 4.8 per cent and 5.0 per cent after fees during the first six months.
- 22/07/2014
The Arbitrage Event-Driven Fund, which is advised by Water Island Capital, has been rated 5-Stars Overall out of 94 market neutral funds by Morningstar based on risk-adjusted returns performance.
Morningstar’s Overall rating takes into account a fund’s risk, volatility and returns with the top 10 per cent of funds awarded 5-Stars.
This follows the 5-Star (out of 94 market neutral funds) three-year rating based on risk-adjusted returns.
“We are pleased for the recognition awarded to the Arbitrage Event-Driven Fund. When we launched the fund to the public nearly four years ago, we felt confident that we could effectively
- 22/07/2014
Managed futures gained 0.63 per cent in June, according to the Barclay CTA Index compiled by BarclayHedge.
The index is now up 0.65 per cent at mid-year.
“The US Federal Reserve and Bank of England announced that interest rates will be rising soon, while the European Central Bank reaffirmed its commitment to low interest rates, creating cross-currents in equity, fixed income, and currency markets,” says Sol Waksman, founder and president of BarclayHedge. “Approximately two-thirds of CTAs were still able to successfully navigate their way to a profitable month.”
Seven of Barclay’s eight CTA indices had gains in June.
- 22/07/2014
When it comes to communication between managers and investors it is still akin to talking to each other down a long-distance phone line crackling with interference. Things are improving, that is for sure, but there’s a long way to go to address the transparency demands that now infiltrate the alternative funds industry.
Put simply, there remains a clear disconnect between GPs and LPs. The former are sensitive about giving away too much information. The latter don’t feel they are getting enough information.
In a revealing survey compiled by Intralinks in collaboration with Opalesque called Let’s Be Clear, in which
- 22/07/2014
The SS&C GlobeOp Forward Redemption Indicator for July 2014 measured 3.15 per cent, down from 4.80 per cent in June.
“July’s forward redemptions decreased by over 1 per cent, but remain in line with historical averages,” says Bill Stone, chairman and chief executive officer, SS&C Technologies.
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the GlobeOp platform.
Forward redemptions as a percentage
- 22/07/2014
Natixis Global Asset Management is funding a three-year, USD1 million research project at the Massachusetts Institute of Technology (MIT) focused on investor behaviour and personal benchmarks.
The research will be led by Andrew W Lo, Charles E and Susan T Harris, professor at the MIT Sloan School of Management and director of the Laboratory for Financial Engineering (LFE), where the research will be conducted.
In addition, Natixis will provide Lo and LFE researchers with access to data from its global Investor Insights surveys of individuals, financial advisors, and institutions, now in the fifth year and containing responses to more
- 22/07/2014
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