Funds
Cowen has entered into an agreement to cooperate with Global Prime Partners (GPP) to transition GPP’s International Prime Brokerage business to Cowen. Cowen and GPP will work together to implement this transition efficiently and with a commitment to best serve GPP’s clients and personnel, as well as maintain the level of services current GPP clients have come to expect.
As part of the agreement, Cowen has hired GPP’s prime brokerage team, including personnel from the sales, operations, client service, onboarding and trading teams. GPP will also provide Cowen with Custody, Clearing and other related services. Additionally, Cowen will acquire from GPP
Leucadia Asset Management, has formed a strategic relationship with Dymon Asia Capital and made an investment in the Dymon Asia Multi-Strategy Investment Fund. In connection with the transaction, Leucadia Asset Management will acquire an economic interest in certain of Dymon Asia Capital’s strategies. Dymon Asia Capital is a leading Asia-focused alternative investment management firm managing strategies across public and private markets globally.
The new fund will invest in Asian equities, currencies and bonds through 26 of Dymon Asia Capital’s portfolio managers. In addition to being a cornerstone investor in this new fund, Leucadia Asset Management will provide certain services to Dymon
The European Energy Exchange (EEX) has launched the “InsightCommodity” platform giving users the possibility to establish a comprehensive overview of available data products, services and providers around the energy and commodity markets of EEX Group. Dr Marcus Mittendorf, EEX Director Market Data Services, says: “With InsightCommodity, we are responding to the increased demand for individual data products and, in particular, forecasts and analytical evaluations. As a neutral exchange trading platform, we restrict our own offering to the provision of data and technology – however, we do not provide any recommendations which might be understood as forming the basis for trading decisions.
Credit-focused hedge fund strategies spanning corporate credit, structured credit and convertible arbitrage made hay amidst a sustained positive investment backdrop last month.
Hedge funds are continuing to offload exposures that face a potential hit from the effects of the coronavirus, as Lyxor Asset Management forecasts a “transitory economic impact” from the deadly outbreak.
As fatalities from the virus rose to 425, and the number of confirmed cases reached 20,000, the impact on markets has remained confined to the most sensitive areas, Lyxor strategists observed in a research note.
Specifically, Chinese stocks tumbled 8 per cent, while USD, JPY and CHF rallied at the expense of EUR and emerging markets FX. Sectorally, energy, materials, consumer cyclical and value names have been squeezed, while selected
First Eagle Investment Management (First Eagle) has completed its previously announced acquisition of THL Credit Advisors (THL Credit).First Eagle Alternative Credit, as the combination of First Eagle’s existing private credit platform and THL Credit is now known, focuses on both tradable credit and middle-market direct lending, with approximately USD23 billion in assets under management and advisement on a pro forma basis as of 31 December, 2019. First Eagle Alternative Credit’s robust product suite is available to sophisticated investors through public and private vehicles, separately managed accounts and commingled funds, including collateralised loan obligations.
“In acquiring THL Credit, First Eagle has
OCC, one of the world’s largest equity derivatives clearing organisations, has reported January 2020 total cleared contract volume of 521,727,816 contracts, the industry’s highest January ever – up 23.5 per cent from January 2019, and the third highest month overall. The highest month was October 2018 with 567,833,544 cleared contracts, followed by August 2011 with 554,842,463 in cleared contract volume.
Total exchange-listed options cleared contract volume reached 515,268,217 in January 2020, up 23.8 per cent from 416,274,951 in January 2019. Equity options volume reached a total of 471,771,710 contracts, up 25.7 per cent from January 2019. This includes January 2020 ETF
RWC Partners has completed a shareholder transaction which saw the organisation and its new long-term partner, Lincoln Peak Capital, buy the entire minority equity stake owned by Schroders.The resulting structure significantly increases RWC’s internal ownership, with the organisation and its people now owning c70 per cent of equity. Lincoln Peak hold 28 per cent, with the remaining held by former RWC employees. The RWC board is led by Peter Clarke as Chairperson with five Directors appointed by RWC and two by Lincoln Peak. Nicky Richards will remain on the board as a non-Executive Director.
With offices in London, Miami
A subsidiary of Ares Management Corporation (Ares) is to acquire a managing interest in a restructured Crestline Denali Capital (Crestline Denali) that will result in the addition of seven collateralised loan obligation funds (CLOs) totalling USD2.6 billion of assets under management to the Ares portfolio. Crestline Denali, a Chicago area-based firm specialising in the management of non-investment grade bank loans, will retain its equity interest in its CLOs.
Ares’ CLOs are managed by its Credit Group, which had USD106 billion in assets under management as of 30 September, 2019. Ares believes that the all-cash transaction will further strengthen its leading global
EQT is to make a significant growth investment in RIMES Technologies, a provider connected data insights to the investment industry.
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