Funds
Glencore is to increase the size of its existing USD1 billion share buy-back programme by an additional amount of up to USD1 billion. The duration of the programme will also be extended until the close of dealings on 20 February 2019 – the day before the announcement of the company’s 2018 full-year results.
The programme will be effected in accordance with the terms of the authority granted by shareholders at the 2018 AGM. It is currently intended that any ordinary shares of the Company purchased will be held in treasury. The implementation of the Programme is in line with the
After a solid first quarter, CMC Markets says its second quarter (1 July-25 September) has been impacted by a sustained period of low market volatility and range bound markets towards the end of the traditional UK summer period, in addition to an expected decrease in overall client trading activity following regulatory change.
As a result, net operating income for 2019 is expected to be below previous guidance, with the overall impact on profitability partially mitigated by tight cost control. Following the summer period, the Group has seen some improvement in client activity levels.
The implementation of the ESMA
Despite a lot of bluff and bluster and gnashing of tweets, US President Donald Trump was unable to provoke a spike in OPEC oil supply at OPEC’s Algiers meeting over the weekend, says Richard Robinson, manager of the Ashburton Global Energy Fund…
OPEC’s power does not rest in the oil it produces, but rather in the oil it does not produce. Without spare capacity, OPEC is relatively impotent in relation to preventing rising prices.
Following four years of collapsing international capital spend, Trump’s removal of the world’s fifth largest oil producer, Iran, from the market – with sanctions to be
Victory Capital is to acquire Harvest Volatility Management (Harvest), a specialist in derivative asset management with approximately USD12 billion in assets under management (AUM) as of 31 July 2018.
On the closing of the transaction Victory Capital will have approximately USD75 billion in firm-wide AUM, including approximately USD16 billion, or 21 per cent of total AUM, in its Solutions Platform strategies.
Harvest, which is based in New York City, was founded in 2008 by Chief Executive Officer and Portfolio Manager Richard L Selvala, Jr and Managing Partner and Chief Risk Officer Curtis F Brockelman, Jr. Harvest has established a
The SS&C GlobeOp Forward Redemption Indicator for September 2018 measured 3.35 per cent, up from 2.73 per cent in August.
“SS&C GlobeOp’s Forward Redemption Indicator was 3.35 per cent for September 2018, a strong result. On a year-over-year comparative basis, the Forward Redemption Indicator of 3.35 per cent reflects lower redemption notices than the 3.72 per cent reported for same period a year ago,” says Bill Stone (pictured), Chairman and Chief Executive Officer, SS&C Technologies. “This favourable level of redemptions continues a trend we have seen, year-over-year improvements in 17 of the past 21 months.”
The SS&C GlobeOp Forward Redemption
BNY Mellon Investment Management is to wind down EACM Advisors (EACM), its multi-manager and fund of hedge funds investment manager, as a standalone business.
EACM managed USD3.9 billion in a combination of long-only and fund of hedge funds strategies. EACM’s fund of hedge funds strategies (USD2.1 billion) will be closed to new investors and existing capital returned to investors in an orderly manner as investments are able to be redeemed. As part of this change, management recommended and the Dreyfus Fund Board approved the liquidation of Dreyfus Select Managers Long/Short mutual fund, for which EACM is the portfolio allocation manager.
While hedge funds’ performance and alpha were ‘honourable’ until the summer, analysis by Lyxor suggests that they erased about 2.5 per cent of alpha since June, with no turn in sight yet in September.
Lyxor writes: “L/S Equity funds were the primary culprits and victims. In the US, managers have steadily reduced their overall net exposure and leverage since Q2. As a result, they partially missed the summer rally. The plunge in Momentum also cost in June, only partially recovering afterwards. Stock selection in the heavyweight tech, healthcare and cons. discretionary sectors didn’t help enough. In Europe, funds adequately reduced
Total Assets under Management (AUM) in Europe increased by 10 per cent in 2017 to EUR25.2 trillion, according to the 10th edition of the European Fund and Asset Management Association (EFAMA) Asset Management Report.
In relation to GDP, the value of AUM is estimated to have reached 147 per cent at the end of 2017, up from 102 per cent in 2007.
Investment funds assets managed in Europe represented EUR13.1 trillion or 52 per cent of total AUM at end 2017, with discretionary mandates accounting for the remaining EUR12 trillion or 48 per cent. Asset managers typically receive mandates
Abacus Group, a provider of hosted IT solutions and application hosting for alternative investment firms, has reported revenue growth of 20 per cent year-on-year so far in 2018.
The company has seen a 23 per cent increase in the number of end-users on its flagship IT-as-a-Service product, AbacusFLEXä, and a 28 per cent increase in number of client firms on its cloud platform.
“We marked our first decade of service to the alternative investment community this year, and we are preparing for the next 10 years with a heavy investment in technology and cybersecurity, as well as intentionally-designed office
Global hedge fund asset flows were just slightly positive in August 2018, with USD4.74 billion added to the USD3.3 trillion-plus industry, according to eVestment’s latest Hedge Fund Industry’s Asset Flows Report.
Year to date (YTD) net flows to the industry stand at USD15.38 billion.
Asset flows in August were more widely dispersed across funds and strategies than in the past months. If the trend continues, that would ameliorate some concerns about industry consolidation eVestment data indicated in previous reports, which showed a minority of funds getting the majority of new money.
In spite of performance declines during the
