Funds
Euronext has closed a share swap of its 2.3 per cent stake in LCH Group for an 11.1 per cent stake in LCH SA, becoming minority shareholder in the business in the process.
Following the swap, Euronext will maintain representation at the Board of Directors of LCH SA and will have certain minority protection rights connected with its new shareholding in the company, including a pre-emption right in circumstances where LCH Group decides to sell more than 50 per cent of the shares of LCH SA. The pre-emption right involves a right of first offer and subject to certain conditions, a matching
Investors added an estimated USD10.79 billion into hedge funds in November, according to the latest eVestment Hedge Fund Industry Asset Flow Report. Net flows into the industry for the year are now USD40.10 billion.
Continued performance gains along with new allocations lifted total industry AUM to yet another new all-time high of an estimated USD3,265.85 billion.
Managed futures gained assets for a second consecutive month as strong performers were rewarded. Macro fund outflows meanwhile, continued into a third consecutive month, losing their lead in 2017 inflows.
Long/short equity (including quantitative directional strategies) have overtaken macro funds as the most popular
First Eagle Investment Management (First Eagle) has completed its previously announced acquisition of NewStar Financial Inc, a lender and investment manager specialising in direct lending to middle-market companies and management of broadly syndicated loans.
NewStar’s credit platform and investment teams now form the alternative credit group of First Eagle.
“We are very pleased to add NewStar, a high-quality alternative credit manager that will broaden our investment lineup for both institutional and retail investors,” says Mehdi Mahmud, president and chief executive officer of First Eagle Investment Management. “NewStar has a track record of prudent lending that dates back to before the
Crédit Agricole has finalised its acquisition of Natixis’ 15 per cent stake in CACEIS. As a result, it now controls 100 per cent of the share capital of the business.
With approximately EUR2.6 trillion in assets under custody, EUR1.7 trillion euros in assets under administration and a presence in nine European countries, CACEIS is one of the industry’s leading players in Europe.
Crédit Agricole believes CACEIS will benefit from integration with its Large Customers business line and that the anticipated gradual normalisation of the interest rate environment should support the subsidiary’s activity in the coming years.
In parallel with this
Activist hedge fund Cevian Capital has agreed to sell its entire shareholding in AB Volvo (Volvo) to Zhejiang Geely Holding Group (Geely Holding), subject to regulatory approval.
The acquisition comprises 88.47 million A-shares and 78.77 million B-shares, corresponding to 8.2 per cent of the capital and 15.6 per cent of the votes, which represents the largest ownership in AB Volvo by capital and the second largest by votes.
Nomura International Plc and Barclays Capital Securities Limited will acquire Cevian Capital’s shares in AB Volvo and then ell the shares to Geely Holding/
Cevian Capital’s co-founder, Christer Gardell (pictured), says: “Today’s announcement
Three weeks after the approval of bitcoin futures by the Commodity Futures Trading Commission in the United States, niche index provider Solactive is launching the Solactive Bitcoin Front Month Rolling Futures 5D Index, an index tracking the performance of XBT futures listed on Cboe Global Markets (Cboe).
Earlier in December, Cboe became the first regulated exchange to list bitcoin futures, for which Solactive has been granted worldwide exclusivity in index calculations.
Bitcoin, the most prominent cryptocurrency, rose from USD789 in December 2016 to USD18,960 in December 20171, an increase in price of more than 2,300 per cent over the course
The SS&C GlobeOp Forward Redemption Indicator for December 2017 measured 4.18 per cent, up from 3.91 per cent in November.
“SS&C’s Forward Redemption Indicator of 4.18 per cent for December 2017 compares very favourably with the 5.67 per cent reported for the same period a year ago for December 2016,” says Bill Stone (pictured), Chairman and Chief Executive Officer, SS&C Technologies. “This result marks the eleventh consecutive month of year-over-year improvement in redemption notices and is also the lowest level of redemption notices for any month of December since inception of the indicator in 2008.
“In terms of annual
New hedge fund launches exceeded liquidations on a quarterly basis for the first time in over two years, as improved investor risk tolerance and declining costs drove total hedge funds industry capital to a record USD3.16 trillion in Q3 2017.
New fund launches totalled 176 in the quarter, narrowly exceeding the 170 launches recorded in same quarter last year and bringing the year-to-date (YTD) total to 545 funds, according to the latest HFR Market Microstructure Report, released today by HFR, the established global leader in the indexation, analysis and research of the global hedge fund industry.
At the same
APEX Token Fund (APEX), a San Francisco-based investment manager, has launched a tokenised cryptocurrency-focused fund of hedge funds, allowing investors access to a diversified portfolio of assets managed by a selection of top performing cryptocurrency hedge funds.
Investors can buy into the fund by purchasing APEX tokens (tokens), which are registered on the Ethereum blockchain. The fund targets primarily retail investors and those already familiar with investing in cryptocurrencies, who want more diversified exposure to this emerging asset class.
The introduction of a tokenised fund brings investment in this emerging asset class into the mainstream. Unlike investing directly in
LRI Group, an independent investment services company, has added six new managers to its UCITS Platform, forecasting approximately EUR12 billion in Assets under Management (AuM) in 2017.
Markets in 2017 have remained volatile and uncertain due to major changes affecting the institutional and alternative management industry, however LRI Group believes that there are still plenty of attractive opportunities for managers during such turbulent times.
The growing appetite of LRI Group’s fund business emerged from an increase in global asset management clients and in particular a stronger global distribution network of investors and asset managers. In addition to the total
