Funds
Hedge funds extended 2017 gains through November, driven by ongoing US economic growth and significant merger and acquisition (M&A) activity, according to data released by HFR.
The HFRI Fund Weighted Composite Index® gained +0.5 per cent in November, led by Equity Hedge and Special Situations funds, marking the 13th consecutive monthly advance and bringing YTD performance to +7.5 per cent. The gain extends the record Index Value for the HFRI to 13,926.
Equity Hedge (EH) funds led all main strategies in November as the HFRI Equity Hedge (Total) Index advanced 1.1 per cent, bringing YTD performance to +12.1 per
Crow Point Partners (CPP), an investment advisor providing global alternative investment management solutions, has entered a strategic partnership with Cold Creek Capital (Cold Creek).
The two Boston-based boutique managers will collaborate on existing investment strategies. Additionally, Crow Point will provide Cold Creek with an outsourced operations platform.
Thomas Norton (pictured), one of Cold Creek’s founders, says: “Infrastructure costs are a burden on boutique firms like ours. By utilising Crow Point’s operations expertise, we can direct more resources toward the investment management process which will benefits our investors. We also look forward to being able to utilise Crow Point’s proprietary
Multi-family office Proficio Capital Partners, has launched a new Insurance Dedicated Fund (DF) – the Proficio Capital Strategic Opportunities IDF – a series of the SALI Multi-Series Fund, which is available on Prudential Financial and Crown Global Insurance Group platforms.
Proficio Capital Partners serves as the discretionary subadvisor to the Fund.
The fund provides an ‘opportunistic approach to diversification’ by investing in a multi-asset portfolio of both internally and externally managed investment vehicles including, but not limited to: single-stocks, bonds and alternative positions, as well as commodities and precious metals, hedge funds, mutual funds, liquid alternative indices, structured products,
Average daily transaction value on the Euronext cash order book stood at EUR8,141 million in November, up 11.0 per cent compared to November 2016 and up 13.5 per cent from the previous month.
The average daily transaction value on ETFs was EUR481 million, down 22.1 per cent compared to November 2016 and up +21.6 per cent from the previous month. Euronext’s ETF offering slightly decreased this month to 828 listings at the end of November, compared to 831 at the end of the previous month.
The overall average daily volume on derivatives reached 629,767 contracts, up 15.9 per cent
Genoa-based Banca Carige has entered into exclusive negotiations with London-based hedge fund Chenavari Investment Managers, over the sale of its consumer credit company Creditis Servizi Finanziari (Creditis).
Banco Carige is aiming to agree a deal by 6 December as it looks to comply with ECB demands that it increase its capital and cut bad loans to avoid winding up proceedings.
Chenavari Investment Managers has also committed to buy up to EUR40 million in unsold Creditis shares, taking over a commitment previously undertaken by another bidder as part of the competitive bidding process for the business.
Members of the underwriting syndicate,
Cboe Futures Exchange (CFE) plans to offer trading in bitcoin futures beginning at 5:00 pm CT on Sunday, 10 December, 2017, at the start of Global Trading Hours. Monday, 11 December, will be the first full day of trading, and trading will be free through December.
Cboe’s bitcoin futures will trade on CFE under the ticker symbol ‘XBT.’ XBTSM futures are cash-settled contracts based on Gemini’s auction price for bitcoin, denominated in US dollars. Gemini Trust Company, LLC (Gemini) is a digital asset exchange and custodian that allows customers to buy, sell, and store digital assets such as bitcoin. XBT futures
The Cboe Futures Exchange (CFE) has filed a product certification with the Commodity Futures Trading Commission (CFTC) to offer bitcoin futures trading. The product certification is subject to regulatory review.
The impending launch date of Cboe bitcoin futures, which will trade on CFE under the ticker symbol ‘XBT,’ will be announced shortly. XBTSM futures were made available for participant testing on November 13, 2017.
Existing CFE Trading Privilege Holders (TPHs) can trade XBT futures via their existing connections. XBT futures market data will be made available over Cboe’s market data feeds.
The Chicago Mercantile Exchange Inc (CME) and the CBOE Futures Exchange (CFE) have self-certified new contracts for bitcoin futures products, and the Cantor Exchange (Cantor) has self-certified a new contract for bitcoin binary options.
“Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past,” says CFTC Chairman J Christopher Giancarlo (pictured). “As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. In working with the Commission, CME, CFE and Cantor have
The days of thinking about single jurisdictions are long gone. When structuring a large private equity fund, for example, it is likely going to contain international investors (the US, Europe, Asia) and is, in effect, a commercial deal between all interested parties to draw down the money. The reality is, different investors have different preferences.
As James Bermingham (pictured), counsel at Ogier (Luxembourg) explains: “Sovereign wealth funds want the most efficient funds possible and are prepared to have no tax leakage. When you start talking to European investors, say German insurance groups who are subject to Solvency II, they want
The contribution made by offshore finance centres to the global economy should not be underestimated, writes Paul Smith (pictured), Chairman of the Guernsey Investment Fund Association.
Offshore funds provide a way of facilitating the flow of capital around the world in the most efficient and cost-effective way possible and Guernsey has been at the forefront of the development and administration of them for more than 50 years.
These investment structures are (and have been) vitally important in supporting the global economy, facilitating complex global transactions and enabling investment in both established and emerging markets. With over half a century
