Funds
Tages Capital, in partnership with Madrid-based Cygnus Asset Management, has launched the Tages Cygnus Europa Event Driven UCITS Fund, the third sub-fund of Tages International Funds SICAV, a UCITS compliant umbrella fund structure.
Cygnus Asset Management is an established specialist investment manager founded in 2006, with AUM in excess of USD500 million.
The Tages Cygnus Europa Event Driven UCITS Fund aims to capture liquid investment opportunities relating to corporate activity in Europe, while adhering to UCITS limits and guidelines.
The fund is launching with in excess of USD30 million of institutional capital.
Jose Luis Perez, portfolio manager
Northern Trust to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, expanding its presence in the former and gaining local fund administration capabilities in the latter.
Following the transaction, which is expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions, Northern Trust will be a leading administrator by assets in the Swiss market.
Upon completion of the transaction, Northern Trust will become the fund administration services provider for funds with approximately CHF420 billion (USD413 billion) in assets, including UBS Asset Management's traditional
The latest Hedge Fund Tracker analysis from S&P Global Market Intelligence shows the top funds managed approximately USD153 billion in equity holdings, an increase from the USD145 billion under management in Q3.
However, because these funds saw a slight drop in the total number of positions to 420 from 424 in Q3, the increase in assets under management is more than likely due to the end-of-year equity market rally.
The quarterly S&P Global Market Intelligence Hedge Fund Tracker is an aggregate analysis of hedge fund equity ownership that highlights hedge fund investments in specific stocks and sectors based on a
SoftBank Group (SoftBank or SBG) is to acquire Fortress Investment Group (Fortress) in a cash deal worth approximately USD3.3 billion.
Under the terms of the merger agreement, which has been unanimously approved by a Special Committee of Independent Directors of Fortress's Board of Directors and Fortress's full Board of Directors, each Fortress Class A shareholder will receive USD8.08 per share, which represents a premium of 38.6 per cent to the closing price of Fortress Class A common stock on 13 February, 2017, and a premium of 51.2 per cent to Fortress's 3-month volume-weighted average price, excluding dividends. In addition, each Fortress Class A
CBOE Holdings expects to complete its acquisition of Bats Global Markets on 28 February, 2017. Earlier this month, CBOE Holdings received its final remaining regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA), meaning that all US and European regulatory clearances and approvals relating to the transaction have been received.
Completion of the transaction remains subject to customary closing conditions.
On 16 February, 2017, the CBOE Holdings Board of Directors appointed three directors currently serving on the Bats Global Markets Board of Directors – Joe Ratterman, Chairman, Bats Global Markets, Inc., Chris Mitchell, Managing Director, Spectrum Equity, and Michael Richter,
Despite hedge funds returning 7.40 per cent over 2016, investors continued to withdraw capital over the year, with the industry seeing overall net asset outflows totalling USD110 billion in 2016.
Preqin’s latest research finds that the rate of redemptions accelerated through the year, from net outflows of USD14 billion in Q1 to USD43 billion in Q4 2016. Every leading hedge fund strategy recorded net outflows for the year: by contrast, CTAs recorded annual net inflows of USD26 billion despite lacklustre performance. Although there have been widespread redemptions across the industry, there is a clear link between past performance and recent
Hedge fund performance is flat year to date, with Global Macro and CTAs down, while Fixed Income Arbitrage and Event Driven have outperformed, according to Lyxor’s latest Hedge Fund Brief.
Lyxor says that CTA and Macro managers suffered on their FX bucket and in particular on their long USD positions versus the Euro. Some Macro managers maintaining a preference for European equities were also penalised to the extent that the European equity market underperformed the US market. Some CTAs were penalized by long energy contracts within the commodity space.
On the positive side, Fixed Income Arbitrage and L/S Credit funds
Heptagon Capital has launched three new UCITS funds for US-based managers via it’s USD2 billion Irish UCITS fund company. This takes to 11 the total number of strategies now available to UCITS fund investors.
December manager launches resulted in a raise of USD145 million for the Emerging Market Equity strategy managed by Driehaus Capital Management in Chicago. In addition, USD25 million was raised for the Driehaus US Micro Cap Equity strategy, which has outperformed in 18 of its 20 years of existence, and whose composite is the top-performing US equity strategy of any style in the eVestment All US Equity
Australia-based litigation funder IMF Bentham, on behalf of its US affiliate Bentham IMF, has launched a USD200 million vehicle expressly to back its growing US portfolio.
This is the parent company’s first formal investment vehicle and will be used exclusively to finance its US cases and investments. Bentham’s unnamed partner, affiliated with a prominent hedge fund, is committing USD150 million while IMF Bentham will commit up to USD50 million.
Since launching US operations in 2011, Bentham has made 45 separate investments in American litigation matters, concluding 14 of those with an average internal rate of return of 83 per cent
Dyal Capital Partners (Dyal), a division of Neuberger Berman Group, has closed Dyal Capital Partners III (PE), its third fund, with approximately USD5.3 billion of committed capital.
Dyal increased the target fund size by over USD2.0 billion during the marketing period, as investment opportunities increased and investor interest in the strategy was strong. The fund was heavily oversubscribed at the final close.
Aggregate commitments across all Dyal funds now total more than USD8.7 billion from 160 unique global investors, solidifying Dyal's position as the leading provider of minority equity capital to well-established private equity and hedge fund management companies. Dyal
