Funds
Hedge fund data provider HFR reports that hedge funds advanced in November, as the surprising victory of Donald Trump in the US Presidential election drove expectations for renewed growth, infrastructure spending and reduced regulation.
The HFRI Fund Weighted Composite Index (FWC) Index gained +0.9 per cent in the month, with the Index Value rising to 12,841.95, the highest level since May 2015 and second highest since inception (1990).
The November advance reverses the decline from the prior month, represents the eighth monthly gain in the past nine months, and brings YTD performance to +4.6 per cent, topping global equities. The
Venezuela will continue repaying its debt normally in 2017 as it has done since 2014, repaying USD32.4 billion of capital, according to hedge funds Adar Capital Partners.
In the event that Venezuela should have no access to international markets in 2017, it would only need to pay off USD6.6 billion – not so great given Venezuela's size and potential.
Diego Marynberg, portfolio manager at Adar Capital, says: “Since the beginning of the second half of 2014, when the price of oil began shooting down from over USD100 per WTI barrel to its minimum of USD26 in March this year
StepStone Group has closed the acquisition of Swiss Capital Alternative Investments, a European private debt and hedge fund solutions provider.
The transaction was originally announced in May 2016, and has been in the process of receiving regulatory approvals since then.
As part of the transaction, StepStone has launched StepStone Private Debt and StepStone Hedge Funds, which combines the firm’s existing global private markets capabilities and institutional client network with Swiss Capital’s expertise in the private debt and hedge fund strategies. The enhanced platform aims to deliver superior risk-adjusted returns through highly customised portfolios.
Monte Brem (pictured), chief executive
Franklin Templeton Investments has held the soft launch of the FTIF Franklin K2 Long Short Credit Fund, a sub-fund of the Luxembourg-registered Franklin Templeton Investment Funds (FTIF) SICAV range.
This is the third liquid alternatives offering made available in the FTIF range, closely following the launch of the Franklin K2 Global Macro Opportunities Fund last month.
Luxembourg-based investors will be able to access the new fund from 16 December 2016.
The multi-manager fund seeks total return over a full market cycle through a combination of current income, capital preservation and capital appreciation, while providing daily liquidity and a
Neuberger Berman is extending its suite of multi-asset solutions with the launch of two UCITS Funds – the Multi-Asset Risk Premia Fund and the Multi-Asset Class Income Fund.
The launch of the UCITS vehicles, subject to regulatory approval, makes these Neuberger Berman strategies available to a wider audience.
Erik Knutzen (pictured), chief investment officer, multi-asset class at Neuberger Berman and lead manager on the Multi-Asset Class Income Fund, says: “A combination of low interest rates, low inflation, muted economic growth and elevated valuations across many traditional asset markets is inspiring investors to look for alternative sources of robust returns
Parametric Portfolio Associates and Research Affiliates have partnered to provide a systematic global macro strategy to institutional separate accounts.
"Our clients desire liquid alternative solutions that provide attractive, diversifying returns in a cost-effective manner. Parametric is leveraging its partnership experience with Research Affiliates to launch what is expected to be an empirically robust and theoretically sound strategy aiming to deliver these attributes," says Brian Langstraat (pictured), chief executive officer, Parametric.
"As a natural evolution of our research in asset allocation and smart beta, we developed a long/short strategy harvesting alternative return premia of carry, momentum and value across asset
NewStar Financial has closed the NewStar Berkeley Fund CLO, a USD505 million middle market collateralised loan obligation managed for qualified institutional investors.
The Berkeley Fund is the fourth credit fund sponsored by NewStar to co-invest in middle market commercial loans originated through its direct lending platform.
The Berkeley Fund is NewStar’s 21st securitisation since inception and third transaction completed in 2016. The notes offered through this CLO transaction are backed by a diversified portfolio of commercial loans originated and underwritten by NewStar for the benefit of investors.
Various classes of notes rated Aaa through Ba3 were placed, which represented
Allianz Global Investors (AllianzGI) is to add Sound Harbor Partners, a US private credit manager led by Michael Zupon and Dean Criares, to its private debt platform.
AllianzGI will acquire Sound Harbor’s assets for an undisclosed sum and the Sound Harbor team will join AllianzGI.
The Sound Harbor team will become part of the AllianzGI global investment platform, maintaining the integrity of its investment strategy, process and team while accessing insights and knowledge-sharing among colleagues across the platform.
Andreas Utermann (pictured), chief executive and global chief investment officer of AllianzGI, says: “Over the last five years, AllianzGI has
Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, is to launch the Old Mutual Style Premia Absolute Return Fund (STAR) at the beginning of December.
The Ireland-domiciled UCITS fund will be the latest addition to the business’s suite of systematic liquid alternatives products, addressing demand from institutional investors for portfolio-diversifying products that invest in strategies with uncorrelated returns to traditional markets.
OMGI currently manages GBP7 billion in hedge fund strategies.
STAR will have a volatility target of 8 per cent and aims to deliver positive total returns on a rolling 12 month basis, uncorrelated to bond
Aberdeen Asset Management has launched the Aberdeen Alternative Diversified Equity Fund (AADE) which aims to generate capital appreciation with limited correlation to traditional equity markets by blending a portfolio of equity-related alternative strategies.
The fund offers investors access to high quality alternative investment talent in a liquid and regulated vehicle.
With its focus on generating returns through stock selection rather than market exposure, AADE is designed to provide a source of equity-related returns that are not dependent on the overall direction of the equity markets. This style of investment is becoming more popular among investors concerned about the current levels of
