Funds
A fund managed by Ares Management’s commercial finance platform is to acquire the asset-based lending portfolio of First Capital Holdings, a commercial finance company that provides asset-based loans and factoring to small and middle-market companies.
First Capital is a portfolio company of HIG Capital. The transaction is expected to close during the second quarter, subject to customary closing conditions. The fund intends to fund the acquisition with a combination of debt and equity.
With this transaction, the Ares Commercial Finance platform, which is part of the firm’s Direct Lending Group, will have approximately USD700 million of loan commitments. The Ares
With capital efficiencies being such a hot ticket issue for hedge funders today, any opportunities to trade with a greater level of efficiency are surely welcome.
Event-driven manager Burren Capital Advisors has launched its Global Arbitrage equities fund on the MontLake UCITS platform, which provides investors with access to a range of liquid, transparent and regulated investment products domiciled in Dublin.
The MontLake Burren Global Arbitrage UCITS Fund will be managed in line with the core fund, which has approximately five years track record, but with a modest amount more leverage and will specialise in Pure Arbitrage, Tender Arbitrage, Merger Arbitrage and Relative Value investing. The strategies seek to take advantage of a broad investment spectrum providing multiple sources of alpha throughout the economic cycle.
The Credit Suisse Hedge Fund Index finished up 0.60% for the month of March, with half of the ten sub-strategies finishing the month in positive territory.
Managed Futures led the way with a return of 2.40%, followed by Global Macro (1.30%, Multi-Strategy (1.05%), Emerging Markets (0.74%) and Event Driven (0.36%).
Long Short Equity was the month’s biggest loser down 0.42%, while Dedicated Short Bias (-0.31%), Convertible Arbitrage (-0.27%), Equity Market Neutral (-0.21%) and Fixed Income Arbitrage (-0.08%) also recorded negative returns.
BATS Global Markets (BATS) has filed rules to launch a second options exchange – EDGX Options – with the Securities and Exchange Commission (SEC). BATS is planning to launch the new exchange in November 2015, pending SEC approval.
EDGX Options will be based on a customer priority/pro rata allocation model and is designed to complement the existing fast-growing BATS Options market, which will now be called BZX Options. The launch of EDGX Options will enable BATS to compete for a new segment of order flow that does not trade on the price-time markets that BATS currently operates.
Launched in February
Omgeo has launched new global custodian and prime broker automation capabilities in Omgeo ALERT, the online global database for the maintenance and communication of account information and SSIs.
The release, ALERT 5.0, includes the Global Custodian Direct feature, which enables global custodians and prime brokers to electronically maintain timely and accurate SSI data in ALERT, on behalf of their clients. Currently, investment managers perform these updates manually.
By adopting ALERT, global custodians and prime brokers are able to offer their clients the additional service of maintaining and providing SSI data in an automated, secure and efficient manner, helping to
Global advisory, fund administration and fiduciary services firm Maitland has acquired 100 per cent of Phoenix Fund Services, a UK based company offering bespoke outsourced fund administration services to investment managers in the UK and offshore.
The deal boosts Maitland’s assets under administration by GBP6.2 billion (USD9.3 billion) to over GBP140 billion (USD210 billion) and heralds its entry into the fund administration sector in the UK where it has an established private client and corporate services business.
Phoenix Fund Services provides fund set-up, fiduciary oversight and fund administration services to traditional fund managers in its capacity as an Authorised Corporate
CBOE Holdings is planning to launch options on the MSCI Emerging Markets and MSCI EAFE Indexes on Tuesday, 21 April. The ticker symbols will be MXEF and MXEA respectively.
Under an agreement with MSCI, announced in December 2014, options on the MSCI Indexes will be listed for trading in the US solely on the Chicago Board Options Exchange (CBOE). IMC Financial Markets will serve as the Electronic Designated Primary Market-Maker (E-DPM) for the new MSCI options contracts.
“Last year, nearly 100 million options traded industrywide on the popular EFA and EEM ETFs. CBOE’s ability to now also offer
Trustee Executors Limited (TEL), a New Zealand-based provider of third party administration for financial services, has selected SS&C's reporting solution, Pages.
SS&C will support reporting on TEL's 585,000 individual client accounts with more than $94 billion in assets.
TEL, a specialist in Trustee, Custodial, Investment Accounting, Unit Pricing and Registry services, will deploy Pages, SS&C's enterprise reporting and portal technology, to automate the production of communications, including quarterly investment reports, statements, and self-service reporting access for fund managers and super funds. Reporting cycles will require less manual intervention to complete, resulting in operational efficiencies and immediate access to data by
The gross return of the SS&C GlobeOp Hedge Fund Performance Index for March 2015 measured 1.30%, while hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index declined 1.14% in April.
“The negative CMI for April reflects the typical seasonal pattern,” says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. “There was a slight decline compared to last April’s results (-1.14% vs -.50% a year ago) which occurred despite lower outflows this year, as a drop in new contributions outweighed this. So far in 2015, the overall trend suggests stability in allocations to hedge funds.”
