Funds
Hedge fund Elliot Associates is planning to nominate five executives to the board of Hess Corp as it looks to force a break up of the US oil and gas company.
Activist investor Elliott, which currently own about four per cent of Hess, believes that breaking up Hess will boost returns for shareholders.
"We are convinced that tremendous value is trapped inside the company as a result of poor oversight by a board of directors lacking both the experience and independence to set a clear, shareholder-focused, value-creating strategy," Elliott wrote in a letter to Hess.
Hess has revealed that it
More than half the inflows into Ucits hedge funds (EUR13.2bn) were allocated to fixed income strategies during 2012, followed by macro strategies (EUR5.8bn), according to data released by Alix Capital.
The latest quarterly research by the Geneva-based provider of the Ucits Alternatives Index also found that Ucits hedge funds assets under management (AUM) increased by 20 per cent in 2012 reaching a new high of EUR140bn.
The three largest single strategy managers all witnessed significant increases in Ucits hedge fund AUM in 2012: Standard Life Investments’ AUM increased 59.8 per cent to EUR17.437bn; GAM was up 41.2 per cent to
Overall alternative Ucits strategies delivered solid performances in 2012, but managed futures struggled to keep up, according to the Q4 Alceda Quarterly Ucits review from Alceda Fund Management.
The top performer of 2012 was the Equity Long Short Index which delivered 6.19 per cent growth over the year.
Tracking the Absolute Hedge Global Ucits Index, the Alceda Ucits review revealed the sector had another positive quarter, with the Index advancing 0.8 per cent to bring total yearly gains to 3.02 per cent. As at December 2012, assets under management in alternative Ucits funds stood at EUR86.0bn, following a 1.5
Bond behemoth PIMCO has launched the GIS Income Fund to be managed by Dan Ivascyn, managing director and head of the mortgage credit portfolio management team, and Alfred Murata, executive vice president and the mortgage credit team’s portfolio manager.
The Dublin-domiciled fund will invest in fixed income securities globally and follow the same strategy as the firm’s US-based fund, which has been running since 2007. The US fund’s biggest sector weighting is to non-agency mortgage-backed securities, at 24 per cent, reported FTAdviser, with agency MBS making up 15 per cent of the portfolio and asset-backed securities 8 per cent.
The
Steady inflows and performance-based gains increased hedge fund assets by USD60bn in the fourth quarter, bringing total industry capital to a record USD2.25trn, according to the latest HFR Global Hedge Fund Industry Report.
Hedge funds posted performance gains in 4Q12, as global financial markets struggled with the political and macroeconomic uncertainty which had adversely impacted performance throughout much of the year, including the European banking and sovereign debt crisis, and the US fiscal cliff negotiations.
The HFRI Fund Weighted Composite Index advanced 1.3 per cent in 4Q, topping the global equity market decline, and bringing full-year 2012 HFRI FWC Index
Pictet Asset Management (PAM) announced this week that it has broadened its range of emerging market bond funds
GAM Group AG (GAM), a wholly owned subsidiary of GAM Holding AG is to enter into a partnership with QFS Asset Management L.P. (QFS), a US-based alternative asset management boutique that specialises in currency, global macro and fixed income strategies.
As part of the agreement, GAM will acquire a minority stake of approximately 30% in QFS. The partnership will see GAM and QFS work very closely together, with GAM being responsible for the global distribution and marketing of existing and new strategies managed by QFS.
Following the formal closure of the agreement, GAM plans to introduce a UCITS product
The UCITS Alternative Index Global, provided by Geneva-based Alix Capital, ended December up 0.50 per cent to leave it with a
Ireland’s Central Bank has confirmed that UCITS organized as self-managed investment companies (“SMICs”) will need to complete a UCITS IV enhancement process by 1 July 2013, wrote law firm Maples and Calder this week. For most SMICs this will involve updating business plans and statements of responsibility.
Initially, under the Central Bank’s “UCITS IV SMIC enhancement process”, due for completion by 1 July 2013, it was proposed to apply all the organizational requirements applicable to UCITS management companies to SMICs. This position has been reviewed and recently the Central Bank indicated that certain key elements applicable to UCITS management companies
The IFG Trust and Corporate Group has concluded its acquisition of Moore Group following receipt of regulatory approval from the Jersey Financial Services Commission (JFSC).
The acquisition marks a significant development in the group’s growth strategy within the international fund sector and adds the Far East to its geographic locations.
This is the first acquisition since IFG Trust and Corporate Group’s MBO in July 2012 when it separated from IFG Group plc. The group is currently undergoing a rebrand and is due to unveil its new corporate identity in February 2013.
Declan Kenny, chief executive of IFG Trust and Corporate
