Funds
Alternative UCITS funds continued to pare back gains made in the first two months of the year.
The newly launched EMERGENCE seeding platform, created in early 2012 with the backing of seven major French institutional investors and managed by internationally recognised seeder NewAlpha Asset Management, has announced its first seeding partnership with Eiffel Investment Group, through its compartment Emergence Performance Absolute.
After a rigorous selection process, driven by NewAlpha and closely associating investors, EMERGENCE will invest approximately USD40 million in the Eiffel Credit Opportunities Fund, a discretionary long short European credit fund managed by Eiffel Investment Group. This will bring the fund’s assets close to USD100 million, a critical size requested by many institutional investors before considering
Deutsche Börse Group has completed its full acquisition of Eurex Zürich AG. Representatives of SIX Swiss Exchange/SIX Group AG and Deutsche Börse AG jointly finalised the transaction in Zurich and signed the corresponding closing documents. Deutsche Börse is to pay EUR295 million and transfer approx. 5.3 million Deutsche Börse AG shares to the SIX Group.
This gives the SIX Group a stake of around 2.7 per cent in Deutsche Börse AG. In return, Deutsche Börse has acquired the SIX Group’s share in the Eurex Group, the derivatives market provider that was previously under joint operation. The transaction was agreed on
Man saw net outflows of USD1.0 billion in the first quarter of 2012, reflecting sales of USD3.1 billion and reduced redemptions of USD4.1 billion, according to the group’s interim management statement for the three months ended 31 March 2102. There was a net outflow from alternative funds of USD1.4 billion and a net inflow of USD0.4 billion into long only styles.
The guaranteed product outflow of USD0.4 billion was identical to the previous quarter. The key drivers of the overall reduction in guaranteed product FUM are negative AHL performance and the resulting product degear.
Sales of open-ended alternatives were
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UCITS hedge fund assets under management increased in Q1 from EUR113 billion to EUR120 biillion (+6.2%), according to Alix Capital’s latest quarterly research on the industry.
AUM has almost quadrupled in the last three years from just EUR32 billion in June 2009. Around 72% of the increase in Q1 2012 is due to investor inflows, and 28% is due to fund performance.
Alix’s report provides in-depth information on 764 single manager alternative UCITs funds and 76 alternative UCITs fund of funds, covering strategy breakdown, fund and advisor location, liquidity, asset flows, assets under management (AUM) and performance.
Louis
PineBridge Investments, the global multi-asset class investment manager, has successfully closed its latest collateralised loan obligation (CLO), Galaxy XII CLO, Ltd.
The issuance was comprised of approximately USD412.5 million of notes and closed on 24 April, 2012. The notes are secured by broadly syndicated first-lien senior secured corporate loans and other corporate notes and bonds, and the entire offering was fully or over-subscribed.
This is the fifteenth CLO that PineBridge has brought to market, taking the firm’s total leveraged finance assets under management to USD7.8 billion.
“The closing of Galaxy XII marks another successful investment and asset raise for PineBridge,
Global asset managers looking to distribute UCITS funds in Asia should focus their attentions on Hong Kong, Singapore and Taiwan.
LCH.Clearnet Group Limited has signed non-binding heads of agreement with International Derivatives Clearing Group, LLC (IDCG) and The NASDAQ OMX Group, Inc (NASDAQ OMX) regarding the acquisition of IDCG.
The transaction would represent the latest move by LCH.Clearnet Group to further enhance the range and flexibility of its clearing solutions and would facilitate its recently announced US cross-margining initiative.
LCH.Clearnet Limited (LCH.Clearnet) already operates interest rate swap clearing in the US through its market-leading SwapClear service. The acquisition of IDCG would be further testament to LCH.Clearnet’s commitment to the US marketplace and its aim of providing buy-side participants with more
Axiom Fund has waived its management fees for the Axiom UCITS Alternative Investable Index Fund (the Axiom Fund) becoming the first fund of funds in the alternative UCITS space to charge performance fees only.
Axiom Fund is taking this step to better align the interests of investors in the fund and lead the way in developing a new approach to fees for the UCITS industry. The 1% management fee will be replaced with a 10% performance fee, meaning that investors will now only pay fees when the fund delivers positive performance. The performance fee is subject to a high water
