Trade matching continued to be a key focus for alternatives managers in the second quarter of the year, amid a normalisation of transaction volumes after the banking sector volatility seen in the first quarter, according to the latest data from Citco. The company’s Q2 2023 Middle Office Solutions Report, shows that demand for trade matching services climbed sharply in Q2, with both cash trades and swaps climbing 31% and 33% respectively. The impact of Central Securities Depositories Regulation (CSDR) rules in Europe continue to have an impact on demand for outsourced trade matching services. Overall, Citco saw a 15% increase

Saba Capital Management, the credit relative value focused hedge fund firm founded by Boaz Weinstein, has filed a dissident proxy circular in connection with a special meeting of the Citadel Income Fund, a Canada-based closed-end investment trust. The filing is the latest move in the firm’s wider campaign against closed-end funds trading at a discount. According to a statement, New York-based Saba has requested the 11 September meeting to try and oust the fund’s current trustees and manager Artemis Investment Management Ltd, and to approve the fund’s “timely wind-up and liquidation”. “After nearly seven months, we are pleased that Citadel

A rush to cover bearish short positions by hedge funds and other investors has seen benchmark crude oil prices hit the highest level seen in three months following voluntary OPEC production cuts led by Saudi Arabia, according to a report by Reuters. The report cites data from the US Commodity Futures Trading Commission and ICE Europe as revealing that hedge funds and other money managers purchased the equivalent of 52 million barrels in the six most important petroleum futures and options contracts over the seven days ending on 25 July, taking the total number of barrels purchased over the four

British hedge fund Oceanwood Capital Management is looking to cut its holding in Spanish Bank Unicaja by selling 117 million shares via an accelerated bookbuilding process, according to a report by Reuters citing information from book runner BOFA Securities. At Tuesday’s closing price, the stake on offer, which equates to 4.4% of the bank’s stock, was worth around €124m euros ($136.04m). Oceanwood currently holds a 7.4% stake in Unicaja, which is Spain’s fifth largest bank with around €110bn in assets. In a filing with the Spanish stock market regulator CNMV after the closing bell, BOFA Securities said bookbuilding was starting

London-based hedge fund Shinfalls Commodities has secured a new investment from New York-based investment manager New Holland Capital, including significant trading and working capital and foundational support for the firm to begin its trading operations. 

Global long-short hedge funds, which are on course to post their worst monthly performance since May 2022, were forced to unwind bearish bets in both their long and short books in July, according to a report by Reuters. The report cites data from Goldman Sachs’ prime brokerage division as revealing that while the majority of losses were on the short side of portfolios, there was also a “material deterioration in the long side”.  The overall stock market rally, which tends to benefit long bets, means that hedge fund were still up 0.49% in July, but that performance trails the S&P

A new survey from BNP Paribas has revealed that hedge funds and other money managers are increasingly turning to ChatGPT to help with their marketing efforts and to summarise large reports, according to a report by the Financial review. The survey found that some forty-four per cent of money managers are now using the artificial intelligence tool in a professional capacity, most commonly to generate marketing text, or to recap regulatory filings, broker research reports, and other large documents. Some of the managers surveyed also said they would like to use ChatGPT to analyse legal documents. BNP’s survey covered 39