Managers
JP Morgan Asset Management (JPMAM) is planning to list its first two European ETFs on the London Stock Exchange. The two actively managed liquid alternative strategies, JPM Equity Long-Short UCITS ETF and JPM Managed Futures UCITs ETF, will also be made available to investors across key markets in Europe in due course.
As part of the “democratisation” of hedge fund investing, both ETFs will offer investors exposure to the investment characteristics typical of hedge funds by using alternative beta which extends the concept of beta investing from long-only traditional strategies to include both long and short investing. Alternative beta strategies
The Lyxor Hedge Fund index was up 1.0 per cent last week, fuelled by the recovery of Global Macro managers, according to the latest Weekly Brief from Lyxor’s Cross Asset Research team.
Lyxor writes that: “Global Macro funds continued to extend their winning streak, supported by their constructive views on Europe through long equities and short bonds. Short EUR versus USD was rewarding.
“L/S Equity managers also delivered solid returns last week. US managers thrived form their exposures to technology and consumer non-cyclical. European funds benefitted from their tilt toward cyclical.
“Special Situations outperformed on the back of
Hathersage Capital Management LLC is a discretionary global macro investment manager founded in 1991. The firm is a foreign exchange specialist, expressing its global macro views strictly in G10 currencies, using interbank spot, forwards and vanilla options.
Hedgeweek readership has voted Hathersage Capital Management’s Citi G10 Macro Access Strategy as the Best Macro Hedge Fund at the 2017 Hedgeweek US Awards. Hathersage is the only fund manager to have won two years in a row on this occasion.
The portfolio management team at Hathersage has a wealth of experience in the foreign exchange markets. Members of the team have been managing
BCK Capital Management was established in December 2015 and operates a global special situations fund – BCK Capital Master Fund Ltd – which comprises two complementary strategies: one catalyst-driven, the other merger arbitrage.
BCK Capital runs a tightly hedged, market neutral strategy. Since inception, the fund has generated positive gross performance in every month where the S&P 500 Index declined.
Overseeing the investment team as CIO and the founder of BCK Capital is Wayne Yu, who lifted out of Societe Generale’s proprietary trading desk with fellow co-founders Markus Homor, Steven Heller and Peter Brady, who were also joined at inception by
Probabilities Fund Management LLC, a San Diego-based registered investment advisor established in 2007 serves as manager of the Probabilities Fund (PROTX), a liquid alternative mutual fund.
The fund strategy and overall investment philosophy was developed by Joseph Childrey, the firm’s Founder & Chief Investment Officer, and incorporates the principles of behavioural finance and trend following.
Other key executives within the firm include: Jonathan Chatfield CFA, Chief Portfolio Manager; Jeffrey Hirsch, Chief Market Strategist; Christopher Mistal, Director of Research, Mary Gray, Chief Operating Officer, Allie Davari, Director of Training and Development, Robert Ausdal, CFA, Partner and Allen Shepard, PhD, Partner.
With
NuWave Investment Management was founded in 2000 by Troy Buckner and considers itself equal parts asset management company and technology company, as the firm has long been a pioneer in the application of artificial intelligence and machine learning concepts to financial modelling and trading.
“Technology has always been a key differentiator for NuWave with respect to financial modelling, signal generation, trade execution and risk management,” comments Craig Weynand (pictured), Chief Operating Officer. “The firm has long recognised that there exists an enormous amount of market data, all of which can be studied, tested and analysed with the aid of sophisticated
Following steady gains in July and August, CTAs faced difficult conditions in September as all the indices moved into negative territory, according to data released by Societe Generale Prime Services.
September proved to be a particularly challenging month for trend-followers as the SG Trend Index underperformed others, down -3.06 per cent, compared to the Short-Term Traders Index (STTI) which was flat for the month -0.14 per cent.
The performance of non-trend and short term strategies was marginally better: 4 out of the 7 non-trend constituent programmes of the CTA index contributed positive performance in September. Also, four of the
European derivatives exchange Eurex has seen its members readily embrace the six new iSTOXX Europe factor index futures which launched in May 2017.
These are systematic rules-based indices, designed to isolate the return of key risk factors and earn a risk premium over time.
With robust liquidity provider support, new customers have been drawn to Eurex’s new product suite. In the five months since launch, volumes traded amount to 93,245 contracts, representing EUR582m notional. The most active futures have been the Value and Momentum factors followed by: Size, Quality, Low Risk and Carry respectively.
In the current macro
Hedge funds posted gains in September extending a record streak of HFRI positive performance to 11 consecutive months. The HFRI Fund Weighted Composite Index (FWC) advanced 0.5 per cent for the month, led by gains in Equity Hedge and Event-Driven strategies.
Risk Parity strategies posted mixed performance in September, with the HFR Risk Parity Vol 10 Index gaining 0.11 percent, the HFR Risk Parity Vol 12 Index adding 0.42 per cent, and the HFR Risk Parity Vol 15 Index falling 0.26 per cent. The September gain for the Vol 10 Index brings YTD performance to +8.5 per cent, approaching the
Q&A with Stephen Paris, Director and Financial Services Industry Leader at Deloitte, & Patrick Mangion, Principal, Financial Services Industry at Deloitte
Over the past decade, the regulatory landscape for funds has undergone a number of major developments at both European and national level. What was the impact on the fund industry?
To say that the regulatory environment for funds has undergone anything short of a transformation in recent years would be an understatement. Since the 2008 financial crisis, a tremendous effort has been made at a European level to harmonise pockets of financial services legislation that were previously regulated in
