Managers
The Lyxor Hedge Fund Index was down -0.3% in December (YTD -0.2%). 3 out of 12 Lyxor Indices ended the month in positive territory, led by the Lyxor CTA Long Term Index (+3.5%), the Lyxor L/S Equity Variable Bias Index (+1.2%), the Lyxor Merger Arbitrage Index (+0.2%).
Slower and disparate global recovery. The end of 2013 optimism was tempered in Q1. EU recovery failed to gain traction under deflationary pressures. The Japanese momentum was cut short by its consumption tax. The pulse in China peaked during the summer. EM growth continued to moderate overall, with substantial country divergences. The US
Aggregate hedge fund performance was -0.15% in December, the industry’s fourth monthly decline in the second half of 2014, according to vestments latest monthly hedge fund performance report.
The drop brought Q4 performance to a virtually flat level, 0.03%. For the full year 2014, hedge funds returned an aggregate of +2.48%.
With their best quarterly return since Q4 2010 (six months prior to the first stage of the European sovereign crisis), managed futures strategies ended 2014 as the best performing major hedge fund strategy, returning +8.63% in 2014. The last year managed futures produced industry leading performance was 2008.
Hedge
The value of assets under custody held on behalf of customers registered an increase of 5 per cent to EUR12.5 trillion in December 2014 (compared to EUR 12.0 trillion in December 2013).
Securities held under custody in Clearstream’s international business as international central securities depository (ICSD) increased by 7 per cent from EUR 6.3 trillion in December 2013 to EUR 6.7 trillion in December 2014 – while securities held under custody in the German central securities depository (CSD) increased by 2 per cent from EUR 5.7 trillion in December 2013 to EUR 5.8 trillion in December 2014.
For 2014, yearly
London Business School and investment management firm AQR have launched the AQR Institute of Asset Management, which is looking to advance research and best practices in the global asset management community.
AQR’s 10-year commitment makes the firm one of the School’s most significant corporate partners.
The aim of the AQR Institute is to fund and generate research in asset management, equipping individuals and organisations with the insights and tools they need to preserve and generate long-term wealth. Through its research, teaching, and outreach activities, the AQR Institute will recognise exemplary scholars in the field with annual grants and awards, will
The Chicago Board Options Exchange (CBOE) has begun disseminating values for three new CBOE volatility indexes using the prices of CME Dollar/Euro, Dollar/British Pound and Dollar/Japanese Yen futures options.
The CBOE/CME FX Euro Volatility Index (EUVIX), the CBOE/CME FX British Pound Volatility Index (tBPVIX) and the CBOE/CME FX Yen Volatility Index (JYVIX) are the first benchmarks to track the volatility of foreign exchange (FX) futures options. The underlying options are the most liquid FX options traded at the CME, and in 2014, accounted for a combined 80 per cent of the over 15 million total currency options traded at CME.
Inflows to the hedge fund industry rebounded to USD10.2 billion (0.4% of assets) in November from USD1.1 billion (0.05% of assets) in October, according to TrimTabs and BarclayHedge.
“Hedge funds took in USD107.6 billion in the first 11 months of 2014, the largest January-November inflow since 2007,” says Sol Waksman, president and founder of BarclayHedge. “That’s a 61% jump from USD66.9 billion in the same period a year ago.”
Hedge fund assets edged up to USD2.40 trillion in November from USD2.39 trillion in October. Assets climbed 14.5% in the past 12 months and are down just 1.6% from the all-time
Over half of infrastructure funds that closed in 2014 exceeded their fundraising target, up from 37% of funds in 2013. Andrew Moylan, Preqin’s Head of Real Assets Products, takes a look at infrastructure fundraising over the last 12 months:
The infrastructure fundraising market in 2014 saw a slight drop in total capital raised, from USD44bn in 2013 to USD38bn in 2014. Yet a more significant drop was seen in the number of funds reaching a final close; 2013 saw 69 funds reach a final close, compared to just 42 funds in 2014. As such, the average infrastructure fund size has
Ahead of the release of the IEA’s Oil Market Report on Friday, 16 January, Optima’s Graham Martin gives his assessment of the oil market for investors…
With such a fall in oil prices investors tend to stay on the sidelines till they are comfortable the price has reached the bottom. Of course once that happens, the price should rise quite quickly on oil and oil related stocks. The market will anticipate and recover in price ahead of the data which shows the actual increase in demand and/or decrease in supply. Thus for long term investors, buying into energy at these levels
Corporate, fund and private client services provider JTC Group has marked its 27th consecutive year of growth with the launch of a refreshed global brand.
The launch of JTC’s new look comes after another successful year, which saw the firm continue its strategic expansion plan, growing its Assets Under Administration (AUA) to more than GBP25bn across its three core divisions, expanding its global footprint to have a presence in 17 jurisdictions, growing its volume of clients to over 2,000, and increasing its global staff headcount to over 300.
JTC highlights from 2014 include acquiring a book of private client business
Estlander & Partners has launched a new systematic fund – the E&P Commodity Fund – which is focused exclusively on the commodities sector.
The fund began trading on 24 November 2014 with assets approaching USD30 million with backing from a large Nordic institution. The fund vehicle is only available for professional investors in specific jurisdictions within the approved regulatory framework. The strategy will also be made available as managed accounts to institutional and high net-worth investors.
The 100% systematic investment strategy is based on two years’ detailed research by the E&P team based in two of Finland’s leading university
