Managers
AsianInvestor this week reported that Joe Chan’s Galaxy Asset Management, one of Hong Kong’s longest running hedge funds, had decided to shutter its China Absolute Return Ucits hedge fund just 19 months after inception. The fund, which at the time was the first Ucits-compliant, China-focused hedge fund to be launched by an Asian fund manager, launched with USD30million in November 2010. It has now earned another, albeit unwelcome, first by becoming the first known closure of a China alternative Ucits fund by an Asian manager.
The fund ceased trading at the end of May according to a Galaxy spokesperson. Based
Equity market neutral, macro and volatility strategies are likely to be the most popular allocations in the next six months, according to a survey by Alix Capital, the Geneva-based provider of the Ucits Alternatives Index family of indices.
The Ucits Alternative Index Trends Survey shows that at least 50 per cent of respondents for these three strategies intend to increase their allocation, with volatility the highest at 55 per cent.
Respondents are most likely to decrease their allocation to fixed income and long/short equity, with 24 per cent and 18 per cent of respondents respectively indicating allocation to these strategies
Société Générale Securities Services (SGSS) announced at this week’s Fund Forum International the launch of a turnkey solution to enable asset management companies and independent managers to create, manage and promote Ucits funds. SSGS said that the solution was aimed at global managers who don’t want to create a Ucits-registered asset management firm, instead providing them with a Luxembourg legal structure that fulfills EU regulations. The turnkey solution allows managers to create and distribute Ucits funds across all 27 members of the EU as well as offer distribution advantages in non-EU jurisdictions.
Olivier Renault, deputy chief executive and Luxembourg country
Capital Financial Global, Inc (OTC: CFGX), is in talks with a hedge fund to acquire a 40% interest in its management entity.
"We are hopeful this will allow us to increase our funding capacity and simultaneously add some consistent fee revenue to our business model," says Paul Norat, CEO of Capital Financial Global, Inc. "Even though we have reached an agreement in concept, I have to wait for due diligence to complete before I can announce names and final terms. I’m very excited about this and will announce more as soon as I can."
After a first investment in the credit strategy offered by Eiffel Investment Group in last May, Emergence has made its second seeding partnership with Bernheim, Dreyfus & Co.
Emergence invested approximately USD40 million in the fund Diva Synergy Ucits, bringing its assets to over USD50 million, a critical size requested by many European institutional investors. The Emergence investment not only recognises the managers’ quality but will also contribute to the acceleration of its development.
Launched in mid-2011, the Diva Synergy UCITS Fund pursues an absolute return strategy focusing on equity M&A situations in Europe and North America and offers daily
Apex Fund Services has opened its second US office in Miami, Florida. Apex has grown by 185% since 2009.
Apex’s US operations are currently managed from its office in New Jersey which is run by Managing Director Vince Sarullo. He will also have overall responsibility for the growth of the Miami office and will be joined by Thalius Hecksher, Global Head of Business Development, who will spearhead Apex’s Latin American and US marketing activity.
The US offers extensive growth opportunities for Apex with approximately 75% of the world’s alternative funds – equivalent to over 4,500 funds.
The Miami
This week the UK Financial Services Authority (FSA) announced that it had modified its rules on the provision of the key investor information document (KIID), required to
Mike Corcell (pictured), manager of the RWC US Absolute Alpha fund, highlights four reasons why investors should be looking to the US for signs of recovery and improving opportunities for equity markets…
1. From a global perspective the US was first into recession and will lead the way out, with the US seeing 2% GDP growth in Q1 2012 compared to flat for the Eurozone.
2. The banking system is stronger and less constrained to promote lending and growth than their counterparts in Europe, with US banks seeing loan growth of 4% in Q1 2012 compared to the 1%
The shareholders of PLUS Markets Group have approved the sale of PLUS Stock Exchange to ICAP. ICAP will now work to complete the acquisition as soon as possible.
This transaction gives the companies quoted on PLUS the security and confidence that their listing venue will continue trading and be further developed by ICAP.
Upon completion, ICAP will recapitalise PLUS and provide the necessary funds to build and develop the market.
KKR & Co is to acquire Prisma Capital Partners, a provider of customised hedge fund solutions. Financial terms for the transaction, which is expected to close in the fourth quarter 2012, have not been disclosed.
Prisma was founded in 2004 by former Goldman Sachs partners Girish Reddy, Thomas Healey and Gavyn Davies, and is focused on maximising returns by investing in the industry’s most talented professionals. Prisma is known for identifying specialist hedge fund managers with exceptional track records and creating custom portfolios for clients. As of 1 April, 2012 Prisma had USD7.8 billion in assets under management, with more
