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With global markets in freefall on the back of coronavirus fears, BlueBay Asset Management recommends curbing risk levels for now – but suggests alpha opportunities will arise from this week’s market mayhem.
The bedlam continued on Friday as both the S&P500 and FTSE 100 lost another 2.8 per cent during early trading, with the Nikkei 225 and DAX both down more than 3 per cent. FX markets also slumped this week following heightened fears over the rapid spread of Covid-19, as gold surged to a seven-year high, and the price of a barrel of Brent Crude oil dropped to USD50.
Travel,
Man Group has seen its funds under management surge to a record USD117.7 billion in the last year, up from USD108.5 billion in 2018, which drove pre-tax profits up 54 per cent to USD386 million, as positive fund performance outweighed investor outflows.
The London-headquartered publicly-listed global hedge fund group generated positive investment gains of more than USD10 billion in 2019, reversing the previous year’s negative movement of USD7.7 billion. The solid performance ultimately outweighed the USD1.3 billion of net outflows suffered during the year (2018 saw Man draw net inflows of USD10.8 billion).
CEO Luke Ellis described 2019 as a
Crestbridge has been recognised for its regulatory expertise and the quality of the support it provides to fund managers through its management company and regulatory services at a leading alternative fund awards initiative.
The firm was named ‘Best Regulatory Advisory and Compliance Firm’ at this year’s Hedgeweek European Awards, which took place in London this week (26 February) and recognise performance and excellence amongst hedge fund managers and service providers across Europe.
Winners for the annual Awards were selected following an online poll of Hedgeweek readers, which included investors, fund managers and service providers.
The Award was collected by Daniela
Seth Merrin, Chairman and Chief Executive Officer (CEO) of Liquidnet, has announced the promotion of President Brian Conroy to the role of CEO. Merrin will remain as Executive Chairman of the Board.Read the full story at Institutional Asset Manager…
Celsius Network, a cryptocurrency lending platform with over USD6.22 billion in lending to date, has partnered with Stonegate Global Fund Administration, a cryptocurrency fund administrator.Stonegate Global CEO, John McCorvey, says: “Celsius is a pioneer and leader in the crypto market for crypto depository and lending. Our strategic partnership with Celsius provides an additional value-added service to our institutional clients and will further enhance Stonegate’s crypto ecosystem and comprehensive solutions.”
Alex Mashinsky, Celsius CEO, says: “We built Celsius Network by placing our customers first and by providing full transparency of our platform by publishing daily all our data on the app and
Pretium Partners has acquired the investment management business of Latigo, a fund manager that specialises in event-driven investing with strategies including distressed securities, special situations and long/short credit and equity investing.Latigo co-founders David Ford and David Sabath are joining Pretium as Senior Managing Directors, members of the Executive Committee and remain as Portfolio Managers of Latigo’s investment vehicles, effective immediately. Additional investment professionals as well as several key operational members of the Latigo team are also joining Pretium. Terms of the transaction were not disclosed.
Founded in 2005, Latigo is a fund manager that specialises in event-driven investment opportunities. Strategies
By Don A Steinbrugge, Founder and CEO, Agecroft Partners – Over the past decade, a vast majority of hedge fund net asset flows have gone to a small minority of hedge funds with the strongest brands. Evestment estimates that almost 60 per cent of industry assets are controlled by firms with over USD5 billion in assets.
Chief Compliance Officers (CCOs) and compliance teams face mounting pressure as heightened levels of global regulation combine with increasing scrutiny and cost concerns. Over-burdened teams that are stretched too thinly are more likely to experience burnout and make mistakes, exposing firms to risk. This is where a pragmatic approach to outsourcing can help ease some of the burden, improve efficiency and could be a cost saving.
Investors are slashing their exposure to hedge fund products at the “worst possible time”, says Man Group’s Pierre-Henri Flamand, amid signs that the long bull market run is starting to run out of steam – throwing up new opportunities for actively-managed strategies.
In spite of a strong year for hedge funds in 2019 – up more than 10 per cent for the year, their best performance in a decade – they were still comfortably outflanked by equity benchmarks, with the S&P 500 climbing more than 31 per cent as the stock market sustained its strong momentum.
Now, though, Flamand – Man GLG’s
The surge in appetite for ESG-themed trades could be leading investors to ignore investment fundamentals – potentially fuelling a ‘90s-style tech bubble, RWC Partners has warned.
The increase in awareness of climate change has prompted allocators to pile into ESG-positive names in recent years, sending share prices soaring, while certain stocks seen as non-ESG friendly – such as tobacco – have tumbled.
But Graham Clapp, portfolio manager of the RWC Continental European Equity Fund, believes the push towards ESG may create bubbles similar to the tech boom of the late 1990s. By the time the tech bubble eventually burst in
