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PEGAS, the pan-European gas trading platform operated by Powernext, registered a total volume of 130.4 TWh in June 2018 (June 2017: 167.7 TWh). The overall spot volume increased by 25 per cent over the previous year, following the upward trend on most PEGAS spot market areas.
Spot trading volumes in June amounted to 74.9 TWh, up 25 per cent over the previous year (59.6 TWh). The Dutch TTF market area reached 27.2 TWh, an increase of 75 per cent (June 2017: 15.5 TWh). The German delivery zones NCG and Gaspool amounted to 22.9 TWh which represented an improvement of over
Bios of the speakers and panellists at Hedgeweek’s summit in New York looking at the steps involved in setting up a hedge fund in the USA…
Ron Geffner, Partner, Sadis & Goldberg
Ron Geffner is a member of the firm’s Executive Committee and also oversees the Financial Services Group. He regularly structures, organises and counsels private investment vehicles, investment advisory organisations, broker-dealers, commodity pool operators and other investment fiduciaries. Ron also routinely counsels clients in connection with regulatory investigations and actions. His broad background with federal and state securities laws and the rules, regulations and customary practices of the SEC,
The biggest challenge managers face today is the amount of information that now saturates the marketplace. Fact is, the hedge fund industry is no longer some exclusive club. It is a huge and highly competitive one.
A start-up manager with grand design on building a successful hedge fund business cannot think they can go out and talk to 100 allocators and confidently expect to receive tickets from five or 10 of them; rather, they have to go out to the market and build awareness across 1,000 allocators.
This means committing to a long-term marketing strategy to build that awareness and
Today’s managers are trying to stay ahead of the game as fee pressures continue.
Those launching with USD100 to USD300 million are trying to be investor friendly by offering a founders class where management fees range from 1 per cent 2 per cent on a sliding scale, which moves as the fund’s AUM grows, to attract early stage investors. Funds that reach USD500 million, USD750 million or USD1 billion thresholds would then look to scale down the management fee.
In terms of incentive fees within founders classes, these are being structured anywhere from 20 per cent down to 15 and
Operational due diligence has become a key step in the pre-approval process. A survey conducted by Deutsche Bank back in 2014 revealed that 65 per cent of respondents said they would not consider investing in a fund that they previously vetoed. First impressions matter.
It is rare that an ODD team would choose to veto an investment over one issue when appraising a manager. More generally it is a result of the manager failing an aggregate number of controls that the allocator wants them to have in place.
Before any manager can even expect to entertain being appraised by a
Hedgeweek hosted a one-day summit at the University Club in New York City on the key steps involved to successfully launch a hedge fund in the US.
The day was attended by a broad range of industry professionals looking to – or in the process of – launching their first hedge fund. Some 25-plus experts participated in a series of panel discussions to give delegates key insights into the dos and don’ts of bringing a fund to market.
The following report is a glimpse into what came out of the day’s proceedings. Three sections are included herein:
• Operational due
Lendingblock, an institutional platform for collateralised crypto-currency lending, has announced Genesis Capital as the latest participant in its Institutional Advisory Group.
As part of the advisory group, Genesis Capital, will work with Lendingblock to ensure that the platform meets the complex needs and high standards demanded by institutional users.
“We’re delighted to be working with Genesis, who are one of the largest and most respected pioneers of the digital asset economy,” says Steve Swain (pictured), CEO of Lendingblock. “We are building the secured financing backbone of this new economy from the ground up, so the active support of our advisory group is absolutely critical
Nasdaq is to launch US DV01 Treasury Futures, a new interest rate risk product trading on the Nasdaq Futures Exchange (NFX).
US DV01 Treasury Futures, or “the dollar value of one basis point,” will allow clients to hedge against the price sensitivity of a portfolio of cash market US Treasuries across the yield curve from 2-year to 30-year maturities. The new product will be available for trading on Thursday, 19 July, 2018, pending regulatory approval.
“Combined with our experience in the US Treasury cash markets on Nasdaq Fixed Income (NFI), the launch of US DV01 Treasury Futures moves us closer to our goal
BCS Global Markets has appointed Marina Atavadzhieva as chief risk officer (CRO).
Atavadzhieva, who was most recently the CRO of Sberbank Asset Management and Deputy CRO of Sberbank Wealth Management, will report to BCS CEO and Chairman Roman Lokhov (pictured).
She has over 17 years’ experience in risk management across several companies including Renaissance, Nikoil and Rosbank/MFK Bank. Notably, Marina played a key role in the development of risk management strategy for Aton Group, whilst employed as CRO of Aton LLC.
She is the Co-chairman of the NAUFOR Risk Committee and member of the Significant Market Deviation and
Equinox Funds (Equinox), a specialist in alternative investments, has launched the Equinox Ampersand Strategy Fund, which restructures the Equinox EquityHedge US Strategy Fund by combining the current long Equity Strategy with an enhanced Overlay Strategy.
Equinox has agreed to waive its management fee for twelve months if the fund underperforms the S&P 500 Total Return Index (S&P 500) for a given fund-year. The Ampersand Fund will assume the existing ticker symbols of (EEHIX) (Class-I) and (EEHAX) (Class-A).
In 2017, Equinox expanded its institutional offerings by launching Ampersand Portfolio Solutions. Ampersand Portfolio Solutions develops and implements custom overlays that complement,
