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October has provided an intriguing insight into the differing fortunes of equity long/short hedge funds for the year as a whole.
Some value-orientated fund managers – many of which are US-based where they remain short momentum and long value names – enjoyed a rebound in performance earlier this month, yet remain in negative territory for the year (-12 per cent). Conversely, managers running strategies related to growth and quality of earnings have been buffeted by the markets in October and have not benefited from the rebound, yet remain in positive territory for the year (6 to 8 per cent).
According
- 26/10/2015
Euronext has launched AtomX, a flexible service that offers the efficiency and security of the regulated market and central clearing to bilaterally negotiated trades.
Through AtomX, investors are now able to customise and trade options and futures which will be cleared, via LCH Clearnet, in the same clearing pool as the other Euronext derivatives positions.
The regulatory agenda calls for more transparency and mitigation of the recognised systemic risk posed by over-the-counter (OTC) derivatives. At the same time market participants are looking for more efficiencies in portfolio management. AtomX facilitates this by combining the flexibility of OTC trading with
- 26/10/2015
Dallas-based alternative investment manager Highland Capital Management has appointed Terry Jones as President of Institutional Products.
Jones will report to James Dondero (pictured), Co-Founder and President for Highland Capital Management, and will be based in Dallas.
Bringing more than 25 years of experience in the financial services industry, ones will lead Highland's discussions with strategic institutional allocators to drive solutions-oriented business development and serve as a complement to Highland's broader institutional sales platform. In addition, Jones will be integral in aligning portfolio risk management across the Highland platform and optimising Highland's risk management infrastructure with respect to identifying, assessing and
- 26/10/2015
Hedge fund launches are under the spotlight in this extract from the Preqin Quarterly Update: Hedge Funds, Q3 2015.
Alternative mutual funds saw a significant rise in their share of new fund launches in Q3 2015. These structures accounted for 13 per cent of the new launches monitored by Preqin’s Hedge Fund Analyst, a 10 percentage point increase on the previous quarter (Fig 1). Their European equivalent, UCITS vehicles, also accounted for 13 per cent of fund launches in Q3 2015, an increase from 9 per cent in Q2 2015. Single-manager hedge funds maintained their dominance: these funds
- 23/10/2015
- 23/10/2015
This extract from the Preqin Quarterly Update: Real Estate, Q3 2015 examines current closed-end private real estate funds in market, looking at target capital, primary geographic focus, time spent on the road and a sample of the largest funds currently fundraising.
The number of closed-end private real estate funds in market has increased slightly since Q2, with 463 vehicles currently seeking USD160 billion in capital (Fig 1). The make-up of funds in market at the start of Q4 2015 remains relatively consistent, with the majority of funds in market and aggregate target capital focused primarily on North America (Fig 2).
- 23/10/2015
- 23/10/2015
The Abbey Capital Futures Strategy Fund, alternative investment manager Abbey Capital’s first liquid alternative mutual fund, which launched on 1 July 2014, has surpassed USD250 million in assets under management as at 30 September 2015.
The fund, which has returned over 22 per cent since its inception, offers individual and institutional investors access to a multi-manager managed futures mutual fund, comprising leading managed futures managers, and leveraging Abbey Capital’s expertise in manager selection, portfolio construction and risk management.
“The performance of the Fund since inception shows its value for investors as part of a diversified portfolio,” says Tony Gannon
- 23/10/2015
In May 2014, MS Management Services SA, a Luxembourg-based subsidiary of the Maitland group, a leading global fund administrator, received authorisation from the CSSF to act as a third-party AIFM to alternative investment funds. At the same time, it established its own umbrella fund platform, MS SICAV SIF, to support managers wishing to fast track the process of launching a readily passportable EU product.
Kavitha Ramachandran (pictured), Director of MS Management Services, notes that managers in Europe are increasingly aware that the AIFMD brand is becoming popular with investors. "Initially, people were trying to look for ways to avoid it
- 23/10/2015
Collaboration is extremely important for any service provider looking to do business in Luxembourg and in that respect, Circle Partners (`Circle'), an independent fund administrator, is no exception.
Having first established a footprint in the Grand Duchy in 2011, Circle has invested considerable time and money and is now beginning to see the fruits of its labours as it prepares to establish an umbrella SIF. The platform will act as an incubator for managers wishing to create a sub-fund as opposed to taking on the burden of establishing their own standalone fund structure.
Michel van Zanten (pictured) is a Switzerland-based director
- 23/10/2015
One of the biggest challenges of AIFMD is that it directly impinges on investment activities at the manager level, as opposed to the fund level under the UCITS IV framework. This has required a shift in mindset, not just for managers, but also fund authorities in well-established fund jurisdictions such as Luxembourg.
For Luxembourg to take full advantage of AIFMD, it needs to build on its success as a UCITS hub by also becoming a manager hub. One where global investment managers use the Grand Duchy to establish management company operations, or appoint a third party AIFM, and run their
- 23/10/2015
This summer, to further enhance the strength of its global network, BNP Paribas Securities Services) (BNP Paribas) chose to integrate EY's Global Fund Distribution (GFD) product into its wider Fund Distribution Services (FDS) offering. This gives clients access to a comprehensive range of information to help them determine which product to distribute, which jurisdiction(s) to choose, which investors to target and the most appropriate distribution channels.
As Jean Devambez, head of asset and fund solutions at BNP Paribas Securities Services said at the time, the partnership with EY gives clients "access to a wealth of information at the click of
- 23/10/2015
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