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Despite the decision by CalPERS to divest their hedge fund investments, for the vast majority of institutions they remain a crucial part of their asset allocation. Some of the more sophisticated pension plans are building in-house capabilities to strengthen their expertise in manager selection.
Indeed, as Bruce Keith (pictured), CEO of InfraHedge, an open architecture MAP owned by State Street, comments: “Quite a few of our clients already had existing private managed account platforms but wanted better risk management, better operational oversight.”
InfraHedge, whose assets under management have grown from USD11.45bn in 2013 to USD15.2bn, was launched in 2011
- 09/12/2014
CTAs are up 1.5% over the week as short positions on commodities, including oil, once again proved to be a driver of performance, according to Lyxor.
CTAs had nonetheless a diversified source of gains, posting profit on equities, rates, and FX. This implies the strategy could prove resilient if oil prices experience a (short lived) rebound.
Global Macro managers, in turn, are long energy on the back of their constructive outlook on global growth. Yet, the strategy is up 0.3% this week as most energy bets are played via relative trades on the curve or between Brent and WTI, rather
- 09/12/2014
“We are different from our competitors in the managed account space by construction. When we launched our multi-asset platform the objective was more to serve clients than to distribute managers,” states Stephane Berthet (pictured), Executive Director at Morgan Stanley and head of its FundLogic Alternatives platform.
By clients, Berthet is referring both to the hedge fund managers who wish to launch regulated vehicles such as UCITS funds by leveraging off the bank’s multi-asset FundLogic platform, and investors who are looking to gain more efficient access to hedge fund strategies.
From day one, Morgan Stanley’s managed account solution was clear:
- 09/12/2014
On the surface, average hedge fund performance in 2014 has been underwhelming but when one has a clear window on performance, as Lyxor Asset Management does with its commingled managed account platform, the picture becomes more nuanced.
“There have been two major events that have negatively impacted hedge fund performance. Firstly, the slide in equity markets earlier in the year, which affected long/short equity and to a lesser extent equity market neutral strategies. Secondly, the merger arbitrage space was impacted in October as a result of some large M&A deals not going through. Long/short equity and event-driven strategies were the
- 09/12/2014
- 09/12/2014
The ways in which investors are employing managed accounts to build their exposure to alternatives are becoming multifarious. Many of the well-established public platforms are having to cater for a wide spectrum of needs, from straightforward commingled funds for first-time investors right through to sophisticated infrastructure solutions for the largest institutional investors.
But it’s not just the structure that investors are considering; the rise of liquid alternatives means that onshore funds – UCITS, AIFs and ’40 Act funds – are becoming just as popular as offshore funds.
“What makes this more complex is understanding the motivations of the investor. What
- 09/12/2014
Man Group is to acquire the investment management contracts from Merrill Lynch Alternative Investments to manage a portfolio of multi-strategy and strategy-focused fund of hedge funds with total AUM of USD1.2 billion.
The acquisition is expected to complete in the second quarter of 2015, subject to certain approvals and consents, including approval of the board of managers and investors of a US registered investment company.
Man Group’s fund of hedge fund arm, FRM, has been selected to manage the Portfolio following a due diligence process which assessed its investment expertise, quality of personnel, investment process and ability to service
- 09/12/2014
AFEX a provider of solutions for hedge funds and private equity houses to manage currency risk and international cash flows has joined the California Hedge Fund Association (CHFA) as a premier Founders’ Club member.
The CHFA is a non-profit, member based organisation founded to foster the growth and development of the hedge fund community in California through advocacy of sound business practices, events, resources and educational programs.
“We’re pleased to have AFEX as a Founders’ Club member and see them as thought leaders for the hedge fund community, helping managers realize greater efficiencies on foreign exchange rates and fees,” says Jason
- 09/12/2014
The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has published an updated guide for hedge fund managers to use when selecting a prime broker.
AIMA’s Guide to Sound Practices for Selecting a Prime Broker incorporates changes to the regulatory framework that affects the relationship between managers and prime brokers, including reporting requirements and other new measures introduced under the Dodd-Frank Act in the US and Europe’s Alternative Investment Fund Managers Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR).
The Guide, which was drafted by a working group of AIMA members, also reflects the greater
- 09/12/2014
RFA (Richard Fleishman & Associates) has appointed George Ralph as Managing Director of RFA UK. The firm has also announced it's intention to open two new data centres in January.
They will help the firm to provide its full portfolio of services to the UK and European asset management community, including RFA Cloud, disaster recovery, and outsourced IT, design, and implementation services. The expansion of the UK office represents RFA's continued progress from an industry pioneer to a leading global firm.
Prior to joining RFA, George founded and grew three separate technology companies (one of which provided advice and service improvement
- 08/12/2014
Carne Group has made two hires in its Irish office to support the increasing demand for its AIFMD management company services, including its independent ‘mancos’ in Ireland, Luxembourg and the Channel Islands.
Neil Clifford joins Carne from Irish Life Investment Managers where he was Head of Alternatives and oversaw an external hedge funds portfolio. He has also supervised ILIM’s illiquid investments in private equity and infrastructure, including acting as an independent director on a number of investee companies. Neil is a former equity fund manager and a qualified risk management professional.
Martin Anderson also joins Carne, having previously held
- 08/12/2014
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