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Jade Fu, Investment Manager at Heartwood Investment Management, on current opportunities for commodities investors…
Commodities have underperformed both equity and fixed income markets in the year- to-date, with this trend accelerating in the third quarter. A glut of supply and muted demand against a backdrop of decelerating growth in China and a more self-sufficient US have contributed to price weakness across the commodity complex. Even heightened geopolitical unrest in various parts of the world this year has failed to trigger a sustained rally in commodity prices. However, can investors become too bearish in the short term?
Looking at current
- 30/09/2014
The Depository Trust & Clearing Corporation (DTCC) and Euroclear have created a joint venture that will leverage both companies’ expertise, technology and franchises, focusing on collateral processing.
The newly-created company, DTCC-Euroclear Global Collateral Ltd, will be domiciled in the UK and its operations are subject to regulatory approvals.
Ownership and governance of the joint venture company will be shared equally between DTCC and Euroclear with its board and senior executives drawn from the two firms’ management.
Michael Shipton, Euroclear managing director and head of corporate technology, will assume the role of chief executive officer of DTCC-Euroclear Global Collateral Ltd,
- 30/09/2014
International law firm Withers has hired Andrea Luciano as a partner and head of financial services and investment funds in its Milan office.
Luciano joins the firm from King & Wood Mallesons SJ Berwin, where he headed the Italian financial markets group.
Luciano has extensive experience in capital markets/debt matters, securitisation transactions and private equity, venture capital and hedge fund formation. He also has extensive experience of financial market regulation, compliance and AML procedures.
“We are delighted to welcome Andrea to our rapidly growing Italian team," says Withers’ Italian practice managing partner Roberta Crivellaro. "Andrea's expertise in financial
- 30/09/2014
The London Metal Exchange (LME) is introducing a new fee schedule, which provides an all-in transaction fee with trading and clearing components, all now charged in USD.
The new simplified tariff, which comes into effect on 1 January, 2015, aligns exchange fees with the currency of the contracts traded.
The average LME transaction fee (including trading and clearing) will increase by 34 per cent.
“Our new tariff is integral to our evolution into a truly commercial global exchange and underpins our continued investment and our next phase of expansion following the successful launch of LME Clear last week,” says Garry Jones,
- 30/09/2014
- 30/09/2014
F Mark Fucci and Anne-Marie Godfrey are to join law firm Akin Gump’s Hong Kong office.
Fucci joins as a partner in the financial restructuring practice, while Godfrey is as a partner in the investment management practice.
Both Fucci and Godfrey are joining Akin Gump from Bingham McCuthcheon bringing the total number of partners switching between the two firms to 28.
The firm announced the forthcoming arrival of 22 partners in London, Hong Kong and Frankfurt on 17 September and four additional partners in London and Hong Kong on 22 September.
All 28 partners are expected to
- 29/09/2014
Euronext is reducing client trading fees for transactions in Dutch individual equity and index options.
Fees for all retail investor transactions will be reduced from EUR0.40 cents to EUR0.31 cents as of 1 October, a reduction of almost 25 per cent.
From 1 November, the fee for market orders (orders at the best available price) will be further reduced to EUR0.20 cents, a 50 per cent reduction compared to the current fee.
“By lowering fees for our individual equity and index options, our aim is to respond to retail clients’ needs and promote trading on the central market.
- 29/09/2014
Michael John Lytle (pictured), Chief Development Officer at ETF provider Source, comments on Neil Woodford's view that too many fund managers are over-charging clients…
It is important for investors to choose the right solution for the right problem.
Active management can add value, but most investors only want to invest in the top quartile funds, leaving three quarters of the fund management industry as increasingly unattractive.
In most circumstances it is because the active fund manager has failed to consistently out perform their benchmark. Active managers charge for that alpha, so when you cannot find an active manager who can outperform,
- 29/09/2014
Some 58 per cent of firms in Asia Pacific are not prepared for a shorter settlement cycle in Europe which will change from trade date plus three days (T+3) to trade date plus two days (T+2) in October.
That’s according to a study by Celent, which was commissioned by Omgeo. Of the firms surveyed, approximately one in six firms has not started to implement necessary process and technology changes to operate in a T+2 environment.
The study also revealed, just weeks before the 6 October implementation date in Europe, that 19 per cent of firms are not aware of the
- 29/09/2014
“We’ve risen to the challenge to offer a truly integrated risk management approach with APT Enterprise,” comments Laurence Wormald (pictured), COO and head of research, SunGard APT, adding:
“When you have different systems and you’re trying to estimate a VaR number by combining one number from the equity desk with another number from the rates or credit desk, that is a discredited model. During the financial crisis, too many firms discovered how dangerous it was to do that.”
APT Enterprise was launched in London on 25th September around a series of seminars entitled “The Challenges of Integrated Risk Management”.
- 29/09/2014
- 29/09/2014
Hedge fund investors are taking a more measured approach to their allocation process. They want to understand the alpha proposition and the risk-weighted return profile of a manager but, as important as market risk is, they want assurances that operational risk is being demonstrably managed.
This is a big challenge for start-up fund managers: how do they get a robust infrastructure in place in a cost-efficient way and remain viable?
“The reality is if you’re a manager launching with USD5-10m it’s very hard to get a demonstrable infrastructure in place that ticks the box,” says Phillip Chapple of KB
- 29/09/2014
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