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MarketAxess has reported strong results for Q3 including revenues of USD74.2 million – an increase of 15.5 per cent on the same period in 2014.
“Our third quarter results reflect strong market share gains across all of our core products. In spite of less favourable credit market conditions during the quarter, we reached record estimated market share levels in both US high-grade and high-yield bonds,” says Richard M McVey, Chairman and CEO of MarketAxess. “Adoption of our Open Trading solutions is growing and we saw new records during the quarter for Open Trading volume and trade count. We continue to increase
A new Celent report into the global post-trade industry, commissioned by Nasdaq, analyses trends and challenges affecting central counterparties (CCPs) and central securities depositories (CSDs), and predicts future developments.
Based on an examination of 12 key markets and detailed discussions with 17 major industry participants, the report finds that the changing regulatory environment is the dominant force affecting post-trade industry players, thanks to a post-crash focus on managing systemic risk. Market infrastructure initiatives – such as the worldwide focus on shortening settlement cycles – are also making a big difference. Initiatives from European authorities, such as interoperability, T2S and CSDR,
Singapore-based hedge fund manager Lighthouse Canton has selected Wells Fargo Global Fund Services to provide daily fund administration for the LC India Market Neutral Fund.
The fund launched in August 2015 as a fully hedged version of the SageOne India Growth Fund, a long-only, absolute return India fund that is also a Wells Fargo Global Fund Services client.
"This is the third fund of Lighthouse Canton for which Wells Fargo Global Fund Services provides administration and middle and back office support throughout the trade life cycle, which helps us scale the business in a controlled manner. We have developed a
Poor fund performance, driven down by the global market volatility in the third quarter, and the loss of an advisory mandate, have pushed assets down at Gottex Fund Management, according to its latest trading statement.
To end September 2015, the firm saw total fee-earning assets for the group of USD8.25 billion compared to USD8.55 billion at June 30 2015.
However, the firm writes that their new Alternative Risk Premia initiative, launched in August with an initial mandate totalling USD200 million, outperformed their traditional exposure on a relative basis over September.
The firm adds that it is streamlining
Cordium, a provider of compliance consulting, accounting, tax and software to the financial securities industries, has appointed Anne Healy-McAdam (pictured) as Private Client Tax Partner.
Based in London, Healy-McAdam will report to John Davison, who heads Cordium’s tax division. An expert in the personal taxation of UK non-doms, as well as remittance and residence issues, she will play a key role in driving the growth of Cordium’s tax practice.
Healy-McAdam has more than twenty years’ experience as a private client tax specialist and has held several senior positions at advisory firms including Buzzacott, Blick Rothenberg and Maitland.
Healy-McAdam
The SS&C GlobeOp Forward Redemption Indicator for October 2015 measured 2.96 per cent, down from 3.79 per cent in September.
“SS&C GlobeOp’s Forward Redemption Indicator of 2.96 per cent for October 2015 is down sharply from 3.79 per cent for the previous month and is also down year-over-year compared to 3.12 per cent for October 2014,” says Bill Stone (pictured), Chairman and Chief Executive Officer, SS&C Technologies. “This marks a reversal of last month’s uptick in the Forward Redemption Indicator, perhaps suggesting that the bulk of investors’ rebalancing in the face of elevated market volatility has been accomplished.”
The SS&C
The equity market neutral Seamor Fund recorded its 16th consecutive month of positive performance in September and is now comfortably in positive territory for the year and showing double digit annualised returns over a five-year period.
According to Sven Bouman (pictured), CEO, September was decidedly a risk-off market, with defensive, low beta, high quality and large cap stocks outperformed their counterparts.
“This was also reflected in our stock selection model,” says Bouman. “Style trends were similar to last months. Profitability and earnings momentum were the best factors. Stocks with attractive price trends also generated strong returns. All quality factors wrapped
Managed futures traders gained 0.60 per cent in September according to the Barclay CTA Index compiled by BarclayHedge. The Index is down 0.67 per cent year to date.
“Equities, interest rates, and commodities moved lower in September, and trend-followers were properly positioned to profit,” says BarclayHedge’s Sol Waksman (pictured).
Five of Barclay’s eight CTA indices had gains in September. The Diversified Traders Index was up 0.72 per cent, Systematic Traders gained 0.51 per cent, and Financial/Metals Traders were up 0.29 per cent.
In the loss column, Agricultural Traders were down 0.25 per cent in September, Currency Traders
Risk managers are making a more conscious effort to not only understand the virtues, but also the limitations, to risk models as they adjust to life under greater regulatory scrutiny, in particular the AIFM Directive in Europe.
Indeed, such is the impact of regulation that it has in effect transformed the risk management function from something that was previously confined to portfolio management into something altogether more holistic.
Alan Picone (pictured) is a managing director at Duff & Phelps' Kinetic Partners division. He has a broad range of expertise on risk management and given that Kinetic Partners was one of the first
This recent factsheet from Preqin takes a detailed look at the hedge fund industry in San Francisco, including the strategy and structure preferences of investors, the number of hedge fund launches each year, fund terms and conditions, the largest hedge fund managers and performance.
View the full factsheet here.
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