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The Securities and Exchange Commission has charged a Buffalo, NY-based investment advisory firm and two co-owners accused of making false and misleading statements to clients regarding investments in a hedge fund.
The hedge fund’s portfolio manager has agreed to settle similar charges.
The SEC’s Enforcement Division alleges that Timothy S Dembski and Walter F Grenda Jr steered their clients at Reliance Financial Advisors to invest in a hedge fund managed by Scott M Stephan, whose experience in the securities industry was greatly exaggerated in offering materials they disseminated. Dembski and Grenda allegedly knew that Stephan had virtually no hedge fund investing
Global assets under management* of the private real estate industry have reached USD742bn, an all-time high for the industry, and up from USD697bn as of the end of 2013. Preqin’s Andrew Moylan takes a look at the latest stats on the industry.
Preqin’s latest research shows the private equity real estate industry continued to grow in 2014. The aggregate assets under management (AUM) of closed-end private real estate funds stands at USD742bn as of June 2014, an increase of USD45bn since December 2013. Total AUM has increased by 63% since December 2010, with a large proportion of this growth accounted
The Lyxor Hedge Fund Index was up +1.3% in November (YTD +0.1%). 8 out of 12 Lyxor Indices ended the month in positive territory, led by the Lyxor CTA Long Term Index (+7.8%), the Lyxor CTA Long Term Index (+5.9%), the Lyxor Special Situation Index (+3.0%) and the Lyxor Lyxor L/S Equity Market Neutral Index (+1.6%).
The rally that started in mid-October extended throughout November without affecting major sovereign bonds. Risky assets were supported by a reflation momentum in Japan, China and, prospectively, in Europe. Meanwhile the acceleration of the plunge in crude oil prices triggered a crossasset repositioning, offering
Hedge funds in Europe that are rushing to outsource their compliance to meet looming reporting deadlines under the AIFMD are largely failing to consider the risks of doing so, according to ViClarity.
ViClarity estimates around seven in 10 hedge fund firms in Europe are outsourcing their reporting. But it believes many of these have failed to realise that the AIFMD requires fundamental changes to business structure, conduct and processes – and are implementing quick fixes that will unravel in the medium term.
Ogie Sheehy, Founder and Chief Executive Officer, ViClarity, says: “AIFMD is not just about changing the activities of
LNG Capital has appointed Holly Grainger as Co-Manager of its flagship LNG Europa Credit Fund. She will run the fund alongside LNG Capital’s CEO & Founder Louis Gargour.
Grainger joined the firm in February 2014 and has over 15 years of investment experience, in both the corporate credit & equity markets, having previously held senior investment management positions at Baring Asset Management, Aviva Investors and F&C Asset Management. Grainger has a BA in French and German from the University of Exeter, holds the Investment Management Certificate and is a Chartered Financial Analyst.
LNG Capital has also recruited three
Liquidnet, the global institutional trading network, has launched Execution & Quantitative Services (EQS), a global group headed up by Rob Laible, who joined the company earlier this year.
Liquidnet is seizing on an opportunity to provide its network – which includes more than 770 of the world’s leading asset managers – with new and more efficient ways to optimally source diverse liquidity and satisfy best execution objectives. Through cutting-edge technology, a continued focus on block executions and an expanded offering that includes trade advisory and execution solutions, Liquidnet is helping to remove barriers to liquidity and more efficiently manage factors
ING Investment Management (ING IM) has hired the convertible bond team from Avoca Convertible Bond Partners, adding a strategy to its range that offers equity upside participation with downside capital protection.
Tarek Saber and Jasper van Ingen, managers of the Avoca Convertible Select Global Fund that went live in April 2012, joined ING IM at the end of November. Saber joins as Investment Team Manager Convertible Bonds and Van Ingen as Senior Portfolio Manager Convertible Bonds.
“In the current investment environment we expect investors to focus on yield, lower volatility and limited draw down risk. Convertible bonds fit very
ICSA, the Institute for professionals working in governance and compliance, is launching four new Level 4 (the equivalent of first year undergraduate) qualifications for offshore finance professionals.
The new International Finance and Administration qualifications replace ICSA’s Certificate in Offshore Finance and Administration (COFA) and will offer much greater choice and flexibility than before.
The existing COFA qualification has been updated and reorganised into smaller, more manageable modules. Students who successfully complete all available modules will earn themselves a CertICSA post nominal, but can also gain recognition of their achievement if they decide to study fewer modules.
The new
Aggregate hedge fund performance was positive 1.08% in November, ending the industry’s two-month decline, according to eVestment’s latest monthly Hedge Fund performance report.
Year-to-date aggregate returns of 2.85% are well below 2013’s full-year increase of 10.20%.
Aided by rebounding US equity markets and strong moves in currency and interest rate markets, November’s biggest winners were managed futures strategies and activist funds. Credit and commodity-focused strategies posted aggregate declines, while funds focused on the energy sector and with Brazil exposure faced the industry’s largest losses during the month.
Managed futures’ current four-month run is this group’s best stretch in nearly four
The hedge fund industry took in USD250 million (0.01% of assets) in October, recovering from outflows of USD6.8 billion (0.2% of assets) in September, according to BarclayHedge and TrimTabs.
“Hedge fund inflows have slowed dramatically in the second half of this year,” says Sol Waksman (pictured), president and founder of BarclayHedge. “Inflows since July have averaged USD2.9 billion monthly, down from USD13.8 billion monthly in the first half of 2014.”
Industry assets stood at USD2.37 trillion in October, down slightly from September’s six-year high of USD2.38 trillion, according to estimates based on data from 3,500 funds. Assets climbed 15.8% in
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