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Even though the introduction of regulation into Switzerland under the revised Collective Investment Schemes Act (CISA) has changed the landscape it doesn’t appear to have put off fund managers. Markus Fuchs, Managing Director of the Swiss Funds & Asset Management Association (SFAMA), says that the number of applications for FINMA license shows that more managers (mainly alternatives managers) are establishing in Switzerland “than I expected and that’s encouraging”.
That’s not to suggest that Switzerland is about to witness an influx of new managers but regulation could, potentially, prove to be a useful fillip for the country. After all, it is
Right now, hedge fund managers are busy preparing for life as authorised entities under FINMA, the Swiss financial regulator. They have until 1 March 2015 to get their house in order and complete the authorisation process.
Under the revised Collective Investment Schemes Act (CISA), Switzerland is demonstrating both to the EU and the wider global financial industry that it means business. No longer will asset managers operate under a veil of secrecy. Transparency is the order of the day, along with regulatory oversight that is set to bring Swiss managers in line with their EU counterparts.
Swiss managers are
The Hedge Fund Standards Board (HFSB) has launched a Toolbox to provide guidance to managers and investors on issues relating to fund manager governance and internal processes.
The Toolbox will take the form of a series of briefings on key issues.
The first provides a Standardised Board Agenda, laying out the topics that should be addressed at board meetings on either a regular or annual basis.
The Toolbox is designed to complement the Hedge Fund Standards, which managers sign up to on a comply-or-explain basis.
Dame Amelia Fawcett, chairman of the HFSB, says: “The Toolbox draws on
Eze Castle Integration has promoted Dean Hill to the position of executive director with responsibility for overseeing the company’s UK operations and international sales efforts.
Hill, who was formerly director of sales, EMEA, has nearly two decades of sales and technology experience.
In his new role, he will continue business development oversight for the company’s UK and Asia offices while assuming responsibility for Eze Castle’s UK operations.
Hill’s promotion comes at a time of expansion for Eze Castle in the UK with company recently moving to new offices in Mayfair to accommodate both client and employee growth.
Kinetic Partners, the global financial services advisory firm, has made two promotions in its team in Hong Kong.
AnnMarie Croswell has been promoted to member and Katrina Banh to associate director within Kinetic Partners regulatory compliance team in Hong Kong.
Since establishing in Hong Kong two years ago, Kinetic Partners has seen significant growth in the number of clients based in Hong Kong requesting support for Securities & Futures Commission (SFC) and Securities and Exchange Commission (SEC) registration, as well as on-going compliance advice.
Demand from larger firms and investment banks for support with transaction monitoring and reporting
The Swiss banking Group SYZ & CO has reported assets under management of CHF28.7 billion at the end of December, a 14.5 per cent increase.
The greater part of the CHF3.7 billion increase resulted from net inflows of new money of CHF2.3 billion, the remainder being the result of investment performance.
Ordinary revenues increased by nearly 20 per cent to CHF220.1 million, while expenses rose by nine per cent.
Consequently, group net profit more than doubled to total CHF26.0 million (2012: CHF12.6 million).
The group’s three lines of business – private banking, asset management and OYSTER investment
Alternative investment firm Evanston Capital Management has published a report examining the intricacies of hedge fund replication strategies.
Recognising the investment community’s significant interest in hedge fund replication and related topics such as alternative beta, the report – Hedge Fund Replication: Is It Appropriate For You? – takes an in-depth look at these complex attempts to mimic the core risk and return properties of certain hedge fund strategies within a more accessible investment form than traditional hedge fund investing.
The paper discusses the two primary types of replication, “top down” and “bottom up,” reviews how replication can help improve
RMB Capital has joined forces with Mendon Capital Advisors to manage a long/short, financial services-focused US equity strategy.
The strategy and team, led by portfolio manager Anton Schutz, will be part of RMB’s alternative investments unit, known as Iron Road Capital Partners.
“Iron Road was established with the intention that we would continue to add strategies to the platform,” says Blair Haarlow, managing principal, Iron Road Capital Partners. “The key is to find managers that are a good fit, in that they recognise the benefits of our model and complement the other alternative investments we offer. With its exclusive
The Credit Suisse Hedge Fund Index finished down 0.48 per cent for the month of March, with seven of the 10 sub-strategies in negative territory for the month.
Managed futures was the worst performer with a return of -1.82 per cent, followed by emerging markets (-1.51 per cent) and long/short equity (-1.19 per cent).
The three sub-strategies to finish the month with positive returns meanwhile were dedicated short bias (+0.56 per cent), fixed income arbitrage (+0.41 per cent) and convertible arbitrage (+0.22 per cent).
Performance for the Broad Index and its 10 sub-strategies is calculated monthly.
UK-based investment boutique Camomille has launched its third product, The Camomille Leveraged Opportunities Fund, which systemises the trading behaviour of humans as reflected in the equity markets.
The fund represents a leveraged, long/short version of a strategy that has been run by the firm since 2011.
While many systematic strategies use advanced scientific and programming expertise to find patterns in market data, and subsequently attempt to attribute explanations to them, Camomille has worked in the opposite direction. The firm’s strategy is founded on the long-standing behavioural concept of the human capacity to return to ‘equilibrium’ after adversity.
Richard
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