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US-dollar, euro and sterling prime money market funds (MMFs) have increased their sensitivity to interest rates in the first two months of 2014, meaning their stressed net asset values have deteriorated, according to Moody’s.
In US domiciled funds, aggregate exposure to European financial institutions rose to approximately 31 per cent of total investments at the end of February from 25 per cent at year-end 2013.
Some of this increase came while reducing exposures to Australian and Japanese financial institutions, whose share of invested assets declined to 16.5 per cent from 18 per cent.
Partially due to the higher
Institutional investors view activism as a successful tool used among hedge fund managers to increase returns and stimulate growth in their investments, according to a survey by Novus.
"With institutional investors under increasing pressure to add value and deliver returns, we're not surprised to see unconventional investment strategies like activism growing in popularity and a great uptick in allocators willing to employ them," says Basil Qunibi, CEO and founder of Novus, a portfolio intelligence and analytics company based in New York.
The survey found that the majority of experts (78 per cent) believe activism drives shareholder value.
Nearly
Adam Sussman has joined Liquidnet as head of market structure and liquidity partnerships.
In this global role, Sussman (pictured) will serve as a senior advisor on market structure issues providing insight and guidance on industry developments, technological trends and financial industry dynamics to Liquidnet’s community of buy side members and customers.
He will also advance Liquidnet’s efforts in identifying new ways to bring in additional sources of unique, safe and actionable block liquidity by building and strengthening partnerships with a broad spectrum of industry participants.
Sussman will be based in New York, reporting to Liquidnet’s head of US equities
Hedge funds received USD24.3bn (1.1 per cent of assets) in February, the highest monthly inflow in three years, building on an inflow of USD4.4bn (0.2 per cent of assets) in January, according to BarclayHedge and TrimTabs.
“The hedge fund industry raked in USD28.7bn in January and February, an 83 per cent jump from USD15.7bn in the same period last year,” says Sol Waksman, president and founder of BarclayHedge.
Industry assets climbed to a five and a half year high of USD2.2trn in February, according to estimates based on data from 3,374 funds. Assets rose 18 per cent in the
FTSE TMX Global Debt Capital Markets has acquired the indices business of MTS, whose indices track the performance of the largest and most widely traded government issued securities in European bonds.
MTS is an electronic fixed income trading markets and is majority owned by London Stock Exchange Group (LSEG).
FTSE TMX Global Debt Capital Markets is a joint venture between FTSE Group and TMX Group’s information services division, TMX Datalinx.
As a result of the acquisition, MTS will initially hold a 3.1 per cent stake in FTSE TMX Global Debt Capital Markets. FTSE will retain a 72.7 per
AIMA CEO Andrew Baker recently commented that the complicated nature of AIFMD, the different interpretations of EU Member States and variety of approaches from third countries meant that fund managers are facing complex choices. Here, Fiona Le Poidevin (pictured), Chief Executive of Guernsey Finance, explores what a third country can offer asset managers under AIFMD.
Andrew Baker, CEO of the Alternative Investment Management Association (AIMA) – launching an AIFMD implementation guide jointly with PwC, said: “AIFMD is a complicated piece of legislation. It is being implemented in EU Member States in a variety of different ways, while non-EU or ‘third
The United States Court of Appeals for the Federal Circuit has ruled in favour of the Chicago Board Options Exchange (CBOE) in a seven-year-old patent litigation with the International Securities Exchange (ISE).
ISE had claimed that CBOE's Hybrid system infringed its own patent for an automated exchange.
"CBOE is pleased that the court has concluded what we always knew to be true – CBOE does not infringe ISE's asserted patent. Our unique Hybrid trading system, which combines the best features of electronic and open outcry trading, is just one of the many innovations that have made CBOE the leader
The Commodity Futures Trading Commission’s division of market oversight has issued the results of a rule enforcement review of OneChicago.
The division found specific areas where OneChicago should improve its trade practice programme.
Among other items, the division recommended that OneChicago take steps to ensure that its compliance surveillance department is adequately staffed to meet OneChicago’s self-regulatory responsibilities.
The division also recommended that OneChicago significantly increase the frequency and number of spot checks of exchange of future for physical and block transactions that it conducts annually.
The division had no recommendations with respect to the exchange’s automated
BT has launched a cloud-integrated solution for financial markets designed to keep traders in control of increasingly complex trading strategies and demanding client relationships.
Called BT Netrix HiTouch, the new touchscreen device acts as a control centre for collaboration among traders, their clients and counterparties and the wider pool of experts involved throughout the trade cycle.
It enables individuals and groups to rapidly communicate in what is a highly complex, real-time environment. It empowers them to make faster and more informed decisions with the help of the latest high-definition visual and audio interfaces and communications services, integrated with their specialist
Forum Securities has appointed Sophia Banar as managing director and strategic risk and portfolio manager based in the firm’s Old Greenwich, Connecticut office.
Banar brings over 15 years of real estate investing and consulting experience to Forum.
Before joining Forum Securities, Banar was a portfolio manager with The Tuckerman Group, a boutique real estate focused affiliate of State Street Global Advisors.
In her new role Banar will cover US companies and will add her voice to Forum Securities’ global portfolio management team. Forum expects that her investment contributions will initially focus on risk management and a top-down perspective.
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