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BATS Global Markets has named the members of its combined executive team, effective with the 31 January close of the company’s merger with Direct Edge.
Joe Ratterman will remain BATS Global Markets CEO with William O’Brien joining as president.
Ratterman, a co-founder of the company, and O’Brien, who joined Direct Edge as CEO in 2007, will remain based in Kansas City and New York, respectively.
They will also serve as two members of the recently formed BATS executive committee, a group which will also include:
· Bryan Harkins, who has been named executive vice president, head of
Hedge funds fell 0.24 per cent to open 2014 – but not as much as the broader markets. The average hedge fund shed 0.24 per cent in January, according to Hedge Fund Research's HFRX Global Hedge Fund Index. But the benchmark managed something it rarely accomplished last year: besting the Standard & Poor's 500 Index, which fell more than 3 per cent last month.
Despite the overall decline, most strategies tracked by the HFRX suite were in the black in January, led by master-limited partnerships—last year's best-performing strategy at 26.35 per cent which returned 1.58 per cent. Distressed restructuring funds
Just two of IndexIQ’s family of seven investable hedge fund indices recorded positive returns in January.
The IQ Hedge Global Macro Beta Index and the IQ Hedge Fixed Income Arbitrage Beta Index were the two positive performers last month with returns of 1.54 per cent and 1.83 per cent respectively.
The worst performer for the month was the IQ Hedge Emerging Markets Beta Index (-2.18 per cent), while the IQ Hedge Long/Short Beta Index (-1.68 per cent), the IQ Hedge Event-Driven Beta Index (-1.39 per cent), the IQ Hedge Market Neutral Beta Index (-0.70 per cent) and the IQ
Euronext has welcomed the publication in France of a decree authorising active open-end funds to be admitted to trading on regulated markets or multilateral trading facilities.
Following this legislative change, Euronext will soon admit active open-end funds to trading on its regulated market in Paris.
These will be available for trading on the Net Asset Value (NAV) Trading Facility.
Euronext is working closely with asset managers and key market participants to develop this new service. The launch is planned to take place in the second quarter of 2014 and will build on Euronext Amsterdam’s fund service that has
Federated Investors has hired Michael T Dieschbourg to head the company's alternatives/managed-risk investment group.
Dieschbourg will serve as managing director and senior vice president and will report to Stephen F. Auth, chief investment officer for global equities.
"Michael's management experience and deep knowledge of managed-risk portfolios from both the perspective of an investment manager and a consultant make him an ideal leader for our recently formed alternatives/managed-risk investment group," says Auth. "At Federated, we have found that investment teams focused on solving specific client needs with dedicated research resources brings success. Our expectation is that Michael's new investment
Eze Software Group has experienced record growth for each of its three product lines in the first year of operations under the Eze Software brand.
In 2013, Eze Software added 83 new Eze OMS clients, 54 new Tradar PMS clients, and 230 new RealTick EMS institutional clients across all major market regions, experiencing especially significant growth in Asia Pacific and Latin America.
It also expanded within each client segment, including traditional asset managers, hedge funds, institutional asset managers, and pension funds.
“This has been an extremely successful year for Eze Software Group on a number of levels,” says
Hedge fund managers began January broadly expecting the successful themes of the previous quarter to remain prevalent, according to Anthony Lawler, portfolio manager at GAM.
Specifically, these themes included Japan reflation; strength in developed market equities led by US growth; a continued positive event driven environment; and rising US interest rates.
However, these themes failed to perform in January given the broad risk-off environment with the MSCI World index closing down 3.7 per cent in US dollar terms.
Hedge funds ended the month with slightly negative performance, down 0.3 per cent, as measured by the HFRX Global Hedge
Ingenious Initiatives has issued version 10.1 of Penny – It Works, an accounting software solution for hedge funds, fund administrators, private equity firms, investment management companies and family offices.
Penny Version 10.1’s new features and capabilities helped prompt the company’s recent name change.
Formerly known by its corporate name, TKS Solutions, it recently began doing business as Ingenious Initiatives.
Penny Version 10.1 incorporates unitised partnership calculations and allows hedge fund back offices to manage stock and cash distribution and reinvestment, and benefit from a wide range of other updates.
In Version 10.1, the unitised partnership calculation feature
By Michael Doyle (pictured), senior associate, Harneys – Investment Business (Approved Manager) Regulations, 2012 (Old Regulations) came into force on 10 December 2012 and introduced a regulatory light investment management regime for investment managers incorporated or formed as BVI companies or partnerships (Approved Managers). The Approved Manager regime has been remarkably successful and popular with start-ups, family office and closed ended investment managers by striking the right balance between regulation, cost and flexibility, however it has not been available to investment managers who manage non-BVI funds.
The Investment Business (Approved Managers) (Amendment) Regulations, 2013 (New Regulations), which came into force
“By allowing managers of non-BVI funds to apply for the Approved Manager license it simply strengthens the BVI product even more,” comments Nicolaas Faure, Executive Director of Drake Fund Advisors, an emerging market specialist. “We are one of the preferred administrators for start-ups so this will add to the arsenal when we talk to new managers and present our services. In addition to the law firms, we are definitely sharing in the optimism of this updated Approved Manager regime. It should have probably been there from day one.”
Naturally, the extension of the Approved Manager regime having only just been
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