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Prime brokers and hedge funds have a longstanding relationship in the overall hedge fund ecosystem.
Through primes, fund managers have access to a suite of specialised services, including cap intro, trade execution, securities lending, margining, international market access, cash trading, derivatives financing, and reporting, all with the goal of enabling managers to generate alpha and communicate performance back to their investors.
Prime brokers have been the indispensable infrastructure partner and one of the most important relationships for any fund manager.
Today, relationships between the two are evolving. The alternatives industry is transforming from a pedigree-oriented, performance-based environment to
New York-based hedge fund Twin Capital Management has appointed Michael Horgan as vice president.
In his new position, he will also serve as co-portfolio manager of event-driven/special situations along with Brett Patelsky, senior vice president, and David Simon, founder and chief executive of Twin.
Horgan has more than seven years of financial experience, primarily in the event-driven space. He previously served as a vice president of Twin for three years identifying, analysing and investing in event-driven situations across industries in the US, UK and Western Europe.
“We’re delighted to welcome Mike back to Twin. His experience as an
Aleksander Efrosman, the former hedge fund manager who went on the run after defrauding his clients of over USD5m, has been sentenced to 15 years in prison.
Efrosman, the investment manager of Century Maxim Fund and AJR Capital, was extradited from Poland to face wire fraud charges and pleaded guilty on 18 October 2012.
In addition to the prison term, he has been ordered to pay restitution of approximately USD4m.
“This case proves the old adage: ‘you can run, but you cannot hide.’ Aleksander Efrosman stole over USD5m from unsuspecting investors and fled the country, then engaged in
CITIC Capital has launched CCTrack Solutions, a multi-strategy hedge fund platform aimed at institutional investors in North America, Europe and Asia.
The new platform combines the resources and expertise of CITIC Capital and senior management including Ron Dirusso and Robert Savage, who are foreign exchange (FX) veterans with extensive experience at financial institutions.
CCTrack will be a quantitative provider for FX Overlay, Risk Parity and alpha generation from short-term trading to relative-value skew positioning in global liquid markets covering FX, commodity, bond and equity and futures. The model approach strives to hedge client portfolios using quantitative strategies reducing correlation
The RPM Evolving CTA programme has returned 6.6 per cent net to investors since its inception in March last year, despite unusually tough market conditions for CTAs.
In addition, it outperformed the Newedge CTA index by 7.4 per cent – an index consisting of 20 of the largest CTAs in terms of assets under management. On a risk-adjusted basis, the outperformance was even larger.
“The result supports our research findings, but it is a bit better than what we had hoped for”, says Mikael Stenbom, CEO of RPM Risk & Portfolio Management AB, the investment manager based in Stockholm,
S&P Capital IQ’s equity research group has revealed its top ten high conviction investment selections of European equity stocks, its “Power Picks” for 2014.
Having analysed the key themes set to influence the performance of European equities over the next 12 months, the team has compiled a list of stocks it expects to outperform the broader market.
The companies selected are over a range of sectors including automotive, consumer discretionary, consumer staples, financials, healthcare, materials and information technology.
As highlighted in its 2014 European Equity Strategy Outlook report, S&P Capital IQ believes the foundations are set for a
Hedge fund players enjoyed increases in both base salary and year-end bonuses last year, according to Benchmark Compensation’s 2014 Hedge Fund Compensation Report.
The average reported cash compensation was up again in 2013 and came in at USD330,000.
Base salary played a small role in the increase this year, as bonuses drove the double-digit gains. The annual industry report is based on data collected directly from hedge fund managers and employees representing hundreds of firms.
Average cash compensation was up 16 per cent over last year. Base compensation increased only four per cent; however, bonuses were 30 per
Seven out of the 11 Newedge Hedge Fund Indices produced positive reruns in 2013, with the Newedge Commodity Trading Index (Equity) claiming top spot with a return of 16.33 per cent.
Short-term futures strategies, as represented by the Newedge Short-Term Traders Index (STTI), performed well in December, returning 1.91 per cent. This was the STTI’s second largest monthly gain of 2013.
The Newedge Trend Indicator was the biggest loser, down -17.72 per cent for the year, while the Newedge Commodity Trading Index (Trading) (-4.23 per cent), the Newedge Volatility Trading Index (-2.66 per cent) and the Newedge Commodity Trading
The Credit Suisse Hedge Fund Index finished up 1.19 per cent for the month of December, with nine of the ten sub-strategies in positive territory.
Long/Short equity led the way with a return of 1.80 per cent, followed by Multi-Strategy (1.63 per cent), Event-Driven (1.61 per cent) and Equity Market Neutral (1.30 per cent).
Dedicated Short Bias was the only sub-strategy to end the month in negative territory recording a return of -0.77 per cent.
Performance for index and its 10 sub-strategies is calculated monthly.
The following funds were dropped from the Credit Suisse Hedge Fund Index
By Susan Lock, Campbells – The Alternative Investment Fund Managers Directive (AIFMD) is extremely broad in scope. It applies to entities performing risk or portfolio management from within the European Economic Area (“EEA”) for both non-EEA or EEA Alternative Investment Funds (“AIFs”), entities performing risk or portfolio management for EEA AIFs from outside of the EEA and/or entities that actively market an AIF to EEA investors.
With around 85% of the world’s offshore hedge funds, the Cayman Islands has many domiciled entities (and managers of alternative investment funds (“AIFMs”) that manage Cayman entities) that are within scope of the directive.
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