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A New York federal judge has ruled in favour of S&P Dow Jones Indices (SPDJI) and dismissed an action brought by International Securities Exchange (ISE) that challenged SPDJI’s rights to license its indices for use.
The Court observed that ISE was trying “to litigate again the very issues that they lost in the Illinois courts,” and the Court ruled: “I hold that ISE cannot do so, that full faith and credit is to be given to the final judgment of the Illinois courts, and that ISE’s lawsuit in this court is barred.”
The ruling rejects a challenge to CBOE’s
SSARIS Advisors, an affiliate of State Street Global Advisors (SSgA), has appointed Paul Lucek as chief executive, effective 1 January 2014.
Lucek (pictured) succeeds Mark Rosenberg, who will relinquish his role as CEO at the end of this year.
In addition to the role of CEO, Lucek will maintain his current responsibilities as chief investment officer of SSARIS’ hedge fund group.
Rob Covino has been named president of SSARIS, in addition to his existing responsibilities as head of business development.
Along with Scott Powers, SSgA president and CEO, Rosenberg will stay on as co-chairman of the SSARIS board
After several years of pedestrian performance in Asia, hedge funds are starting to rally, and compensation is adjusting accordingly, says professional services firm Heidrick & Struggles.
According to the firm’s second annual Hedge Fund Compensation Survey (Asia 2013), base salaries for hedge fund staff are starting to be adjusted.
“In both 2012 and 2013, 40 per cent of respondents reported increases in base salaries, indicating an upward trend. The rises are skewed in favor of junior analysts and execution traders whose salaries have been worst affected over the past few years.”
Some 37 per cent of respondents reported increases
More investors than ever before feel that their hedge fund investments have exceeded expectations, according to a survey carried out by Preqin.
In November 2013, Preqin interviewed 148 institutional investors with a total of more than USD60bn invested in hedge funds to ascertain their outlook on the industry for 2014.
Of those interviewed, some 21% of investors stated hedge fund returns in 2013 had exceeded expectations, while a further 63% stated that returns expectations had been met.
Just 16% of investors felt returns expectations had not been met, a noticeable decrease from the 41% that stated the same for 2012 in
Managed futures strategies fared well in November, as evidenced by the performance of the Newedge CTA, trend and short-term traders indices.
The opportunity set seemed particularly favourable for trend-following strategies, as all 10 constituents of the Newedge Trend Index reported positive returns in November.
The top year-to-date performer of 2013, through November, remains the Newedge Commodity Trading Index (Equity), which has returned 15.48 per cent over the 11-month period.
Ridge Road Partners, a private investment partnership focused on long-run value creation, has appointed former Ward Ferry Management partner and fund manager Michael Mager as a partner of the firm.
In his new role, Mager will help develop Ridge Road’s public market efforts in addition to working on the firm’s existing private investments. He will be based in New York.
Mager joins Ridge Road’s managing partners – hedge fund veteran Adam Jiwan and entrepreneur Brian Norton – who formed the partnership in October 2012.
Ridge Road focuses on long-run value creation by acquiring and developing private companies and
Ingenious, the UK alternative investment and advisory group, has strengthened its clean energy division with five new appointments, including Helen Wade as a senior investment director.
In addition, the firm has appointed one investment director, one investment manager and two investment associates. The appointments bring Ingenious Clean Energy’s team of investment professionals to 12, with over 50 years’ renewables and energy efficiency experience between them.
Ingenious is one of the fastest growing companies in the UK, having raised and deployed over GBP8bn in alternative investment sectors since 1998.
Ingenious Clean Energy was established in 2010 to enable Ingenious clients
Dear readers, the Hedgeweek team is taking its annual seasonal break from Monday 23 December and will resume distribution of the daily newswire on Monday 6 January. Key news will continue to be posted to the Hedgeweek site during the holiday period. We wish all our readers the very best for the holiday season and for 2014.
Steven O’Hanlon, Head of Fixed Income at ACPI Investment Managers comments on FED announcement on tapering…
The impact of the Federal Reserve reducing its asset purchase programme will ultimately be significant; in many ways it will be like taking a teenager off their parent’s credit card.
Emerging markets, who have become reliant on this flow of money from the West, will need to introduce structural reforms to cope with the loss of this and the impact it will have on their economies. These reforms have been put on the back burner in many countries over the past few years,
Clearstream, the post-trade services provider of Deutsche Börse Group, is extending the settlement day of its international central securities depository (ICSD).
This results in improved cash and securities deadlines for internal settlement activity as well as for domestic settlement with local counterparties in the US, Canada and Latin American markets such as Argentina, Brazil, Mexico, Uruguay and Peru.
It will also facilitate the free flow of collateral within the extended deadlines.
From April 2014 it will be possible to settle internal and domestic US transactions via Clearstream until 20:00 CET (14:00 EST), an extension of two hours compared
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