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Sterne Agee, one of the oldest and largest privately held financial services firms in the US, has closed its purchase of London-based brokerage firm Yorvik Partners, which has been renamed Sterne Agee UK.
The acquisition establishes Sterne Agee's first overseas presence at 11 Ironmonger Lane, London, from which Sterne Agee plans to expand its services internationally.
"We envision an immediate impact in Europe and are excited that the door to international growth has been opened," says Eric Needleman, head of fixed income for Sterne Agee in New York. "This is undoubtedly an exciting step toward not only expanding but
BATS Global Markets’ pan-European trade reporting service, BXTR, became the industry leader in its first month of operation, while BATS Chi-X Europe remained Europe’s largest stock market in November.
BATS also continues progress towards approval and closing of the merger with Direct Edge Holdings, with completion of the transaction now expected in the first quarter of 2014. The company received clearance from the US Department of Justice in late October and its primary focus now is on receiving approval from the Securities and Exchange Commission.
“November marked another month of tremendous growth for Europe as the team continues to
A continuing rally in equity markets remains a prominent theme as we head into December, but there are also other sizeable trade ideas today across hedge funds, says Anthony Lawler, portfolio manager at GAM.
“Hedge fund managers continue to like US and select European equities from both a fundamental long, as well as a long/short perspective, given the Fed’s accommodative stance and the European Central Bank announcing a surprise rate cut in early November. But other high-conviction trades remain in place, including the Japanese reflation theme expressed through short Japanese yen and JGBs and long Japanese equities.
“Continued concern
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By Don Steinbrugge, Agecroft Partners – Judge Steven W Rhodes’ ruling that the City of Detroit is officially bankrupt and that pension benefits for public pension fund beneficiaries may be reduced will have major repercussions throughout the public pension fund industry.
Historically, many public pension funds’ assets have not always been managed to generate the highest risk adjusted returns. This was partially driven by the fact that those responsible for managing the pension assets believed pensioners would get their benefits regardless of how the fund performed, because the municipality could increase taxes to pay for the benefits. This ruling is
Franklin Square Capital Partners has launched the FS Global Credit Opportunities Fund, an unlisted closed-end fund that invests primarily in global credit.
The fund seeks to generate an attractive total return, while also focusing on capital preservation, by investing in loans, bonds and other credit instruments of public and private companies, with a strong focus on the European and US markets.
This marks the fourth fund launched by Franklin Square, which now manages more than USD9bn in assets.
"Our goal at Franklin Square is to provide individual and smaller institutional investors with the same investment access and investor
Advent Software has made enhancements to several key products that provide new functionality for more than 1,000 asset and wealth management firms, hedge funds, and family offices.
The updated products include Geneva, Advent Portfolio Exchange (APX), Moxy, Advent Rules Manager, and Advent Revenue Center.
The new product releases provide a number of enhancements and key benefits to users, including:
For Geneva –
• More functionality for closed-end fund and private equity fund investments
• Improved capabilities helping clients to address regulations including FATCA and AIFMD
For APX, Moxy and the associated products –
• Enhancements
eVestment is making Hedge Fund Research’s (HFR) alternatives data and indices available to clients of its suite of analytic solutions for institutional investors.
“Fundspire and PerTrac (acquired by eVestment in 2012) both had data relationships with HFR previously,” says Jim Minnick, founder and CEO of eVestment. “This agreement formalises our ability to offer HFR data and indices across all analytics solutions from eVestment. This makes it easier for clients to move from one solution to another without worrying about data consistency.”
“HFR is pleased to offer the HFR Database and HFR Indices within an industry-leading suite of software platforms
Russell Investments has launched the Russell UK Mid 150 Index, in response to specific sell-side demand for exposure to the UK mid-cap market that can be traded with high efficiency.
The first UK-dedicated index from Russell reflects the organisation’s focus on designing European indices that meet the trading and liquidity needs of today’s market participants.
The Index provides a representation of the UK mid-cap market, comprising 150 stocks from across the mid-cap universe which are listed on UK stock exchanges and denominated in sterling. It uses a screening process whereby on a monthly basis stocks are screened according to
Indus Valley Partners (IVP), a provider of technology solutions to alternative asset managers, has added a standard 40 Act rules library within the IVP Polaris data warehouse.
This will enable fund managers to ensure their trading does not breach any limits imposed by the specific mandate they have received from investors.
The 40 Act library is the latest addition to the IVP Polaris data warehouse that already supports CLO compliance rules, UCITS fund compliance, and BDC compliance.
Currently implemented across 25 funds with a total AUM of USD225bn and over, IVP Polaris is designed for the alternative asset management
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