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Sophie Chardon, head of quantitative and cross asset analysis at Natixis, looks at the key themes that dominated hedge fund directions in Q3 – and considers the impact on strategy.
There were three themes for hedge funds to consider in the third financial quarter of this year: the recurrence of positive economic news out of Europe, the rebound in market volatility due to uncertainty over the Fed’s monetary policy, and the capital outflows from emerging markets.
Yet despite the return of unpredictability, the industry held up well. Thanks to positive PMI results during the summer, European stock markets posted
The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has appointed Jack Inglis as its new chief executive.
Inglis joins from Barclays where he was a member of the global executive committee for prime services and was previously CEO of Ferox Capital between 2007 and 2010. He also spent 16 years at Morgan Stanley where he was co-head of European prime brokerage from 2003-2007.
The appointment follows the announcement in June that current CEO Andrew Baker was stepping down. Baker had been CEO since the beginning of 2009, having previously been deputy CEO since 2007. Inglis
When it comes to the effects of ‘one-size-fits-all’-regulation for boutique asset managers, off the peg doesn’t suit everyone. The very nature of regulation has changed. It’s grown, become global, and moved from being a check box exercise to being the rigid harness that restricts the movements of financial firms, says Ed Lopez (pictured), executive vice president, SunGard’s Asset Management business…
With that said, no one would seriously argue for a return to laissez-faire regulation and governance. And the newly empowered regulators are proving that a new broom sweeps clean with firms frequently being investigated and fined from for transgressions ranging
Assets under management for Chinese open-ended money market funds staged a strong rebound in Q3 2013 after the sharp drop during the previous quarter, says Fitch Ratings.
But it masks uneven flow distribution and fund subscriptions concentrated on a small number of providers, and the growth path is likely to remain volatile on the back of evolving liquidity and interest rate conditions.
Concentrated investor flows in CMMFs reflect the nervousness in short-term markets, as highlighted by the recent return of interest-rate volatility. In this environment, institutional investors typically prefer funds where their investment is small relative to the size
NYSE Euronext has provided a statement and timeline for the completion of its acquisition by IntercontinentalExchange (ICE), an operator of global markets and clearing houses.
ICE and NYSE Euronext now have all regulatory approvals necessary to proceed with closing their previously announced transaction and intend to close the transaction on 13 November 2013.
Trading in IntercontinentalExchange stock and NYSE Euronext stock will cease at the end of the trading day on 12 November 2013 and trading in IntercontinentalExchange Group stock will begin on 13 November 2013 under the ticker symbol “ICE” and will continue to trade on the New
The European Securities and Markets Authority (ESMA) has approved DTCC’s Derivatives Repository Limited (DDRL) to operate a multi-asset class derivatives repository in Europe.
Located in London, with a data centre in The Netherlands, DTCC’s European trade repository will support trade reporting mandated under the European Market Infrastructure Regulation (EMIR) which is due to begin on 12 February 2014.
The approval is DTCC’s fourth trade repository license globally and adds to the firm’s existing and proven multi-jurisdictional capabilities in derivatives trade reporting. DTCC’s trade repositories have been supporting regulatory reporting in the US since October 2012, in Japan since April
European commercial real estate lending specialist Aeriance Investments has appointed Harin Thaker to the role of chief executive, as the business embarks on the launch of circa EUR1bn of new debt fund activity.
Thaker (pictured) joins the business with over 20 years’ of industry experience. He was previously head of international real estate finance at PBB Deutsche Pfandbriefbank, a lender in real estate finance and public sector finance.
He also served as a general manager of Hypo Real Estate Bank International, before becoming a member of its management board in 2007 prior to its merger with Hypo Real Estate Bank
Alternative UCITS gained 1.18 per cent in October to leave them up +3.20 per cent for 2013 according to the UCITS Alternative Index Global managed by Geneva-based Alix Capital.
One of the key reasons that helped contribute to October’s gains was the strong performance of long/short equity managers, up 1.85 per cent on average. Having said that, the best performing strategy last month was actually the UAI CTA, up 2.20 per cent. Other strategies that also returned more than 1 per cent were the UAI Multi-Strategy, UAI Emerging Markets and UAI Macro. Since the start of 2013 the UAI Long/Short
Wermuth Asset Management, the German family office and BaFin-regulated investment adviser, has restructured its quant advisory business.
The focus is now on the systematic US equity long/short strategy which celebrated its fifth anniversary of audited returns in October.
The Jersey-based fund for eligible investors, Wermuth Quant Global Strategy IC, had begun trading in April 2012. It has assets under management of USD10.5m and is expected to cross the USD15m mark in the near future. The fund outperformed peers and benchmarks in October and also year-to-date. For the full five-year period of audited returns, the strategy compounds with a rate
The first trade repositories need to begin European Market and Infrastructure Regulation (EMIR) reporting for all derivative counterparties in February 2014, according to the European Securities and Markets Authorities (ESMA).


As a result, any derivative counterparty in the European Economic Area (EEA) that is subject to EMIR, including corporates and other unregulated market participants, will be required to provide complex reports for transactions in all derivative asset classes (interest rates, foreign exchange, equity, credit and commodities) and for both over-the-counter (OTC) and exchange-traded derivatives from 12 February 2014. 


The new reporting obligation will require substantially more detailed information than
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