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Hedge funds ended the quarter in positive territory although returns differed significantly by strategy, according to Swiss alternative investment company Altin.
Equity related strategies such as Equity Long/Short, Event Driven and Equity Market Neutral (which was the best performing strategy) performed particularly well. A stock picking approach supported by a strong dispersion of returns between good and bad companies and more generally a positive, albeit volatile equity market, all contributed to deliver strong alpha.
Convertible Bond strategies also performed very well, just shy of the performance of Equity Market Neutral, thanks to an overall supportive credit and equity market environment,
Investcorp’s New York-based Hedge Fund group has appointed industry veteran, Lionel Erdely, as the firm’s Head of Hedge Funds and Chief Investment Officer.
Erdely will join Investcorp from Lyxor Asset Management, a subsidiary of Societe Generale Group with approximately USD100 billion of assets under management, where he has served as Chief Investment Officer since 2004 and CEO of Lyxor Inc since 2009. During his 11 year tenure at Lyxor he was instrumental in expanding the firm’s alternative investment business globally and growing its roster of large US-based institutional investors. Erdely served as Chairman of the firm’s Investment Committee for alternative
SuMi TRUST has appointed Hiroki Moritani and Shin Sawada as directors of the international sales team based in London.
Prior to joining the London office, Moritani (pictured) was in charge of global fiduciary business development and client services for global investors at the firm’s head office in Tokyo. He started his career at SuMi TRUST in 1996, where he has since held various positions including client portfolio management, product management, sales & marketing for institutional investors and global securities administration business. He holds an MBA from Duke University and a bachelor’s degree in Economics from Keio University in Japan.
Sawada
Northern Trust has expanded its depositary services across multiple fund types, asset classes, fund locations and investment strategies to support fund managers implementing the AIFMD.
With five new senior positions created across Europe, Northern Trust will be able to offer depositary services in the United Kingdom and The Netherlands, in addition to its existing services in Ireland, Luxembourg and the Channel Islands.
“We are pleased to expand our depositary services capabilities to all our fund manager clients across Europe,” says Toby Glaysher, head of Global Fund Services. “Our AIFMD pan-European depositary capabilities are designed to provide the best in class
Finisterre Capital, the long/short emerging market total return specialist, has launched a stand-alone, UCITS compliant fund in response to client demand stemming from Solvency II requirements.
The UCITS-compliant Finisterre Emerging Market Debt Fund launched with USD55m of seed capital and deploys a similar long/short approach to that operated across Finisterre’s existing strategies. The fund has an unconstrained mandate, and will invest in a blend of global emerging market sovereign and corporate credits, local fixed income instruments, local and hard currencies and other debt securities. The fund seeks to generate high single digit returns over the cycle and offers bi-weekly
City Financial Investment Company Limited is to launch an Asian macro fund scheduled for the first quarter of 2014, which will be managed by Geoffrey Barker.
The launch is a joint venture with City Financial Investment Company (Hong Kong) Limited from its offices at 8 Queen’s Road Central in Hong Kong.
Geoffrey was previously Director of Ballingal Investment Advisors (BIA) for more than seven years, where he set up and ran the firm’s BIA Pacific Macro Fund. During this period the BIA Pacific Macro Fund had an average annualised return of approximately 14.1% gross, 10.4% net (versus the MSCI World
ML Capital this week announced the launch of the FVC Alternative Risk Premia UCITS fund on its MontLake platform. London-based Future Value Capital is a quantitative macro specialist.
The fund has launched with USD20million in seed capital and becomes the first macro fund on MontLake. The fund aims to exploit alternative risk premias and market inefficiencies which are an attractive alternative to alpha, offering an innovative way of extracting systematic sources of return which are uncorrelated to traditional asset classes.
Cyril Delamare, CEO of ML Capital said that systematic macro strategies had been in high demand from investors
Industry veterans have launched the Hedge Fund Due Diligence Exchange (HFDDX), a platform that provides new and experienced investors both forensic-style due diligence reports and a substantial cost saving.
The first exchange of its kind, HFDDX’s launch coincides with a resurgence of interest in hedge fund investments and an abundance of caution on the part of investors.
HFDDX meets this demand by offering members a web-based marketplace to anonymously match their needs with others. When two or more members seek due diligence on the same fund, costs can be reduced by one-half to two-thirds, encouraging cost-conscious investors to avoid cutting
AXA Investment Managers (AXA IM) has added to its suite of liability driven investment (LDI) solutions with the launch of a pooled fund range designed to meet the specific liability hedging needs of UK pension funds.
The range is intended to provide an effective and efficient liability hedging solution within simple and flexible pooled funds. Three different suites (nominal, real and inflation only) each offer five different maturity buckets to allow UK pension funds to achieve a good liability hedging solution by type of sensitivity and by maturity.
Schemes can hedge their interest rate and inflation sensitivity together or separately
Hedge funds are adopting a wait-and-see approach to compliance with regulation due to the complexity of workload involved, according to a study by Deutsche Bank.
Legal, compliance and regulatory matters now rank as the top contributor to their non-investment workload.
Deutsche Bank’s Hedge Fund Consulting Group’s survey of European and US hedge fund managers shows almost a quarter of US hedge fund COOs have seen an increase of up to 75 per cent in the amount of time they dedicate to such issues.
At the same time, hedge funds are taking a wait-and-see approach to compliance with the Alternative Investment
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