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Saxo Bank more than doubled earnings in the first half of 2013 compared to the first half of 2012, while net profit grew more than six times compared to same period last year.
In the first half of 2013, Saxo Bank achieved earnings before tax, depreciation, amortisation, income from associates and joint ventures as well as gains and losses from divestments (adjusted EBITDA) of DKK676m, which was more than double the DKK267m EBITDA in 2012.
Net profit in the first six months of this year grew more than six times to DKK267m.
Overall trading activity at the bank
UBS Global Asset Management’s Alternative and Quantitative Investments (A&Q) hedge fund platform is being reorganised into two separate business areas with immediate effect.
The two businesses are Alternative Investment Solutions (the multi-manager and hedge fund advisory business) and O’Connor (the single manager hedge fund business.)
The Alternative Investment Solutions (AIS) business will be led by Bill Ferri. Under his leadership, AIS will be expanded to include additional entrepreneurial businesses in the alternatives arena. Ferri continues to be a member of the UBS Global Asset Management executive committee.
Dawn Fitzpatrick will assume full leadership of O’Connor, in addition to
Blackstone Group and Fidelity Investments aim to expand their reach to retail clients and rid the hedge fund market of its perceived exclusivity with the launch of Blackstone’s Alternative Multi-Manager Fund.
The new mutual fund of hedge funds was launched last month and consists of various sub-advisors, including HealthCor Management, Two Sigma Advisors, Good Hill Partners, Nephila Capital, Wellington Management, Chatham Asset Management and Caspian Capital.
Fidelity’s Portfolio Advisory Service (PSA) – which consists of funds with a minimum value of USD50,000 – has invested near USD1bn in the fund thus far.
The fund, managed by Blackstone’s hedge
Rudolf Wolff, the London-based fund management firm, is preparing to launch a UCITS version of its Bermuda-domiciled Income fund, reported FTadviser this week. Bruce Macdonald, who manages the Rudolf Wolff Income fund, is to run the new fund, which is to be domiciled in Ireland.
The fund will target a gross yield of between 5 and 7 per cent. It will invest in a range of fixed income stocks issued by financial institutions including permanent interest bearing securities (Pibs) from the likes of Nationwide and Skipton, both of which are building societies. Liquidity in the fund will initially be mid-
Nancy Curtin, Chief Investment Officer of Close Brothers Asset Management comments on the upward revision of UK GDP growth…
Barely months after the threat of a triple dip, a series of good economic results for the UK means business and consumer confidence is climbing.
A London-led recovery has spread to the regions and has driven faster growth than expected, and like the US, the UK has shown its resilience in the face of slowing global trade.
A weaker currency, a fall in hourly wages and the rise of ‘zero-hours’ contracts have made Britain more competitive in the absence of an
Ignis Asset Management attracted GBP0.9bn of net inflows in the six months ended 30 June 2013, including GBP344m of net inflows into the GBP1bn Ignis Absolute Return Government Bond Fund.
Ignis’s IFRS operating profit was GBP19m in the same period.
According to the firm’s interim results, a greater percentage of net inflows came from higher margin products sold overseas. Net sales excluding liquidity products increased 57 per cent vs H1 2012 and net sales overseas increased by 68 per cent1 vs H1 2012.
Third party revenue now represents some 30 per cent of total management fees.
Bruno Wu aims to raise a USD500 million private-equity fund for media investments, focusing on companies targeting expansion in Asia, especially China.
Wu, who is married to Yang Lan, a television personality, who some have compared to Oprah Winfrey, is no stranger to media investments. The 46-year-old Chinese investor owns a string of media assets across the globe, and said the new fund will tap both Chinese and international investors.
The fund will invest in small to medium-size Internet, digital-media and e-commerce companies that "need China for the next wave of expansion," Mr. Wu said in an interview. He declined
The Securities and Exchange Commission has charged a North Carolina-based investment adviser and its former owner for misleading an investment fund over the firm’s algorithmic currency trading ability.
The SEC’s enforcement division alleges that Chariot Advisors LLC and Elliott L Shifman misled the fund’s board about the nature, extent, and quality of services that the firm could provide as he touted the competitive benefits of algorithmic trading in two presentations before the board.
Contrary to what Shifman told the directors, Chariot Advisors did not devise or otherwise possess any algorithms capable of engaging in the currency trading that
Moscow Exchange and Eurex, the derivatives arm of Deutsche Börse Group, have signed a cooperation agreement for the trading of foreign exchange (FX) derivatives.
Through this new element of the partnership between Deutsche Börse and Moscow Exchange, Eurex Exchange will launch Euro/Russian Rouble and US Dollar/Russian Rouble FX futures on its trading system in Q4 2013.
Alexander Afanasiev, chief executive officer of Moscow Exchange, and Andreas Preuss, deputy CEO of Deutsche Börse and CEO of Eurex, signed a cooperation agreement for the new derivatives products in Frankfurt/Main. Both partners will also jointly promote the launch of these two
Hedge funds, as measured by the Credit Suisse Hedge Fund Index, finished July up 0.88 per cent with two out of 10 strategies in positive territory.
In total, the industry saw estimated outflows of approximately USD0.5bn in July, bringing overall assets under management for the industry to approximately USD1.9trn.
The sectors with the largest asset inflows on a percentage basis were dedicated short bias and multi-strategy, with inflows in July equal to 0.62 per cent and 0.57 per cent, of the June 2013 levels, respectively.
Event driven funds generally sustained positive performance in July amid improved technical
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