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Total capital invested globally in hedge funds increased to a record level for the fourth consecutive quarter in Q2 2013, according to the latest HFR Global Hedge Fund Industry Report.
The growth in assets in 2Q13 extended a streak of steady increases in hedge fund capital despite a surge in financial market volatility into quarter end.
Total hedge fund capital increased by a net total of USD40bn in 2Q13 to a record USD2.41trn. Hedge funds that took in new capital saw inflows of USD55.9bn during the quarter, while funds that experienced redemptions booked outflows totalling USD41.4bn, resulting in
Deutsche Börse is to launch a new block trading service on Xetra MidPoint on 29 July and has named Liquidnet, the global institutional trading network, as the block agent for the new service.
The block trading model provides a platform where more than 240 Xetra members will have the opportunity to trade directly with Liquidnet’s network of more than 700 of the world’s leading asset management firms safely and efficiently with minimal market impact and maximum price improvement.
Xetra MidPoint’s Block Agent model will combine the liquidity of multiple sources, increasing the probability that large orders will be executed
The Goldman Sachs Group has sold a majority equity interest in REDI, the technology provider for the REDIPlus Execution Management System (EMS), to a consortium of investors including BofA Merrill Lynch, Barclays, BNP Paribas, Citadel and Lightyear Capital.
Goldman Sachs is retaining a significant minority equity stake in the company.
This transaction establishes REDI as an independent financial technology company. The consortium of investors enhances REDI’s business by providing a broad range of benefits to the marketplace through an expanded broker network, broad cross-asset capabilities, expansive global coverage and industry-leading customer service. In addition, REDI will leverage the valuable
The Federal Energy Regulatory Commission (FERC) has ordered Barclays Bank PLC and four of its traders to pay USD453m in civil penalties for manipulating electric energy prices in California and other western markets between November 2006 and December 2008.
FERC also ordered Barclays to disgorge USD34.9m, plus interest, in unjust profits to the Low-Income Home Energy Assistance Programs of Arizona, California, Oregon, and Washington.
Barclays has vowed to fight the fine stating that FERC’s assessment “does not reflect a balanced and full description of the facts or the applicable legal standard.”
"We intend to vigorously defend this
Nicholas Tsang, the son-in-law of China’s Vice Premier Wang Yang, has launched a Hong Kong-based hedge fund focused on mainland equities. Zhang joins a growing number of young family members of top officials who have set up asset management businesses in the city of late.
South China Morning Post reports that Nicholas Zhang, who married Wang’s only daughter some years ago, started Magnolia Capital Management this year with some of his former colleagues from the Hong Kong offices of Soros Fund Management and UBS, said sources familiar with the situation who declined to be named.
Zhang, now in his late 20s,
CI Investments has launched the Lawrence Park Strategic Income Fund, expanding the firm’s selection of funds in the global fixed income category.
The portfolio manager is Lawrence Park Capital Partners.
The Lawrence Park Strategic Income Fund’s mandate is to generate positive returns with low volatility through exposure to global corporate bond markets, and provide protection from rising interest rates. The fund manages a portfolio of primarily investment-grade corporate bonds, while using hedging tools to lower the interest rate duration of the portfolio and help to immunise the fund from interest rate moves.
The fund relies on Lawrence
Broadridge Financial Solutions has closed its acquisition of Bonaire Software Solutions, a provider of fee calculation, billing and revenue and expense management solutions for asset managers including institutional asset managers, wealth managers, mutual funds, bank trusts, hedge funds and capital markets firms.
Terms of the transaction have not been disclosed.
"The addition of Bonaire is a great advancement in our strategy to offer expanded fee and expense management solutions to the financial services industry," says Gerard Scavelli, president, mutual funds and retirement solutions group, Broadridge. "The combined Broadridge and Bonaire solutions will help create the transparency, automation and
The Securities and Exchange Commission has obtained a USD13.9m penalty against former Goldman Sachs board member Rajat K. Gupta for illegally tipping corporate secrets to former hedge fund manager Raj Rajaratnam.
Gupta is also permanently barred from serving as an officer or director of a public company.
The SEC previously obtained a record USD92.8m penalty against Rajaratnam for prior insider trading charges.
“The sanctions imposed today send a clear message to board members who are entrusted with protecting the confidences of the companies they serve,” says George S Canellos, co-director of the SEC’s division of enforcement. “If
SC Distributors, an alternative investment distribution organisation, has appointed Shelle Graves as regional vice president for the South Central region, which includes Texas, Oklahoma and Louisiana.
Graves joins SC Distributors from RS Funds, where she was a proven top performer over the past nine and a half years. During her tenure at RS Funds, Graves’ region consistently ranked number one in sales with some of the country’s top tier investment firms.
“We’re excited to add someone with Shelle’s proven background and experience,” says Mike McDaniel, national sales manager. “Her dynamic track record in the financial services industry and
US property/casualty (P/C) insurers invest in alternative and other less traditional asset classes, including hedge funds and private equity investments, in an effort to gain portfolio diversification and enhance investment returns, according to a report by Fitch Ratings.
At year-end 2012, alternative investments represented eight per cent of P/C industry invested assets, compared with approximately 70 per cent fixed income securities, and 14 per cent common equities.
In the report, Fitch reviewed the P/C industry’s investments in alternative and other invested assets at year-end 2012, compiling information from Schedule BA of US statutory financial statements on 50 P/C
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