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The Greenwich Global Hedge Fund Index ended June down 1.15 per cent based on preliminary estimates.
It outperformed global equity and credit markets as measured by the S&P 500 (-1.34 per cent), MSCI World Index (-2.61 per cent), and Barclays Aggregate Bond Index (-1.55 per cent).
Despite a positive start to June, most hedge funds were challenged by declining equity markets as the Federal Reserve announced the beginning of less accommodative policy in the US and signs of slowing growth and political turmoil emerged around the world. Early indicators show long-short credit managers struggled the most in June
Joe Truelove has been appointed as a director of Carey Group’s fund administration business.
He leaves Kleinwort Benson after 12 years, most recently as head of business development for the fund administration business.
Truelove (pictured) is a fellow of the Institute of Chartered Accountants in England and Wales, a qualified trust and estate practitioner and has degree in French and Hispanic Studies (Latin American) from the University of Aberdeen.
He trained with Coopers and Lybrand (now PwC) where he qualified as a chartered accountant while working in the audit and business assurance team.
At Carey Group
LuxCSD, Luxembourg’s central securities depository, has now designated five banks as its LPAs – Banque et Caisse d’Epargne de l’Etat, Banque Internationale à Luxembourg, BNP Paribas Securities Services, Caceis Bank and Citi – to support the issuance process of domestic and international securities.
Issuers of securities inside and outside of Luxembourg can select and appoint one of the LPAs to ensure compliance with LuxCSD’s operations throughout the lifetime of the issuance.
Issuers will gain the advantage of distributing their securities in central bank money while benefitting from the extensive customer network of LuxCSD shareholder Clearstream which gives access
Singapore Exchange’s (SGX) securities and derivatives activities increased in June, compared to a year earlier. For the last 12 months (July 2012 to June 2013) stock market capitalisation increased 13 per cent to SGD954bn.
Total bond fundraising increased 45 per cent to SGD196 bn. Of this number, SGD4.5bn was denominated in Chinese renminbi.
Securities daily average value (SDAV) increased 11 per cent to SGD1.5bn, while derivatives daily average volume (DDAV) increased 34 per cent to 412,558 contracts, and the volume of OTC commodities cleared increased 79 per cent to 446,892 contracts and volume of iron ore swaps cleared tripled to
Diapason Commodities Management has launched its new Smart Beta commodity investment product –Virtuoso – which is being unveiled to a series of institutional investors and consultants in the US and Europe from July 2013.
Virtuoso is a fully customisable investment platform designed to generate sustainable alpha above commodity benchmark investment, including the Diapason Commodity Index (DCI) or any other investable commodity index – for example the widely-used Dow Jones-UBS Commodity Index.
The platform targets performance of four to six per cent above the chosen benchmark depending on portfolio constraints and is designed for pension funds, endowments, insurance firms and other institutional
MarketAxess, the operator of an electronic trading platform for fixed income securities and the provider of market data and post-trade services for the global fixed income markets, has reported total monthly trading volume for June 2013 of USD68.6bn.
The total consists of USD43.1bn in US high-grade volume, USD18.8bn in other credit volume, and USD6.7bn in liquid products volume.
The Credit Suisse Liquid Alternative Beta (LAB) Index was down 1.07 per cent in June, according to Dr Jordan Drachman, head of alternative beta strategies at Credit Suisse.
The managed futures strategy was the strongest performer for the month, finishing up 0.69 per cent in June, and up 6.15 per cent year-to-date.
The Long/Short Liquid Index was the worst performer finishing down 1.55 per cent.
BNY Mellon has received licence approval from the Securities and Futures Commission (SFC) for its new dedicated Hong Kong-based subsidiary to establish a separately managed accounts business.
The new subsidiary will introduce a separately managed accounts platform, which will be the first of its kind in Asia, and is expected to be launched later this year.
It is being specifically designed with Asian investors in mind and will be offered to a select group of private banks and other leading wealth management providers to enable them to better serve their high-net-worth individual clients.
"Separately managed accounts are
The US Commodity Futures Trading Commission (CFTC) has approved an order for ICE Trade Vault, a provisionally registered swap data repository, to drop its foreign exchange asset class.
This approval is pursuant to section 21 of the Commodity Exchange Act and part 49 of the Commission’s regulations.
The CFTC had granted provisional registration to ICE Trade Vault as a swap data repository on 27 June 2012 to accept swap data for the interest rate, credit, foreign exchange, and other commodity asset classes.
The Commission previously granted an order to remove the interest rate asset class from the
By Olivier Sciales, Chevalier & Sciales – Luxembourg’s financial regulator, the Financial Sector Supervisory Authority (CSSF), has published a series of Frequently Asked Questions (FAQs) regarding the draft legislation that will implement the European Union’s Alternative Investment Fund Managers Directive into national law and the European Commission’s implementing regulation.
The CSSF has decided to publish the FAQs to provide managers with greater clarity on the impact of the directive, and especially provisions regarding the transitional period of a year up to July 22, 2014, even though Luxembourg’s Chamber of Deputies has not yet voted the draft legislation into law.
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