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Almost three quarters of hedge fund investors rank a fund’s compliance and regulatory framework as the top priority for 2013, according to Deutsche Bank’s Hedge Fund Consulting Group’s second annual operational due diligence survey.
The survey polled investors globally representing over USD2.13trn of total assets, with a hedge fund allocation in excess of USD724bn.
Operational due diligence has continued to grow in importance and an overwhelming 70% of ODD teams now have explicit veto authority in the investment decision making process, which was exercised in almost 10% of manager reviews. In a further sign of the influence ODD teams
Tradeweb Markets, a provider of fixed income marketplaces, has seen a 34 per cent year-on-year increase in trade volume for European government bonds in the first half of 2013, and 31 per cent growth for European cash credit volume during the same period.
Asset managers and other institutional investors have been executing more government and corporate bond business on electronic platforms over the past several months. Tradeweb estimates approximately 50 per cent of dealer-to-customer European government and cash credit bond volume is now traded electronically. The growth of e-trading in European credit markets has been particularly rapid –
The world may not get pneumonia when the US gets a cold, but it sure gets sick, says Howard Silverblatt, senior index analyst at S&P Dow Jones Indices…
June was anything but boring, as the month started with all eyes on Japan and ended with them watching the US. In Japan, prospects for growth via new stimulus created rapid gains in the market (and a declining yen), which eventually came into conflict with reality caused by too much expectation too fast. However, after some pullback, Japan managed to side with growth (and a weaker yen), posting the best result of any market
Marie-Claire Fudge has joined Mourant Ozannes as counsel and head of funds in the British Virgin Islands.
Fudge (pictured) has extensive experience in structuring, setting up and launching open and closed ended BVI investment funds and providing ongoing advice to investment funds and their managers.
She has a regulatory practice which compliments her investment funds practice and regularly advises broker dealers and other market participants on the BVI’s investment business laws.
Fudge also has significant industry knowledge in all aspects of BVI corporate law, including public and private mergers and acquisitions, IPOs and listings and joint venture
During the first half of 2013, NYSE Euronext markets in the US and Europe raised USD28.5bn in total global proceeds in 72 initial public offerings (IPOs) and exceeded the combined proceeds raised on the next four world markets.
In the US, capital raised from IPOs listed on the New York Stock Exchange (NYSE) was four times more than any other US marketplace, and the NYSE achieved a record 64 per cent of all new technology offerings from 14 listings that accounted for 58 per cent of capital raised in the sector.
Also in the first half of 2013,
A new legal master agreement for triparty repo transactions has been developed by Clearstream to enable market participants to sign just one contract for multiple counterparties and speed up counterparty “marriage broking”.
Clearstream Repurchase Conditions (CRC), a master agreement governed by Luxembourg law, effectively enables customers to be able to trade with their chosen counterparties within just a few days.
The CRC contains most of the core provisions of current industry standardised repo agreements. It will offer repo participants the possibility of effectively testing their commercial appetite with regard to numbers of trades and volumes with a counterparty
M&A activity involving Asia Pacific is down 23.1 per cent for the first half of 2013 compared to the same period last year, amounting to USD154.3billion reported the Singapore Business Review, quoting a Thomson Reuters release.
This is as a result of completed deal numbers falling 22.9 per cent to 2,462 deals. In addition, the number of announced M&A deals involving Asia Pacific ex-Japan companies came to USD215.6billion, down nearly 9 per cent on the first half of 2012 (USD236.1billion); the slowest start since 2009. Nevertheless the average M&A deal value grew to USD76.1million compared to USD70.6million 1H12 as deal
Altis Partners (Jersey) Limited, the Jersey-based systematic futures manager, has broken from the systematic CTA pack with positive year-to-date returns of +4.74% in their flagship Global Futures Portfolio*.
The Newedge Trend Index which summarises the performance of managers in this trading strategy has returned -0.04% to date in 2013**, reflecting a dramatic downturn in the fortunes of trendfollowers over the last few weeks.
Many systematic CTAs, which trade the futures markets based on proprietary computer models, have suffered from the recent asset sell-off prompted by the Federal Reserve’s announcements heralding the end of quantitative easing. Altis attributes their success in
BNY Mellon has developed a reporting solution that enables its affected alternative investment clients to prepare and file Form PF, as required by recent rules introduced by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
A joint effort of the SEC and CFTC, Form PF reporting complies with Section 404 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, aimed at protecting investors and the US financial system from future systemic risk.
BNY Mellon’s new service offers its fund administration clients who are SEC registered investment advisers to private funds – such as
The Chicago Board Options Exchange is to begin disseminating values for a new volatility index benchmark – the CBOE EFA ETF Volatility Index (VXEFA) – on 1 July.
The VXEFA Index, the newest addition to CBOE’s suite of volatility benchmarks, expands investors’ ability to track market volatility of major geographic regions outside of the US.
The new index measures the volatility of the iShares MSCI EAFE Index Fund (EFA), an exchange-traded product (ETP) that offers exposure to developed-market stocks in Europe, Australia, Asia and the Far East. Most recently, EFA options were the 10th most active ETP options
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