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India-focused hedge funds should be avoided, shows the Eurekahedge Hedge Fund Index of 2,404 funds and their performance for the first 4 months of 2013.
These funds have posted a loss of 0.2 per cent for the January-April, 2013 period, whereas the BSE benchmark S&P Sensex gave a moderate return of 1.5 per cent, indicating that the hedging strategy has missed the mark.
In contrast, hedge funds targeted at Asia on average earned returns of 9 per cent. Funds targeted at India’s emerging market peers China (up 6.9 per cent) and Brazil (up 3.2 per cent) were also able
Horizon Cash Management has named Michael Markowitz as president, effective 24 April, replacing Pauline Modjeski, who has served in the role since 2008.
Markowitz will also continue in his current role of chief investment officer.
Markowitz joined Horizon in April 2012 as chief investment officer, executive vice president and partner. Over the past year, he has been responsible for the development and implementation of the overall strategies for the firm and management of all investment functions including trading, credit research and the operational aspects of the trading desk. As president, his main focus is on portfolio management and oversight
Managed futures gained 1.11 per cent in April, according to the Barclay CTA Index compiled by BarclayHedge.
The index is up 2.11 per cent year to date.
“Rising prices for equities and debt securities were fuelled by central bank easing, and coupled with falling commodity prices driven by weak economic data out of China, served as the backdrop for CTA performance in April,” says Sol Waksman, founder and president of BarclayHedge.
Overall performance was mixed in April, with five of Barclay’s eight CTA indices making gains, while three indices lost ground. The Financial & Metal Traders Index
AIP-Kingsmont Offshore Fund generated net annual returns of 24.6 per cent including a 7.0 per cent dividend distribution to investors in 2012, as per the firm’s financial statements audited by Rothstein Kass.
These results outperformed the major indexes, hedge fund benchmarks and were achieved against a backdrop of generationally low interest rates.
The fund achieved, net of fees, total return of 24.6 per cent for its investors in 2012 compared with 3.1 per cent for the HFI Global Macro Index and 7.2 per cent for the TSX Index respectively.
The fund’s performance is mainly attributable to its investments
Hedge funds gained 0.75 per cent in April, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
The Index is up 4.96 per cent year to date.
“Equity markets rose again in April on indications of continued easing early in the month and positive earnings reports later in the month,” says Sol Waksman, founder and president of BarclayHedge.
Overall, 15 of Barclay’s 18 hedge fund strategies had positive returns in April. The Barclay Pacific Rim Equities Index continued its strong performance, adding 4.39 per cent. Pacific Rim Equities now have eight straight months of gains, and
The first futures commission merchant (FCM) has completed production testing for Traiana’s central risk management infrastructure for swaps clearing.
This firm is now ready to go live with clients trading interest rate derivatives and credit default swaps on swap execution facilities (SEFs) or designated contract markets (DCMs) with pre-trade order screening, as required under the new Dodd-Frank clearing regulations.
Five additional FCMs as well as further buyside firms, fund servicing firms, and order management service providers are currently in the process of joining the service and production testing.
Developed with input from leading FCMs and delivered using
Drury Capital has reported April gains of 8.13 per cent for the Drury Diversified Trend-Following Program.
This strong performance comes at a time when many commodities hedge funds are struggling to make gains.
Drury’s commodity portion of the programme gained a healthy 4.81 per cent on the month. This was partly due to the success of its metals sector which forms 16 per cent of the programme mix and produced a robust 7.93 – in part due to managers exiting the gold short positions to lock in profits. Copper also stands to be Drury’s best performer in base
By Philip Graham, Harneys – As a new ‘regulation-light’ fund manager regime is launched in the British Virgin Islands, eligible fund managers can now count on a simpler application process.
The British Virgin Islands (BVI) has introduced a new fund manager regime designed to meet the requirements of private equity, venture capital and other fund managers who want to commence business quickly in a cost-effective way. The ‘approved manager’ regime came into effect on 10th December, 2012, with the enactment of the Investment Business (Approved Managers) Regulations, 2012 (Regulations) and Approved Investment Managers Guidelines (Guidelines).
The Regulations and Guidelines come
As hedge funds anticipate the finalisation of a JOBS Act provision that will lift advertising restrictions on hedge funds, they are faced with the new challenge of installing more robust investor due diligence procedures.
Although the Securities and Exchange Commission (SEC) has taken a flexible approach to identifying the specific procedures funds must demonstrate to ensure their investors are accredited, SEC Commissioner Elisse Walter has made one thing very clear: no matter what investor accreditation approaches are implemented by hedge funds, the SEC will scrutinise them closely.
In response to the ambiguity surrounding how funds must ensure their
BGC Partners, a brokerage company servicing the wholesale financial and real estate markets, has appointed Jean-Jack Badet as general manager of its business in Switzerland.
Based in Nyon, Badet will be responsible for all of BGC’s financial products business in Switzerland and helping drive business growth in Switzerland.
Badet has more than 30 years’ experience in the financial services industry. He joins BGC from Tradition, where he has worked since 1986 in various roles, including most recently as managing director of the firm’s Switzerland business, coordinating the development of money market products domestically and across Continental Europe. Prior
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