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The Hennessee Group’s Charles Gradante on the importance of considering both nominal and real returns…
Rarely do equity market pundits focus on real performance returns (nominal returns less core inflation). Reporting nominal returns, rather than real returns, is the standard of measurement for the media. However, it can be misleading to the average investor who may assume that a +12% nominal return is better than a +9% nominal return since they do not consider the "core inflation rate". A +12% nominal return with +7% core inflation is actually worse than a +9% nominal return with +2% core inflation. The real
- 08/06/2011
- 08/06/2011
Castle Hall Alternatives, a provider of operational due diligence to hedge fund investors, has recruited Ben Sansoucy, CA (pictured) as a senior manager.
Sansoucy was previously Senior Manager of Operational Due Diligence at the Canada Pension Plan Investment Board (CPPIB), where he led the operational due diligence process overseeing external portfolio fund investments. CPPIB, based in Toronto, had assets of USD148.2 billion as at March 31, 2011.
Before joining CPPIB in 2007, Sansoucy held the position of Senior Manager with Fortis Prime Fund Solutions (Cayman), a fund administrator, where he was responsible for risk based inspections of key operating functions
- 08/06/2011
Permal Group has appointed of Professor Zhiwu Chen (pictured), Professor of Finance at Yale University, as Chief Adviser. This is a consultancy role, working closely with Permal’s Investment Committee, which is made-up of four senior members and eight portfolio managers, and governs the Group’s investment strategy allocations.
Professor Chen maintains his role as Professor of Finance at Yale University, a position he has held since 1999.
Professor Chen is a highly respected financial academic, having written numerous books and treatises on China’s economy, emerging markets, securities valuations and capital markets (detailed list below). Before Yale, he was Associate
- 07/06/2011
- 07/06/2011
Gottex Fund Management Holdings’ co-founder, Max Gottschalk, has moved to Hong Kong to help further grow the company’s business in Asia Pacific.
Gottschalk, who is a Senior Managing Director, Head of Asia and Global Head of Marketing, as well as a board member of Gottex, co-founded the asset management arm of the Gottex Group in 1998, helping it to grow to one of the top 25 fund of hedge fund firms globally, and the seventh largest in terms of institutional pension assets.
Gottex has been investing in the Asian region since 2001 and has had an office in
- 07/06/2011
Confluence, a provider of automated data management solutions for the investment management industry, has opened an office in San Francisco. The company’s fourth office worldwide will enable Confluence to pursue its strategic acquisition goals, while leveraging the area’s top technology talent and serving the growing reporting, transparency and control demands of the region’s hedge fund community.
"As a strong investment banking centre and a region known for technology innovation, San Francisco affords Confluence excellent opportunities for strategic growth through acquisition and continued product innovation," says Mark Evans, Confluence founder and Chairman and CEO. "We’re dedicated to working with our global
- 07/06/2011
- 07/06/2011
Henning Gebhardt (pictured), head of European equities at DWS Investments, looks at why investors are continuing to see Germany as the European growth engine…
The German economy continues to boom. Just a few weeks ago leading German economic research houses raised their forecasts for the German GDP growth to 2.8%. We forecast a growth of 3% year over year. In 2011, there is a high likelihood that Germany will again show the highest growth within the euro zone – as it did in 2010.
While strong exports contributed mostly to the growth in 2010, the recovery is now broadening further.
- 07/06/2011
International derivatives exchange Eurex is to launch 19 single stock futures (SSF) on leading Polish companies on 27 June 2011. The new listings reflect customer demand for derivatives based on shares from one of the largest economies in Eastern Europe.
The new SSF contracts will be based on 19 shares of the Polish blue chip index WIG 20 (except CEZ) and denominated in euro. The launch extends Eurex’s SSF offering with a new country, bringing the total number of covered countries to 21.
“As Eastern European countries become more and more important for our customers and investors, demand for
- 07/06/2011
Market Data & Analytics is expanding its range of information products with “Eurex ICAP Swap Spreads”. The new data product, which aims to serve as a neutral benchmark for Euro interest rate swaps, was developed jointly with interdealer broker ICAP.
Eurex ICAP Swap Spreads provides yield spreads between exchange-traded futures and interest rate swaps that are traded over-the-counter (OTC). In addition, the product includes Bund, Bobl and Schatz futures yields, ICAP Euro interest rate swap rates and open, high, low and close spreads and yields. The data is updated every 250 milliseconds. Market participants can use the information to optimize
- 07/06/2011
The hedge fund industry pulled in USD17.5 billion (1.0% of assets) in April 2011, the fourth straight inflow, according to TrimTabs Investment Research and BarclayHedge. Industry assets increased to USD1.8 trillion, the highest level since October 2008.
“Flows are doubtless following performance,” says Sol Waksman, founder and President of BarclayHedge. “The Barclay Hedge Fund Index posted a positive return in each of the eight months ended April, and investors of all stripes are prone to chase a winning streak.”
Multi Strategy funds hauled in USD5.3 billion (2.5% of assets) in April, the heaviest inflow of all hedge fund strategies. Macro funds received USD3.0
- 07/06/2011
The Securities and Exchange Commission has charged Eric Lipkin, a longtime employee at Bernard L Madoff Investment Securities LLC (BMIS), with helping Bernard L Madoff and his firm deceive and defraud investors and regulators about the massive Ponzi scheme.
“Eric Lipkin helped create the detailed and entirely phoney trading and business records that contributed to the success of Madoff’s fraud,” says George S Canellos, Director of the SEC’s New York Regional Office. “The SEC is committed to holding accountable those who helped to perpetrate and conceal Madoff’s scheme.”
The SEC’s complaint, filed in US District Court for the Southern District
- 07/06/2011
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