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Phoenix Investment Adviser, a USD657m investment firm focused on high-yield US corporate debt, has initiated a soft close of its flagship JLP Credit Opportunity Fund.
It will accept new investors until 1 July. After that, the fund plans to protect existing investors by not allowing capital from new investors to dilute the fund’s future returns. For the time being, existing investors may still add capital to the fund.
"We feel this is a positive action taken for the benefit of our current investors. Ten years ago, we promised our initial investors that we’d close the fund when it reached capacity," says Phoenix founder and chief
Hedge funds took in a net USD11.4bn (0.6 per cent of assets) in February, building on an inflow of USD4.3bn in January, according to BarclayHedge and TrimTabs Investment Research.
The results are based on data from 3,434 funds.
“The hedge fund industry continues to struggle with performance,” says Sol Waksman, president and founder of BarclayHedge. “The industry delivered a return of 0.4 per cent in February, less than half of the S&P 500’s 1.1 per cent rise. In the past 12 months, hedge funds earned 5.8 per cent, while the S&P 500 rose 10.9 per cent.”
The
Prytania Investment Advisors says assets under management in its Galene Fund are approaching USD200m.
Galene is an actively managed fund focusing on investment grade structured finance assets, targeting returns in excess of one month EURIBOR + 450bps pa.
The Galene Fund has enjoyed returns of 4.6 per cent year-to-date and in excess of 10 per cent since launch in June 2012.
Galene invests in floating rate assets that Prytania believe bear little correlation to the broader equity and fixed income markets. Galene offers investors enhanced risk-adjusted returns and genuine diversity from portfolios of other mainstream investments.
Singapore Exchange (SGX) and China Financial Futures Exchange (CFFEX) have signed a memorandum of understanding to cooperate in the development of the derivatives markets in China and Singapore.
The agreement was signed in Beijing, China, between Rong Zhiping, deputy chief executive of CFFEX, and Magnus Böcker (pictured), chief executive of SGX.
Under the MOU, both exchanges will jointly explore possible areas of cooperation including product and market development, information sharing and human resources training.
With the agreement, both exchanges will also consider synergies to better address the demands and needs of market participants in China and Singapore.
NYSE Liffe, the European based derivatives business of NYSE Euronext, will add options on the shares of investment company NSI NV to its range of equity option classes.
The options will be available as of 23 April on the Amsterdam derivatives market of NYSE Liffe.
NSI is a listed closed-end real estate investment company with variable capital that invests in offices and retail in high-quality locations in the Netherlands and Belgium. The company is listed at NYSE Euronext Amsterdam since 3 April 1998. NSI is a constituent of the AMX-Index.
With this new listing 21 AMX companies
Newedge’s business is based on an agency model benefiting from joint ownership of two French banks, Société Générale and Crédit Agricole CIB. Newedge maintains membership to 60+ derivative and 23 commodity exchanges.
Newedge Alternative Investment Solutions (“AIS”) sits within the Prime Clearing Services business line and is a 100-person global prime brokerage team of dedicated experts in liquid alternative strategies and is the recognised leader in CTA, liquid global macro, currency and volatility.
Newedge offers a full suite of prime brokerage services in liquid instruments including listed derivatives, OTC centrally cleared derivatives, OTC FX and cash instruments. The Capital Introductions
400 Capital Management (400CM), a structured credit investment manager, has made new additions to its investment and operations team.
"The opportunity set in the credit markets and the growth of our business has enabled us to attract highly experienced investment and operations professionals, and these new additions further our goal of building a differentiated institutional asset manager in the structured credit sector," says Chris Hentemann (pictured), managing partner and chief investment officer of 400 Capital Management.
Hentemann, a 23-year veteran of the securitised credit markets, established 400 Capital Management in October 2008. The firm actively invests in the
Alter Domus, a provider of administration services for alternative investment funds and multinational corporations, will be offering depositary services in Luxembourg and expects to be in the first wave of regulatory approvals.
Alter Domus will leverage this experience to provide such services in other relevant countries and is considering the legislation and guidance as it is published with this regard.
Alter Domus is launching a depositary service to support its clients in meeting a new requirement for funds captured under the AIFM Directive to appoint an independent depositary.
Laurent Vanderweyen (pictured), Luxembourg chief executive and head of
Advent Software, a provider of software and services for the global investment management industry, has made two senior sales appointments.
Jad Fares has been appointed regional sales manager for the Middle East and North Africa (MENA) region and will be based in Advent’s Dubai office, while Jesper Steiness has been appointed as director of business development for EMEA.
The announcement comes as Advent continues to expand its client base in EMEA across a wide range of market segments, including asset management firms, hedge funds, wealth management firms, funds of funds and family offices.
Fares joins Advent from
Mariner Investment Group, an alternative asset manager, has launched the Mariner Incubation Fund, a multi-strategy fund to be managed by investment talent from across the hedge fund industry.
Eric Pellicciaro, former head of global rates investments at BlackRock, has joined Mariner to manage a global macro portfolio, called Alarium Mariner Global Macro, within the new Mariner Incubation Fund.
The Mariner Incubation Fund, currently a fund-of-one, will fund talent in areas that the firm considers investment opportunities and give Mariner a new, efficient structure for incubating new managers. Managers will oversee portfolios with initial investments ranging from USD50m
