Latest News
Mirabaud Asset Management has launched the Global High Yield Bonds fund.
The fund was launched on 1 February with assets in excess of USD125m, and will be a sub fund of the Mirabaud Luxembourg Sicav.
The high yield bond fund aims to outperform the high yield universe and generate an attractive total return through a combination of income and capital gains over a full investment cycle by investing primarily in global high yield corporate issuers. The fund will be managed with an investment philosophy driven by active management and security selection, incorporating both top-down and bottom-up analysis.
The
International law firm Chadbourne & Parke has appointed Sean Dailey as counsel in the private funds group in its New York office.
Dailey comes to Chadbourne from Skadden, Arps, Slate, Meagher & Flom where he worked in the investment management group.
He has significant experience structuring and advising domestic and offshore hedge, hybrid and private equity funds, and has represented registered investment advisers, closed-end investment companies and broker-dealers on fund formation and on-going investment matters.
"This is an exciting time for Chadbourne as we continue to add first-rate legal talent to further expand our investment management capabilities in this important
Compliance bosses for Europe’s largest asset managers are not the only ones struggling under the weight of increased regulation, according to Nicola Smith, chief executive of Helvetic Fund Administration in Gibraltar, who says that smaller funds are being forced to shut-up-shop in light of the costs needed to remain compliant.
A recent survey from Ernst & Young highlighted that compliance chiefs for large asset managers are struggling under an avalanche of rules in order to be compliant with incoming regulations such as AIFMD.
However, Smith (pictured) says that they should count themselves lucky as the cost of compliance is actually
Nine of Newedge’s 11 hedge fund indices posted positive returns in January with the Newedge Commodity Trading Index leading the way with a gain of 6.38 per cent.
The next best performers were the Newedge Trend Index (2.68 per cent) and the Newedge Short-Term Traders Index (2.22 per cent).
The two indices to finish the month in negative territory were the Newedge Trend Indicator (-0.24 per cent) and the Newedge Volatility Trading Index (-0.31 per cent).
The Newedge Trend Index, which is equally weighted, calculates the daily rate of return for a pool of the largest ten trend following based
Neville Bramwell (pictured), partner at Deloitte, comments on the European Securities and Markets Authority’s (ESMA’s) final guidelines on sound remuneration policies under the Alternative Investment Fund Managers’ Directive (AIFMD)…
ESMA’s final guidelines are likely increase cost and complexity for fund managers. More firms will fall into the scope of the requirements than envisaged in the original consultation paper. The guidelines will now extend to include people performing risk or portfolio management functions on behalf of fund managers. That widens the scope of people who will have to comply with the new rules on remuneration.
However, the provisions on proportionality –
Hedge funds gained 2.84 per cent in January, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
“Fiscal cliff fears receded, European banks strengthened, China avoided a hard landing, Japan stimulated its economy, and global equities rallied,” says Sol Waksman, founder and president of BarclayHedge.
“Economic sentiment continues to improve and investors have moved to ‘risk on’ mode as fears of a euro collapse diminish.”
The Barclay Pacific Rim Equities Index was up 5.23 per cent in January, equity long bias gained 4.13 per cent, European equities added 4.12 per cent, emerging markets were up 3.66 per cent, healthcare
Eurex Exchange has exceeded one million contracts traded in the RDX USD index futures and options since trading began on 19 March 2012.
The one million contracts split into more than 691,000 index options and more than 313,000 index futures.
The respective open interest is 263,532 options contracts and 46,398 futures contracts. This makes Eurex Exchange the largest trading venue (outside of Russia) for listed Russian index derivatives.
Hedge fund industry assets are up slightly from their peak in Q3 2008, however the average fee paid on industry assets has declined much more than reported in industry surveys, which typically show that the stated fee of the average hedge fund has declined very little over the past five years. However, Don Steinbrugge (pictured) of Agecroft Partners, estimates that the average management fee on net assets received by hedge funds since 2008 is 15% lower than commonly believed.
The hedge fund industry is seeing significant fee pressure from many hedge fund investor channels. These include: managed account platforms, ‘40 Act
The gross return of the SS&C GlobeOp Hedge Fund Performance Index for January 2013 measured 2.62 per cent.
Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 1.50 per cent in February.
“Seven of the last eight years have had February as a positive month. That trend continued in 2013 with net positive cash flows,” says Bill Stone, chairman and chief executive officer, SS&C Technologies.
Institutional investors continue to diversify their investment portfolios into alternative assets, increasingly via direct funds rather than funds of funds, according to global data from Towers Watson.
The data shows that in 2012 its clients – which include pension funds, sovereign wealth funds and insurance companies – allocated 70 per cent more assets to hedge fund and private market strategies than in 2010, reaching USD12bn for the year.
Craig Baker (pictured), global head of investment research at Towers Watson, says: “Throughout the past five years the alternative fund managers that we have put into client portfolios have shown their
Special Reports
FeatureD
- Insight
