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A Greece focused hedge fund, launched in October 2012 by Dromeus Capital Group, finished 2012 up 40.3 per cent as the Greek debt buyback and improving market sentiment towards the country drove returns.
Dromeus, the emerging markets alternative investment specialist, says the consensus that Greece would have to exit the Euro has turned almost 180 degrees to an acceptance that a Grexit is off the cards.
Achilles Risvas, chief executive of Dromeus, says: “Although the last quarter has seen a profound upwards rerating of Greek bonds we are strong believers that further positive repricing of Greek fixed-income and selected
LGT Capital Partners has won a GBP280m multi-alternatives mandate from Hertfordshire County Council.
It represents one of the largest mandates focused exclusively on alternative investments ever awarded by a UK local authority pension fund.
The mandate includes hedge funds, commodities, insurance-linked securities, property, private equity and other alternative asset classes.
Roberto Paganoni (pictured), chief executive of LGT Capital Partners, says: "We are delighted to be able to work with Hertfordshire County Council on this mandate, which will provide their pension fund with an actively managed portfolio of nine alternative asset classes, access to best-in-class external managers and the convenience of
Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, finished December up 1.48 per cent.
Overall performance for 2012 was 7.67 per cent, according to the Dow Jones Credit Suisse Hedge Fund Index team’s 2012 Hedge Fund Market Review.
Though the industry saw estimated outflows of approximately USD31bn in 2012, overall assets remained relatively stable at USD1.8trn when factoring in performance gains.
The fixed income arbitrage and global macro sectors experienced the largest asset inflows on a percentage basis in 2012, with inflows of 16.0 per cent and 3.6 per cent, respectively.
A greater number of
Steady inflows and performance-based gains increased hedge fund assets by USD60bn in the fourth quarter, bringing total industry capital to a record USD2.25trn, according to the latest HFR Global Hedge Fund Industry Report.
Hedge funds posted performance gains in 4Q12, as global financial markets struggled with the political and macroeconomic uncertainty which had adversely impacted performance throughout much of the year, including the European banking and sovereign debt crisis, and the US fiscal cliff negotiations.
The HFRI Fund Weighted Composite Index advanced 1.3 per cent in 4Q, topping the global equity market decline, and bringing full-year 2012 HFRI FWC Index
Carne Group, the global fund governance specialist, has welcomed the consultation initiative and the decision by the Cayman Islands Monetary Authority (CIMA) to enhance and clarify corporate governance standards for the Cayman Islands funds community.
The proposals include the extension of the current Statement of Guidance on Corporate Governance to all registrants, including registered mutual funds “to reinforce fundamental corporate governance standards expected from entities regulated and supervised by the Authority”.
The draft Statement of Guidance has also been enhanced to clarify the role and duties of Cayman Islands fund directors in accordance with existing common law principles and international
Optimism among investment managers rose for the fourth successive quarter as business volumes and incomes grew again, according to the latest CBI/PwC Financial Services Survey.
Numbers employed also increased for the third quarter running. Securities trading respondents saw business volumes and income values fall and average costs increased. However, the decline in profitability is expected to ease considerably in the next three months.
Robert Mellor, hedge fund practice leader at PwC, says: “Investment managers remain remarkably optimistic. Overseas business is growing, but it remains to be seen if predicted retail growth will materialise.
“In the current environment of economic
Pictet Asset Management (PAM) announced this week that it has broadened its range of emerging market bond funds
London-based Adelante Asset Management hosted a breakfast roundtable on Wednesday 16 January 2013, to outline its strategic overview for emerging markets. The firm’s CIO, Julian Adams (pictured), and portfolio manager of the USD80million Emerging Debt Fund, Timothy Dingemans, hosted the event.
Global growth will likely rise in 2H13 and yields in core developed markets (e.g. US) will experience a slight uptick said Dingemans.
One of the drivers for global growth will be China, thanks to improving intra-Asia dynamics (China exports to Asia ex-Japan rose significantly in 2012). In addition, US homebuilder sentiment is improving and could account for a 2
It’s easy to fall prey to misconceptions and generalisations about places we’ve never been: to assume everyone in the United States drives big cars, all the French love croissants and all Canadians play hockey. There are many misconceptions about investing in developing markets, and Africa certainly has its fair share, but it’s dangerous to make sweeping generalisations, says Dr Mark Mobius (pictured), Executive Chairman of Templeton Emerging Markets Group…
It’s impossible to know everything about this huge and diverse continent (the second largest in the world by land mass and population) so my team’s approach has been to keep our minds
Clearstream and Belfius have agreed to develop a new collateral management activity for bilateral trades, focusing on over-the-counter (OTC) derivatives and aimed primarily at corporates and medium-sized banks.
The service, which will leverage Belfius’ specialist experience, will be white-labelled by Clearstream and offered to its clients.
It is expected that the new outsourced service will be launched in 2013 following the signature of a letter of intent.
The deal is the latest in a number of strategic partnerships created by Clearstream as it extends the reach and capabilities of its Global Liquidity Hub, a collateral management environment delivering worldwide services
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