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Hedge funds climbed in December as equities posted strong gains on the year’s final trading day in anticipation of the passage of legislation to avert the US Fiscal Cliff.
The HFRI Fund Weighted Composite Index gained 1.3 per cent for the month, bringing FY 2012 performance to 6.2 per cent, according to HFR.
The HFRI Fund Weighted Composite Index posted gains in six of the year’s final seven months, approaching the index’s record high value.
Event driven led industry strategy performance gains for December with strong contributions from a dynamic M&A environment, accessible credit markets and tightening high yield credit
Hedge fund manager Bridgewater Associates has appointed Northern Trust to independently replicate certain middle and back-office services for its approximately USD140bn in assets under management, as part of Bridgewater’s ongoing back office transformation plan.
In a role that will create approximately 100 jobs in Chicago and Stamford, Connecticut, Northern Trust will provide broad middle-office and back-office services including replicating various administrative processing, trade processing, valuation, real-time reporting, cash management, accounting and collateral management services.
These services will be furnished by Northern Trust independently, as well as mirroring and quality checking middle and back-office services provided by another firm. Northern Trust’s
Fiscal union is critical to the survival of the euro, says Michael Hasenstab (pictured), Portfolio Manager and Co-Director of the International Bond Department at Franklin Templeton Fixed Income Group…
Despite on-going market volatility, we have continued to position ourselves to seek to manage the interest-rate risks that we expect from the combination of historically low interest rates and easy monetary policy in the G-3 (i.e., the United States, the Eurozone and Japan), rising price pressures emanating from China and global demand that we believe is far from collapsing. Thus, we have generally been quite defensive with regard to interest-rate risk,
The board of The London Metal Exchange has approved the creation of the LME user committee.
It will represent the interests and views of the stakeholders of the Exchange.
The new LME user committee will report directly to the LME board.
The members will be as follows:
Martin Abbott (pictured) – The London Metal Exchange
Stefan Boel – Aurubis
Mike Camacho – JP Morgan
Jim Coupland – Standard Bank
Gonzalo Cuadra – Chile Copper
Nigel Dentoom – LN Metals International
David Gornall – Natixis
Ben Green – Mercuria
Michael Overlander – Sucden Financial
Frans Pettinga – Koch Metals Trading
Martin
The hedge fund industry took in a net USD4.7bn (0.3 per cent of assets) in November, reversing a USD10.3bn outflow in October, according to BarclayHedge and TrimTabs.
The latest monthly TrimTabs/BarclayHedge Hedge Fund Flow Report notes that the hedge fund industry earned 0.6 per cent in November, besting the benchmark S&P 500 Index’s 0.3 per cent increase and marking the second consecutive month that the industry outperformed the S&P 500.
“Two months of outperformance signal a notable shift from the dominant trend of the past 12 months, when the industry gained 6.2 per cent while the S&P 500 rose 13.6
Advise Technologies, a software solutions provider for global regulatory compliance, saw rapid growth during 2012.
Advise secured significant new client gains across the US fuelled by demand for its solutions, including its Consensus RMS suite of regulatory reporting tools.
A majority of first-round Form PF filers in the industry successfully filed using Advise’s Consensus RMS suite in July/August, and again in October/November.
In response to this demand and to help private funds prepare for the Alternative Investment Fund Managers Directive (AIFMD), Advise plans to open an office in Europe in 2013. The company continues to add global sales and
GLG, the discretionary investment manager of Man Group, has made a number of senior hires to its macro and fixed income team.
The appointments are part of a focus on expanding GLG’s strategy as it relates to absolute return macro and fixed income.
Manny Roman (pictured), chief executive of GLG and chief executive-designate of Man, says: “In a world where mainstream economies and developing markets are increasingly integrated, there are tremendous opportunities for investors who want to take advantage of global capital flows while at the same time leveraging regional themes. As part of a strategic focus on this area,
Pacific Alternative Asset Management Company (PAAMCO), the USD8.5bn fund of hedge funds investment firm, has appointed Jim Meehan, Scott Warner and David Weinberger as partners.
The promotions highlight the firm’s focus on developing its employee-ownership and ongoing succession plan.
PAAMCO is a manager of alternative investment assets for pension funds, sovereign wealth funds and other institutions.
Jane Buchan, chief executive officer of PAAMCO, says: “Jim, Scott and David have made a huge contribution to firm’s continuing development and we are delighted to welcome them to our growing partnership. These promotions demonstrate our commitment to being one of the very
Tower Fund Services has launched as a new fund administration firm for alternative investment managers.
The firm provides a full spectrum of tailored outsourced solutions for hedge funds, funds of funds, multi-manager platforms, private equity, venture capital and real estate funds.
Its suite of services includes fund start-up, accounting, valuation, reporting and tax services to alternative investment managers in all strategies and structures.
Tower Fund Services was co-founded by the former managing director and director of operations for Apex Fund Services (US).
Co-founder and managing director Vince Sarullo says: “No one in the investment management industry needs reminding that
The Wine Investment Fund’s (TWIF) forecast for 2013 is that the main wine index, the Liv-ex 100, will finish the year 14 per cent above its 2012 year-end level.
The Liv-ex 100 fell by nine per cent last year as institutional selling led to a resumption of the bear market seen in the second half of 2011.
The market was also not helped by a dismal en primeur season, which led to some disillusionment with Bordeaux, and, although there was continued demand from China, this was cancelled out by a faltering Japanese economy which weakened demand from this important fine
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