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Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, finished November up 0.64 per cent, with nine out of 10 strategies in positive territory.
In total, the industry saw estimated outflows of approximately USD1.3bn in November, bringing overall assets under management for the industry to approximately USD1.76trn.
The fixed income arbitrage and equity market neutral sectors experienced the largest asset inflows on a percentage basis, with inflows in November equal to 2.64 per cent and 1.06 per cent of the October 2012 levels, respectively.
Event driven funds generally sustained positive performance in November. Contributors for the
The Commodity Futures Trading Commission has approved an exemptive order providing time-limited relief from certain cross-border applications of the swaps provisions of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Commission’s regulations.
The purpose of the order is to foster an orderly phase in to the new swaps regulatory regime and to provide market participants greater certainty regarding their obligations with respect to cross-border swap activities.
Under the exemptive order, a non-US person that registers with the Commission as a swap dealer (SD) or major swap participant (MSP) may delay compliance with certain entity-level
The SS&C GlobeOp Forward Redemption Indicator for December 2012 measured 6.19 per cent, up from 5.19 per cent in November.
"Expected year-end month-on-month redemptions are higher in December," says Bill Stone, chairman and chief executive officer, SS&C Technologies. “A majority of the redemptions are less than one month, which is comparable to activity in 2009, but not nearly as significant as 2008.”
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the GlobeOp platform, divided by the AuA at the beginning of the month for
Guernsey is well on the way to introducing a funds regime which is compliant with the EU’s proposed Alternative Investment Fund Managers Directive (AIFMD).
The final Level 2 rules for the detailed implementation of AIFMD were published on 19 December 2012.
However, Guernsey has already begun drafting new regulations to create a regime which is compliant with the AIFMD rules. It is anticipated to be in place from as early as July 2013, which is the deadline for the AIFMD rules to be transposed into local law.
Guernsey will offer two parallel regulatory regimes for investment funds as the way
Newedge announced this week that it had been appointed as swap counterparty to two new UCITS funds under the Nuveen Global Investors Fund plc umbrella. Both funds are Dublin-domiciled and UCITS-IV compliant.
They are managed by Gresham Investment Management LLC, an affiliate of Nuveen; one of the world’s largest commodities investment managers. Andrew Dollery, Director, Origination & Structuring for UCITS funds at Newedge, said the firm was excited about working with a manager of Gresham’s pedigree and that “today’s announcement is further recognition of our ability to offer clients innovative UCITS-compliant services”. Added Dollery: “Nuveen’s decision to bring one of
By Pete Ort, Curalea Associates –
Another year now ending, goodbye to twenty twelve,
Into events that have unfolded, let us briefly delve.
Some things didn’t change, the status quo remaining,
Middle Eastern fighting, and tireless campaigning.
More borrowing and spending, debt burdens they did widen,
Thanks to our spendthrift leaders, Barack Obama and Joe Biden.
Not to be outdone, in the massive spending spree,
Was the Federal Reserve, launching unlimited QE.
What failed in the past year, amidst all the to and fro?
Exhibit A in that sad bucket, must be the Facebook IPO.
Another bust of large proportions,
The establishment of a regulated alternative investment industry in Europe took a major step forward with the publication of the European Commission’s so-called “Level 2 measures” to supplement certain elements of the Alternative Investment Fund Manager Directive (AIFMD), says the Association of the Luxembourg Fund Industry (ALFI).
Marc Saluzzi (pictured), chairman of ALFI, says: “The publication of the ‘Level 2’ measures finally allows a three year-long painful legislative process to near completion. The development of a regulated alternative investment fund industry in Europe is nearing reality.”
The measures published cover:
• Cconditions and procedure for the determination and authorisation
Aston Hill Financial has completed its purchase of Citadel Securities, a provider of investment advice and services to private and institutional investors.
The deal was previously announced on 15 November.
Aston Hill is a diversified asset management company with a suite of retail mutual funds, closed end funds, private equity funds, hedge funds and segregated institutional funds. The company is also engaged in the administration of Argent Energy Trust. Aston Hill has offices in Calgary, Toronto and Halifax.
Citadel Securities is a full service investment dealer with its head office located in Halifax, Nova Scotia. It is a member of
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has launched AbacusVoice, a fully managed voice solution.
AbacusVoice offers the convenience of a hosted turnkey solution with always-on technical support, eliminating the need to invest in on-site systems and maintenance staff.
As budgets are squeezed across the industry, AbacusVoice enables firms to focus their resources on their core business rather than their telephony. AbacusVoice is a fully scalable all-in-one solution that allows firms to add and upgrade features seamlessly as they become available. All call traffic is routed over a secure private network,
ICE Clear Europe and Liffe Administration and Management have entered into a clearing services agreement by which ICE Clear Europe will provide clearing services to the London market of NYSE Liffe.
The clearing services agreement will allow NYSE Liffe to transition from its current clearing arrangements.
"We are pleased to extend our innovative and proven clearing services through this agreement with NYSE Liffe. We will draw upon our experience as we work with NYSE Liffe to provide the regulated risk-management tools that NYSE Liffe’s customers rely on to compete effectively in an evolving regulatory and economic environment," says Paul Swann,
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