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MainStay Investments, a Barron’s top fund family and a New York Life company, has launched the Private Advisors Alternative Strategies Master Fund and Private Advisors Alternative Strategies Fund.
The funds seek long-term capital appreciation above equity returns over a full market cycle with volatility that is lower than that of the equity market and returns that demonstrate a low correlation to both the equity and fixed income markets.
The funds are sub-advised by New York Life affiliate Private Advisors, the Richmond, Virginia-based fund of funds investment manager with approximately USD4.5bn AUM. MainStay Investments serves as the funds’ investment manager.
Stephen
Half (52 per cent) of industry bosses think that current regulation will have little or no impact on making the financial services world more stable and three quarters (73 per cent) suggest it will have little or no improvement to the reputation of the industry.
This is according to a research study released by Kinetic Partners, the global professional services firm.
The research study reflects the views of senior executives within the banking, asset management and hedge fund industries, and includes contributions from Howard Davies and Howard Flight.
Julian Korek, founding member of Kinetic Partners and one of the
The Financial Stability Board (FSB) has published for public consultation an initial integrated set of policy recommendations to strengthen oversight and regulation of the shadow banking system.
The “shadow banking system” can broadly be described as “credit intermediation involving entities and activities (fully or partially) outside the regular banking system” or non-bank credit intermediation in short.
The FSB has focused on five specific areas in which the FSB believes policies are needed to mitigate the potential systemic risks associated with shadow banking:
• To mitigate the spill-over effect between the regular banking system and the shadow banking system;
• To
As the FSA launches a two-part consultation to transpose the Alternative Investment Fund Managers directive (AIFMD) into UK law, Deloitte, the business advisory firm, says the policy positions taken will affect how the directive applies to investment trusts, hedge fund managers and private equity managers.
Brian Forrester (pictured), partner at Deloitte, says: “This is an important step towards the implementation of the Directive into UK law. The FSA appears to be warning the industry that more managers than previously thought could be caught, however, the regime for smaller firms is still in the hands of the Treasury and we will
IFG Trust and Corporate Group has acquired Jersey-based Moore Group.
This is the first acquisition since the group’s MBO in July this year when it separated from IFG Group Plc.
Growth is one of the group’s main objectives and the purchase of the Moore Group, which has administers assets in excess of USD17bn, will significantly expand its existing fund administration business both in terms of product set and geographical reach especially in the Far East.
Moore was established by Ian Moore (pictured) in 1996. Ian Moore will continue to work with the group and will assume the role of
The Securities and Exchange Commission has charged JP Morgan Securities and affiliated entities with misleading investors in offerings of residential mortgage-backed securities (RMBS).
The firm agreed to a settlement in which it will pay USD296.9m. The SEC plans to distribute the money to harmed investors.
The SEC alleges that JP Morgan misstated information about the delinquency status of mortgage loans that provided collateral for an RMBS offering in which it was the underwriter. JP Morgan received fees of more than USD2.7m, and investors sustained losses of at least USD37m on undisclosed delinquent loans.
JP Morgan also is charged for Bear
Direct Access Partners, a diversified institutional financial services firm, has appointed Michael Dolan to launch a new research initiative as part of its expansion across its multi-asset class execution offering.
The Alternative Research Group (ARG) will focus on acquisitions, strategic partnerships, and exclusive relationships with highly differentiated and value-added research teams across various sectors and verticals.
The goal is to provide institutional investors with actionable information and content from independent sources that add incremental value.
“With the Alternative Research Group we take another step in our strategy of actively pursuing relevant and complementary opportunities across brokerage and asset management business
The hedge fund industry took in USD3.4bn (0.2 per cent of assets) in September, building on a USD7.7bn inflow in August, according to a report by BarclayHedge and TrimTabs Investment Research.
Based on data from 3,004 funds, theTrimTabs/BarclayHedge Hedge Fund Flow Report estimated that industry assets stood at USD1.8trn in September, down 25.8 per cent from the June 2008 peak of USD2.4trn.
“The hedge fund industry saw net inflows for the second month in a row in September, which was a notable improvement from earlier this year,” says Sol Waksman, founder and president of BarclayHedge. “Year to date outflows shrank
The automotive sector is revving up interest with fund managers such as Paris-based Charles-Henri Neme, whose EUR400million Exane Funds 1 – Ceres A fund is targeting automotive stocks to increase cyclical exposure and piggyback on emerging market growth trends reported Citywire Global this week.
Neme said that the absence of automotive stocks in the long/short equity strategy was an anomaly “that needed to be corrected”, admitting that the fund was a little “too defensive”. “This posed problems in certain market rebound phases, as the cyclicals at our disposal – television, temporary staffing, hotels etc – were often too small to
DCG Luxembourg managing director Daniela Klasén-Martin (pictured) says the new risk management requirements introduced by this year’s revision of the grand duchy’s SIF law are only the start for asset managers that fall within the scope of the EU’s AIFM Directive…
On March 26 Luxembourg’s parliament passed legislation amending the Specialised Investment Funds Law of February 13, 2007. Among other changes, the new law has introduced the requirement to develop and implement a risk management process and a conflict of interest policy, pre-empting some of the requirements that are further set out within the Alternative Investment Fund Managers Directive.
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