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Liontrust Asset Management has doubled its assets under management over the past year.
AUM has grown from GBP1.19bn on 30 September 2011 to GBP2.36bn on 30 September 2012 and GBP2.38bn on 12 November 2012 while Liontrust has now recorded nine successive quarters of net positive sales.
Net inflows have tripled over the past year. In the six months to 30 September 2012, Liontrust delivered net inflows of GBP189m compared to GBP59m in the six months to 30 September 2011.
Revenues also increased by 59 per cent in the six months to the end of September 2012 compared to the same
Man Group has entered into a series of transactions with Hutchinson Investors, managed by the Baupost Group, to sell the residual exposure to the Lehman estates that it acquired in July 2011 from certain GLG managed funds.
The total consideration for the transactions is USD456m, payable in cash by the buyer.
Man may receive up to a further USD5m if overall recoveries by the buyer exceed certain thresholds in the future.
The Lehman claims were valued at USD346m as at 30th June 2012.
The transaction allows Man to benefit from the payment of the total consideration, while retaining certain
Hedge funds gained 0.32 per cent in October, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
The index is up 6.09 per cent year to date.
“News flows continued to drive the markets in October,” says Sol Waksman, founder and president of BarclayHedge. “Equity markets rallied early in the month on the ECB’s announced willingness to purchase unlimited amounts of Spanish government debt, but weak third quarter earnings contributed to economic growth concerns that caused equity prices to end mostly lower.”
Overall, 13 of Barclay’s 18 hedge fund indices gained ground in October.
The Barclay Distressed Securities Index
Veritas Asset Management (UK) and its parent The Real Return Group, which currently manage GBP8.5bn across a range of products, have announced a corporate reorganisation that will create two distinct limited liability partnerships.
The Veritas Private Client business will be re-named Veritas Investment Management, while the funds and institutional business will retain the name Veritas Asset Management.
Since 2008, Veritas has grown its funds and institutional business from less than GBP1bn to GBP7.5bn today. These assets are managed across its global and Asian strategies. Veritas Asset Management will be led by four principals: Charles Richardson (fund manager and chairman), Andy
The Dow Jones Credit Suisse Hedge Fund Index finished down 0.18 per cent for the month of October.
Managed futures (-4.64 per cent) was the worst performer among the 10 sub strategies, while event driven (0.91 per cent) was the best of the five strategies in positive territory for the month.
The following funds were dropped from the Dow Jones Credit Suisse Hedge Fund Index in October: Centaur Commercial Materials Fund, LiquidMacro Fund, MW Global TOPS Fund, and O’Connor Global Quantitative Equity Master Limited.
The following funds were added to the Dow Jones Credit Suisse Hedge Fund Index in October:
The Asian hedge fund industry expanded to a record number of hedge funds in Q3 2012, as strong performance across emerging Asian strategies continued to attract the interest of both Asian and global investors, according to data released by HFR.
The total number of Asian hedge funds increased to 1,128 funds, which collectively manage USD84.3bn dollars (JPY6.7trn, RMB525bn), with the latter having increased 2.6 per cent through the first three quarters of 2012.
Asian hedge funds experienced a performance based increase of USD1.9bn in the third quarter, which was partially offset by net investor redemptions of USD900m. Total capital invested
Eze Castle Integration, a leading provider of IT and private cloud services to the hedge fund community, announced this week that it had expanded its Eze Private Cloud services to Hong Kong and Singapore.
The cloud is used by more than 2,000 hedge fund professionals globally to help reduce upfront capital costs yet at the same time enjoy what the firm calls an “enterprise-grade” IT infrastructure akin to that used by billion dollar funds. Hong Kong and Singapore-based hedge funds now have access to a range of offerings including the Eze Managed Suite and application hosting, the former giving users
Eurex Clearing’s EurexOTC Clear for Interest Rate Swaps (IRS) successfully went live on 13 November 2012.
The launch was supported by Eurex Clearing’s cooperation banks Barclays, Citigroup Global Markets Ltd, Credit Suisse, Deutsche Bank and JP Morgan.
In addition, Commerzbank, HSBC, Royal Bank of Scotland, UBS and Basler Kantonalbank joined the service for the production start. All ten members have successfully cleared their first transactions via EurexOTC Clear for IRS.
BNP Paribas, Goldman Sachs, Morgan Stanley, Nomura, NORD/LB, Société Générale and further market participants are preparing to join the service as clearing members.
The support from major OTC dealers and
International legal practice Norton Rose is to combine with US law firm Fulbright & Jaworski on 1 June 2013 to form Norton Rose Fulbright.
Norton Rose Fulbright will have 3,800 lawyers and will be a top 10 global legal practice by gross revenue and by number of lawyers.
The enlarged practice will have 55 offices internationally, including 11 offices and close to 800 lawyers in the US, in Austin, Dallas, Denver, Houston, Los Angeles, Minneapolis, New York, Pittsburgh-Southpointe, San Antonio, St Louis and Washington DC.
Norton Rose Fulbright will also have an office in Riyadh and additional strength in London,
Global gold demand in quarter three 2012 was 1,084.6 tonnes, down 11 per cent from the record Q3 2011 figure of 1,223.5t.
This dip in demand is in comparison with exceptional demand in Q3 last year. Gold demand remains resilient. Q3 2012 was above the five year quarterly average of 984.7t, according to the World Gold Council’s Gold Demand Trends Report.
In value terms gold demand was 14.0 per cent lower year on year at USD57.6bn and the average gold price of USD1,652/oz was down three per cent on the record average Q3 2011 price.
Global investment in gold
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