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The Dow Jones Credit Suisse Core Hedge Fund Index closed up 0.33 per cent in November as six of the seven index component strategies reported positive results for the month.
Emerging markets (1.29 per cent) was the best perfumer while convertible arbitrage (-0.07 per cent) was the worst and the only component strategy in negative territory for the month.
The Dow Jones Credit Suisse Core Hedge Fund Index provides daily published index values which seek to enable investors to track the impact of market events on the hedge fund industry.
Asian ex-Japan hedge funds returned an estimated 1.28 per cent in November according to Eurekahedge, to leave in a reasonably satisfying position of +7.49 per cent YTD. What a sharp contrast to the same period last year, which saw losses of -3.89 per cent and a dismal YTD return of -11 per cent.
Strong performers last month included CTA/managed futures, gaining +3.48 per cent, and multi-strategy hedge funds, up +3.31 per cent. That leaves them +7.38 per cent and +7.65 YTD respectively. Long/short equity strategies recorded more modest gains of +1.07 per cent to leave them up +6.94 per cent
KPMG, the US audit, tax and advisory firm, is adding several new hires to its alternative investment funds (AIF) practice’s national team in Los Angeles and San Francisco.
The practice is also making additional moves to boost experience and expertise in alternative investments in the firm’s West Coast offices.
"KPMG is clearly dedicated to serving the alternative investments industry and we are continuing to invest our resources to further broaden and enhance our team, which includes bringing in some of the very best people in the industry," says Al Fichera, national partner in charge, alternative investment funds – audit.
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The British Virgin Islands Financial Services Commission (FSC), the jurisdiction’s financial regulator, has published guidelines for a new type of investment management licensing regime targeting non-institutional investment managers of small and mid-sized investment funds.
The Investment Business (Approved Managers) Regulations, 2012 – known as the Approved Managers Regulations – come into force on 10 December 2012. The regime will provide eligible investment managers of BVI funds opting to also domicile their investment management vehicles in the jurisdiction with a streamlined regulatory framework, acknowledging both the sophistication of investing into such funds and the lower systemic risk posed by these funds
Orangefield Group, a provider of administration, management and trust services, has acquired hedge fund administrator Columbus Avenue Consulting.
The division will officially operate under the Orangefield-Columbus brand.
Orangefield-Columbus has over USD25bn in assets under administration. Clients will continue to work with their same management teams and benefit from a global suite of operational capabilities and services.
Joep Bruins, chief executive of Orangefield, says: “We enter North America by providing hedge fund services for which we are already leading the industry. Partnering with Columbus Avenue sets us up for success in North America. It also creates a strong base for offering
There are signs of optimism for funds of hedge funds as both investors and managers see the model as resilient and relevant to the long-term investing landscape, despite declining assets and recent negative headlines seeming to signal their decline, according to a study released by SEI.
Nearly three-quarters of investors and consultants polled (72 per cent) believe FoHFs still play a valuable role in institutional investment portfolios, while 84 per cent of those polled believe that FoHFs will exist 20 years from now – assuming they evolve to address growing investor concerns.
The report, titled: "The Evolving Funds of Hedge
The Credit Suisse Liquid Alternative Beta Index was down 0.24 per cent in November, according to Jordan Drachman, head of alternative beta strategies at Credit Suisse.
The merger arbitrage strategy was the most significant contributor to performance, finishing up 0.85 per cent for the month.
Event driven strategy is the second most significant contributor, finishing up 0.41 per cent, and continues to be the highest performing strategy year-to-date, up 9.57 per cent thus far in 2012.
The managed futures strategy was the most significant detractor from performance, finishing down 0.65 per cent for the month.
The total trading volume on the European Energy Exchange (EEX) natural gas market amounted to 7,388,020 MWh in November.
The spot market accounted for 3.474,450 MWh and the derivatives market for the other 3.913,570 MWh.
The daily reference price on the spot market for natural gas ranged between EUR26.44/MWh and EUR28.41/MWh.
The European Gas Index (EGIX), published by EEX, displays the current market price for natural gas deliveries in the following month. For December delivery, the EGIX Germany reference price was fixed at EUR27.40/MWh.
For emission allowances, a total volume of 62,301,000 tonnes of CO2 was traded in November. A
Alternative Road Investment Advisers, Belvedere Asset Management and LJM Funds Management will advise new alternative mutual funds through Two Roads Shared Trust, a shared mutual fund trust open to new advisers effective 1 November 2012.
Two Roads is designed to help hedge fund managers and other alternative investment managers cost-effectively launch mutual funds by leveraging experienced hedge fund and mutual fund service providers, including Gemini Fund Services and Dechert, legal counsel to the trust.
"As more advisers continue to recognise the significant role that alternative strategies can play in diversified portfolios, we are pleased to provide them with a cost-effective
Eurex Exchange, the derivatives arm of Deutsche Börse Group, has launched what it believes to be the world’s most advanced trading system.
Participants of Eurex Exchange will benefit from significantly improved performance, more choice and enhanced functionalities.
“We believe this ‘next generation’ system will substantially change the way traders and investors access the world’s most dynamic markets, and it will establish a clear competitive advantage for our participants,” says Jürg Spillmann, member of the Eurex executive board and responsible for IT and operations.
“It has been designed in close partnership with exchange users, and we have built in the flexibility
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