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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
The gross return of the SS&C GlobeOp Hedge Fund Performance Index for October 2012 measured 0.13 per cent.
Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 0.54 per cent in November.
“Overall capital activity remains consistent with previous years as hedge funds enter the last quarter with positive capital flow,” says Bill Stone, chairman and chief executive officer, SS&C Technologies.
The SS&C GlobeOp Hedge Fund Performance Index is an asset-weighted, independent monthly window on hedge fund performance. On the ninth business day of each month it provides a flash estimate of the gross aggregate
The London Metal Exchange (LME) has appointed Adrian Farnham as the chief operating officer for LME Clear.
Farnham (pictured) joined Turquoise Global in 2007 as chief operating officer and became chief executive officer in 2010. He was instrumental in the market launch of Turquoise, working with Cinnober Technology on the initial implementation of the platform. In 2011 he led the platform expansion into derivatives.
Prior to Turquoise, Farnham worked as an executive director of operations at Morgan Stanley for 13 years.
"Adrian is a fantastic addition to the executive team at LME Clear," says Trevor Spanner, managing director of post-trade
