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The Dow Jones Credit Suisse Core Hedge Fund Index closed down 0.47 per cent in October as three of the seven index component strategies reported positive results for the month.
The three top performing strategies were event driven (0.75 per cent), convertible arbitrage (0.61 per cent), and emerging markets (0.48 per cent).
The worst performer was managed futures, which was down by 3.84 per cent.
Quantifi, a provider of analytics and risk management solutions for the global OTC markets, has published a joint whitepaper with consultant Jon Gregory exploring the difference in capital charges between the simple and more advanced approaches and the capital relief that can be achieved.
The paper is entitled “Comparing Alternate Methods for Calculating CVA Capital Charges under Basel III”.
Gregory (pictured), partner at Solum Financial Partners, says: “To be competitive, OTC businesses need to be able to accurately measure and manage their regulatory capital charges under Basel III. This whitepaper will help banks understand the different approaches allowed under Basel
Hedge funds delivered mixed results in October but in aggregate closed in negative territory, according to GAM.
The HRFX Global Hedge Fund index lost 0.5 per cent, bringing its year-to-date performance to 2.1 per cent.
At the strategy level, event driven, global macro and relative value approaches all posted negative returns according to the HFRX strategy indices.
Equity hedge managers had a positive month, helped by gross and net exposure levels well below long-term averages.
Anthony Lawler, portfolio manager at GAM, says: "Policy uncertainty on both sides of the Atlantic was arguably a dominant factor influencing global markets in
Guernsey is planning to have two parallel regulatory regimes for investment funds as a way to best meet client needs when the EU’s Alternative Investment Fund Managers Directive (AIFMD) comes into force.
Fiona Le Poidevin (pictured), chief executive of Guernsey Finance, the promotional agency for the Island’s finance industry, has reiterated Guernsey’s intention to introduce a regime which is fully AIFMD compliant, while also maintaining the existing regulations for those investors and managers not requiring an AIFMD fund.
It had been expected that the final Level 2 rules for the detailed implementation of AIFMD would be published in early autumn
The London Metal Exchange (LME) has appointed Chris Jones as the chief risk officer for LME Clear.
Jones worked previously as a managing director and chief risk officer for LCH.Clearnet Group.
During a 20-year career at LCH, Jones was at the forefront of developments in the risk and clearing space, including regulatory change, the launch of several clearing services in new markets and active management of major defaults such as Lehman Brothers and MF Global.
"We are delighted that Chris has joined us here at LME Clear," says Trevor Spanner, managing director of post trade services at the LME. "His
Tiger Management has formed a partnership to focus on investing in Asian equities.
Tiger Pacific Capital is a new investment company, whose founding partners are Run Ye, Junji Takegami and Hoyon Hwang.
The individuals are experienced investors who were formerly senior members of Tiger Asia Management, a long/short Asian hedge fund manager. Tiger Management and its principal owner, Julian H Robertson, will serve as TPC’s seed investor.
Robertson says: “Asia is the best area of the world to practice the hedge fund business. There are great companies at the initial phase of their growth and, on the other side,
The Credit Suisse Liquid Alternative Beta Index was down 0.64 per cent in October, according to Jordan Drachman, head of alternative beta strategies at Credit Suisse.
The event driven strategy was the sole contributor to performance, finishing up 0.94 per cent for the month, and continues to be the highest performing strategy year-to-date, up 9.12 per cent thus far in 2012.
The managed futures strategy was the most significant detractor from performance, finishing down 2.41 per cent for the month.
Investcorp, a provider and manager of alternative investment products, is to acquire Scandinavia’s luxury retailer Georg Jensen for USD140m from private equity group Axcel Capital Partners.
As part of this transaction, Investcorp has teamed up with David Chu, the luxury brand entrepreneur and founder of Nautica, who will join the company on closing as chief creative director and co-chairman of the board.
Also joining the board on closing will be Guy Leymarie, former chief executive officer of DeBeers Diamond Jewellers, Cartier International and Dunhill.
Georg Jensen designs, manufactures and distributes jewellery, watches, fine silverware and high-end homeware.
Hazem Ben-Gacem, head
Wall Street professionals can expect to receive flat to moderately larger year-end incentive payouts compared to the previous year, according to an annual compensation analysis released by Johnson Associates.
The analysis found that this year’s incentives results are an improvement over 2011, when incentives fell sharply throughout the financial services industry.
"The recovery in financial services continues to be a struggle, and while incentives will be modestly up, few professionals will have reason to cheer. With wide variations in outcomes, and an uncertain outlook, the bonus season will be rightfully subdued," says Alan Johnson, managing director of Johnson Associates. "Following
"If you’d launched this fund in 2005, you would have needed to use a lot more leverage. Now, however, we’ve got a better volatility backdrop and opportunity set in a more schizophrenic market,” says Bob Jolly (pictured), Head of Global Macro at Schroders.
In early October 2012, the firm launched the Schroder GAIA Global Macro fund, an UCITS-compliant vehicle managed internally by the Schroders Fixed Income Multi-sector team with Jolly at the helm. With significant structural macro imbalances generating more volatility and a rise in risk premiums, Schroders moved quickly to introduce the new fund, which has an 8 per
