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Auriel Capital Management, a London-based investment management firm, has launched a dynamic currency hedging programme for institutional investors with the backing of a USD1.1bn mandate from a US corporate pension plan.
The strategy is designed to reduce the volatility of institutional investors’ foreign currency exposures while profiting from medium and long-term movements across foreign exchange markets.
Implemented as a customised overlay, the programme aims to outperform a passively hedged benchmark of overseas currency exposures.
It employs Auriel’s quantitative and qualitative risk controls in addition to a systematic portfolio construction process to reduce currency risk relative to static hedging.
Auriel’s
- 16/12/2010
Final performance for the Dow Jones Credit Suisse Hedge Fund Index is confirmed down 0.18 per cent in November and up 7.82 per cent year-to-date.
Six out of ten sectors posted negative performance for the month.
Fixed income arbitrage was the best performing sector in November, finishing up 0.74 per cent. This was followed by long/short equity, which rose 0.46 per cent.
Managed futures reversed from its index-leading performance in October, finishing down 4.11 per cent.
Equity market neutral fell 2.51 per cent and is down 2.54 per cent year-to-date.
- 16/12/2010
Investcorp, the alternative asset manager, and Ballast Capital Management, a hedge fund manager based in New York, have formed a partnership.
Ballast, which specialises in long-short equity, is the latest addition to Investcorp’s single manager platform.
Ballast is led by Robert M. Kaynor, chief investment officer, and Ryan M. O’Sullivan, president. Kaynor and O’Sullivan are joined initially by two other partners in the investment team. At launch, Ballast will be composed of an eight person team.
Kaynor and two of the investment team members, Mason Stark and Joanna Wald, previously worked together at Ramius, a multi-billion dollar hedge fund.
Ballast
- 16/12/2010
A Preqin survey of over 100 alternative assets fund managers and investors found that just under a third support the Alternative Investment Fund Managers Directive to some extent, with firms in certain countries where the new legislation will replace more restrictive existing rules believing that it will serve to improve conditions.
However, for the majority there exists significant resentment towards the Directive.
Eighty nine per cent believe the Directive should be amended to further take into account the differences between the various asset classes, while 59 per cent foresee the AIFM Directive creating a European lock-in/lock-out.
Just under half (45
- 16/12/2010
Following two years of crisis, hedge funds’ European fixed income trading volume jumped 47 per cent from 2009 to 2010, according to Greenwich Associates’ 2010 European Fixed Income Study.
As the need for investor liquidity abated and concerns about hedge funds as trading counterparties waned, hedge fund activity picked up.
The jump in hedge fund trading volumes helped hedge funds increase their presence in European markets.
In 2009, hedge funds generated nine per cent of total European fixed income trading volume. In 2010 that share surged to 14 per cent.
Hedge funds are generating an even larger share of
- 16/12/2010
Strong capital inflows and a return of investor risk tolerance contributed to an increase in new hedge fund launches in the third quarter of 2010, while investors continued to exhibit a clear preference for transparency, liquidity and Ucits III compliance in their allocations.
This is according to data released by Hedge Fund Research, a provider of hedge fund industry data.
New hedge funds launches increased to 260 in 3Q 2010, up from 201 launches in the prior quarter. For the trailing 12 month period, 945 funds have launched, the highest 12 month total since the period ending 2Q 08.
Hedge
- 15/12/2010
Robeco-Sage is offering investors simplified tax reporting by eliminating K-1 reporting in favour of Form 1099 reporting.
It has converted its SEC registered Multi-Strategy Fund tax reporting to a Form 1099 effective 1 December 2010.
With this change, Robeco-Sage becomes one of only a few fund of hedge funds managers to make 1099 reporting available to its investors.
“The K-1 tax reporting process can be a deterrent to some investors, not only because it is perceived by some as complex, but also because K-1’s are often not made available until much later in the year than Form 1099’s, often
- 15/12/2010
BlueCrest Capital Management has appointed Jaime Valdivia as head of global emerging markets research and strategy.
He joins from the Emerging Sovereign Group where he was a partner, portfolio manager and director of global macro research specialising in global sovereign credit and rates strategy.
He has previously been head of global emerging markets research at Morgan Stanley, and was the desk economist at the International Monetary Fund.
Mike Platt, chief executive of BlueCrest, says: “The breadth and depth of Jaime’s significant experience as a portfolio manager, strategist, and researcher, will be a great addition to our business. BlueCrest
- 15/12/2010
AlphaMetrix has acquired Spectrum Global Fund Administration, creating an independent hedge fund platform with approximately USD20bn in client assets and more than 100 managers.
Terms of the acquisition were not disclosed.
With the acquisition, AlphaMetrix has also introduced the world’s first multi-administrator hedge fund platform, which allows investors to choose from a pre-approved list of administrators. Among the administrator options is AlphaMetrix360, formed by the acquisition of Spectrum and both firms’ proprietary technologies.
The integrated offering will lower platform costs to investors, providing a consolidated base cost for both platform and administration (including daily NAV calculation) of 20 basis points
- 15/12/2010
The US Commodity Futures Trading Commission has obtained more than USD2.8m in restitution and civil monetary penalties in a federal judgment order against defendants Patrick J. Dailey of California and his company Strongbow Investments of Austin, Texas.
The order requires the defendants jointly and severally to pay more than USD1.95m in restitution and an USD850,000 civil monetary penalty.
The order also permanently bans Strongbow and Dailey from engaging in any commodity-related activity, including trading and registering with the CFTC.
The consent order, entered on 8 December 2010, by the Honorable Sam Sparks of the US District Court for the Western
- 15/12/2010
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