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James Turk, an authority on precious metals, has published a report for the GoldMoney Foundation saying the Thomson Reuters GFMS official figure for the world’s total supply of above ground gold overestimates the stock by 16,032 tonnes, equating to GBP560bn (USD900bn) worth of the precious metal at today’s price.
Turk is founder and chairman of GoldMoney, a provider of gold, silver, platinum and palladium to retail and corporate investors.
During his investigation Turk addressed a number of key issues, including:
• Over-reliance by the World Gold Council on uncorroborated data provided by Thomson Reuters GFMS, the precious metals consultancy; and
• The
By James Williams – "As an Eads board member, I am deeply disappointed the politicians were not persuaded by the industrial logic of this merger which would have created a world-class leader.” These were the words of Sir John Parker, a non-executive director of Eads, being quoted in the London Evening Standard last week following the collapsed GBP28billion merger of Europe’s leading defense and civil aviation behemoths.
Recently, Hedgeweek interviewed Omar Sayed (pictured), the London-based portfolio manager for Asian and European Equity at leading US hedge fund P Schoenfeld Asset Management (PSAM), on M&A opportunities in 2012. At the time
The Australian Securities and Investments Commission has started proceedings in the Federal Court in Sydney challenging whether Wellington Capital is legally able to distribute shares, as opposed to cash, to the unit holders in the Premium Income Fund (PIF).
On 5 September 2012 Wellington, as responsible entity of the PIF, announced that Asset Resolution Limited (ARL) had acquired AUD90.75m in assets of the PIF in return for which the PIF acquired shares in ARL.
Following this ARL transaction Wellington took steps to have the ARL shares issued to the individual PIF unit holders.
Wellington did not consult with or obtain
“I like to describe ourselves at Platinum Partners as entrepreneurial traders. We select and promote entrepreneurs who have an understanding of how to structure transactions in a way that caps the limit to the downside while giving us all kinds of upside opportunities,” says Uri Landesman, president and managing general partner of the New York-based firm.
Platinum Partners was started by Mark Nordlicht (pictured with Landesman) in 2003. Nordlicht’s background was in trading natural gas volatility. He also specialised in making senior secured loans to private companies. These two strategies are still used by Platinum today in its flagship multi-strategy
“I hope our fund will be the first hedge fund to take advantage of using Bitcoins,” explains Anatoliy Knyazev in Moscow. One of Exante’s managing partners, Knyazev confirms that the firm is currently in the process of structuring the fund, with a view to launch this autumn.
Bitcoin is a decentralised, digital currency that could revolutionise the world of payments. It refers to both the open source software used to trade the electronic currency, as well as the currency itself. An anonymous group developed the concept in 2009, publishing a white paper that detailed the crypto-currency algorithms and proof of
Dr Anton Dudoukin and Dmitry Dudoukin are partners in Courant Asset Management Ltd. Courant Asset Management is the managing company of Courant Fund. Current Fund’s AUM is USD28.7million. Courant Fund is an equity long/short strategy that uses systematic short-term trading models.
The strategy was first developed back in 1998, but it wasn’t until June 2007 that the decision was made to structure it as a hedge fund; that year, between June and December, it returned 13 per cent. Courant then started accepting external investors from 2008 onwards.
“Our average annual returns over the last five years are 16.15 per cent.
“Delivering sustainable value” lies at the heart of the investment philosophy at Wermuth Asset Management, a German family investment firm co-founded by Jochen Wermuth and Dr Dieter Wermuth with principal offices in Wiesbaden and Moscow. In 2003, WAM opened up its Greater Europe Fund (GEF), which had been running since 1998 with internal capital. Underpinning the fund is a quantitative model that picks stocks by assigning them a “long”, “short” or “neutral” tag.
Sergey Ilchenko (pictured), Head of the Quant Department, along with Yury Roslavlev and Tikhon Moiseev, advises a spin-off version of GEF, called the Wermuth Quant Eastern Europe
Hendrik Klein (pictured) and his team at Zurich-based Da Vinci Invest AG have been trading futures on Eurex since 1995, using a sophisticated algorithm to track economic indicators. In 2009, when Need to Know News brought out a computer-readable news feed, Klein immediately implemented it into the Da Vinci algorithm. The proprietary strategy that resulted was highly successful, generating nearly 14 per cent between August and December of 2009.
The following year it made modest gains of 7 per cent but amidst the volatile, event-driven market climate of 2011 the news-based trading strategy came into its own, generating an impressive
“We really like risk-on risk-off markets. I personally think this is going to continue for some time yet. The eurozone issue is not going to be solved imminently and I expect to see a lot of volatility in the future,” comments Andris Kaneps (pictured), director of MTG Capital Management.
The firm’s investment philosophy is to generate positive long-term capital appreciation by employing a multi-arbitrage systematic trading system developed by Kaneps and his small team.
Development of the strategy has been gradual. The MTG Multi-Arbitrage Fund has been running since March 2010, but the genesis of the strategy goes back six
By James Williams – EXANTE is a unique integrated trading and fund platform offering whose genesis grew out of a challenge faced by its five managing partners. All of them came from a trading background and shared a similar evolutionary path when working with different brokers and banks globally, developing algorithms and trading strategies.
As Gatis Eglitis (pictured), one of the managing partners, tells Hedgeweek, once they started to launch their own hedge funds, they encountered a challenge: each time a new entity was set up for proprietary trading it involved having to set up new relationships with counterparties. Actually
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