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Hedge funds posted their strongest monthly performance since February to conclude Q3 2012, led by equity hedge strategies as investor sentiment improved on positive developments in the European banking and sovereign debt crisis, as well as US stimulus efforts, according to data released by HFR.
The broad-based HFRI Fund Weighted Composite Index gained 1.1 per cent in September, the fourth consecutive monthly gain, ending 3Q up 2.9 per cent and improving YTD performance to +4.7 per cent. Fund of hedge funds also posted the best performance since February, with the HFRI Fund of Funds Composite Index gaining 0.8 per cent.
Apollo Global Management has priced ALM VII, a USD722m collateralised loan obligation (CLO), the largest broadly syndicated CLO issued in the US in 2012.
ALM VII will invest in corporate leveraged loans and high yield bonds.
Apollo has priced three CLOs this year, raising approximately USD1.7bn in aggregate, which represents the largest capital raise through CLO issuance among all US CLO managers. In February 2012 Apollo closed ALM V, a USD437m CLO, and in June 2012 Apollo closed ALM VI, a USD514m CLO.
Apollo is one of the largest CLO managers with 26 CLOs totalling over USD14.5bn in assets under
HM Government of Gibraltar has signed a Tax Information Exchange Agreement with the Government of the Italian Republic.
The minister with responsibility for financial services, Gilbert Licudi QC, signed the agreement at the London Embassy of the Italian Republic. Ambassador Alain Giorgio Maria Economides signed on behalf of the Italian Government.
Minister Licudi said he was “particularly pleased to have signed this Tax Information Exchange Agreement with Italy. This Agreement brings the total of such agreements signed to 21, with 18 of those having already entered into force. It also underscores the Government’s commitment to international standards of cooperation.
“I
This week saw the launch of a new UCITS IV platform by Bryan, Garnier Asset Management (BGAM). The Bryan Garnier Umbrella Fund SICAV plc is domiciled in Malta and externally managed by Paris-based BGAM, who are regulated by the Autorité des Marchés Financiers (AMF).
The first US sub-fund to join the platform is Denver-based Madison Street Partners, an equity long/short shop. BGAM aims to introduce a range of US hedge funds into the UCITS universe, with Steve Wallace, Managing Director, quoted as saying: “There continues to be a dearth of US hedge funds in the UCITS universe, especially when you
The Commodity Futures Trading Commission’s division of swap dealer and intermediary oversight has released a letter providing guidance to registered futures commission merchants (FCMs).
The letter is intended to identify a situation whereby FCMs may be inappropriately using an omnibus account with their clearing FCM in which they are combining segregated and secured funds in one account.
Peregrine Communications, the specialist integrated communications consultancy, has been appointed by Wells Fargo Asset Management (WFAM) to support the firm’s communications and media relations in Europe and Asia targeting the retail, wealth management and institutional markets.
The WFAM account team is led by Paul Wynne, Meglena Petkova and Karolis Adomaitis.
Peregrine was selected to manage the WFAM account after a six-way competitive proposal and pitch process.
Anthony Payne (pictured), chief executive of Peregrine Communications, says: “We are very excited to have been trusted by one of the world’s leading asset management brands to help strengthen awareness of their unique capabilities
Maples and Calder recently welcomed six new funds partners to its Cayman Islands office.
Heidi de Vries, Julian Ashworth, Sheryl Dean, David Marshall, Philip Millward and Gwyneth Rees join associates Greg Barwick, Philip Dickinson, Patrick Head and Lucy Nicklas, who commenced employment in August.
Tim Clipstone, a partner in the British Virgin Islands office, started in June.
"We are excited to welcome this latest round of hires to our team," says Jon Fowler (pictured), the firm’s global head of the funds group. "Their joining our firm underlines Maples and Calder’s position as the premier law firm in the Cayman Islands.
The Securities and Exchange Commission has separately charged a pair of hedge fund managers and their firms with lying to investors about how they were handling the money invested in their respective hedge funds.
The charges are the latest in a series of actions taken by the SEC enforcement division and its asset management unit against hedge fund-related misconduct in the markets.
In one case, the SEC alleges that San Francisco-based hedge fund manager Hausmann-Alain Banet and his firm Lion Capital Management stole more than a half-million dollars from a retired schoolteacher who thought she was investing her retirement savings
Scoach, a European trading platform for structured products, has made a change to its management board.
After three years’ service, Marco Steeg (pictured) is returning to Deutsche Börse to head controlling and billing with effect from 1 November 2012.
Simone Kahnt-Eckner is to become the new chief financial officer and chief operating officer of Scoach Schweiz, Zurich, and Scoach Europa, Frankfurt, also from 1 November 2012.
Kahnt-Eckner has many years of experience in capital markets. She has been at Deutsche Börse Group since 1989. She has worked in Deutsche Börse’s Xetra cash market since 2000 and, since 2007, has been
International law firm Simmons & Simmons has entered into an alliance with US firm Seward & Kissel for hedge fund and asset management work.
The alliance combines the strength of hedge fund and asset management practices in London, New York and Hong Kong to offer a top tier combined service for hedge funds and their managers around the world.
Clients will have immediate access to full service hedge fund and asset management expertise, from fund formation and management to all advisory services such as regulation, derivatives, corporate structures, tax, litigation, employment, IP, finance, government investigations and transactional services.
