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KKR has confirmed that all necessary consents and regulatory approvals to acquire Prisma Capital Partners have been obtained and that the closing is anticipated to occur in October 2012.
KKR announced its agreement to acquire Prisma, a provider of customised hedge fund solutions, on 18 June 2012.
“We are pleased with Prisma’s performance and business momentum since announcing the transaction in June and we appreciate the support from Prisma’s clients. We believe that the combination of Prisma’s deep investment capabilities and KKR’s global footprint will create a unique offering in the market, and we look forward to Prisma becoming part
Direct Access Partners, a diversified institutional financial services enterprise, has acquired the listed equity derivative trading team from IA Englander.
The Direct Access options team will focus on dynamic hedging, yield enhancement, stock replacement and volatility strategies for client portfolios. The team will implement its strategies through listed equity derivatives, including single stock, ETF and index options. They will be fully integrated into the firm’s equity and fixed income trading teams.
The team joining Direct Access from IA Englander includes Harry Silver, Mark Neuberger, Martin Field and Steven Goldfarb. Each team member has over 20 years of option trading
Alternative asset management group Gottex Fund Management has reported an operational loss of USD2.6m for the six months ended 30 June 2012, in line with its expectations.
It made a more substantial attributable net loss of USD 5.5m after minorities (1H 2011: profit of USD0.4m; 2H 2011: loss of USD 2.9m) primarily due to the company taking a full provision on its main outstanding loan.
Gottex’s flagship market neutral and directional strategies posted positive performance year to date: the portable alpha equity strategies were up 16.5 per cent and alternative credit strategies were up 8.1 per cent.
Gootex
C8 Investments has selected SEI to provide operational outsourcing services for the firm’s recently launched hedge fund.
C8 sought an outsourcing partner with the ability to support automated trading and provide daily reconciliation to support and scale with the firm’s systematic trading strategies.
SEI will provide C8 with a suite of back-office services including fund accounting, fund administration, and investor servicing. SEI will provide its services in a straight-through-processing environment with an automatic reconciliation tool designed to support high-volume trading.
C8 will utilise SEI’s Manager Dashboard reporting platform to gain flexible, transparent, and aggregated views of its portfolio data, while
By James Williams – Last week Newedge announced that Leslie Richman and Duncan Crawford had been appointed co-Global Head, Alternative Investment Solutions (AIS) group, a part of Newedge’s Prime Clearing Services.
In other key appointments, Keith Johnson becomes Global Head of Capital Introductions. Johnson will be based in Chicago, along with Richman, with Crawford based in London, from where he has been running Capital Introductions globally for the past 12 years. Richman has been running AIS in the US for almost 20 years.
Speaking with Hedgeweek, Crawford notes that merging the two sides of the business represents a particularly exciting
Industry experts have predicted a transition from a bilaterally cleared OTC business to centrally cleared OTC derivatives, along with an increase in the volume of exchange-traded derivatives, according to a report from Celent.
The trading volumes of exchange-traded derivatives have fluctuated in the last few years and do not reflect the expected rise due to the move toward clearing, says the report, titled “US Derivatives Markets: Staying the Course”. This could be due to a number of reasons, including the slow implementation of the Dodd-Frank Act and the turbulent economic environment.
Volumes of OTC derivatives have held out well
The hedge fund industry redeemed USD7.4bn (0.4 per cent of assets) in July, building on outflows of USD4.2bn in June, according to BarclayHedge and TrimTabs Investment Research.
Based on data from 3,119 funds, theTrimTabs/BarclayHedge Hedge Fund Flow Report estimated that industry assets were USD1.87trn in July, down 23.2 per cent from their June 2008 peak of USD2.4trn.
“We’ve seen a notable reversal in hedge fund industry fortunes during the past year,” says Sol Waksman, founder and president of BarclayHedge. “The industry experienced outflows in seven of the 12 months from August 2011 to July 2012, losing a net USD29.3bn. From
Money market funds are a relatively new development in South Africa having first appeared in the country in 1995. And already the sector has attracted ZAR240 billion; this figure amounts to just under a quarter of the South African unit trust industry and is a similar ratio to that in Europe and the USA. According to Sean Segar, Head of Product at Nedgroup Investments, Cash Solutions, this popularity is because of the convenience of money market funds and the many benefits that they offer over traditional bank deposits…
As interest rates remain stubbornly low at near 40-year lows, investors are
Investment specialist Dalton Strategic Partnership (DSP) has appointed Eleanor Lee as an analyst to work on its European equities team.
Lee is based in London and reports to Leonard Charlton, head of the European equity team and fund manager of the Melchior European and Melchior Selected Trust European Absolute Return Funds.
She joins David Robinson, Benjamin Billiard and Keith Busuttil working on the Melchior European equity long short strategies.
In addition to absolute return products, DSP’s European equities team also manages the Melchior Selected Trust European Opportunities Fund, a top decile long-only European equity fund that has outperformed the
The Hennessee Hedge Fund Index increased 0.97 per cent in August and is up 3.82 per cent year-to-date.
The S&P 500 gained 1.98 per cent in August (+11.85 per cent YTD), the Dow Jones Industrial Average advanced 0.63 per cent (+7.15 per cent YTD), and the Nasdaq Composite Index increased 4.34 per cent (+17.73 per cent YTD).
Bonds were also up, as the Barclays Aggregate Bond Index increased 0.07 per cent (+3.86 per cent YTD) and the Barclays High Yield Credit Bond Index increased 1.17 per cent (+10.58 per cent YTD).
“Hedge funds benefited from the rally in risk
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