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Investors continued to allocate new capital to the hedge fund industry in quarter two, exhibiting a clear and continued preference for strategies with characteristically low exposure to global equity markets, according to the latest HFR Global Hedge Fund Industry Report.
Investors allocated USD4.1bn in net new capital to hedge funds in 2Q12, bringing net inflows in 1H12 to over USD20bn. Despite the inflow, total hedge fund capital pulled back from the record level set in 1Q12 as a result of the -2.7 per cent performance of the HFRI Fund Weighted Composite Index in 2Q12, resulting in a total industry capital
Guernsey’s much discussed corporate governance code came into effect at the beginning of the year. Carol Goodwin (pictured) highlights its key principles, asserting that good corporate governance is about board behaviour and not always about the rules.
Never has so much been demanded from boards, their directors and their company secretaries since the start of the turmoil in the global economy. Never have their skills, knowledge and experience been so highly challenged; and never, ever have robust procedures and systems of governance been so vital.
What have we learned from the recent global financial crisis? Robust systems of governance cannot
Patricia White (pictured), managing director of Legis Fund Services, discusses how the fund industry in Guernsey is faring at a time when the eurozone economy remains fragile.
While the debt crisis continues to plague the eurozone there is a constant fear of the impact in the wider global economy. Concerns remain that the eurozone is in recession after GDP fell 0.3% in the final three months of 2011, with a further contraction anticipated in the first quarter of 2012. Manufacturing downturn is greater than expected and unemployment in the 17 countries adopting the euro has hit its highest since
The Securities and Exchange Commission has charged the US investment banking subsidiary of Japan-based Mizuho Financial Group and three former employees with misleading investors in a collateralised debt obligation by using “dummy assets” to inflate the deal’s credit ratings.
The SEC also charged the firm that served as the deal’s collateral manager and the person who was its portfolio manager.
According to the SEC’s complaint against Mizuho Securities USA, the firm made approximately USD10m in structuring and marketing fees in the deal. Mizuho agreed to pay USD127.5m to settle the SEC’s charges, and the others charged also agreed to settle
This week VAM Funds, the Luxembourg-based specialist fund manager announced it had expanded its Asian team with the appointment of Paul Bamber as sales manager.
Berry Palmer & Lyle (BPL Global), a political risk insurance broker, has opened a Singapore subsidiary, following on from the opening of its Hong Kong branch in early 2011.
Berry Palmer & Lyle (BPL Global), a political risk insurance broker, has opened a Singapore subsidiary, following on from the opening of its Hong Kong branch in early 2011.
Anthony Palmer (pictured), one of the founding directors of the firm in 1983, is the new company’s chief executive with Harry McIndoe as his deputy. Both have relocated from London to set up the new office.
Additional team members are being recruited
Two options traders who the Securities and Exchange Commission charged earlier this year with short selling violations have agreed to pay more than USD14.5m to settle the case against them.
An SEC investigation found that brothers Jeffrey A. Wolfson and Robert A. Wolfson engaged in naked short selling by failing to locate shares involved in short sales and failing to close out the resulting failures to deliver.
SEC rules require short sellers to locate shares to borrow before selling them short, and they must purchase securities to close out their failures to deliver by a specified date.
The Wolfsons made
The Depository Trust & Clearing Corporation has welcomed the trading in futures contracts linked to its proprietary index, the DTCC GCF Repo Index.
The futures products began trading on 16 July on NYSE Liffe US, the US futures exchange of NYSE Euronext.
Two-day volumes across US Treasury GCF Repo futures, MBS Repo futures and Agency GCF futures reached over 6,000 contracts traded.
The DTCC GCF Repo Index allows traders to hedge their interest rate exposure using the index as a benchmark which is linked to general collateral finance repurchase agreements (GCF Repos).
The DTCC GCF Repo Index is the
Oak Hill Advisors has held the final closing of its OHA European Strategic Credit Fund, a credit fund focused on distressed debt and corporate restructurings in Europe.
The fund closed at its cap of USD1.35bn, significantly exceeding the firm’s initial target of USD750m.
OHA has been investing in both the distressed and performing European credit markets for more than 20 years. It established its London office in 2005. This fund is its first dedicated European distressed investment vehicle.
Scott Krase, senior partner and portfolio manager, says: “This fund highlights our confidence in the quality of the European distressed
Deutsche Bank has launched an FX trading platform on Autobahn.
The new FX platform is expected to increase efficiencies and volumes, contributing to Deutsche Bank’s commitment to trade EUR1trn every week within the next two years.
New functionalities include the market’s first combined electronic and voice trade blotter across all execution channels, and direct access to Deutsche Bank’s FX and cross-product research and real-time commentary alerts directly from the trading floor.
The new platform is tailored to each client and client segment, delivering workflow integration and diverse functionality. The new platform allows Deutsche Bank to respond quickly and efficiently to
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