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Man Group has completed its acquisition of hedge fund research and investment specialist FRM Holdings, first announced on 21 May.
Man has integrated FRM’s USD8bn AUM business with its own multi-manager business.
The combined business now has funds under management of approximately USD19bn, making it the largest independent non-US based fund of hedge funds.
Kinetic Partners, a professional services firm to the asset management, investment banking and broking industries, has launched a risk monitoring and reporting platform in partnership with Riskdata, a risk management solutions provider.
The service provides a scalable, transparent, Ucits-compliant, third party solution for administrators, fund management companies and hedge funds to monitor their risk positions.
The new offering combines Kinetic Partners’ expertise in risk management, and risk monitoring requirements with Riskdata’s risk analytics, regulatory-compliant models and cross-asset-class risk data service, which provides a cost effective alternative to an in-house risk system.
The new service will provide all risk management functionalities
Hedge funds gained 0.66 per cent in June, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
The index is up 2.39 per cent year to date.
“A bailout package for Spain announced early in the month helped to set a more positive tone for equity markets in June,” says Sol Waksman, founder and president of BarclayHedge. “The ECB’s month-end agreement to make loans directly to eurozone banks added fuel to the rally and propelled the S&P 500 to its largest single day gain this year, demonstrating yet again that Europe’s financial woes continue to be a major determinant
June proved difficult for CTA strategies, according to Newedge’s monthly performance data for its suite of hedge fund indices.
"Risk-on" movements in the first three weeks and final days of June hurt CTA positions, which were generally structured to benefit from an economic downturn.
29 June was especially trying as strong rallies in equity and commodity markets, alongside declines in interest rate and bond markets and the US Dollar, reversed pre-existing trends.
The Newedge CTA Index fell 3.28 per cent in June (-0.84 per cent YTD) and the Newedge CTA Trend Sub-Index was down 4.74 per cent (-0.91 per cent
The Dow Jones Credit Suisse Hedge Fund Index finished down 0.40 per cent for the month of June.
The top-performing sub-strategies in June were equity market neutral (0.93 per cent), fixed income arbitrage (0.76 per cent) and multi-strategy (0.48 per cent).
Managed futures and dedicated short bias were the worst performers down 3.56 per cent and 2.72 per cent respectively.
The following funds were dropped from the Dow Jones Credit Suisse Hedge Fund Index in June: Cura Fixed Income Arbitrage Master Fund, Restoration Holdings, SuttonBrook Capital Portfolio, and Teleos Master Fund.
No funds were added to the Dow Jones Credit
Following last week’s emergency enforcement action against Peregrine Financial Group, National Futures Association has requested an internal review of its audit practices and procedures.
NFA took action against PFG after it determined that PFG had failed to maintain adequate funds in segregated accounts, and that PFG’s chairman may have falsified bank records and filed false reports with NFA.
PFG subsequently filed for bankruptcy protection and PFG’s chairman was arrested, dealing a severe blow to the public’s confidence in the financial integrity of the futures markets.
NFA was PFG’s designated self-regulatory organisation and conducted regulatory examinations of PFG’s activities.
NFA’s chairman
The US District Court for the Central District of California has entered a final judgment and permanent injunction order against defendants Gordon A. Driver of Las Vegas, Axcess Automation and Axcess Fund Management, both Nevada companies owned and controlled by Driver, in connection with a commodity pool Ponzi scheme in which the defendants defrauded over 100 participants in the US and Canada of over USD14m.
Axcess Fund is registered with the CFTC as a commodity pool operator, and Driver is registered as an associated person of Axcess Fund.
The court’s final judgment order, entered on 12 July 2012, by
Only 17 per cent of investors feel that prime brokers are the most important hedge fund service provider, according to a survey by Corgentum Consulting, a provider of hedge fund operational due diligence reviews.
Administrators (33 per cent) and auditors (31 per cent) were identified as the most important providers to this market.
“After the Lehman Brothers disaster, many investors placed significant importance on the role of prime brokerages,” says Jason Scharfman, managing partner of Corgentum Consulting. “The survey data indicates a potentially dangerous shift in the opposite direction signifying that investors have reverted to their old ways
Comada, a provider of transaction-driven software solutions for investors in hedge funds, has migrated its servers to a new data centre hosted by QuoVadis Services.
The new Infrastructure-as-a-Service (IaaS) platform will bring advantages to Comada’s customer base, including users of Comada’s M.A.T.ware software.
The new platform has been built using the latest generation networking equipment, high speed SAN for data storage, and servers designed for high density CPU and memory. It enhances the levels of security Comada nows offer its clients, with options for either multi-tenant or dedicated infrastructure. The platform also supports Comada’s programme to offer clients more flexibility
The Australian Securities and Investments Commission has made new market integrity rules for suspicious activity reporting and short sale tagging requirements which will apply for the Australian Securities Exchange (ASX) and Chi-X markets.
The Australian Securities and Investments Commission has made new market integrity rules for suspicious activity reporting and short sale tagging requirements which will apply for the Australian Securities Exchange (ASX) and Chi-X markets.
The suspicious activity reporting rule has a stated commencement date of 1 November 2012, but consistent with ASIC’s commitment to provide industry with a six-month implementation period to allow it to adapt systems and
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