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Crinan Capital, a private hedge fund company, has launched the Crinan Stability investment fund.
The absolute return fund has been designed to hedge existing exposure to equities and property by investing in a portfolio of carefully selected futures.
The fund intends to raise GBP25m of initial subscriptions without limit on total fund size and aims to deliver a target return of ten per cent compound annual return regardless of market conditions.
The fund uses a proprietary system-driven investment style which decides when to enter and exit trades based on a pre-established and predefined model. Developed and refined over
- 21/09/2010
ML Capital Asset Management says the first manager to launch on the Montlake Ucits platform will be Clareville Capital Partners, the firm founded by David Yarrow.
The fund will commence trading on 1 October 2010.
Yarrow and Angus Donaldson will co-manage a Ucits compliant derivative of the 13 year old Pegasus Fund, which employs a UK long/short equity strategy.
John Lowry, chairman of ML Capital, says: "The Ucits revolution allows investors to access managers who can actively short stocks and hedge a portfolio, however managers with long and successful experience of running equity hedge funds are in short supply. The
- 21/09/2010
French defence electronics maker Safran is to acquire L-1 Identity Solutions, a US company that protects personal identities and assets, in a merger transaction providing for stockholders to receive USD12.00 per share in cash, for an aggregate enterprise value of approximately USD1.6bn inclusive of outstanding debt.
Lutetia Capital, a merger arbitrage hedge fund, has L1 as its largest position.
The per share consideration of USD12.00 incorporates the purchase price to be received pursuant to the sale of the L-1 intelligence services businesses.
The per share price represents a premium of 24 per cent over L-1’s closing stock price on the
- 21/09/2010
- 21/09/2010
Source says it now offers a truly passive approach to alternative investment, with the launch of two exchange-traded funds tracking the Merrill Lynch Factor Model strategy.
This strategy, developed by BofA Merrill Lynch, aims to generate similar performance to funds of funds without investing directly in hedge funds.
Instead, the model uses a portfolio of six liquid and well-known market indices to replicate the global performance of hedge funds.
The BofAML Hedge Fund Factor Source ETFs are available in US Dollars and Euro and will be listed on the London Stock Exchange and Xetra respectively. They are highly liquid, Ucits
- 21/09/2010
Derivatives exchange Eurex will be launching a future that is based on notional short-term debt instruments issued by the Republic of Italy (Buoni del Tesoro Poliennali – BTP) on 18 October 2010.
The contract will complement the Eurex benchmark interest rate derivatives family; along with the existing ten-year Euro BTP Future, the short-term BTP contract will serve as an appropriate hedging instrument for all non-triple-A-rated European government bonds as well as for other interest rate instruments (such as swaps).
Following the launch of the new future, the short-term Italian government bond market will additionally benefit from the ensuing increase in
- 20/09/2010
Brevan Howard, Europe’s largest hedge fund, will open a research office in São Paulo, Brazil.
The firm already has offices in Europe, the US and Asia.
The Latin America office will be headed by Mário Mesquita, formerly a Deputy Governor of the Brazilian Central Bank (2006-2010).
- 20/09/2010
- 20/09/2010
Cheyne Capital Management (UK) says the Cheyne European Event Driven Fund exceeded its first round target of USD100m in assets under management by 1 August, raising the majority of the capital from new and existing investors in just two months.
The fund has delivered 11 months of consecutive positive performance since launch in October 2009 including during the difficult months of May and June and credits its performance to its European location and specific mid cap expertise.
The firm continues to see opportunity in the liquid European equity and credit spaces where a lack of other European based funds and
- 20/09/2010
Charter Group has teamed up with Brian Taitz to launch a hedge fund administration firm, Charter Group Fund Administration.
The firm is based in the City of London and focuses primarily on offshore funds managed by boutique fund managers.
Taitz founded and managed a fund administration operation in Sydney before relocating to the UK.
Taitz says the UK market is fragmented with larger administrators turning away smaller funds and relying more on their size than their service levels to win clients. This leads to clients having to look to foreign providers to fill the gap and then having to deal
- 20/09/2010
Cullen Capital Management, the US based value and income specialist, is entering the UK and European markets by making two of its flagship value equity strategies available to investors as Dublin-domiciled Ucits.
The Cullen North American High Dividend Value Equity Fund and Cullen Global High Dividend Value Equity Fund incorporate a value-based investment philosophy.
The funds are due to launch on 1 October 2010 and will be available in euro, sterling and dollar denominations to institutional, high net worth and retail investors.
Jim Cullen, president, portfolio manager and founder of Cullen Capital Management, says: “The search for income continues across
- 20/09/2010
Source has launched the BofAML Hedge Fund Factor Euro Source ETF in Deutsche Börse’s XTF segment.
The fund tracks the performance of the Merrill Lynch Factor Model Index with currency hedging.
The index measures the performance of a hypothetical investment portfolio that comprises renowned and liquid equities from the following indices: S&P 500, Russell 2000, MSCI EAFE and MSCI Emerging Markets.
The investment portfolio can enter both long and short positions and is adjusted every month.
The composition of the portfolio is based on the algorithms of Merrill Lynch International with the objective of tracking the Hedge Fund Research Weighted
- 20/09/2010
- 20/09/2010
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