It would be possible for the ECB to underwrite all the existing and future debt of the Eurozone sovereigns, without moral hazard, but Greece should leave, says Piere Lagrange, manager of GLG’s European Long Short Fund… The underwriting MUST be conditional on the country achieving budget deficit and debt targets, within a time horizon of (say) five years. In fact, periods could be framed for each country in accordance with its ability to meet targets; a bit like a debt rescheduling process, based on what people can realistically repay. Lessons from war damage payment and Weimar: give targets which are

Independent fund management group Liontrust Asset Management has released its results for the year ended 31 March 2012. The group’s adjusted profit before tax was GBP1.0 million (2011: loss of GBP1.7 million), while assets under management as at 31 March 2012, totalled GBP1.5 billion (2011: GBP1.3 billion). At slose of business on 18 June 2012, assets under management were GBP2.1 billion. Liontrust’s net inflows for the year to 31 March 2012 were GBP152 million (2011: GBP81 million). So far in the current quarter from 1 April 2012 to 18 June 2012, Liontrust has recorded net inflows of GBP94 million. John

JP Morgan Worldwide Securities Services’ (WSS) tri-party offering for Chicago Mercantile Exchange Inc’s (CME) IEF4 program will begin supporting corporate bonds.  The change comes in conjunction with CME Clearing’s decision to expand eligible collateral to include corporate bonds and extends the capabilities of JP Morgan’s longstanding supporting of CME Clearing’s IEF4 program.   The expanded eligibility will provide Futures Commission Merchants (FCMs) greater flexibility in meeting their collateral requirements by being able to post high grade securities, particularly critical as regulations related to Dodd-Frank are enforced.   IEF4 is a specialised collateral program that permits clearing firms to pledge collateral

The hedge fund industry has undergone significant change since the beginning of the financial crisis, resulting in the need to grow operational infrastructure and increase transparency, says a report by KPMG, and the Alternative Investment Management Association (AIMA). Prior to the crisis, the primary source of capital came from non-institutional investors such as high-net worth individuals and family businesses; however institutional investors are now the leading allocators to hedge funds. This change means hedge funds have had to adapt to the new source of capital, and the demands associated with institutional investors — namely the need for a more robust

Institutional investors across the globe are demonstrating significant demand for alternatives to support investment objectives such as diversification and alpha generation, and these expanding allocations are spurring greater interest in customised, investor-driven implementation approaches, according to the 2012 Global Survey on Alternative Investing released today by Russell Investments. In 2010, when Russell last surveyed institutional investors, including corporate and public defined benefit plans, corporate defined contribution plans, non-profits and superannuation funds, attitudes about alternatives were in flux as institutions were still adjusting to the repercussions of the global financial crisis across their entire portfolios. This latest edition, the tenth issuance

Managed futures gained 2.64% in May according to the Barclay CTA Index compiled by BarclayHedge. The Index is up 1.92% year-to-date. “The risk-off trade which started to gain momentum in April moved into high gear in May, allowing CTAs that were properly positioned to have a profitable month,” says Sol Waksman (pictured), founder and president of BarclayHedge. “Signs of slowing in the US and China, coupled with fears of financial contagion in Europe, drove prices for equities and commodities sharply lower while the US dollar and bond prices in ‘safe’ countries rallied strongly.” Six of Barclay’s eight CTA indices had

One of the unique features at Gaim 2012 was the opportunity for a variety of fund managers to deliver rapid-fire presentations to a panel of judges comprised of seasoned investors. The runner-up this year was Ozarslan Tangun (pictured) of AccessTurkey Opportunities Fund, LLC, whose 90-second presentation caught the attention of the audience and the judges alike, winning him a bottle of champagne. For the benefit of wannabe hedge fund presenters everywhere, here’s Ozarslan’s rapid-fire effort, summarising a number of themes into a concise presentation.   Ozarslan A Tangun, CFA, Director, AccessTurkey Opportunities Fund, LLC   “Founded in 1999, ATOF has