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The Dow Jones Credit Suisse Hedge Fund Index finished down 1.33% for the month of May.
Dedicated short bias was on of just four of the 10 sub strategies to end the month in positive territory at 9.03%, while Long-Short Equity (-4.53%), Emerging Markets (-3.79%) and Equity Market Neutral (-3.18%) were the worst performers. The other three sub strategies to record gains were: Managed futures (2.38%); Fixed Income Arbitrage (0.24%); and Global Macro (0.19%).
The following funds were dropped from the Dow Jones Credit Suisse Hedge Fund Index in May: Concordia Global Multi-Strategy Fund, Context Advantage, Para Fund, and Southport
Rajat Gupta a former Goldman Sachs board member has been convicted on insider trading charges by a court in New York.
Gupta, 63, who denied illegally leaking boardroom secrets to former hedge fund manager Raj Rajaratnam – co-founder of Galleon Group LLC, who is currently serving an 11-year prison sentence – will be sentenced on 18 October when he could be sent to jail for up to 20 years.
The jury acquitted Gupta, a former managing partner of McKinsey & Co, of two other charges of securities fraud.
Prosecutors said that Gupta abused his privileged status to supply insider tips
Deutsche Bank’s structured funds division, db-X funds, has marked ten years in the structuring business by reaching over EUR10 billion in assets under management.
“Innovation, transparency, cost efficiency – these are some of the attributes that we’ve built our success on over the last 10 years,” says Alex McKenna, head of db X-funds. “I look forward to another decade of continued growth and delivering quality, unique products to our expanding client base.”
By structuring strategies in fund format, db-X funds provides on-shore, regulated access to the latest thinking in enhanced beta and alpha investment. Many db-X funds are based on
As expected, New Democracy has ‘won’ the Greek election, becoming the biggest party in the new parliament. Now they must try to form a working coalition government, says Barry Norris (pictured), partner at European fund management boutique, Argonaut Capital Partners…


The only credible partner for New Democracy is PASOK, which previously indicated it would only join a government of national unity, including Syriza. With Syriza likely to believe it can strengthen its position further in opposition, forming a working coalition will not be straightforward.

Assuming New Democracy can form a government, negotiations will start with the EU on easing the
April saw a distinct drop in UCITS net inflows according to the latest fact sheet released by the European Fund and Asset Management Association (EFAMA).
The Lyxor Hedge Fund Index was in positive territory at the end of May in spite of a slightly negative performance of -0.55% during that month (+0.96% in 2012).
Five Lyxor Strategy Indices out of 14 ended the month in positive territory, led by Lyxor CTA Short Term (+5.35%), Lyxor CTA Long Term (+2.21%) and Lyxor Distressed Securities (+0.66%).
Politics overshadowed everything else this month. After days of uncertainty and the inability to form a coalition government, new elections were called in Greece for June the 17th. These elections have increasingly taken the form of a referendum on a Greek
LME Holdings, HK Investment (UK) Limited and Hong Kong Exchanges and Clearing Limited (HKEx) have entered into a framework agreement regarding the terms of a recommended cash offer for the entire issued and outstanding ordinary share capital of LME Holdings by HKEx Investment, an indirect wholly-owned subsidiary of HKEx.
Following the decision of the board of LME Holdings to enter into the Framework Agreement, the Relevant Directors intend to unanimously recommend, in the Scheme Circular, that the holders of ordinary shares of LME Holdings vote in favour of the Transaction at the Ordinary Shareholder meetings expected to be convened before
KPMG has formed an alliance with Axiom Software Laboratories, Inc. (AxiomSL), a provider of regulatory reporting and risk management solutions, to address new regulatory requirements facing investment advisors, including Form PF.
In January, the Securities and Exchange Commission (SEC) issued a final rule under the Investment Advisers Act of 1940 that requires certain investment advisers, who advise one or more private funds and have at least USD150 million in private fund assets under management, to file Form PF.
The SEC final rule became effective March 31 and advisers will need to begin filing Form PF on a quarterly
Switzerland’s Council of States has essentially adhered to the amendments to the CISA proposed by the Committee on Economic Affairs and Taxation (WAK), a move that has been welcomed by The Swiss Funds Association (SFA).
At a meeting this week, the Council of States dealt with the partial revision of the CISA as the first chamber. The Council of States’ Committee on Economic Affairs and Taxation had put forward various amendments to the Federal Council’s proposed text, and these have now been mostly approved.
“We welcome the amendments that have been passed, and are pleased to note that the Council
The Australian Securities and Investments Commission has obtained orders in the Supreme Court of New South Wales to wind up an unregistered managed investment scheme operated by Secured Bond Ltd.
In proceedings on 28 May 2012, the Supreme Court also made final orders appointing Barry Taylor of HLB Mann Judd as liquidator of the scheme, known as Master Fund.
ASIC believes the Master Fund operated from October 2004 until December 2008 when ASIC obtained orders restraining the operation of the Master Fund (refer AD08-10 ASIC acts to protect investors’ funds and AD08-40 NSW Supreme Court orders repatriation of funds). ASIC understands that approximately 40 investors who
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