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The Hennessee Hedge Fund Index declined 1.98% in May (+2.15% YTD), while the S&P 500 fell -6.27% (+4.19% YTD), the Dow Jones Industrial Average decreased -6.21% (+1.44% YTD), and the NASDAQ Composite Index declined -7.19% (+8.53%). Bonds were mixed, as the Barclays Aggregate Bond Index increased +0.90% (+2.33% YTD) and the Barclays High Yield Credit Bond Index declined -1.31% (+5.05%).
“May was a tough month for risk assets. European worries returned with vengeance resulting in a flight to quality and ‘risk off’ trading. Despite conservative positioning, hedge funds posted their worst monthly loss since September 2011, falling -2%,” says Charles Gradante, Managing Principal of Hennessee Group. “Many managers
Conyers Dill & Pearman has hired a litigation lawyer in the Cayman Islands and five corporate lawyers across its Mauritius, Moscow, British Virgin Islands and Hong Kong offices, as the firm continues to strengthen its global practices.
Ben Hobden joins Conyers’ Cayman Islands litigation team, while the firm has hired Ashvan Luckraz in Mauritius, Alexandra Karaganova in Moscow, Patrick Ormond in the British Virgin Islands, and Felicity Lee and Anna Barreira in Hong Kong.
Our global corporate and litigation teams enjoy an excellent reputation among clients and across the market, which will be well complemented with these lawyers, whose talent
The many tortuous “what if” articles on the eurozone‟s financial problems address the risks of collapse and contagion together with the inchoate political responses. Inevitably they conclude catastrophic consequences. There is no gain in further exaggerating this fairy tale, which is repeated to frighten voters into submission, says Jonathan Compton, managing director, Bedlam Asset Management…
The authors have risible track records on anticipating sovereign crises, despite the fact that from 2008 it was easy to foresee a series of defaults. The data was widely available; the ground work had been widely published for years (such as papers by Professors Reinhart
TOBAM, the Paris-based asset management firm established by Yves Choueifaty and colleagues in 2006 as the Quantitative Asset Management Group within Lehman Brothers
LCH.Clearnet Group Limited (LCH.Clearnet) is to appoint Stephen Patriarco as Global Head of Collateral Services, US Head of Collateral and Liquidity Management (CaLM).
Patriarco will be responsible for developing LCH.Clearnet’s collateral management capabilities on a global basis and will provide localised support in collateral and liquidity management to US clients. The appointment is further testament to LCH.Clearnet’s commitment to the US marketplace and to the importance placed on creating collateral efficiencies for participants.
Stephen has over 25 years’ experience in financial services and has spent a considerable amount of his career focusing on improving infrastructure and processes supporting financing and collateral
Currency traders have got their backs to the walls in 2012. Amid low interest rates and low volatility (thanks to central bank intervention) G10 currencies have been largely range-bound. Trading volumes have slipped away, putting sell-side trading desks under pressure to meet revenue targets.
As Reuters reported earlier this month, one-month EUR/USD implied volatility was at its lowest level since Lehman’s collapsed. What makes this so extraordinary is that the euro has failed to capitulate – against the US dollar it strengthened to 1.34 at the end of February and has since weakened to 1.28 at the time of writing.
The Commodity Futures Trading Commission (CFTC) recently approved amendments to various CFTC regulations relating to registration as a commodity pool operator (CPO), says Seward & Kissel LLP…
Most notably, the CFTC has rescinded the exemption from registration as a CPO provided in Commodity Exchange Act Rule 4.13(a)(4), which exemption did not impose any limitations on a pool’s ability to trade futures. Managers who are currently relying upon Rule 4.13(a)(4) will no longer be able to do so as of 31 December, 2012.
For many fund managers, the most likely alternative exemption will be under Rule 4.13(a)(3), which provides a
After a tumultuous three years the hedge fund Third Party Marketing (TPM) industry is seeing very strong growth in demand from both hedge funds and investors, although this growth is not shared evenly across the estimated 500 firms in the industry due to a wide difference in the quality and reputation of TPM firms.
Here, Don Steinbrugge (pictured) of Agecroft Partners addresses the reasons for the increase in demand for TPMs, the benefits of the top TPMs to investors and hedge fund managers, what has transpired in the TPM industry over the past three years and the quality difference among TPM firms
Asia ex-Japan hedge funds were down an estimated 4.11 per cent in May according to Eurekahedge, amid continued macro headwinds blowing out of Europe.
Ellis Lake, an event-driven credit manager, has hired Megan Sterrett as Director of Marketing and Investor Relations.
Prior to joining Ellis Lake, Sterrett was a Hedge Fund/Private Equity Portfolio Manager for Doshi Capital Partners, a single family investment office based in New York. The family office seeded Heritage Capital India, an Investment Management firm focused on the public markets in India, where she was Head of Marketing and Investor Relations.
Ellis Lake was founded in 2010 by Industry veteran, Gabe Nechamkin, who managed money for George Soros and was a founding partner of Satellite Asset Management, a $7 billion
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