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By Simon Gray – The global hedge fund industry has just suffered its second losing year in four, yet the mood across the industry today is optimistic, albeit cautiously so. Last year’s overall sub-par performance across the sector, albeit with a few significant exceptions, appears to have been accepted with relative equanimity by an investor base conscious that they were not missing out on spectacular returns from other investment classes.
What was striking about hedge fund performance in 2011 was its increasing compression, according to data provider Hedge Fund Research. While the HFRI Fund Weighted Composite Index declined by 5.26
The Winners of The Hedgeweek Awards 2012 for excellence among hedge fund managers and service providers, as voted for by our readers…
Best Long/Short Equity Fund Manager
Winner: Dalton Strategic Partnership (Melchior European Fund)
Runner-up: Marshall Wace (Eureka Fund)
Best Market Neutral Fund Manager
Winner: Saemor Capital (Saemor Europe Alpha Fund)
Best Relative Value Fund Manager
Winner: PIMCO (PIMCO MultiAsset Volatility Fund)
Runner-up: Amundi (Amundi Absolute Volatility Arbitrage Europe)
Best Convertible Arbitrage Fund Manager
Winner: Mohican Financial Management (Lyxor/Mohican Convertible Arbitrage Fund)
Joint runners-up: Investcorp (Investcorp Silverback Arbitrage Fund) and SSI Investment Management (SSI Hedged Convertible Opportunity)
Managed futures gained 0.95% in February according to the Barclay CTA Index compiled by BarclayHedge. The Index is up 1.10% year-to-date.
“Rising prices for global equities and commodities coupled with falling bond prices and US dollar weakness provided adequate opportunities for CTAs to add to profits in February,” says Sol Waksman (pictured), founder and president of BarclayHedge. “All eight of Barclay’s CTA indices had gains last month, and they are all in positive territory year-to-date.”
The Barclay Diversified Traders Index gained 1.09% in February, Systematic Traders were up 1.00%, Agricultural Traders added 0.88%, and the Financial & Metals Traders Index
With the exception of short selling (-5.59%), all EDHEC-Risk Alternative Indexes finished February in positive territory.
Strategies in the equity space exhibited returns broadly consistent with the market dynamics (Long/Short Equity: 2.63%, Equity Market Neutral: 0.84%, Event Driven: 1.76%). The Event Driven strategy performed in line with its modelled dynamic exposure while the other two showed significant alpha.
The Convertible Arbitrage strategy, thanks to its exposure to the strongest fixed-income factors, recorded a 2.03% gain and its index progressed to a level close to its all time high. The Distressed Securities strategy, with an increased short-term sensitivity to credit risk,
BTIG Limited has hired Matthew Cyzer, former Partner and Head of European Equity Salestrading at Goldman Sachs in London, to head its equities sales and trading group and spearhead the further expansion of its European business.
Cyzer will serve as President and Head of European Equities for BTIG Limited. Based in London, Mr. Cyzer will be tasked with managing BTIG’s equities sales and trading business throughout Europe, planning and implementing the strategic direction and expansion of BTIG’s European businesses, including BTIG’s outsource trading, prime-brokerage and agency execution business, hiring professionals, and managing client services.
Cyzer has an established track record
Hedge funds gained 2.38% in February, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
“Positive signs in the US housing and labor markets coupled with receding risk of a Greek default helped drive equity markets and the hedge funds that invest in them to another profitable month in February,” says Sol Waksman (pictured), founder and president of BarclayHedge.
“Eighty-eight per cent of the hedge funds that have so far reported a February return have recorded a profit.”
The Barclay Emerging Markets Index was up 3.91% in February. Following a 5.06% gain in January, the Index has jumped 9.17%
Met Capital Management is preparing a Q2 launch of the Met Pacific Fund, an Asia-Pacific long/short equity trading fund.
When launched, the new fund will adopt a fully systematic version of the post-earnings stock momentum strategy successfully used by its flagship fund, the MET Europa Fund.
MET Pacific will, like MET Europa, be domiciled in the Cayman Islands, have post-2008 inspired favourable investment terms and retain liquidity and solid risk controls through investing in mid and large cap stocks in the developed markets within their respective geographic regions.
Portfolio Manager Jonathan Gordon, a former proprietary trader for Banco Santander and
SAIL Advisors, one of Asia’s leading global fund of hedge fund managers, has reinforced its fast-growing team in New York with the addition of an industry veteran to help drive its expansion in the US market.
Jason Filiberti has been appointed Senior Vice President to enhance SAIL’s client coverage in the US and will report to Gunther Jost, Head of Sales & Marketing. Having worked at Robeco-Sage for many years and most recently at Arden Asset Management, Filiberti brings to SAIL his longstanding experience and knowledge in client servicing and business development in the hedge fund industry. The new hire
Inter-dealer broker ICAP has hired Mark Newson-Smith as a broker in its metals business in London. Newson-Smith previously worked at Galena Asset Management as well as Bank of America, HSBC and Mitsui.
ICAP brokers cash and derivative base and precious metal products with desks in London, New York and Hong Kong. ICAP is a market leader across the base and precious metals spectrum and is a Category 2 clearing member of the London Metal Exchange.
Robert Rees, Global Head of Metals at ICAP, says: “We are delighted to have Mark join the team. He brings deep technical expertise and his
A survey conducted by Kinetic Partners of senior figures in the Asian asset management, investment banking and broking industry revealed that almost half believe that regulation will continue to be the greatest challenge for the global finance industry over the next five years.
A fifth of respondents believe that liquidity will be a greater challenge, whilst 15% anticipate that ineffective governance will cause the most trouble for the industry in the coming years. Restrictive tax regimes are not considered to have a significant impact on the global industry.
Singapore is emerging as an increasingly popular financial centre with 40%
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