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NewAlpha has launched NewAlpha Genesis 4, a contractual fund currently being established with a view to invest in French and foreign hedge funds run by early-stage fund managers.
NewAlpha aims to raise EUR200m from European institutional investors, family offices, private banks and sovereign funds. The closing date is scheduled for end-October 2010.
NewAlpha Genesis 4 plans to take advantage of favourable supply and demand conditions on behalf of institutional investors.
According to the firm, increasingly stringent regulations and consolidation in the asset management industry are encouraging many fund managers to branch out on their own. At the same time, institutional
- 20/06/2010
The government of Gibraltar has published the text of the new, amended and consolidated Income Tax Act, which ends all distinction between “onshore” and “offshore” business.
The Act lays the foundations for the reduction of company tax in Gibraltar from 22 per cent to ten per cent from 1 January 2011, to coincide with the definitive abolition of the historical tax exempt company regime.
This legislation ends all distinction between “onshore” and “offshore” business. Together with the tax information exchange agreements being entered into by the government, and Gibraltar’s integration in the EU and compliance with EU financial services regulation,
- 20/06/2010
Hungry for alpha, hedge funds are turning to equity swaps and synthetic prime to access emerging markets offering attractive spreads and easily identifiable risk arbitrage opportunities.
According to forecasts by Tabb Group in a new research report, The Alternative Emerging Market: Equity Swaps and Synthetic Prime, trading in emerging market equity swaps is forecast to rise at a compound annual growth rate of 22 per cent by 2011, reaching USD330bn in outstanding notional amounts as funds turn to synthetic solutions over cash equities.
During this same period, Tabb expects developed market equity swaps to grow at a CAGR of 15
- 20/06/2010
Managed futures lost 0.77 per cent in May, according to the Barclay CTA Index compiled by BarclayHedge.
“The slowing of growth in China, fears of a double-dip recession in the US, and a European liquidity crisis precipitated a sharp decline in global equity prices,” says Sol Waksman, founder and president of BarclayHedge.
Three of Barclay’s six managed futures sectors had losses in May, while the other three sectors made gains. The Barclay Diversified Traders Index was down 1.31 per cent, systematic traders lost 0.67 per cent, and discretionary traders slid 0.57 per cent.
“The Reuters-CRB Commodity Index fell by more
- 20/06/2010
- 20/06/2010
H.E. Abdul Qadir Fitrat, governor of the Central Bank Afghanistan, says the regulation of Islamic banking in Afghanistan should be implemented in the country within next two months.
Speaking at the International Conference on Prospects of Islamic Banking and Finance in Afghanistan, he said that currently seven banks are offering Islamic banking services through window operations and some banks have submitted their applications for the conversion of their conventional systems into Islamic operative systems.
The Central Bank of Afghanistan is in the process of analysing the Islamic banking laws of Pakistan, UAE, Indonesia and Malaysia.
Muhammad Zubair Mughal, chief executive
- 18/06/2010
Institutional investment in hedge funds has been intensifying since the end of 2009, with institutions now providing 72 per cent of the industry’s capital, according to Preqin estimates.
With investors monitoring up to 100 funds at any one time, it is essential that hedge fund marketers consider how best to promote their fund in order to access this source of capital.
Preqin’s latest survey of institutional investors, based on responses from 50 institutional investors carried out in May, provides an insight into how fund managers should market their fund to investors.
The median number of fund proposals received each month
- 18/06/2010
Akira Yaku and Kentaro Ishizaki, former proprietary traders at Mizuho Securities Co., have announced plans to start a Japan-focused hedge fund. Due to launch on 1 July, the Alithion Japan Fund, backed with USD22 million (2 billion yen) from Marubeni Corp., will primarily take long and short positions in 50-100 of Japan’s top 500 companies. The Singapore-based fund will be using Deutsche Bank AG as its prime broker.
Davide Erro, ex-Ghandara CIO, has launched his new Turiya Fund with an initial investment of USD300 million. Erro intends to make it the first global hedge fund based solely in Asia. The
- 18/06/2010
LCH.Clearnet, which operates the interest rate swap clearing service SwapClear, is to begin using the overnight index swap rate curves to discount its USD218trn IRS portfolio.
Previously, in line with market practice, the portfolio was discounted using Libor.
However, an increasing proportion of trades are now priced using OIS discounting.
After consultation with market participants, LCH.Clearnet has decided to move to OIS to ensure the most accurate valuation of its portfolio for risk management purposes. LCH.Clearnet already uses OIS rates to price the rate of return on cash collateral.
From 29 June 2010, USD, Euro and GBP trades in SwapClear
- 17/06/2010
EFX Prime Services, a division of First New York Securities, has hired two prime brokerage executives to help lead EFX Prime’s sales efforts.
Both will be based at EFX Prime’s New York Headquarters at 90 Park Avenue.
Jonathan Shapiro joins EFX Prime from Goldman Sachs where he was a senior relationship manager. With a strong operational background based on ten years of prime services experience, Shapiro will assist EFX Prime clients address operational and infrastructure challenges.
Gary Mednick, a 29 year brokerage veteran, joins EFX Prime from Grace Financial where he built out a client base of hedge fund managers
- 17/06/2010
- 17/06/2010
The International Securities Lending Association is to partner with FinTuition to provide an introduction to securities lending course.
The introductory course is a one-day module designed to give attendees a broad overview of the securities lending industry.
Isla expects to make further announcements about other training modules shortly.
Kevin McNulty, chief executive of Isla, says: “We are very excited to announce the first element of Isla’s education programme. FinTuition’s experience of providing training courses for securities lending and the product knowledge make them an ideal partner for us.”
Isla decided to develop a formal education framework in 2009, to help
- 17/06/2010
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