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Hedge funds redeemed USD5.0 billion in September, the second outflow in three months, according to BarclayHedge and TrimTabs Investment Research. Industry assets decreased to USD1.72 trillion, the lowest level in 12 months.
“Hedge fund investors have grown much more cautious,” says Sol Waksman (pictured), founder and President of BarclayHedge. “They pumped USD58.5 billion into hedge funds between January and June, the heaviest first-half inflow since 2007. But then they withdrew money in two of three months for the first time since 2009.”
Hedge fund investors have been dumping emerging markets equities. Emerging markets hedge funds redeemed USD3.7 billion in September,
The third quarter earnings season in the US has turned out better than many initially feared. However, the challenges facing the corporate sector over the coming months are significant, and the likelihood is that the rate of profit growth will slow dramatically, or possibly go into negative territory, says William Sels, UK head of investment strategy at HSBC…
Analysts have started to downgrade their expectations for earnings growth but this process is probably far from over. Although valuations currently look undemanding, the current stage of the earnings revisions cycle may not prove to be a good time to tactically increase
F&C Thames River has strengthened its Multi-Alternative team with the appointment of Torquil Wheatley as Product & Performance Manager, reporting to Ken Kinsey-Quick, Head of Multi-Manager Alternatives.
Torquil joins F&C Thames River from Deutsche Bank in London where he worked for 11 years as Director, GFFX Global Markets Structuring and Head of Currency Solutions for Pension Funds and Insurers. Prior to this, he worked for other financial institutions including JP Morgan and Citibank in London, Paris and New York.
At F&C Thames River, he will be responsible for internal and client communication related to the firm’s multi-alternative products, as well
Specialist finance and advisory firm Trafalgar Capital Advisors (TCA) has entered into a strategic partnership with Marylebone Fund Management Group to launch the PreIpo2Ipo fund, which will provide bridge financing to innovative organisations seeking listing on small-cap exchanges or listing platforms in the UK, US, Ireland, Germany and Dubai.
The fund will generally invest via a convertible note which will convert at private valuation rate when the listing occurs giving the fund the uplift in its investment into the now public valuation. The fund will then seek to monetise its investment via the public markets. Fees are 2 and 20,
The opening theme at the 1st Annual Offshore Investment Funds Summit was presented by Cayman Islands Government representative Dax Basdeo, who addressed the subject of experience and credibility of the world’s principal offshore fund domicile. The event was held in São Paulo last Wednesday (21 Sep) and was organised by DMS, a company specialising in structuring and operating offshore funds.
Still during the opening remarks – which counted with over 70 attendees, including independent fund managers and representatives of private banks and assets – the director of dms Brasil, Francine Balbina, outlined the importance of the event, highlighting the unique
Tim Kirk (pictured), Partner and National Head of Financial Services at BDO LLP, on Jose Manuel Barroso and Nicolas Sarkozy’s confirmation of the EU’s commitment to press ahead with a unilateral Financial Transaction Tax (FTT)…
While potentially attractive, the idea that an FTT will make banks pay more towards economic recovery, or raise sums in the region of GBP30bn for development, is unrealistic.
The simple maths do not take account of how firms will react to the imposition of an FTT. Many low margin trades would simply not take place if the tax was imposed, while an EU-only tax
Effective 17 October, 2011 GSC Group Limited has joined the Black Diamond family of companies and will now operate under the name Black Diamond Capital Management Limited.
Black Diamond’s European office will be headed by Nick Petrusic, who, along with the other London based team members, will oversee its European Mezzanine and European CLO businesses.
"We are excited to have an experienced team with a long track record based in London, and look forward to continuing to grow those businesses as new opportunities present themselves in the European markets", says Steve Deckoff, Managing Principal at Black Diamond.
"We
Man Group plc has taken a significant step in establishing its presence in China, with the appointment of Yifei Li (pictured) as Country Chair, China. Li has 18 years of senior management experience, having successfully led the expansion of several multinational companies in China.
Peter Clarke, Chief Executive of Man, says: “This appointment signals the importance of China to Man’s future development. We are already extremely well represented in terms of trading, sales and distribution in Asia and expansion in China is the natural next step. Yifei Li is widely recognized in the region for her extensive experience managing
Since Tuesday, ICE Clear Europe has been actively transferring, upon request, individual customer accounts of MF Global Ltd. More recently, it has begun transferring client positions, upon request, of MF Global Inc. (US), MF Global Pte (Singapore), MF Global Futures HK Ltd (Hong Kong), and MF Global Ltd (Australia). The majority of positions are being successfully transferred with additional transfer requests continuing to be accepted and processed.
In the UK, the administration is operating under the newly-implemented Special Administration Regime, which came into effect in February 2011 following the Lehman bankruptcy. One of its objectives ensures timely engagement with market
GAM has launched the GAM Star Cat Bond, a UCITS-compliant fund that aims to deliver stable and very attractive cash plus returns that are not impacted by the volatility and performance of more traditional equity and fixed income instruments.
The fund is the most recent addition to GAM’s growing UCITS range and provides investors with an opportunity to access securitised insurance risk through a regulated vehicle.
The fund is managed by one of the leading names in the insurance-linked securities (ILS) market, Fermat Capital Management, LLC (Fermat), and invests in securitised insurance risks via a portfolio of 40-50 cat bonds.
