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The latest Blue Ink All South African Hedge Fund Composite (BIC), which tracks the performance of around 100 hedge funds in South Africa, outperformed the All Share Index (ALSI) by more than 3% in July. This outperformance was achieved with significantly less volatility levels than the local equity market.
The BIC also showed returns of 2.11% during the first half of 2011, in comparison to the -0.61% the ALSI returned over the same period.
According to Eben Karsten (pictured), portfolio manager at Blue Ink Investments, the worst 12 month return an investor who invested in a local hedge
John Redwood (pictured), Chairman of Evercore Pan Asset’s Investment Committee, on the effect of the Euro crisis on world markets…
These are savage markets. As we feared, the markets continue to worry about the Euro crisis. More are concluding that cash or near cash is the best short term answer. Fewer investors want to hold risky assets.
In recent days the market sell-off has become indiscriminate. It is not just the western bank shares, at the eye of the storm, or Euroland shares generally that people are selling. They are now liquidating positions in sounder investments like Asian shares.
The Securities and Exchange Commission has charged two San Francisco-area men with fraud for offering investors extraordinary returns as high as 6,300 per cent when instead their money was spent on multi-million dollar home improvements and other luxuries.
The SEC alleges that Jason G Rivera, Jr, Marc C Harmon, and two companies controlled by Rivera raised nearly USD8 million from investors in two separate schemes, one involving purported trading in gold and diamonds and the other involving purported trading in collateralised mortgage obligations (CMOs). However, the funds raised from investors weren’t used for those purposes as Rivera diverted most of
The UBS Board of Directors has accepted the decision of Group CEO Oswald Grübel to resign from the bank. The Board of Directors asked Sergio P Ermotti to take up the position of Group CEO on an interim basis. The appointment will take effect immediately.
UBS’s Chairman Kaspar Villiger says: "The Board regrets Oswald Grübel’s decision. Oswald Grübel feels that it is his duty to assume responsibility for the recent unauthorised trading incident. It is testimony to his uncompromising principles and integrity. During his tenure, he achieved an impressive turnaround and strengthened UBS fundamentally. He steps down having helped make
Societe Generale Securities Services (SGSS) has extended its clearing licence with SIX x-clear the clearing entity of SIX Securities Services, becoming, in the process, a General Clearing Member on UBS MTF, the multilateral trading facility.
SGSS continues to expand its ability to offer its clients, made up of broker dealers, investment banks, and traders, improved access to the growing number of international multiple exchanges and trading platforms. This extension of SGSS’ clearing offering allows its clients to increase their efficiency and reduce costs by optimising their risk management, enabling them to carry out single margin calls and bookings at
London-based credit specialist Cairn Capital Limited is launching a Subordinated Financials Fund. The Fund is expected to launch on 3 October and has around EUR45 million (GBP39 million) of committed seed capital.
Seed capital is coming from two of Cairn Capital’s existing investors; Stanhope Pension Trust, a UK corporate pension fund, and San Bernardino County Employees’ Retirement Association, a US public pension fund.
The fund’s objective is to deliver double digit annualised returns from investments in subordinated financial debt instruments, primarily legacy instruments and predominantly within Europe. Cairn Capital believes the sovereign and regulatory stresses impacting the market
International Standard Asset Management (ISAM), the alternative investment manager has appointed Rupert Douglas as Head of European Sales. Douglas will be responsible for developing and promoting the sales and marketing of ISAM Systematic to European institutions, distributors and consultants.
Most recently, Douglas worked for RAB Capital, where he focused solely on European sales. Prior to this he worked for Maple Leaf Capital, a single strategy volatility fund. He has over six years experience marketing hedge funds, having started his career on the Liffe floor for SG Warburg, before heading to Hong Kong to work as a futures & options salesman
Mourant Ozannes’ litigation partner and regulatory law expert, Beverley Lacey (pictured), recently chaired and addressed a packed audience at the Royal Yacht Hotel on important recent legislative developments of concern to company directors offshore.
The event attracted over 130 directors from the Island’s finance industry, with standing room only.
Leading experts Lesley Anderson QC and Edward Rowntree, barristers from insolvency chambers, Hardwicke, spoke on directors’ duties and the approach of the Secretary of State for Trade and Industry in the UK to disqualification. Beverley Lacey explained the disqualification regimes in Jersey, Guernsey and the Cayman Islands and the regulatory approach of
The London Metal Exchange (LME) has received several expressions of interest with regard to potential strategic transactions.
The Board, which is being advised by Moelis & Company, will begin a formal process which may or may not lead to an acceptable offer for the company being received.
The interest shown in the LME, where total trading volumes are currently at record levels, reflects the importance of the exchange in global commodities markets.
“We have built a modern, innovative and successful exchange vital to those companies that own it and use it every day,” said Martin Abbott (pictured), chief executive
RBC Dexia Investor Services has won a mandate from Tages Capital SGR, a newly-launched independent investment management company based in London, Luxembourg and Milan.
RBC Dexia will provide depository bank, fund administration and shareholder services to Tages Capital’s domestic fund of hedge fund range, as well as for its Luxembourg-based UCITS funds.
The appointment builds on RBC Dexia’s footprint in Italy and its combined onshore, offshore offer. Mauro Dognini, Managing Director of RBC Dexia Italy, says: "The Italian fund management industry is undergoing significant change as local and European regulation takes effect. Outsourced solutions can help fund managers to
