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ProShares has launched the ProShares Hedge Replication ETF (HDG). HDG’s benchmark is based on Merrill Lynch’s recognised hedge fund replication model. The ETF lists on NYSE Arca today.
HDG seeks to provide the risk/return characteristics of a broad universe of hedge funds without many of the challenges of hedge fund investing. Historically, a broad universe of hedge funds, as measured by the HFRI Fund Weighted Composite Index, has had attractive risk-adjusted returns relative to equities (past performance is not a guarantee of future results). However, there are many deterrents to investing in hedge funds, such as illiquidity, limited transparency and
GLG Partners, now part of Man Group Plc, this week announced the launch of their 10th UCITS fund since July ‘09.
UCITS attracted nearly EUR23billion in net sales for May, up slightly from EUR21billion in April.
John Locke Investments, the independent CTA operating out of Fountainebleau, this week announced the launch of an onsho
Ratings agency Fitch has issued a two-pronged attack on European Absolute Return funds, branding them “prone to performance disappointment” and al
Newedge has posted the monthly performance data for its suite of hedge Fund Indices. All bar one of the indices were in negative territory dung the month with the Newedge Volatility Trading Index the only positive performer at +0.89% (+5.11% year-to-date).
The Newedge CTA Index was down 1.69% in June (-3.96 YTD) while the index’s top performers for the month included: IKOS FX Fund: est. +3.36 per cent; Ortus Capital Mgmt. (Currency): est. +1.07 per cent; and Mapleridge Capital (Diversified): est. +0.06 per cent.
The Newedge AlternativeEdge Short-Term Traders index meanwhile, was down 0.12%. Its top performers for the
The Commodity Futures Trading Commission (CFTC) has issued an order clarifying the effective date of the provisions in the swap regulatory regime established by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) as the CFTC continues to implement rules to reduce risk and enhance transparency in the swap markets.
The Order provides temporary relief from certain provisions that will become effective as of July 16, 2011, until the CFTC completes the rule-makings specified in the Order. The CFTC’s action will avoid disruption in the markets, and will provide for the orderly implementation of the
State Street Corporation has published a new Vision Report examining the re-emergence of the hedge fund industry and the new dynamic between investors, hedge funds, and hedge fund administrators that has emerged to address sweeping regulatory changes and investor demands for enhanced fund transparency, liquidity and efficiency.
According to "Hedge Funds: Rebuilding on a New Foundation", today’s post-crisis environment fund selection will emphasise six critical operational and risk management elements: investment strategy and performance, portfolio liquidity, portfolio transparency, reconsideration of pricing and lockup periods, operational due diligence and the independence of custodians and administrators.
"The theme of transparency in the
The European Securities and Markets Authority, which succeeded the Committee of European Securities Regulators at the beginning of this year, has asked for industry comment on the advice it proposes to send to the European Commission on detailed implementation measures for the European Union’s Alternative Investment Fund Managers Directive.
The directive, on which the European Parliament, Commission and member states took more than 18 months to find agreement last November, was formally signed last month following a lengthy process of legal and linguistic revision and translation into the union’s official languages.
It was published in the EU Official Journal on
The Securities and Exchange Commission today charged Sam Otto Folin (Folin), his Philadelphia-based registered investment adviser, Benchmark Asset Managers LLC (Benchmark) and its parent company, Harvest Managers LLC (Harvest) with misappropriating approximately USD8.7 million from advisory clients, friends and family through material misrepresentations and omissions.
According to the SEC’s complaint filed in the US District Court for the Eastern District of Pennsylvania, from approximately 2002 through October 2010, Folin, Benchmark and Harvest offered and sold securities in Harvest, Benchmark, and Safe Haven Portfolios LLC (Safe Haven), a pooled investment vehicle, promising investors that their funds would be invested in public
