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Record Currency Management, the specialist currency manager, has launched the Record Euro Stress Fund, which is intended to generate positive performance over periods of stress in the Eurozone. The fund has been opened with seed capital from Record plc.
The fund is believed to be the first of its type and draws on specific areas of expertise within Record, in particular currency risk management and drawdown controls. It is a response to the commercial potential in capitalising on the wide range of views in the market on the long-term viability of the Euro in its current form.
This range of views
The Dow Jones Credit Suisse Hedge Fund Index posted negative performance in May, finishing down 0.96%, with three out of ten strategies posting positive performance for the month, according to the company’s latest monthly Hedge Fund Index Commentary.
Dedicated Short Bias was the best performing sector in May. The strategy gained 2.20% as managers capitalised on negative momentum across the equity space.
Long/Short Equity funds posted negative performance of -1.68% for the month, but still outperformed long-only benchmarks on both a relative and net exposure-adjusted basis.
Managed Futures reversed from its positive performance in April when it posted a gain
Fitch Ratings believes that asset managers will have to adapt to the changes brought by the new Solvency II capital regime which comes into effect 1 January 2013. European insurers are the biggest institutional clients of European asset managers, with EUR6.7trn of assets under management. This equates to a third of European asset managers’ client base.
"Solvency II will have a major cultural impact on asset managers, as investment mandates move from beating a market index toward beating swap rates plus the illiquidity premium and greater transparency required on portfolios’ assets," says Aymeric Poizot (pictured), Senior Director in Fitch’s Fund
The Securities and Exchange Commission has approved a new rule to define “family offices” that are to be excluded from the Investment Advisers Act of 1940.
The rulemaking stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Family offices” are entities established by wealthy families to manage their wealth and provide other services to family members, such as tax and estate planning services. Historically, family offices have not been required to register with the SEC under the Advisers Act because of an exemption provided to investment advisers with fewer than 15 clients.
The Dodd-Frank Act removed that exemption
BNY Mellon Asset Servicing, the global leader in investment servicing, has been appointed by Barclays Wealth Funds Limited to provide transfer agency and fund accounting services to UK-domiciled assets valued at GBP4bn (USD6.4 million).
The new mandate builds on BNY Mellon’s existing long-standing relationship with the client, and increases total Barclays Wealth fund assets under custody and administration by BNY Mellon to 17bn pounds.
The addition of these assets to Barclays Wealth Funds Limited as the Authorised Corporate Director and Unit Trust Manager also demonstrates Barclays’ ongoing commitment to building its presence in the UK investment market.
David Dalton-Brown
This is an announcement falling under Rule 2.4 of the City Code on Takeovers and Mergers (the “Code”). It does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Code. Accordingly, there can be no certainty that any offer will be made even if the pre-conditions are satisfied.
The Board of RAB Capital plc (the “Company” or “RAB”) announces outline terms for a potential reorganisation of the Company (the “Proposals”), under which:
RAB would delist from AIM; and
RAB shareholders would be offered the opportunity to receive 10.0 pence in cash per
The CIO of Man Group’s Multi-Manager division, Luke Ellis (pictured), is to head up a new UCITS fund launched this week.
Claude Kremer, former Chairman of the Association of Luxembourg Fund Industry (ALFI) was this week elected President
After first reporting at the end of last year that Deutsche Bank was working with London-based Sloane Robinson to launch a UCITS version of the
Pershing LLC, a BNY Mellon company, has added Altegris, Invesco and TIAA-CREF funds to FundVest, its no-transaction fee mutual fund platform. It also expanded access to the current Invesco fund offering, including the legacy Van Kampen product line, which more than triples the overall offering in the Invesco fund family on the Pershing platform.
Mutual funds from these financial organisations are now available to Pershing’s introducing broker-dealer customers and the clients they serve, and to independent registered investment advisors and their clients through Pershing’s affiliate Pershing Advisor Solutions. FundVest allows investors to buy, sell or exchange load and no-load funds
