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James Skeggs, Head of Research for Newedge, takes a look at the potential benefits and costs of portfolio rebalancing.
At the outset of his research, Skeggs expected that regularly rebalancing a portfolio would produce measurably better outcomes when considered in terms of risk-adjusted returns, but he was greatly surprised to find this was not the case. After delving in to the question of why rebalancing frequently has little impact, the results prove that rebalancing should only be done when the portfolio is seriously out of balance, or when it can be done at a minimal cost with new money.
One
The former Attorney General for the Cayman Islands, Richard Coles (pictured), is the new Chairman of Cayman Finance, the voice of Cayman’s financial services industry.
Coles was appointed last week at the organisation’s AGM in Cayman and immediately declared his commitment to further develop Cayman Finance’s relationship with the Cayman Islands Government.
“This organisation has developed an impressive history of working with Government to achieve its mission of promoting Cayman’s financial services industry," says Coles. "It is my intention to build upon this relationship further and to take the activities of Cayman Finance to a new level.”
The new
The international derivatives exchange Eurex has admitted Nanhua Futures (Hong Kong) Co Ltd as a new trading participant based in Hong Kong. Nanhua Futures is the Hong Kong subsidiary of one of the leading futures brokers from the People’s Republic of China.
David Luo, CEO of Nanhua Futures, says: “We are very honoured to become a member of one of the leading derivatives exchanges in the world. Nanhua is committed to providing its clients with high-quality services, high efficiency and expertise. Being a member of Eurex will further leverage our business and our services and could help us to even
In its latest survey on the growing market for New UCITS (NUCITS), ML Capital has seen that the largest growth in investor demand this quarter, has been for Global Macro strategies, with 87 per cent of respondents planning to increase or maintain their exposure to those funds.
ML Capital surveyed a diverse range of active investors in NUCITS, who collectively manage EUR40 billion and today invest upwards of EUR10 billion of those assets into NUCITS Funds. Questions were aimed at discovering their forthcoming strategy allocations and are asked each quarter to the same respondents in order to track asset flows
JP Morgan Worldwide Securities Services has launched its Repo Trade Matching Engine. This new functionality will enhance the operating model of the US Tri-Party Repo market, in support of the May 2010 recommendations of the Tri-Party Repo Infrastructure Task Force sponsored by the Federal Reserve Bank of New York’s private sector Payments Risk Committee.
The Repo Trade Matching Engine can take trade instructions via a variety of different messaging types from Tri-Party Repo Cash Lenders. These Lenders—including asset managers, pensions, and government institutions—will be able to view the matching status of their trades through JP Morgan’s proprietary Repo Access platform. Tri-Party
GAIN Capital Holdings, Inc. (NYSE: GCAP), a global provider of online trading services, has reached an agreement with Deutsche Bank AG to acquire dbFX, Deutsche Bank’s retail foreign exchange trading business. The agreement also provides for the referral of retail forex clients from Deutsche Bank to GAIN Capital over the two-year period following the closing of the transaction.
Under the acquisition agreement GAIN Capital will make certain payments to Deutsche Bank based on contract volume generated by transferring customers, subject to a specified minimum payment. The transaction is subject to customary regulatory approvals and other closing conditions.
Since dbFX was
The GlobeOp Forward Redemption Indicator for April 2011 stands at 2.45%, a decrease of 0.81% from March 2011 and a decrease of 0.38% from a year ago.
“The Indicator is near its all time low when measured over the past three years and reflects continued improvement in investor confidence,” says Hans Hufschmid (pictured), chief executive officer, GlobeOp Financial Services.
The Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by GlobeOp, divided by the AuA at the beginning of the month for GlobeOp fund administration <http://www.globeop.com/globeop/ab/proserv/fund_administration/> clients. Forward redemptions as a percentage of
Eze Castle Integration, Inc has released its 2011 Hedge Fund Operations & Technology Benchmark Study of more than 220 hedge funds and alternative investment firms. The study provides insight into the operational decisions being made by fund managers, examining their use of technology to meet investor and regulatory requirements.
The combination of preparing for regulations and the demand for greater investor transparency is resulting in a strong focus on deploying and optimizing technology to manage, protect and more effectively use data, from the front to back office. T
Report findings on front office operations and technologies focused on order and
Cantor Fitzgerald & Co has added a new Equity Securities Lending team to the Cantor Prime Services Group with the hiring of Securities Lending veterans Allen Wolkow and Janah Angelou, who will co-manage the effort. Wolkow and Angelou were co-founders of Hedge Source LLC, a Securities Lending consulting firm for hedge funds.
“Adding these experienced professionals deepens our relationships with our current client base and expands the universe of clients we can attract,” says Noel Kimmel, Senior Managing Director and Global Head of Prime Services at Cantor Fitzgerald. “Allen and Janah have a proven track record and have both built
The Dow Jones Credit Suisse Hedge Fund Index (HFI) posted positive performance in March, up 0.12%, with five out of ten strategies in the index posting positive performance for the month.
Emerging Markets was the best performing sector in March, up 2.12%, as managers gained from long currency and equity positions which were bolstered by better than estimated earnings.
Despite early losses following the market’s reaction to the events in Japan, Equity Market Neutral managers finished the month up 1.11% as they benefited from the re-risking in the latter portion of the month.
Global Macro managers also posted positive performance
