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Luma Solutions Services Limited (Luma), a joint venture between OFI Asset management and Gottex Solutions Services (GSS), which operates the first independent European platform offering managed accounts services for both UCITS III and non-UCITS III onshore funds, has appointed Arnaud Massenet as Chief Executive Officer.
Massenet will lead the development of Luma as it aims to become the leading independent onshore managed account platform in Europe, providing OFI Lux’s funds with a technically advanced platform with transparent pricing, high quality service providers, integrated tax reporting and other unique features.
Before joining Luma, Massenet worked for Gottex Fund Management, where he
The latest Preqin research shows that there has been a significant decline in the number of hedge fund of funds managers with AUM of between USD2bn and USD5bn, while those with less than USD250m in assets now account for a larger proportion of managers in the industry. Changes in the industry are a consequence of increased investor caution following the economic downturn and the Madoff incident.
Preqin’s current fund of hedge funds data shows: the mean fund of hedge funds is currently USD2.18bn; in 2010 this figure was USD2.75bn, and in 2009, USD4.78bn. The biggest decline in industry AUM meanwhile, occurred
An affiliate of Perella Weinberg Partners’ Asset Based Value strategy is to acquire AIG Rail Services Inc, a provider of customised full service and net leases servicing the railroad marketplace. Financial terms of the transaction were not disclosed.
As part of the transaction, certain funds within the Asset Based Value strategy have formed a new entity to purchase and manage AIG Rail Services Inc, which will be converted into a limited liability company as part of the transactions and continue operations under the name Flagship Rail Services LLC. Eugene Henneberry, President and Chief Executive Officer of AIG Rail Services, will
In March, the stock market could not maintain the fast pace that began last summer. The S&P 500 index remained stable (+0.04%) despite continuously decreasing implied volatility (17.7%) over the past three months. For the first quarter of 2011, the S&P 500 Index registered a positive return (+5.92%) that was about half the level of its two previous double-digit quarterly returns.
On the fixed-income market, convertible bonds (+0.63%) managed a positive but conservative performance, whereas regular bonds (-0.36%) registered their fifth consecutive negative return. Similarly, the Lehman Global Bond Index failed to reach positive territory. After six months of substantial
Principal Global Investors is to acquire a majority stake in Finisterre Capital, LLP, and Finisterre Holdings Limited, (together Finisterre Capital), an established emerging markets investor based in London.
“Finisterre Capital is a top-class emerging markets fixed income specialist with a strong investment performance track record,” says Jim McCaughan, chief executive officer of Principal Global Investors. “We are excited about the opportunity to help the business develop further and expand our capabilities in this growing market segment. There is already an enormous appetite to invest in emerging economies and we firmly believe the demand will continue as these markets develop.”
Hedge funds gained 0.35% in March according to the Barclay Hedge Fund Index compiled by BarclayHedge. Year-to-date, the Index is up 1.95%.
“The earthquake, tsunami and nuclear disaster in Japan, increasing turmoil in the Middle East, and the outlook for higher interest rates in the future helped to drive stock and bond prices lower in developed nations,” says Sol Waksman, founder and president of BarclayHedge. “In spite of these headwinds, hedge funds were able to eke out a small gain for the month.”
Eleven of Barclay’s 18 hedge fund indices were in positive territory in March. The Barclay Emerging Markets
Richmond Park Capital Holdings Limited, the holding company of Richmond Park Partners LLP, has finalised the acquisition of the Olympia Group, previously owned by Sagard Private Equity Partners and its other shareholders.
The transaction was approved by the AMF (Autorité des Marchés Financiers) and the FSA (Financial Services Authority).
This acquisition frees the Olympia Group of any previous debt.
Carne Global Financial Services has appointed Roisin Cater as an independent director for the boards of client funds in the Cayman Islands.
Cater is a highly experienced Cayman Islands lawyer with an extensive track record in the funds business, including with law firm Mourant, where she was Managing Partner, and the Cayman Islands Stock Exchange (CSX), where she worked as a Senior Listing Executive. She was appointed to the board of the CSX in 2007, and is also a member of the listing committee, reviewing and approving listing requests. She originally trained with Linklaters London.
John Donohoe, Chief Executive of
Alternative fund administrator HedgeServ has opened an office in Chicago. The new office will provide fund administration for hedge funds, funds of hedge funds and private equity funds.
Jerry Fuesel, who has 18 years of industry experience and joins HedgeServ from Amundi Alternative Investments Services.Managing Director, will lead a team of 22 professionals in Chicago. He was most recently a Managing Director of Amundi AI Services, Inc, the Global Head of Operations of Amundi AI and a Director of Amundi AI, Ltd.
"By establishing a presence in Chicago, we are better positioned to service our clients in one of the
Gottex Fund Management’s recovery continued in 2010 with the company’s asset base growing by USD1bn in the past nine months to reach USD8.5bn as of 28 February 2011, according to a statement to shareholders made today by Chairman and CEO Joachim Gottschalk.
"Our main market neutral product regained its high water mark and continued to outperform its benchmarks. GSS, our solutions business, quadrupled assets over the year and launched LUMA Solutions, the exciting joint venture with OFI Asset Management, at the end of last year. In addition, our public multi-asset funds, the Multi-Asset Endowment Fund and the Multi-Alternatives Fund, received
