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Bill Miller (pictured), Chairman and CIO of Legg Mason affiliate Legg Mason Capital Management, believes US large cap equities are significantly undervalued and that the S&P 500 could deliver as much as 15% growth in 2011.
Financial stocks will be a key driver of incremental earnings growth over the next twelve months, and could drive over 25% of the earnings growth for the S&P 500. To date, both cost cutting and revenue growth have contributed to earnings, which have continued to beat expectations this year. The direction of the market is highly correlated with the direction of earnings. Consensus expectations
NYSE Euronext’s global derivatives business achieved a record year in 2010, according to final volume data released by the company. Overall average daily volume of 8.43 million contracts represented an increase of 24% on 2009, while volumes from clients based outside Europe, particularly in the United States and Asia, continued to show above-average growth.
NYSE Euronext’s European derivatives business, NYSE Liffe, traded a record 1.2 billion contracts in 2010. Every day an average 4.7 million contracts, representing business with a notional value of EUR1.2 trillion, was traded through NYSE Liffe, an increase of 14.9% on 2009.
NYSE Euronext’s U.S.
Independent fund administrator Amicorp Fund Services has expanded its global footprint by opening a fully fledged office in Malta.
The Malta company, Amicorp Fund Services Malta Ltd, which recently got its licence by the MFSA, will assist international promoters and clients with fund set-up, NAV calculation, shareholder, corporate management, compliance, legal and corporate secretarial services..
“We have been following Malta’s consistent rise to the international arena for quite some time”, says Toine Knipping (pictured), CEO of the Amicorp Group of companies. “In theory at least, there is nothing that other countries can offer which Malta could not, given that Malta
Global derivatives average daily trading volume totalled 6.7 million contracts in December 2010, a decrease of 6.2% versus the pervious year, according to the latex figures released by NYSE.
The fall was driven primarily by a 17.7% decrease in European derivatives, but partially offset by an 8.7% increase in US equity options ADV. Cash equities ADV in December 2010 was mixed, with European cash ADV increasing 12.9% and UUS cash trading volumes decreasing 13.5% from December 2009 levels.
With the final month’s performance figures of 2010 released by UCITS Alternative Index this week, it was evidently clear that across the board, strategies were well down on 2
As one of the key benchmark providers of UCITS-III hedge funds, UCITS Alternative Index, managed by Geneva-based Alix Capital SA has a front row seat when it comes to assessing the
Morgan Stanley this week announced plans to launch a new equity l/s newcits in partnership with Algebris Investments, focusing specifically on the global financial
London-based Sabre Fund Management is finally close to launching its UCITS III-compliant fund, the Sabre All Weather Fund, having first announced the decision last
The Lyxor Hedge Fund Index was up 2.25% in December, with year-to-date performance as of December 2010 up 5.82%.
The top performing strategies over the month were Lyxor L/S Credit Arbitrage Index (10,27%),Lyxor CTAs long Term Index (10.24%) ,and Lyxor Special Situations Index (9.96%).
The ‘Lyxor Hedge Indices’ are investable, asset-weighted hedge fund indices. They are based on Lyxor’s hedge fund platform that covers all the major hedge fund strategies and benefits from a high level of transparency and risk control, while ensuring weekly liquidity.
Multi-asset brokerage and clearing specialist Newedge is reinforcing its position in Switzerland, with FINMA, the local regulator, granting branch licenses to the firm’s representative offices in Zurich and Geneva.
With full regulatory approval, Newedge in Switzerland will be able to expand the scope of the service it is already providing to Swiss institutional clients. From the existing offices, Newedge has been offering an execution service across several asset classes: listed financial derivatives, equities and ETFs, and promoting clearing and prime brokerage services. Swiss Clients will now be able to benefit from coverage served by a single local office, rather than dealing
