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Despite rosier expectations, the macro picture remains bleak in the short run and investment themes remain sensitive to changes in economic policies and sovereign risk, a report by Lipper says.
The global macro picture, the outlook and market sentiment appear to plot a scenario not necessarily favourable to equity investment.
Similarly to what occurred in May, hedge fund portfolios appear to be exposed to potential risks arising from crowded trades; significant losses might materialise in case of a market reversal.
Emerging markets strategies are expected to continue benefiting from sustained investment flows into emerging markets and from economic growth increasing
Emerging markets specialist Finisterre Capital has appointed Xavier Corin-Mick as a partner in the firm.
Corin-Mick joined Finisterre Capital in September 2008 as portfolio manager for the Sovereign Debt Fund.
The Sovereign Debt Fund now has over USD300m in assets under management and has returned 11.33 per cent to the end of November.
Corin-Mick was previously managing director, co-head of emerging markets trading at Morgan Stanley.
He started his career as an options trader at Indosuez Bank and went on to work in trading at Fortis Bank, Depfa Bank and Lehman Brothers.
“We are very pleased at the growth Finisterre
Royal Bank of Canada has completed the acquisition of BlueBay Asset Management.
The addition of BlueBay brings over 200 employees and approximately USD40bn in assets under management to RBC’s global asset management business.
"As a top-ten global wealth management firm, we are excited to expand our asset management capabilities in Europe and Asia, and BlueBay’s strengths are an ideal fit with our own as we continue to grow," says George Lewis, group head, RBC Wealth Management.
"Since announcing the transaction, we have received strong support from shareholders, investors and colleagues alike," says Hugh Willis, chief executive of BlueBay. "RBC’s distribution
D. Harris & Co. International, law firm to the hedge fund industry, has is opening an office in Monaco.
It will initially be staffed by Andrew Campbell, a senior lawyer from DHCI’s swaps and prime brokerage team.
DHCI has opened an office in Monaco to meet demand in the principality from senior hedge fund managers looking for complex English legal advice in situ.
The new office follows DHCI’s move into Switzerland earlier this year and sits alongside its office in London.
Daniel Harris, managing partner, DHCI, says: “We are very excited about the prospect of doing business in
In November, renewed activity on the stock market, illustrated by a level of implied volatility that was slightly up (23.5 per cent) on the previous month but with no significant change since July, resulted in a flat trend for the S&P 500 index, which managed to avoid losses (+0.01 per cent).
Conversely, the fixed income market failed to maintain profitability as the Lehman Global Bond index registered an unusual loss of 0.70 per cent, according to figures from Edhec Risk.
After two months of strong progress, convertible bonds (-1.89 per cent) withdrew noticeably and, after two months of stability, regular
Bandon Capital Management plans to launch its first mutual fund, the Bandon Isolated Alpha Fixed Income Fund.
The fund will launch at the beginning of the New Year and will seek to provide absolute returns using fixed income instruments.
The fund is structured to address the two principal risk factors associated with fixed income investing: interest rate risk and credit risk.
Unlike long-only bond funds it will pursue absolute returns by seeking to profit in rising and falling interest rate environments by taking both long and short positions.
The fund will use two institutional managers each implementing their
The global economy will continue its dual-speed recovery in 2011, with developing and developed economies occupying “parallel and very different financial universes,” Invesco’s chief economist, John Greenwood, writes in his economic outlook for 2011.
While continued balance-sheet repair in the more over-indebted economies such as the US, the UK, Spain and Ireland will cap growth and inflation in the West, Greenwood projects a continued healthy recovery in the emerging world.
According to Greenwood, the new crises that have erupted in 2010 – e.g. Greece and Ireland in the eurozone – are actually part of the process of exposing and recognising
Minneapolis based Groveland Capital has hired David Cragg as chief operating officer and chief financial officer.
Cragg has extensive experience managing the operations of both hedge fund and mutual fund products.
He was chief operating officer and chief financial officer of The Leuthold Group from 1999 through August 2009, during which time he also served as chief compliance officer from 1999 to 2005.
Cragg brings a background that includes launching six mutual funds and seven hedged funds, and overseeing multiple SEC examinations.
Prior to Leuthold, Cragg supervised operations for Piper Trust Company from 1993 to 1999.
“We are pleased to
Coral Portfolio has launched the Coral All Seasons Account which combines its Luxembourg regulated Sicav-Sif fund structure with Deutsche Bank’s X-markets hedge fund platform.
It provides absolute returns targeted at ten per cent per annum net, monthly liquidity and an increased level of control.
Lawrence Frampton, Coral director, says: “We wanted to create a readily-accessible and robustly-regulated fund that well-informed and institutional investors will want to choose to be sure of their returns, liquidity and that protects against fraud risk. We are delighted to be working not only with Deutsche Bank Global Markets who provide the award-winning X-markets hedge fund
UBS and Hedge Fund Research have launched the UBS ETFs plc – HFRX Global Hedge Fund Index SF, the first exchange-traded fund built on the investable benchmark of hedge fund performance.
The ETF was listed on the Deutsche Boerse Exchange on 3 December 2010.
The “SF-I” share class is targeting qualified investors.
UBS and HFR anticipate additional listings in coming weeks.
The ETF is Ucits III compliant.
"We are delighted to bring the UBS plc ETF-HFRX Global Hedge Fund Index to the market. This is a unique opportunity for investors to access the world-leading hedge fund benchmark in a liquid,
