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Credit Suisse’s asset management division has reached an agreement with Kimco International to become Kimco’s exclusive distributor.
Kimco is a Singapore-based hedge fund manager that employs a Japanese equity long/short investment strategy.
This arrangement further solidifies the collaboration between Credit Suisse and Kimco, and enables Kimco to focus on its investment performance and portfolio management role, while Credit Suisse administers all aspects of the marketing and distribution efforts.
Neil Harvey, managing director and head of Asia Pacific and emerging markets globally for Credit Suisse’s asset management division, says: "We are focused on expanding our leadership in emerging markets in the
Commodity markets continued to gain in October as investor sentiment stayed positive with the likelihood of further rounds of quantitative easing gaining momentum.
In determining commodity prices over the long term horizon, fundamental supply and demand dynamics are expected to take priority over macroeconomic data as the global economy continues to mend.
Nelson Louie, global head of commodities at Credit Suisse Asset Management, says: "Fundamental factors drove much of the strong returns in October. While we expect fundamentals to play an increasingly strong role as economic conditions continue to normalise, the importance of global macroeconomic developments cannot be underestimated. While
Alternative investment firm SkyBridge Capital has appointed Peter Carey as a managing director to lead SkyBridge Direct, the firm’s hedge fund solutions business for institutional investors.
Prior to joining SkyBridge, Carey led the restructuring of the New York Common Retirement Fund’s USD4bn hedge fund portfolio.
"We are pleased that Peter has joined our team, adding his deep understanding of the unique investment challenges that face institutions as a complement to our comprehensive suite of hedge fund investing solutions," says Anthony Scaramucci, managing partner of SkyBridge.
SkyBridge has expanded significantly in the past year with the acquisition of Citi’s hedge fund
Early estimates indicate the Dow Jones Credit Suisse Hedge Fund Index extended its positive performance into October, gaining 1.34 per cent for the month.
Many managers were able to capitalise on October’s market momentum enabling nine out of the ten sectors to post positive performance for the month.
The industry is up 7.41 per cent for the year.
Managed futures funds were among the top performers, finishing up 3.46 per cent. Performance in the space was largely led by long positions and bull spreads in corn, wheat and sugar, all of which benefited from strong rallies throughout the month.
Equity-focused
Insurance company Ageas has received full support from the Commercial Court of Brussels in summary proceedings against certain hedge fund owners of mandatory convertible securities.
The latter requested that a meeting of MCS holders be convened in order to approve a resolution to extend the maturity of the MCS by 20 years.
ageas SA/NV and ageas N.V., in coordination with the two other issuers of the MCS (ABN Amro and BNP Paribas Fortis), initiated summary proceedings to prevent the MCS holders from holding such a meeting.
The president of the Commercial Court of Brussels, acting in summary proceedings
Advent Software, a provider of software and services for the investment management industry, has moved to a larger office in Dubai within the precincts of the Dubai International Financial Centre.
The firm says the new office space is a response to the growing demands from the Middle Eastern and North African markets.
"The Middle East is a very important market for Advent," says Hakan Valberg, senior vice president and general manager, Advent Software EMEA. "The opening of the new office is a milestone for us, as it demonstrates our expanding commitment to the Middle East and further strengthens Advent’s
Empaxis Data Management, a provider of back office services for independent investment advisers, has completed its management-led buyout from Aspiriant.
Terms of the deal were not disclosed.
Empaxis administers over USD20bn in assets for some of America’s largest multi-family offices, wealth managers and hedge funds. Its headquarters are in El Segundo and its operations centre is in India.
The firm offers daily administration services including custodian reconciliation, performance reporting, billing and IT services.
Stephen Van de Wetering, founder and chief executive, and Doug Moromisato, chief operating officer, will continue to lead the company. Empaxis’ operations, systems, service levels and product
The hedge fund industry posted an inflow of USD3.8bn (0.2 per cent of assets) in September 2010, the third straight inflow as well as the sixth in eight months, according to TrimTabs Investment Research and BarclayHedge.
Assets surged 2.5 per cent to USD1.62trn, the highest level since April.
“September was a good month for hedge fund managers,” says Sol Waksman, founder and president of BarclayHedge. “Nine in ten managers reported a profit for the month, and our hedge fund index increased 3.5 per cent. This is the largest gain since May 2009, and it lifted the index above the October
The Lyxor Hedge Fund Index was up 1.44 per cent in October, bringing its year-to-date performance to 4.30 per cent.
The top performing strategies over the month were Lyxor CTAs Long Term Index (3.21 per cent), Lyxor Global Macro Index (3.03 per cent), and Lyxor L/S Credit Arbitrage Index (2.16 per cent).
The worst performing strategy was Lyxor L/S Equity Short Bias Index, which fell by 2.21 per centt.
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.
PineBridge Investments has hired George R. Hornig as senior managing director and chief operating officer.
He will oversee the finance, operations, legal and compliance, technology, product development, and marketing and communications divisions.
Based in New York, will also serve on the firm’s executive committee.
“I am delighted that we have found someone of George’s calibre for this important position at PineBridge,” says Win J. Neuger, chief executive officer. “His ability to identify and execute business strategy solutions, in addition to his proven track record in managing the functional areas of large global asset management firms, will be a major driving
