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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
Alternative asset manager Investcorp has appointed David Bruce as a managing director and co-head of North America institutional sales for its hedge fund business.
Alternative asset manager Investcorp has appointed David Bruce as a managing director and co-head of North America institutional sales for its hedge fund business.
At the corporate level, Bruce will report to Deepak Gurnani, Investcorp’s head of hedge funds and chief investment officer, and will be responsible for marketing and client service across institutional channels together with co-head Lofton Holder.
Bruce joins Investcorp after 12 years with Barclays Global Investor where he was a managing director
Skandia Investment Group has moved swiftly following the news that Roger Guy is to retire from Gartmore, and has terminated a EUR38m mandate managed by Guy.
James Millard (pictured), CIO, Skandia Investment Group says: “As a result of the developments at Gartmore, we have today terminated our 10-stock EUR38m mandate run by Roger Guy within our EUR325m Skandia European Best Ideas Fund. The subsequent eight remaining world-class European managers will continue to run the fund. The European Best Ideas Fund remains well diversified and well positioned to continue its strong performance, which puts it in the first quartile of the Morningstar Europe
Gartmore has appointed Goldman Sachs to conduct an “assessment and evaluation of the strategic options for the Company”, which may include the possibility of a sale or merger, in tandem with the announcement that Roger Guy (pictured), head of the European Large Cap fund management team, is to retire from day-to-day fund management.
Also leaving Gartmore are Dominic Rossi, Chief Investment Officer, who is taking up a role with another asset manager, and Darrell O’Dea, senior portfolio manager.
Jeffrey Meyer, Chief Executive of Gartmore Group Limited, says: “2010 has been a difficult year for the Company. The Executive Management
