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Total assets under administration in Ireland have hit an all time high of EUR1.8trn – up from EUR1.2trn at the same period last year and EUR1.4trn at the end of 2009.
Recently published figures from the Central Bank reported that the value of Irish domiciled investment funds had reached EUR899bn as at the end of August.
Representing a 20 per cent increase in the value of Irish domiciled investment funds since the beginning of 2010 and an increase of 27 per cent from the same time last year, EUR899bn sets a new high for the total value of Irish domiciled
The hedge fund industry posted an estimated inflow of USD11.3bn or 0.7 per cent of assets in August 2010, the largest inflow since February after redeeming a total USD3.1bn in June and July, according to TrimTabs Investment Research and BarclayHedge.
“Hedge fund managers exhibited caution in August and it served them well,” says Sol Waksman, founder and president of BarclayHedge. “The industry outperformed the market by a large margin. While the S&P 500 sank 4.7 per cent, hedge funds posted a negative return of less than one per cent.”
Hedge fund investors have grown hungrier for risk. Emerging markets funds
Guernsey has signed a tax information exchange agreement with Greece.
It was signed by Guernsey’s chief minister Lyndon Trott (pictured) and Ilias Plaskovitis, secretary general of the Ministry of Finance in Greece.
Plaskovitis signed the agreement during the Global Forum on Transparency and Exchange of Information for Tax Purposes, which took place in Singapore on 29 September. The document was then transported back to Guernsey by Rob Gray, Guernsey’s director of income tax, for counter-signature by the chief minister on 8 October.
Trott says: “I am delighted that Guernsey has signed another international tax agreement with an EU member state.
The Hennessee Hedge Fund Index advanced 3.50 per cent in September and is now up 4.60 per cent year-to-date.
The S&P 500 advanced 8.76 per cent (2.34 per cent YTD), the Dow Jones Industrial Average increased 7.72 per cent (3.45 per cent YTD), and the Nasdaq Composite Index climbed 12.04 per cent (4.38 per cent YTD).
Bonds also advanced, as the Barclays Aggregate Bond Index increased 0.11 per cent (7.94 per cent YTD).
“Hedge funds had their best month since May of 2009 and continue to outperform the broad market year to date,” says Charles Gradante, co-founder of Hennessee Group.
With the potential prospect of a further narrowing of spreads, US fixed income fund managers are maintaining their key positions in corporate bonds, including investment grade and high yield, says Standard & Poor’s Fund Services in its latest sector update.
“Low cash and government bond yields continue to attract investments into corporate bonds and other higher yielding asset classes,” says S&P fund analyst, Markus Graf.
“Default rates are expected to decline in the foreseeable future and some managers anticipate the high yield corporate default rate falling to three per cent, well below the current 12-month trailing and long-term average rate
BTIG, a broker dealer specialising in institutional trading and related brokerage services, has expanded its London-based team with the addition of four new sales and trading professionals.
The four are David Abraham, Andrew Rosen, Julie Beecher and Adam Bergenfield.
They join a team of more than 30 professionals led by Gary Hayes, chief executive of BTIG.
“We continue to invest in building out our team in London and are dedicated to providing our clients with access to talented and experienced sales and trading professionals,” says Hayes. “Our latest hires underscore our commitment to the European market and demonstrate the level
Throgmorton, a UK accountancy and professional services provider to the hedge fund, private equity and corporate finance industries, has appointed Adam Hewitson as internal legal counsel and corporate financier Roger Looker to the board as a non-executive director.
Looker has a long track record working in the corporate governance arena over the past three decades and will act as a senior adviser for Throgmorton in company best practise.
Hewitson (pictured) has been appointed to further strengthen the management team. He will support all business areas.
Having begun his career at County Bank, Looker co-founded Gilbert Elliot Corporate Finance in
The Newedge CTA Index rose by 1.28 per cent in September, taking its year-to-date performance to 6.08 per cent.
Eight out of nine Newedge hedge fund indices were positive during the month, with the best performance from the Commodity Trading Index (Equity), which was up 4.90 per cent.
The AlternativeEdge Short-Term Traders Index fell by 0.45 per cent in September.
The Newedge CTA Index top performance for the month of September included Chesapeake Capital (Diversified) est. +8.81 per cent; Campbell & Co (FME Large) est. +4.94 per cent; and Millburn Ridgefield Corp (Diversified) est. +3.85 per cent.
The
Olivetree Securities, the equities intermediary brokerage firm, has formed a partnership with Global Prime Partners, a provider of prime brokerage and trading services.
The partnership will allow smaller hedge fund companies to benefit from an extended but targeted service offering.
Olivetree and Global Prime Partners are expecting increased activities with smaller hedge fund firms that are sometimes overlooked and under-serviced by global banks. The hedge fund industry is set to emerge strongly out of the financial crisis, with inflows of USD25bn already, according to research from Barclays Capital.
Daryn Kutner, Olivetree’s chief executive and founder, says: “The smaller
Throgmorton, a UK accountancy and professional services provider to the hedge fund, private equity and corporate finance industries, has appointed Adam Hewitson as internal legal counsel and corporate financier Roger Looker to the board as a non-executive director.
Looker has a long track record working in the corporate governance arena over the past three decades and will act as a senior adviser for Throgmorton in company best practise.
Hewitson (pictured) has been appointed to further strengthen the management team. He will support all business areas.
Having begun his career at County Bank, Looker co-founded Gilbert Elliot Corporate Finance in
