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Gottex Fund Management, an alternative asset management group, had positive cash earnings for the six months ended 30 June 2010, but its financial performance was impacted by a reduction in the asset base and a delay in the return of incentive fees.
Gross revenues were USD32.9m for the first half of 2010, compared with USD46.1m for the first half of 2009 and USD36.7m for the second half of 2009.
Gottex made a cash operating profit of USD2.3m, compared with USD13.7m in the first half of 2009.
However, it made an operating loss of USD1.1m, following profits of USD9.2m in first
The HFRI Fund Weighted Composite Index gained 0.38 per cent for August, with strong performance in macro and relative value strategies only partially offset by weakness in equity hedge and event driven funds.
The HFRI Macro Index gained 2.16 per cent as strong gains in systematic, trend following strategies were complemented by more moderate gains in discretionary macro strategies.
The HFRI Macro: Systematic Diversified Index gained 3.65 per cent with a strong contribution from fixed income and short term trending models, although generally most areas of focus had positive contributions for the month. Discretionary macro strategies posted gains across fixed
The CBOE Futures Exchange plans to introduce trading in its first options on a futures contract – Weekly options on VIX futures – on 28 September, subject to regulatory approval.
All key pieces of the VIX product suite will now be available on CBOE’s electronic technology platform, CBOEdirect: cash-settled CBOE Volatility Index options, VIX futures, options on volatility-related exchange traded notes and, later this month, Weekly options on VIX futures.
"The addition of Weekly options on VIX futures, which incorporates a version of the popular ‘Weeklys’ expirations on security options, brings an added dimension to CBOE’s suite of volatility products.
Citi has named Steve Pitkin head of investor services for its hedge fund services unit within global transaction services.
Reporting into Mike Sleightholme, global head of hedge fund services, Pitkin is responsible for providing leadership for investor services globally within the hedge fund services business.
His focus will be on enhancing Citi’s investor services proposition, growing capabilities in key markets and developing Citi’s operating model and technology to improve client and investor experience and firm profitability and controls.
Pitkin joins Citi from Citco Fund Services, where for the past five years he was global head of investor relations. In that
Despite the financial crisis and scandals, the hedge fund industry in Switzerland is well on track.
Clear trends include a shift from funds of hedge funds to single hedge funds, the new position of institutional investors as the most important client segment and a better perception of the Swiss financial centre.
In its second independent survey on the topic, the Centre for Alternative Investments & Risk Management of the ZHAW School of Management and Law illustrates the significance and prospects of Swiss single hedge funds. The study was conducted with the support of Wegelin Private Bankers, a manager of single
GAM has launched its first market neutral credit fund with credit manager DCI.
GAM Star Diversified Market Neutral Credit aims to produce absolute returns with low correlation to fixed income markets through investing in a diversified long and short portfolio of mispriced, predominately investment grade credit.
The strategy adds to the growing Ucits III universe.
DCI uses quantitative systems to determine corporate default probabilities and to value corporate credit instruments. It then constructs risk-matched and diversified long and short portfolios to exploit the revealed mispricings.
DCI’s managing partner and chief investment officer Stephen Kealhofer, who is well-known for his credit
The Hennessee Hedge Fund Index declined 0.55 per cent in August, taking its year-to-date performance to +1.32 per cent.
The S&P 500 decreased 4.74 per cent in August (-5.90 per cent YTD), the Dow Jones Industrial Average fell 4.31 per cent (-3.96 per cent YTD), and the Nasdaq Composite Index declined 6.24 per cent (-6.84 per cent YTD).
Bonds advanced, as the Barclays Aggregate Bond Index increased 1.29 per cent (+7.83 per cent YTD).
“Hedge funds started the month with reduced net and gross exposure levels, which allowed them to protect capital while generating ‘alpha’ in August, as the equity
The Swiss banking group Syz has appointed Patrick Bédat as chief executive of its institutional asset management division Syz Asset Management.
He will take up his position on 13 September and will be in charge of managing the expansion of the group’s entire institutional asset management business.
An attorney-at-law by training, Bédat began his career in 1982 as an institutional asset manager with Pictet in Geneva, a position he held for eight years before joining the management of Banque Cantonale de Neuchâtel, and then that of UBS in Zürich.
In 1996, he returned to the Pictet group, where he
On 8 November 2010 the Austrian Government is auctioning 200,000 EU allowances through Climex.
This is the fourth auction in a row and the second auction this year that Climex and the ÖEKV are coordinating on behalf of the Austrian Ministry of Agriculture, Forestry, Environment and Water Management.
This autumn Climex is also holding two allocation auctions on behalf of the Dutch Government on 14 October and 18 November 2010. All auctions will begin at 10am CET.
The fourth Austrian auction consists of a competitive auction only, with a volume of 200,000 EUAs, and is held in the same format
Law firm Macfarlanes has advised Haymarket Financial, the new corporate lender, on its fundraising with Australia’s Future Fund.
Macfarlanes provided an integrated team for HayFin advising on specialist fundraising, corporate and tax structuring.
Stephen Sims, a funds partner who led the Macfarlanes team, says: “We are delighted to work closely with HayFin on their fundraising activities. With lending by banks less accessible in current market conditions, there is significant interest in the provision of debt by private financiers and we expect this sector to grow. We look forward to undertaking more of these challenging cross-border transactions.”
The HayFin instruction follows
