Latest News
The Commodity Futures Trading Commission’s Office of General Counsel has issued a no-action letter permitting the offer and sale in the US of Turkish Derivatives Exchange’s futures contract based on the Istanbul Stock Exchange 30 Stock Index.
The ISE-30 is a broad-based, free-float, market-capitalisation-weighted, composite index of 30 highly capitalised and actively traded stocks currently listed on the National Market of the ISE, accounting for 70 per cent of Turkey’s market volume and market capitalisation.
The Conifer Group has appointed Douglas Lang as head of fund administration and managing director.
Lang will manage an 18 person team that provides middle and back office services to more than 100 hedge fund clients.
Lang previously worked for more than a decade at Butterfield Fulcrum Group, most recently as a managing director.
“Adding a top-notch veteran like Doug to our executive team is something that is going to bring an immediate benefit to our client base,” says Jack McDonald, chief executive officer and president of Conifer. “We are going to count on his experience and expertise to help
Custom House Global Fund Services has launched The Nascent Fund Sicav, an open-end Maltese domiciled Sicav umbrella fund platform for managers wishing to start their own new fund and establish a track record.
Custom House says the fund is an economical structure for start-up managers, with a relatively small amount of initial capital, wishing to establish and control their own fund vehicle, established as a segregated sub-fund of The Nascent Fund.
The Nascent Fund will specifically appeal to emerging managers with USD5m to USD10m of assets under management seeking a way to avoid many of the substantial initial and
Ticonderoga Securities, an institutional broker dealer, has launched coverage of nine oil and gas companies in the energy sector under directors Daniel Pratt, Anthony Montano III and John Malone.
Pratt is launching coverage of Devon Energy, Chesapeake Energy, Southwestern Energy and Newfield Exploration.
Montano will cover Anadarko Petroleum, Apache and EOG Resources, and Malone will cover Talisman Energy and Tullow Oil.
“As we continue to build out the equity research platform at Ticonderoga, these initiations within the energy sector are a strategic step towards delivering the most comprehensive product possible to clients,” says Ticonderoga chief executive and co-founder Shawn McLoughlin.
Attorneys from Houston’s Ahmad, Zavitsanos & Anaipakos have helped a hedge fund investor earn a ruling at the Delaware Supreme Court that will allow investors in failed hedge funds to investigate their losses as a group while coordinating potential legal actions.
The law firm represents Brown Investment Management, a limited partner that lost every penny of an investment with Texas-based Parkcentral Global in less than 90 days.
Parkcentral Global is now a liquidated hedge fund run by affiliates of billionaire and former presidential candidate H. Ross Perot. Court documents show Parkcentral Global’s loses at approximately USD2.6bn.
Brown Investment sued Parkcentral
After two months of severe disappointment stock market investors seemed to renew with unbridled optimism in July, with the S&P 500 index rising by 7.01 per cent, its best return over the past 12 months, and implied volatility (23.50 per cent) dropping by one third.
Similarly, on the fixed income market, convertible bonds turned positive to record their best performance over the past year, up 5.42 per cent, the research by Edhec Risk Institute shows.
Regular bonds registered a second month of significant gains, up 0.99 per cent, while the Lehman Global Bond Index (+0.68 per cent) appeared more cautious.
Integrated Capital Solutions has launched a managed investment platform to rank and track some of the world’s leading trading advisers and create single or multi CTA portfolios.
Tyler Wood, Integrated’s chief executive, says many of the redemptions that came out of the hedge fund industry are re-entering the market as managed accounts via commodity trading advisers.
"Managed accounts allow investors to keep the funds in their own clearing account and allow the CTA or a multi CTA portfolio to trade the account. Not only do investors have 100 per cent transparency to the trading activity in their account, there are
Australian hedge funds rose by 1.5 per cent in July, bringing their year-to-date performance to 0.32 per cent, according to Australian Fund Monitors.
Although on a 12 month basis the ASX 200 is still in positive territory, up 5.86 per cent, over the 11 months period of September 2009 to the end of July 2010 the ASX 200 has gone nowhere.
However, that statistic obscures intra-month volatility which has tested fund managers and long-suffering investors with some wild swings.
In the past year the ASX 200 has made monthly gains or losses in excess of five per cent on six
Bearish sentiment among investors about the outlook for the global economy and corporate earnings has eased, according to the BofA Merrill Lynch Survey of Fund Managers for August.
The survey shows a net five per cent of respondents predicting that the global economy will improve in the next year. This represents a modest turnaround from July when a net 12 per cent of respondents predicted the world economy would deteriorate.
While the percentage of respondents expecting below-trend growth and inflation remained unchanged at 73 per cent in August, the survey shows recession fears easing. A net 78 per cent of
Universal-Investment and New York-based hedge fund specialist York Asset Management have launched an absolute return fund, The York Lion Merger Arbitrage Liquidity Fund UI.
The fund is based upon The Lion Fund and is the first global merger arbitrage strategy launched as a as Ucits fund in Europe.
The fund invests in daily tradable securities in both established and emerging markets. It aims at arbitrages which occur due to mergers and takeovers as well as other event driven situations.
“With our investment method we distinguish between seven different types of situations,” says Nick Walker, chief investment officer of York Asset
