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The London Metal Exchange has approved Chicago and Detroit as points of good delivery for its steel billet contract.
The new delivery points will be listed with effect from 16 November and the exchange intends to name storage facilities in due course.
The listing of new locations follows the LME’s announcement in June to establish its first US delivery location for steel in New Orleans.
The three US locations strengthen the LME’s existing network of steel delivery, which includes locations in South Korea, Malaysia, Belgium, Turkey, the Netherlands and Dubai.
Chris Evans, head of business development at the LME, says:
Jabre Capital Partners, the Geneva-based hedge fund manager established by Philippe Jabre in 2006, has established a Luxembourg domiciled Ucits umbrella, JabCap (Lux), with one sub-fund, JabCap (Lux) – Global Balanced.
The fund is intended to be the first in a series of Ucits funds to be launched by JabCap.
JabCap has chosen Carne Global Financial Services Luxembourg to assist them in launching the fund.
JabCap says asset allocators are looking for alternative fund products that are risk controlled while at the same time providing attractive returns. Large distributors and the major banks are looking for more alternative Ucits
Final performance for the Dow Jones Credit Suisse Hedge Fund Index has been confirmed up 1.59 per cent in July and 2.22 per cent year-to-date.
Eight out of ten sectors posted positive performance for the month.
Among the top performers for the month were emerging markets (+3.52 per cent) and long/short equity (+2.53 per cent), which benefited from beta-driven opportunities amid global equity market rallies.
Dedicated short and managed futures were the only two sectors with negative performance, finishing down 3.52 per cent and 1.50 per cent respectively.
The following funds were added to the index in July: BlackRock
Isabelle Tykoczinski has been appointed a member at Kinetic Partners and will be joining the London risk team to strengthen and develop the firm’s current risk offering.
Tykoczinski joins Kinetic Partners from Measurisk, where she was head of Europe for the risk transparency and risk measurement service, specialising in hedge funds.
Tykoczinski began her career working in commodity and equity derivatives, where she specialised in structured products and worked closely with investors across Europe, including Ucits funds.
Prior to joining Measurisk, Tykoczinski worked at Reech Capital in the client services group, focusing on the pricing of complex derivatives structures
Bestone Asset Management has launched the Bestone China Opportunities Fund.
The fund invests exclusively in Chinese companies which have most of their assets in or derive most of their revenues from China, regardless of countries of origin or listing.
The investment strategy is value and event driven. The fund is unlevered and targets 25 to 35 per cent return with ten to 15 per cent volatility.
The management team is made up of native Chinese investment professionals with more than 42 years’ combined experience in both the Chinese and overseas investment markets.
The research team is based in Shanghai.
Bestone
Lipper has identified 81 open-ended funds in the UK with performance fees in place, a rise of 138 per cent from the 34 funds identified at the end of 2007 but still less than five per cent of the industry’s total number of funds.
Among hedge funds where Lipper has calculated total expense ratios, the asset-weighted average is 1.82 per cent and the mean is 2.48 per cent — before the impact of performance fees, which can often double the level of operating expenses incurred.
The report says: “Clearer disclosure of such costs would certainly help investors.”
Two thirds of
The RBC Hedge 250 Index rose by 0.90 per cent in July 2010, bringing the year-to-date return of the index to 0.25 per cent.
These returns are estimated and will be finalised by the middle of next month. In June 2010 the index fell by 1.02 per cent.
The best performing strategy in July was mergers and special situations, which gained 2.64 per cent, followed by convertible arbitrage, up 2.13 per cent.
The worst performing strategy was managed futures, down 0.43 per cent.
The RBC Hedge 250 Index is an investable benchmark of the performance of the hedge fund industry.
The Commodity Futures Trading Commission and the Securities and Exchange Commission have published a notice requesting public comment on defining certain key terms and in prescribing regulations regarding mixed swaps, as required by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Title VII provides for the regulation of swaps and security-based swaps and includes definitions of key terms relating to such regulation.
It requires the CFTC and the SEC, in consultation with the board of governors of the Federal Reserve System, to jointly further define the terms “swap,” “security-based swap,” “swap dealer,” “security-based swap dealer,” “major
Law firm Fried, Frank, Harris, Shriver & Jacobson has elected Lisa Schneider to the firm’s partnership, effective 1 September 2010.
Schneider’s practice is focused primarily on the structuring and representation of hedge funds and other alternative investment products.
She joined the firm’s New York office in 2002.
“Lisa is an exceptional lawyer who has made significant contributions to the asset management practice throughout her time at Fried Frank,” says Lawrence N. Barshay, partner and head of Fried Frank’s asset management group. “Lisa’s dedication to our clients and her depth of knowledge is an asset to the firm and our growing
The technical committee of the International Organization of Securities Commissions has published principles designed to guide intermediaries, markets and regulators on the areas of pre-conditions for direct electronic access, information flow and adequate systems and controls.
The report is based on analyses of market and regulatory developments and of the responses received to the original consultation report – Policies on Direct Electronic Access – which identified and discussed the benefits, potential risks and concerns associated with direct electronic access.
The principles are based on the recognition that markets, intermediaries and regulators must each play a role in addressing the
