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Early estimates indicate the Dow Jones Credit Suisse Hedge Fund Index will post positive performance of 1.67 per cent in July.
This brings the year-to-date performance of the index to 2.32 per cent.
Long/short equity hedge funds experienced a positive month, gaining 2.82 per cent as directional net-long managers performed positively in the beta-driven environment which was boosted by positive second quarter corporate earnings reports and upbeat sentiment following Eurozone banks stress test results.
Global macro hedge fund managers struggled early in the month but recovered in the second half to finish the month up 0.66 per cent as managers
The Hennessee Long/Short Equity Index advanced 1.81 per cent in July after the US equity markets experienced their best month in a year on better-than-expected corporate earnings.
The top performing sectors were materials (+12.2 per cent), industrials (+10.3 per cent) and energy (+8.0 per cent).
The healthcare sector was the worst performing sector in July, up only 1.3 per cent, and is the worst performing sector year to date, down 7.6 per cent, according to the data from Hennessee Group.
Long/short funds lagged equity markets during the broad-based rally, due to low net exposure levels and losses experienced in short
Hedge fund start-ups in Singapore are on the rise after the central bank approved new rules that will exempt most funds from obtaining a capital market services licence.
Hedge fund managers in Hong Kong face the same licensing requirements as mutual fund managers.
Singapore and Hong Kong are strong rivals for the global trillion-dollar hedge fund industry in the region.
“With the rest of the world tightening financial regulations on hedge funds, Singapore is making it easier for investors to incorporate a hedge fund company with lightweight regulations,” says James Nuben of Rikvin Consultancy, which provides Singapore company incorporation as
The stampede of investors and dealers into highly liquid rates products during and in the immediate aftermath of the global credit crisis dramatically altered the composition of US fixed income markets.
History suggests that this trend should reverse itself in relatively short order as investors and banks reacquire their risk appetite and the sell-side uses its remarkable powers of innovation to create new high-margin products.
However, the imposition of new capital requirements and derivatives rules, coupled with new perspectives on risk management among both buy-side institutions and sell-side firms suggest that it could be different this time round.
The results
GLG Partners has reported a GAAP net loss attributable to common stockholders for the quarter ended 30 June 2010 of USD74.6m, or USD0.32 per fully diluted share.
Non-GAAP adjusted net loss was USD3.0m, or USD0.01 per non-GAAP weighted average fully diluted share, for the three months ended 30 June 2010, inclusive of USD12. m, or USD0.04 per non-GAAP weighted average fully diluted share, of expenses related to the proposed merger with Man Group.
“We continued to deliver for our investing clients in the first half of 2010 with our alternative strategies up 3.8 per cent and many of our long
Pilgrim Partners Asia, a new Singapore-based investment manager, has selected LaCrosse Global Fund Services to provide fund administration services for the Pilgrim Asian Macro Fund.
The fund was launched in May 2010 and uses mainly currencies, interest rates, currency and interest rate derivatives, and index futures on equities and commodities to establish positions based on macro views.
The principal and founder is Albert Ee, previously of Tribeca Global Management Asia and Millennium Partners.
“We selected top-tier service providers when we launched the Pilgrim Asian Macro Fund and LaCrosse was the fund administrator that best understood the fund’s strategy,” says Ee.
Carrousel Capital, the closed end fund arbitrageur run by Bruno Sangle-Ferriere, has celebrated its tenth anniversary this week with the launch of the Centrix IX hedge fund.
Named after the three French grand ecoles from which its directors graduated, Centrix IX leverages the academic qualification and trading expertise of Christophe Le Lannou and Lilian Chovin alongside chief executive Sangle-Ferriere.
They have developed a quantitative, systematic multiple style rotation investment strategy, focussing on liquid instruments across multiple asset classes including equities, indices, FX, commodities and fixed income.
Each investment rule within the multiple style rotation system has been tested and validated
Alps Fund Services, a provider of asset servicing to the investment management industry, added five new mutual fund clients in the second quarter of 2010.
These were BBH Funds, Oak Associates Funds, Vulcan Value Partners, Transparent Value Advisors and Accessor Funds (re-branded as Forward Funds).
New York-based BBH Funds, the proprietary mutual fund family of Brown Brothers Harriman, selected Alps for transfer agency and medallion distribution services, complementing BBH’s own custody, administration and accounting offering.
Oak Associates, adviser to The Oak Associates Funds, is a growth equity investment adviser founded in 1985 in Ohio. The firm selected Alps for full
Hedge funds returned to positive territory in July, with the HFRI Fund Weighted Composite Index gaining 1.82 per cent, according to Hedge Fund Research.
The gain reverses two consecutive months of declines and brings index performance year-to-date to +1.52 per cent.
Global equity markets posted strong gains for the month as concerns about sovereign credit risk subsided, while investors were reassured by a number of developments including public equity and debt issuance, bank earnings and stress tests results and the passage of a framework for US financial reform.
July gains for the hedge fund industry followed a capital inflow of
The Hennessee Hedge Fund Index advanced 1.90 per cent in July, bringing its year-to-date performance to 1.87 per cent.
This follows a decline of 1.35 per cent in June 2010.
In July the S&P 500 increased 6.88 per cent (-1.21 per cent YTD), the Dow Jones Industrial Average climbed 7.08 per cent (+0.36 per cent), and the Nasdaq Composite Index advanced 6.90 per cent (-0.64 per cent YTD).
Bonds advanced, as the Barclays Aggregate Bond Index increased 1.07 per cent (+6.46 per cent YTD).
“Hedge fund managers lagged the broader markets due to defensive portfolio positioning. Managers began July with
