Latest News
Martin Fridson is joining BNP Paribas Asset Management, a US registered investment adviser, as global credit strategist within its global credit investment team.
BNP Paribas Asset Management is a part of the BNP Paribas Investment Partners business line.
Previously, Fridson (pictured) was the chief executive of Fridson Investment Advisors, which was a fundamental, research-driven US registered investment advisory firm.
The global credit team will house all of the credit management expertise – combining 22 credit analysts – of BNP Paribas Investment Partners with a goal of bringing focus and driving performance to the various credit offerings.
Under the leadership
The UK’s Financial Services Authority has fined JPMorgan Securities GBP33.32m for failing to protect client money by segregating it appropriately.
Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status. This helps to protect client money in the event of the firm’s insolvency.
The FSA says: “Between 1 November 2002 and 8 July 2009, JPMSL failed to segregate the client money held by its futures and options business with JPMorgan Chase Bank. The error occurred following the merger of JPMorgan and Chase. Instead of being held
Silver is being overlooked by investors in the rush for precious metals and is primed for a major price breakthrough that will outstrip gold, which has dominated the market’s attention in recent months, notes Jeremy Charlesworth, Manager of the Moonraker Commodities Fund.
Gold outperformed silver by 46% over the three years to 31 May 2010 and silver, given the long-term correlation between the two metals, is due a catch-up. As gold becomes ever more expensive, investors will turn to silver as an alternative precious metal.
Both metals are set to be driven even higher by the
Edhec-Risk Institute and Rothschild have created a research chair entitled The Case for Inflation-Linked Corporate Bonds: Issuers’ and Investors’ Perspectives.
The purpose of the research chair is to support research undertaken at Edhec-Risk Institute on the benefits of inflation-linked corporate bonds both from the issuers’ as well as from the investors’ points of view.
The chair will also focus on contrasting the analysis, in corporate finance, and perceptions of inflation-linked corporate bonds both by issuers and investors.
The chair is led by Lionel Martellini (pictured), scientific director of Edhec-Risk Institute.
Martellini says: “While a dominant fraction of inflation-linked debt is
Source says the use of sector exchange-traded funds by hedge funds now represents a meaningful slice of overall sector investing in Europe.
The London based ETF provider says total turnover on its European sector ETFs reached EUR5.9bn in April, according to Cascade, Clearstream’s German settlement system.
This represented 76 per cent of Cascade’s reported European sector activity, dwarfing the turnover on competing products.
The Optimised Supersector ETFs created by Source combine ETFs with Stoxx Europe 600 Optimised Supersector indices. Source’s ETFs offer a cash instrument through which hedge funds can invest in and short European sectors.
In the US
The Hedge Fund Marketing Alliance has launched a website that provides industry professionals with strategies for raising capital and building stronger investor relationships.
The site is more reader friendly and provides numerous resources for investors, fund managers and marketers, including a list of hedge fund databases.
The site helps both investors and fund professionals understand the changes that are occurring with hedge funds through governmental regulations, including fee structure changes and information that was included in the recent Financial Reform Bill.
“We are in the midst of unprecedented industry changes. As we watch what is unfolding, Hedge Fund Marketing Alliance
PVE Capital, a London-based macro credit fund manager which launched in October 2009, has made five additional hires.
Loren Remetta, an index trader most recently at UBS in London, joins as a portfolio manager to focus on liquid credit products within the trading platform at PVE.
Alexei Garan, Melody Adams and David Yuen join from Credaris, where they previously worked with two of the founding partners, Gennaro Pucci (pictured) and Christian Evans. Garan, Adams and Yuen strengthen the analytical and trading functions in ABS, CDO and financial modelling respectively
Helene Schutrumpf also recently joined PVE as a product
Martin Currie Investment Management has agreed to acquire the Sofaer Capital European long/short equity business.
Sofaer Capital currently manages approximately USD280m of assets, of which USD140m is the Sofaer Capital European Hedge Fund and USD140m two separate accounts.
It is expected that the two principals who manage this fund, Michael Browne and Steve Frost, will join Martin Currie on 1 July 2010. Charlotte Dagg, the investment analyst working on the fund, is expected to join later in the year.
It is expected that the Sofaer Capital European Hedge Fund will be managed by Martin Currie with effect from 1 July
At the derivatives markets of Eurex an average daily volume of 16.2 million contracts was traded in May 2010, up from 11.8 million in May 2009.
Of those, 12.2 million contracts (May 2009: 7.4 million) were traded at Eurex and another 4.0 million contracts (May 2009: 4.4 million) were traded at the International Securities Exchange.
The strong increase of Eurex turnover of 65 per cent year-on-year is due to the increasing use of exchange-traded and centrally cleared derivatives in the current market environment, which was driven by high volatility and uncertainty as well as the dividend season.
In total, 335.7
Rosseau Asset Management has been ranked the number one event driven hedge fund globally by BarclayHedge for both the five and ten year periods ending 31 December 2009 with average annual compound rates of return of 25.27 per cent and 21.47 per cent, respectively.
Warren Irwin, founder and portfolio manager, says: "In the past, we have received recognition for our returns in specific years, but to receive it for our longer-term record is especially satisfying. Rosseau takes a long-term approach to investing and we look forward to working hard to ensure our solid returns continue over the next ten years."
