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The loss of Bear Stearns, Lehman Brothers and Merrill Lynch from the ranks of independent competitors in US equity research gave a boost to smaller providers, including mid-sized and regional brokers, sector specialists and independent research providers.
However, according to the results of Greenwich Associates’ 2010 US Equity Analysts Study, the integration of these research franchises into other large organisations also aided the businesses of the remaining bulge bracket brokers who, as a group, captured a significant portion of the business freed up by market dislocations during the global crisis.
The bulge bracket has been steadily ceding “vote” in
BNY Mellon has been chosen by Goldman Sachs International to provide a segregated sub-custody service to its prime brokerage clients through Montague Place Custody Services.
Through the service, MPCS will use BNY Mellon to hold and safekeep their clients’ assets in certain key markets while continuing to maintain Goldman Sachs International’s prime brokerage and trading relationships.
“Prime brokers are looking to trusted providers like BNY Mellon to deliver a seamless offering that will safeguard their clients’ assets and meet their needs in a changing market and regulatory environment,” says James Malgieri, chief executive of BNY Mellon broker-dealer services. “This is
Despite hedge funds successfully navigating a gloomy macro scenario and concerns over Greece’s fiscal position, the industry recorded negative net flows for first quarter 2010, research by Lipper Tass shows.
Redemptions filed at the beginning of the quarter to cash in profits and portfolio reallocation decisions drove investors’ consideration of alternative investments.
Money flows of the hedge fund industry for first quarter 2010 dropped 247 per cent from the net inflows of fourth quarter 2009 to USD11.05bn.
First quarter 2010 marked a polarization of money flows across hedge funds; larger funds tended to post relatively larger and positive money flows,
Barely recovered from the turbulence resulting from the credit crunch and the global economic downturn, the alternative fund industry is now on tenterhooks awaiting the outcome of negotiation
The credit crunch and ensuing economic downturn have coincided with significant changes in the alternative fund services industry, both in Guernsey and beyond.
Guernsey’s alternative fund sector has emerged from the crisis of the past couple of years in good shape, according to industry professionals – in part thanks to a new focus by service providers on delivering quality to their clients. But the ultimate endorsement is that some of the biggest names in the fund services industry are expanding their presence on the island or establishing a foothold there for the first time.
“On balance, we’ve come out of what has been a pretty dire situation reasonably well,” says Peter Niven, chief executive of promotional body Guernsey Finance. “Business flows are
Guernsey has weathered the financial storm and is now well placed to capitalise upon its reputation as a well-regulated jurisdiction of choice for the investment funds sector.
ClearBridge Energy MLP Fund has raised approximately USD1.268bn in its common stock offering, assuming full exercise of the underwriters’ overallotment option.
Its shares have begun trading today on the New York Stock Exchange under the symbol CEM.
The fund’s investment objective is to provide a high level of total return with an emphasis on cash distributions.
The fund seeks to achieve its objective by investing primarily in master limited partnerships in the energy sector. The fund considers MLPs to be in the energy sector if they derive at least 50 per cent of their revenues from the businesses of exploring,
The European Life Settlement Association has launched a retail market consultation into the practices and issues surrounding life settlements.
The consultation will help inform the content relating to retail investors in Elsa’s impending code of practice for the life settlement industry, which will be published later this summer.
While the code of practice will cover all areas of life settlement investing – across both the institutional and retail markets – Elsa has decided to engage specifically with the IFA community following the questions raised by the Financial Services Authority about the asset class earlier this year.
The Association
Institutional investors are reasonably comfortable with leveraged investing today, though investor opinion about hedge funds and leveraged investing remains mixed, according to a study by Pershing, a BNY Mellon company.
The study, Lending and Leverage: The New Securities Finance Model for Hedge Funds, examines the changing business model of securities financing for hedge funds in 2010 and beyond.
In a recent Finadium study of 92 US public pension plans, including 25 focused interviews, 56 per cent of pension funds reported having at least some investments in hedge funds or 130/30 vehicles.
This does not represent, however, a wholehearted acceptance of
