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IMC asset management has hired a team of four senior investment professionals.
The move heralds the launch of an investment grade credit corporate offering, within its core European credit capability.
The team joins from Lombard Odier Darier Hentsch.
Rodrigo Araya, who joins IMC as head of investment grade credit strategies, was responsible for the entire fixed income business at Lombard while continuing to directly head the credit business.
The other team members joining are Oscar Jansen (senior portfolio manager), Robert Manning (head of investment grade credit analysis) and Henk Wiersma (senior investment grade credit analyst), who were running several high
The RBC Hedge 250 Index had an estimated net return of 0.90 per cent in April, bringing the year-to-date return of the index to 2.81 per cent.
The return for March 2010 has been finalised at 1.68 per cent.
The best performing strategy in April was credit, which rose by 1.92 per cent.
This was followed by fixed income arbitrage (up 1.50 per cent), mergers and special situations (1.39 per cent) and managed futures (1.24 per cent).
The only strategy posting a negative performance was macro, which fell by 0.04 per cent.
Deutsche Bank has partnered with Toscafund to launch a Ucits III version of the Tosca Mid Cap fund.
The fund, launched on Deutsche Bank’s Platinum platform, will seek to mirror the Tosca Mid Cap Fund managed by Martin Hughes, the founder of Toscafund, and Paul Compton.
In 2009 the Tosca Mid Cap Fund was one of the best performing long short equity funds in Europe, rising 104 per cent net of fees.
The portfolio managers aim to invest in equities offering both value and growth opportunities using a bottom up research-based approach. The choice is diversified and includes international growth
British hedge fund firm Man Group is to acquire rival GLG Partners in a deal worth GBP1.1bn (USD1.6bn).
Following the conclusion of the acquisition, which has been structured as a merger and will see GLG’s ordinary shareholders receive USD4.55 per share – a 55 per cent premium on the firm’s closing price on Friday – the combined group will have assets of approximately USD63bn.
The proposed acquisition will be made through two concurrent transactions: a cash merger under a merger agreement entered into among GLG, Man and a Man merger subsidiary; and a share exchange under an agreement entered into
The European Union’s Directive on Alternative Investment Fund Managers is poised to step significantly closer to becoming law this week, with decisions on the directive scheduled to be taken in the European Parliament and the EU’s Council of Economic Affairs and Finance Ministers.
Today members of the parliament’s Economic and Monetary Affairs Committee are due to vote on the directive, following a week’s delay resulting from a disagreement with the parliament’s Legal Affairs Committee about disclosure requirements affective companies with 50 or more employees that accept venture capital funding.
On Tuesday a different draft of the directive will be voted
Finisterre Capital, an emerging markets total return specialist, is changing the name and liquidity terms of the Finisterre Special Situations Fund.
The fund will now be known as the Finisterre Credit Fund and will continue to concentrate on bottom-up corporate credit.
Since the credit crunch, the fund’s investment focus has been primarily on liquid distressed and corporate credit and it has benefited from the opportunities in these sectors.
Consequently, the redemption terms have been shortened to monthly on 90 days’ notice to achieve a more appropriate balance between the fund’s assets and its liabilities. The special situations type
US hedge fund equity commission revenue is expected to grow by nine per cent in 2010, rising to USD4 billion, according to the latest estimates released by TABB Group.
According to Matt Simon (pictured), research analyst and author of TABB’s fifth annual hedge fund study – US Hedge Fund Equity Trading 2010: Commissions, Volumes and Traders – the intense competition within the industry to perform is driving the broker selection process, commission levels and allocation of trades to high-touch and low-touch channels. A differentiating factor, he explains, is each fund’s strategy and how they generate their alpha based on trading ideas,
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S&P Valuation and Risk Strategies, a business unit within Standard & Poor’s, has been selected to provide independent valuations for a range of fixed income securities to GlobeOp Financial Services, a provider of middle and back office administration and risk reporting services to hedge funds and asset management firms.
"S&P’s independent valuations, coupled with our ability to add the assumptions we use to derive them, offers GlobeOp’s hedge fund and institutional clients an added level of transparency and understanding," says Frank Ciccotto, senior vice president, S&P Valuation & Risk Strategies.
"Investors are increasingly demanding independent testing of asset prices," adds
Markets have seemingly turned back the clock over the last month, with a return to volatility not seen since the global financial crisis, a report by Australian Fund Monitors says.
Once again there was movement across a range of asset classes, with April’s loss of 1.40 per cent by the ASX200 just a taste of May’s falls precipitated by the Eurozone’s debt woes, aided and abetted by Kevin Rudd taking aim at the mining industry.
AFM’s E5 Model Portfolio of active equity managers posted a positive return of 0.09 per cent for the month, outperforming the index and maintaining its
