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Investors’ views about the US are very positive with 65 per cent saying they would buy US equities this year versus 21 per cent Europe and 14 per cent Japan, according to a poll by Schroders.
At a recent Schroders investment conference in London, 95 intermediary clients from across the Middle East and Europe were asked their top asset class and regional recommendations as well as preferred investment strategies for 2010.
Positive sentiment towards emerging markets has not changed since the same conference six months ago with 27 per cent choosing emerging market debt and 23 per cent emerging markets
GLG Partners has reported a GAAP net loss attributable to common stockholders for the quarter ended 31 March 2010 of USD60.8m, or USD0.27 per fully diluted share.
Non-GAAP adjusted net loss was USD3.1m, or USD0.01 per non-GAAP weighted average fully diluted share, for the three months ended 31 March 2010.
GLG recoded first quarter 2010 dollar-weighted average returns of 5.3 per cent for the alternative strategies, 6.2 per cent for the 130/30 strategies and 6.1 per cent for the long only strategies.
The April 2010 dollar-weighted average returns were 1.5 per cent for the alternative strategies, 1.6 per cent for
Lloyds TSB Corporate Markets has appointed Alan Capper as managing director and head of credit strategy.
In this newly created position, Capper will be responsible for the provision of macro credit strategy research and he will also be instrumental in building a team to generate trading recommendations.
He will report to Paul Lewitt, head of credit trading.
Capper has over 20 years’ financial markets experience. He led BNP Paribas’ quantitative credit research and credit strategy teams and was managing director responsible for Lehman Brothers’ European credit strategy from 2004 to 2006.
Latterly, he was head of asset allocation for
Data Explorers has published a research report which shows that US domiciled securities lenders are overwhelmingly focussed on cash as collateral, whilst many other jurisdictions have a propensity to accept non-cash collateral.
The report argues the predominance of non-cash, in particular liquid equities, collateral by lenders outside the US was instrumental in mitigating risk following the implosion of Lehman Brothers during the credit crunch.
“Collateral is an essential component of securities lending transactions. What one accepts and how it performs is of critical importance, especially when things go wrong, as in the case of Lehman,” says Mark Faulkner, founder and
Fortress Investment Group made a GAAP net loss of USD261m during the first quarter of 2010 compared to a loss of USD287m for the first quarter of 2009.
The GAAP net loss attributable to class A shareholders was USD84m, or USD0.58 loss per diluted share, as compared to a loss of USD67m, or USD0.71 loss per diluted share, for the first quarter 2009.
Excluding principals agreement compensation, first quarter GAAP net loss was USD27m, as compared to a net loss of USD52m for first quarter 2009.
For the first quarter, fund management distributable earnings was USD92m compared to USD44m in
Jesse Redmond and Justin Pawl, the former co-portfolio managers of the Alpha Titans Funds, have partnered with a previous Forbes 400 family office president to form Evolved Alpha.
Evolved Alpha is a multi-strategy fund that provides investors with transparent, liquid and secure access to a portfolio of uncorrelated alpha-return strategies.
The new business leverages the founders’ experience gained while researching top multi-strategy managers over the past several years.
“We always appreciated the diversification, sophisticated risk management and nimbleness of multi-strategy funds such as Millennium and SAC, yet realised the limitations in recruiting and retaining top talent to trade in-house,”
Offshore law firm Walkers says it has seen burgeoning growth in its insolvency and corporate recovery practice, especially in Asia.
To provide more resources to Asian-based clients, Walkers has appointed Guy Locke (pictured), global head of Walkers’ insolvency and corporate recovery group, as head of Asia.
Walkers has also strengthened its corporate and finance presence in Jersey.
"Asia is an important market for Walkers’ corporate and financial restructuring group and we have recently expanded our capabilities in this field to maintain the high level of responsiveness and client service on which we have built our reputation," Locke says. "This coordination
The whistleblower attorney who represents David Einhorn’s Greenlight Capital hedge fund and has helped qui tam whistleblowers return more than a half-billion dollars to taxpayers, has criticised the USD26.3m federal False Claims Act settlement with Allied Capital’s Business Loan Express as "not close to what the government should have recovered."
"It’s more than USD100m short of what taxpayers should have gotten back from Allied Capital Corporation’s fraudulent small business administration coast-to-coast lending practices," says Mark Allen Kleiman (pictured), who has represented whistleblowers across the US in healthcare, defence contracting, higher education, and other sector qui tam cases brought under federal
Highland Capital Management, an investment management firm based in Dallas, Texas, has promoted Patrick Boyce and Lane Britain to partner.
Boyce is currently chief operating officer and chief financial officer at Highland and Britain serves as a portfolio manager and co-head of research at the firm.
Both individuals will continue in their existing roles at the firm with the added responsibility of being a partner.
"Patrick has brought tremendous operational and financial discipline and expertise to the position of chief operating officer and chief financial officer and has helped ensure that Highland delivers reporting and client service at world-class levels,"
The 2008 ban on short sales did not relieve the downward pressure on stock prices, according to a position paper by Abraham Lioui, professor of finance at Edhec Business School.
The study found that the ban leads to a considerable increase in the dispersion of investor opinions and this dispersion, in turn, leads to great increases in the volatility of stocks and indices.
This effect is evident even when such events as the Lehman Brothers bankruptcy and the longstanding sub-prime crisis are controlled for.
The study says short selling does not migrate to the derivatives markets; the sustained fall of
