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Carne Global Financial Services, a business adviser to the asset management industry, has opened a New York office to complement its presence in Dublin, Dubai, Luxembourg, London, Geneva and the Cayman Islands.
Joe Hardiman, managing director, and Paul Bishop, director, will lead the US business.
Hardiman was previously global head of mutual fund products for American Express Bank with full responsibility for the international mutual fund business distributed in Europe, Asia and Latin America.
Bishop was previously director of offshore operations for American Express Bank and has over 16 years of mutual fund and alternative product experience. He was
The Alternative Investment Management Association has welcomed the call by G20 finance officials for a consistent and coordinated approach to the oversight of hedge funds.
Todd Groome (pictured), chairman of Aima, says this is important for a global industry and is supportive of the goals set by global leaders.
“While hedge funds are not themselves systemically important institutions, they can help to provide systemically relevant data reporting in the interests of financial stability,” he says.
With regards to the Alternative Investment Fund Managers Directive, Groome says he hopes EU policymakers will take note of the G20’s call for a
Future Capital Partners, an alternative investment boutique, has created a major accounts team to strengthen the firm’s client service expertise.
The new team consists of Tim Barker (pictured) who joins as major accounts director, and Susie Feeney who has been appointed as business development associate.
The team will work closely with Future Capital’s existing clients, as well as the IFAs, wealth managers, financial institutions and accountants through whom Future Capital’s products are available.
The team will also help to identify new clients and will be responsible for developing and strengthening relationships with key intermediary firms.
Barker has 25 years of
Deutsche Börse’s market data and analytics segment has launched the data products EnBSol Historical Data Eurex and EnBSol Historical Data Xetra.
These products deliver historical order book information from the Eurex and Xetra trading platforms to market participants.
Un-netted market data serves as an input to develop algorithms and verify and optimise existing strategies.
The historical data comprises complete order book information up to an order book depth of 20 in the original format of the Enhanced Broadcast Solution (EnBSol) of the respective trading platform. The Enhanced Broadcast Solution is a high-performance, market information broadcast interface available to trading members.
Life settlement product provider SL Investment Management is advising potential investors in life settlement funds to scrutinise providers’ asset valuation methodologies.
SL believes that some funds have not taken into account significant longevity revisions in the last few years and are using inadequate valuation methodologies.
Such funds are overvalued relative to realisable value and as a result are storing up issues for the future if and when subscriptions are slow and liquidity is required.
Currently, there is no standard valuation practice in place, with each individual company using its own methodology. Some simply assume that the policy will mature
Principle Capital has entered into a conditional subscription agreement with the Sanlam Group, a financial services group in South Africa, and certain members of the company’s management team, pursuant to which these investors will initially subscribe GBP4m for 26,666,666 ordinary shares at a price of 15 pence per share.
As part of the initial investment, it is proposed that the nominal value of each of the ordinary shares will be reduced from GBP1.00 to GBP0.01 and that the admission to trading on AIM of the ordinary shares will be cancelled.
Principle Capital says that forming a strategic relationship with the
Despite having accelerated in the wake of the financial crisis, convergence between traditional asset managers and hedge fund managers remains an emerging trend, according to a paper by BNY Mellon and Greenwich Associates.
Fifty two per cent of hedge funds and 46 per cent of traditional investment managers participating in the study report taking some steps in the direction of convergence.
However, only a very small number of investors currently use hedge fund managers for non-hedge strategies or traditional managers for hedge fund-like strategies.
Managers do not universally acknowledge convergence as a trend. Some managers have offered cross-over products for
The Greenwich Composite Investable Hedge Fund Index advanced by 1.5 per cent in March as a result of strong global credit and equity markets.
All Greenwich investable indices moved higher during the month and all are currently positive for the year.
The Investable Futures Index was the largest gainer during the month, with a gain of 3.03 per cent.
Arbitrage and other market neutral strategies also continue to perform well, posting a gain of more than two per cent for the quarter.
Year-to-date, the event-driven and long-short credit investable indices have been the best performers with gains of 5.61 per
The hedge fund industry as measured by the Credit Suisse/Tremont Hedge Fund Index continued its positive performance into 2010, returning 3.1 per cent in the first quarter and outperforming equity and bond indices on a risk-adjusted basis.
According to a report by Credit Suisse Tremont, eight out of the ten sectors in the broad index posted positive returns in the first quarter, with 69 per cent of all funds posting positive performance.
The beta of hedge funds to global equity markets is now at its lowest level since 2004. In turn, manager returns currently appear to be less driven
Citigroup has named Patrick Curtin North American head of investor client sales management.
Curtin will be responsible for sales across the entire investor services suite in North America to traditional and alternative investors and investment managers.
Curtin will report to Richard M.F. Ernesti, global head of investor client sales management, and Julie Monaco, North America region head of global transaction services.
“We continue to hire key industry talent across our business and we’re very pleased that Patrick is joining Citi in this key leadership role,” says Neeraj Sahai, global head of securities and fund services, Citi. “His extensive industry expertise
