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The Lyxor Global Hedge Fund index rose 2.1 per cent in March as generally quiet and trending markets yielded a robust month of gains for many hedge fund managers.
Equities rose sharply, credit spreads reversed their widening due to worries over February’s Greece worries, and volatility drifted ever lower.
Managers with a long bias toward riskier assets benefited more than their more conservative peers.
Short-term CTAs rebounded from their recent slide, gaining one per cent on the back of steadily rising equity markets. Similarly, long-term CTAs generated significant performance numbers, rising 4.8 per cent.
Many CTAs benefited over this period
Asset management group Polar Capital had assets under management of USD2.53bn at 31 March 2010, up 71 per cent from 31 March 2009 and 17 per cent since 31 December 2009.
The total AUM at 31 March 2010 was made up of USD1.58m from long only funds and USD955m from hedge funds.
The firm said in a statement: “It is pleasing to report that the AUM flows in the final quarter of the group’s financial year have continued the trend of the preceding period, resulting in encouraging AUM growth of 71 per cent from the end of the last financial
Hedge funds gained 3.08 per cent in March, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
“Global stock indices reached new highs for the year as economic data continued to suggest that a recovery is underway,” says Sol Waksman, founder and president of BarclayHedge.
“On average, emerging market equity indices gained 8.04 per cent in March, and developed market indices gained 6.29 per cent.”
All but one of Barclay’s 18 hedge fund indices had a positive return in March. The Barclay Healthcare & Biotechnology Index soared 5.15 per cent, emerging markets jumped 5.23 per cent, equity long bias
The RBC Hedge 250 Index had a net return of 1.59 per cent in March, bringing the year-to-date return of the index to 1.80 per cent.
These returns are estimated and will be finalised by the middle of next month. The return for February 2010 has been finalised at 0.31 per cent.
The best performing strategy in March was mergers and special situations, which rose by 3.01 per cent.
This was followed by credit, up 2.30 per cent, and fixed income arbitrage, up 1.97 per cent.
The worst performing strategy was equity market neutral, which fell by 0.03 per cent.
Convergex Group, a provider of investment technologies and execution solutions to institutional clients, has completed the integration of NorthPoint Trading Partners, its recently acquired boutique prime brokerage business.
Convergex now offers an integrated prime services model that combines traditional boutique prime brokerage offerings with Convergex’s investment technologies and global reach.
The new model expands the products and technologies available to smaller hedge funds and other asset managers and gives clients access to a complete suite of services.
"Convergex is known throughout the industry for its strong commitment to technological innovation and together we have deep insights into the needs
Eze Castle Integration, a provider of IT services and technology solutions to hedge funds and alternative investment firms, has hired Timothy Kennedy as its vice president of North America sales.
Kennedy is an experienced technology and financial industry executive with 15 years of sales and sales management experience.
Prior to joining Eze Castle Integration, Kennedy was a senior vice president of sales and marketing with My Compliance Office, a provider of compliance operations management systems for investment advisers, hedge funds and broker dealers. While at My Compliance Office, he oversaw sales and marketing efforts and grew the company’s business.
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NYSE Amex options, one of NYSE Euronext’s two US options exchanges, has appointed Steve Crutchfield as chief executive officer.
In this newly-created role, Crutchfield will be responsible for the day-to-day management of NYSE Amex options, and upon receiving SEC approval for its previously-announced semi-mutualization, he will also be a primary liaison to the exchange’s newly-formed board of directors.
Crutchfield will report to Ed Boyle, executive vice president, head of US options.
“On behalf of my colleagues, I welcome Steve to NYSE Euronext as we begin this exciting next step in the development of NYSE Amex options with new, top-tier partners
Alternative investment manager Arrow Capital Management has appointed John DeRaimo to the newly-created role of chief operating officer.
DeRaimo will assume responsibility for the firm’s operations, including its growth initiatives.
He will report to co-managing members Alex von Furstenberg and Mal Serure.
DeRaimo was previously a senior analyst at Arrow.
“John’s appointment reflects Arrow’s commitment to building upon the strong operational infrastructure established by our chief financial officer Amy Wolf. Since joining our team in 2008, John has developed a thorough understanding of our business practices and has made contributions to all aspects of Arrow, making him the natural candidate
Australian hedge funds rose by an estimated 3.03 per cent in March, taking the year-to-date performance to 1.72 per cent, according to Australian Fund Monitors.
Equity based funds rose 4.03 per cent in March and 2.24 per cent YTD.
Non equity based funds rose 0.87 per cent in March and are up 0.18 per cent YTD.
The ASX is up 5.13 per cent in March (0.10 per cent YTD), while the S&P 500 is up 5.88 per cent in March (4.87 per cent YTD).
Castlestone anticipates a 40 per cent rise in art prices to be realised over the next 24 months, as the art market continues to pick up from recent lows seen in Q2 2009.
Castlestone says the equities rally not only shows signs of improved market sentiment but also highlights an upward trend as equity prices are up by 70 per cent from the collapse suffered in Q4 2008.
Equities is considered to be a key indicator when analysing trends in the art markets, as further research shows art lags equities by six to 18 months, as noted by the Mei
