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NYSE Euronext says derivatives trading volumes in March 2010 recorded strong year-over-year growth, with European derivatives average daily volume increasing 13 per cent, driven by a 25 per cent increase in fixed income derivatives product average daily volume.
NYSE Euronext European derivatives products ADV in March 2010 of 4.6 million contracts increased 13.3 per cent compared to March 2009, but decreased 5.7 per cent from February 2010 levels.
Total European fixed income products ADV in March 2010 of 2.6 million contracts increased 24.5 per cent compared to March 2009, but decreased 5.3 per cent from February 2010.
Total equity products
Richard Buxton (pictured), Head of UK Equities, Schroders, examines the impact of the UK general election on stockmarket sentiment.
If there is any consensus amongst investors, strategists and financial commentators, it is that in the run-up to polling day sterling will weaken further, gilt yields will rise and the equity market will fall.
The prospect of a hung parliament is a central scenario for many and, with it, the prospect of ineffective government and a crucial inability to take decisive action to rein in Britain’s fiscal deficit.
As this outcome looms ever closer, so investors will sell sterling,
Belstar Group, a private investment firm specialising in alternative investment strategies, has closed the Belstar Credit Fund and Belstar SJ Credit Fund.
The combined funds closed with over USD280m.
Initially launched in March 2009, the funds have participated in both the ABS and CMBS portions of the Term Asset-Backed Securities Loan Facility administered by the Federal Reserve.
The funds are designed to achieve attractive returns by investing in a portfolio of highly rated asset-backed and commercial mortgage-backed securities eligible to be financed through the TALF programme.
Simina Farcasiu, a managing partner of the Belstar Group, is the senior portfolio manager
Law firm Akin Gump Strauss Hauer & Feld will open an office in Geneva on 1 May 2010, expanding its international footprint further into Western Europe.
Charles C. Adams Jr. will head the new office and will be joined by partners Jonathan Ivinson and Michael J. Stepek, along with a team of four other lawyers.
The office has experience in the prosecution and defence of major claims brought in international arbitrations, international civil litigation matters before various national and international courts and institutions, corporate and commercial law, and tax optimisation for multinational corporates and high-net-worth individuals.
The group joins Akin
Pardus Capital Management, a New York-based alternative investment manager, has appointed Dean W. Crowder III as director of business development.
Crowder is responsible for leading Pardus’s overall marketing efforts and managing its investor relationships.
He will also assist in the firm’s strategic business positioning as the Pardus team leverages its experience in approximately USD100bn of restructurings.
Pardus employs an active approach to debt and equity investments, primarily in the US, Western Europe and Latin America.
“We are pleased to welcome Dean to Pardus as we enter a market cycle of what we believe will be an unprecedented opportunity for distressed
New York-based Atalaya Capital has closed its third fund offering which targets special opportunity investments in the small and middle credit markets.
Fund III will continue Fund II’s track record of purchasing illiquid credit assets from banks, the FDIC, commercial finance companies and other financial institutions in search of liquidity.
Fund III will also originate select primary private credit investments.
Despite the difficult fund raising environment and a relatively short marketing period beginning late 2009, Atalaya closed the fund after attracting subscriptions in excess of its self imposed USD250m hard cap.
Atalaya Special Opportunities Fund III ultimately accepted USD250m in
Skandia Investment Group is adding long-short fixed interest to the range of strategies found in its Alternative Investments Fund.
The move has been achieved by investment in the JPM Income Opportunity Fund and a reduction in exposure to infrastructure securities which has been a strong performer over the past 12 months.
The Skandia Alternative Investments Fund was created in June 2008 to give investors exposure to a wide range of alternative investments and complement their exposure to more traditional asset classes such as equities and fixed interest.
JPM Income Opportunity fund is managed by Bill Eigen, formerly of J.P. Morgan
Deutsche Bank has appointed Joe Cassidy as head of prime brokerage and derivatives clearing for global rates.
He joins from Nomura where he held several senior positions including global co-head of prime services, global chief operating officer of prime services, head of equity strategy and head of European corporate strategy.
Cassidy will join Deutsche Bank in May and will report to Fredrik Gentzel, head of credit portfolio management and prime brokerage for global rates and commodities.
Michele Faissola, head of global rates and commodities, says: “Joe’s appointment is another key step in our strategic plan to build a leading client
The Dreyfus Corporation, part of BNY Mellon Asset Management, has launched the Dreyfus Dynamic Alternatives Fund, a mutual fund designed to provide investors with exposure to a broad range of hedge fund returns.
The fund seeks total return (consisting of capital appreciation and income) that approximates or exceeds the total return of a diversified portfolio of hedge funds included in the HFRI Fund Weighted Composite Index.
"Dreyfus Dynamic Alternatives Fund provides exposure to hedge fund betas while seeking to mitigate downside risks during volatile periods and at the same time maintains the ease of access and liquidity of a mutual
Olivetree Securities, a UK based equities broker, has expanded its team with the appointment of two executives, Timothy Daniels and Siobhan McGeever.
Daniels will focus on the TMT sector working within the firm’s sector strategy group.
He has over 12 years experience in the industry, having joined from Panmure Gordon where he was director of equity sales.
Prior to this, Daniels was director of principal trading at Citigroup.
McGeever will work within the firm’s distribution group. She joins from Knight Capital Europe where she was vice president and sales trader for European and US cash equities.
Previous to this, McGeever
