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Private equity firm The Carlyle Group has appointed Michael “Mitch” Petrick as managing director and global head of credit alternatives and capital markets.
Petrick will also become a member of the firm’s operating committee.
Petrick, who joins Carlyle after a 20-year career at Morgan Stanley where he was managing director and global head of institutional sales and trading, will be based in New York and begin his duties in late March.
William E. Conway, Jr., Carlyle co-founder and chief investment officer, says: “Mitch is a significant addition to our senior management team. With a proven track record of delivering absolute
Bermuda-based Nephila Capital, an investment manager specialising in insurance-linked securities, attracted inflows of USD340m from 11 UK institutions into its catastrophe reinsurance fund in the second half of 2009.
The latest inflows bring total assets under management in the platform to USD2.6bn.
Nephila, in which Man Group has a 25 per cent stake, has multiple investment products and managed accounts dedicated to investing in insurance-linked instruments such as catastrophe bonds.
Catastrophe bonds are a form of insurance securitisation that spreads the risk of insured claims from large natural disasters, such as hurricane Katrina. Because returns on these instruments are based
Two of the crucial areas which investors are looking for in hedge funds include volatility and suitability, an expert has claimed.
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Hedge funds posted an estimated inflow of USD7.1bn, or 0.5 per cent of assets, in January 2010, according to research by TrimTabs Investment Research and BarclayHedge.
Total hedge fund assets stand at USD1.5trn, up 23.6 per cent from the April 2009 low, thanks to an unprecedented 11-month winning streak.
“January bucked the trend,” says Sol Waksman, chief executive of BarclayHedge. “The first month of the year typically delivers a redemption-driven outflow. The fact that hedge funds managed to attract money is a good sign.”
Distressed securities funds posted the biggest inflow (6.2 per cent of assets) and the best return
The Hennessee Hedge Fund Index advanced 0.96 per cent in February, bringing its year-to-date performance to 0.42 per cent.
The S&P 500 increased 2.85 per cent in February (-0.95 per cent YTD), while the Dow Jones Industrial Average advanced 2.56 per cent (-0.99 per cent YTD) and the Nasdaq Composite Index advanced 4.23 per cent (-1.36 per cent YTD).
Bonds rallied with the Barclays Aggregate Bond Index increasing by 0.37 per cent (+1.91 per cent YTD).
“Global equity markets were mixed in February, with the US experiencing gains and most international markets posting small losses. During the month, the focus
Steel Partners Japan Strategic Fund (Offshore) has commenced a proxy solicitation campaign seeking support for the election of its slate of ten director-nominees to the board of directors of Sapporo Holdings.
Steel Partners is seeking the support of Sapporo shareholders for Steel Partners’ six director-nominees and four incumbent directors whom Steel Partners supports for re-election to the board at the 2010 AGM.
“We believe that electing the shareholder nominees and the independent nominees will maintain continuity on the board while also bringing about the leadership change necessary to revitalise Sapporo, to refresh Sapporo’s leadership and to increase Sapporo’s long-term corporate
Ronald Paterson (pictured), partner at international law firm Eversheds, comments on the latest stage of the countdown to the Alternative Investment Fund Management (AIFM) directive.
British diplomats have this week begun the final stage in attempting to secure concessions to the Alternative Investment Fund Management (AIFM) directive, which critics warn could drive London-based hedge funds and private equity firms out of business.
To achieve a blocking minority in the Council where voting is on a qualified majority basis and each Member State’s vote is weighted in proportion to its population, the UK needs support from at least three other
SEI has been selected by AlphaOne Capital Partners to provide a complete outsourcing solution, including middle and back office services, for the firm’s portfolio of investment products.
AlphaOne, an equity money management firm founded by former Gartmore chief executive Paul J. Hondros, sought to outsource their back and middle office functions as a means of achieving greater infrastructure transparency, flexibility and scalability without tying up critical internal resources.
Under the agreement, SEI will provide AlphaOne with a full range of services for its institutional and hedge fund accounts, including trade processing, investment accounting, daily cash and position reconciliations with custodians,
The value of investment funds in Guernsey increased by GBP2.7bn, or 1.5 per cent, during the final three months of last year.
The second successive quarter of growth takes the total value of funds business in the Island to GBP184.2bn at the end of December 2009.
However, over the full calendar year this is a decline of GBP16.2bn (8.1 per cent) from the end of December 2008.
“We can continue to be cautiously optimistic about our funds sector,” says Peter Niven, chief executive of Guernsey Finance.
“Although we have seen overall business decline by some eight per cent during the
