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US consumer spending in January matched the levels found in the same month of 2009, a new survey has found, which could affect hedge fund strategies.
Fortis Bank Global Clearing and Tick-TS have entered into an agreement whereby trading companies can use the Tick-TS trading front-end in combination with Fortis Clearing services either with their own membership or with a shared membership of Fortis Clearing.
The combination of the Tick-TS trading front-end and the exchange memberships of Fortis Bank Global Clearing provides trading companies access to Xetra, Xontro, SIX Swiss Exchange, Wiener Börse and XIM (Xetra International Market).
In addition, Fortis Bank Global Clearing and Tick-TS also plan to provide access to the Euronext cash markets (Paris, Amsterdam, Brussels and Lisbon), Eurex and US equity markets.
Butterfield Fulcrum, an alternative fund administration company, has launched a managed accounts platform that provides segregated and commingled managed accounts with a common set of tools for operations, administration and risk monitoring.
The platform, called Altinus, aims to provide an advanced operational and technological infrastructure that complements the investment management services provided by an asset allocator.
"Altinus is the first ever administrator sponsored managed accounts platform, and is based on ten years of managed account operations experience," says Akshaya Bhargava (pictured), Butterfield Fulcrum’s chief executive. "It is designed to eliminate service and fee duplication by allowing allocators to determine investment
The banking sector has accounted for two thirds of the ten most popular trades this week, which could be due to the run-up to reporting season for the City giants.
GLG Partners has reported a GAAP net loss attributable to common stockholders for the fourth quarter and full year ended 31 December 2009 of USD75.3m, or USD0.33 per fully diluted share, and USD319.0m, or USD1.45 per fully diluted share, respectively.
Net inflows were USD723m for Q4 2009, while net AUM was USD22.2bn as of 31 December 2009, up 2.5 per cent sequentially in Q4 2009 and 47.4 per cent year over year.
GLG had non-GAAP adjusted net income of -USD4.3m for Q4 2009 and USD81.2m for the full year 2009, or -USD0.01 and USD0.26 per non-GAAP weighted average fully diluted
By Jason Bingham, Mourant – Many of the most sophisticated structured products in issuance are currently listed on the CISX. Mourant currently administers and acts as listing sponsor to a number of structured product preference share platforms established in the Channel Islands for some of the leading major investment banks and financial institutions.
This article examines a typical structured investment product – the auto-callable, and looks at the reasons why the CISX has become the exchange of choice for issuers of such securities.
Product Focus: Auto-callable structured investment product
An auto-callable (or ‘auto-call’) product is a market-linked security, usually
RBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, has hired Bertrand Fitoussi as a managing director and head of European structured interest rate sales.
Fitoussi will be based in London and report to Avril Pomper, head of fixed income and currencies and financial products sales, Europe.
Fitoussi joins RBC Capital Markets from Société Générale, where he was deputy global head of structured rate products.
Fitoussi has also held positions at Gen Re Securities and Crédit Commerical de France.
Pomper says: “Bertrand has joined RBC Capital Markets to lead our team in growing
Accountancy firm Anchin, Block & Anchin has appointed E. George Teixeira as a tax partner in its financial services group.
With the addition of Teixeira (pictured), Anchin has a roster of 54 partners who provide advisory services to clients representing all of the major industries in the Tri-state area.
Teixeira brings almost 20 years of experience servicing privately-held and public companies in the financial services industry, including investment partnerships, broker dealers and investment advisers.
He has been involved with some of the largest investment partnerships in the country, including funds of funds, and he provides assistance to those expanding their
Managed futures lost 1.48 per cent in January, according to the Barclay CTA Index compiled by BarclayHedge.
“Unanticipated appreciation of the US dollar together with falling commodity and stock prices proved to be a toxic mix, resulting in January losses for 60 per cent of CTAs,” says Sol Waksman, founder and president of BarclayHedge.
Six of Barclay’s eight managed futures indices lost ground in January. Diversified traders fell 2.57 per cent, systematic traders lost 2.25 per cent, financial and metals traders slid 0.24 per cent, and currency traders were down 0.22 per cent.
“Continued concern that the recovery will be
The Newedge Volatility Trading Index fell by an estimated 1.18 per cent in January 2010.
This follows an estimated decline of 1.29 per cent the previous month.
The index has returned 8.24 per cent since inception.
Newedge VTI consists of 11 funds: Acorn Derivatives – Absolute Return Offshore; AM Investment Partners V Fund; BAM Opportunity Fund; Bay Hill Capital Fund; CAAM Funds Volatility World Equities; JD Capital – Tempo Volatility Fund; Lyxor G-Multi USD; KBD Capital Partners, Class B; Maple Leaf Macro Volatility Fund; MM Capital Select Fund; and Swiss Alpha – Alpha Strategies Fund.
Newedge VTI is a performance
