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Hedge funds investing in emerging markets reversed sharp 2008 losses with strong gains in 2009, as the HFRI Emerging Markets (Total) Index gained 40.4 per cent for the year, according to data released by Hedge Fund Research.
This rate of return doubled the overall industry gains as represented by the HFRI Fund Weighted Composite Index, and was led by funds investing in Russia, Latin America and emerging Asia.
Assets invested in emerging markets hedge funds increased by USD25bn during 2009 to over USD93bn, as performance-based gains of USD34.3bn more than offset total investor withdrawals of USD8.5bn.
Withdrawals were significant in
The Credit Suisse/Tremont Hedge Fund Index rose 0.17 per cent in January.
Overall, fund managers largely escaped the downswings experienced by equity markets during January and the top performing sectors included fixed income arbitrage (2.02 per cent) and event driven (1.42 per cent).
Fixed income arbitrage managers found various profit generating opportunities amid the fall in risky assets while gains in the event driven space were largely driven by profitable credit positions and hedging strategies that mitigated equity losses.
Other positive performances were recorded by convertible arbitrage (0.97 per cent), global macro (1.07 per cent) and multi-strategy (0.56 per cent).
Hedge funds lost 0.29 per cent in January, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
Stocks sold off after having rallied early in the month, with the S&P 500 dropping 3.60 per cent in Januar.
The Barclay Technology Index fell 2.74 per cent in January, equity long bias lost 1.68 per cent, the Emerging Markets Index was down 1.19 per cent, and global macro slid 0.85 per cent.
“Equity investors expressed their disappointment with White House announcements that the administration would seek to curtail risky behaviour of US banks,” says Sol Waksman, founder and president of BarclayHedge.
Fortress Investment Group has signed a definitive agreement to acquire Logan Circle Partners from Guggenheim Partners.
Logan Circle is a fixed income asset manager with approximately USD12bn in assets under management.
It manages portfolios for institutional investors in strategies that include core/core plus, short, intermediate and long duration, corporate and high yield.
With this acquisition, Fortress will expand its investment management business to offer fixed income products to investors worldwide.
Fortress plans to enhance the Logan Circle platform over time to serve an expanded client base.
"We believe this is a unique opportunity to diversify and expand Fortress’s investment management
Icap Energy is introducing a combined voice-electronic broking service for OTC crude, fuel oil and middle distillate swaps, subject to regulatory approvals.
The service, Icap TrueQuote, will offer OTC oil swap clients a screen-supported voice hybrid service with execution and straight-through-processing to clearing.
ICAP TrueQuote will be powered by technology provided by IntercontinentalExchange and will be distributed on WebICE, the front-end to ICE’s trading platform.
“Oil is the only one of the five major OTC energy-commodity markets where electronic trading is not widespread. The financial crisis has resulted in an increased focus on counterparty credit risk and understanding of the
Perella Weinberg Partners has appointed Michael J. Dickman as a partner in its corporate advisory group.
Based in New York, Dickman will be reunited with London-based partner Robert Maguire and a growing team of advisory professionals covering global energy sector clients.
The addition of Dickman expands the firm’s coverage of the energy industry.
Dickman has over 20 years of energy-related investment banking experience at Morgan Stanley where he was most recently a managing director and co-head of the global energy group.
Joseph Perella, chairman and chief executive officer of Perella Weinberg Partners, says: “Mike’s deep industry knowledge greatly augments our
The Lyxor Global Hedge Fund index, an investable index based on Lyxor’s hedge fund platform, was down 0.4 per cent in January.
The month was split in two halves. During the first three weeks of the month, risky assets rallied, breaking through important resistance levels.
Thereafter, regulatory uncertainties concerning the US financial system, fears of excessive monetary tightening in China and mixed macro newsflow all combined to trigger a quite brutal correction, leaving major equity indices in year-to date negative territory.
These reversals were detrimental for trend following systems. Long term CTAs recorded this month’s worst performance, down by 3.1
Hedge funds are increasingly realising strong returns from Korean equities, it has been claimed.
The Greek economy could have a major deflationary impact on southern Mediterranean countries, an expert has claimed.
Gemini Fund Services, a partner to independent advisers as a provider of pooled investment solutions, has launched its Star Marketing programme.
The offering provides expanded mutual fund distribution services designed to help advisers raise their fund assets.
"Raising assets is the key to a mutual fund’s success. It is also a process that can be incredibly complex and difficult for advisers to accomplish without a full-service distribution partner," says Andrew Rogers, president of Gemini. "We are launching Star Marketing to provide a multi-faceted solution for advisers looking to develop and execute an effective marketing plan that encompasses a strategic, tactical,
