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Investment management group Stenham has expanded its activities in Bermuda and the Caribbean by hiring Paul Bailey as an exclusive consultant for the region.
Bailey comes with a track record of assisting professional advisers and their clients in offshore markets including Bermuda, the Caribbean and the Channel Islands.
Bailey spent ten years with GAM in London and Bermuda and has extensive knowledge of the region and its important decision makers. His remit with Stenham will be to leverage his experience of those markets and develop the firm’s relationships with key professional advisors and their clients.
Harry Wulfsohn, director and
The Lyxor Global Hedge Fund index was up 1.1 per cent in September, taking year-to-date performance to +5.4 per cent.
Alternative strategies generally performed well in September as macroeconomic data came in better than expected and risk appetite continued to increase. Over most of the period, equity markets rallied and credit spreads tightened while the US dollar continued to weaken. These trends reversed at the end of the month on worse than expected data, but this was not enough to offset prior gains.
Long/short equity managers generally captured the broad market movement, with long bias managers benefiting most (+2.2 per
Confidence among active investors is at its highest in three and a half years, research from the Association of Investment Companies suggests.
Confidence is also returning amongst the traditionally more cautious general public, who are at their most positive on the stock market since AIC records began in 2004.
The general public’s confidence in the UK housing market has also improved dramatically over the last year, although still has some way to go before it reaches the highs of a few years ago.
Some 52 per cent of active investors plan to increase their stock market exposure over the next
Twelve financiers were officially weighed in on 22 October at Solas bar in Hong Kong in advance of the Hedge Fund Fight Nite.
In its third year, Hedge Fund Fight Nite is a test of strength and perseverance that hedge fund managers and bankers put themselves through in the name of charity.
For the past five months, the 12 contenders have been put through an intense training regime.
Rob Derry, managing director at Ironmonger Events, the event owner and organiser for Hedge Fund Fight Nite, says: “We initially had 44 volunteers sign up to take part in the event. It
Crédit Agricole and Société Générale have named their combined asset management arm Amundi.
The companies say the name Amundi blends the initials of "asset management" with an allusion to the world.
The Latin origin of Amundi also harks back to the group’s European roots.
Subject to the approval of the European competition authority, Amundi will come into being on 1 January 2010.
With almost EUR650bn under management, Amundi will rank number three in Europe and among the top ten global players.
It will pursue a two-pronged strategy: supply savings solutions to the retail banking networks of the Crédit Agricole and
New York based charity A Leg To Stand On, which helps children with limb disabilities in developing countries, has held its sixth annual Hedge Fund Rocktoberfest.
Over 900 people attended the event, held on 8 October at B.B. King Blues Club in Manhattan, where bands whose members are made up of professionals from the hedge fund and financial services industry performed.
In total the night raised USD205,000. After expenses, Altso estimates the profits will help at least 500 children, furthering its goal of helping level the playing field for 1,000 more children in 2010. In under eight years, Altso will
Following the signing of tax information exchange agreements with Finland, Greenland and Faroe Islands, Gibraltar has now signed 13 such agreements and has accordingly been transferred by the OECD onto its white list.
The white list is a list of countries that have signed 12 or more agreements, which is a new criteria decided by G20 and OECD in April this year.
Gibraltar has waited for the establishment of a level playing field before actively seeking out partner countries with which to sign agreements. This was achieved in March when Switzerland, Luxembourg and Austria, who as full member of the
The Bermuda Monetary Authority has established a joint initiative with industry representatives and the Pensions Commission aimed at improving disclosure practices among Bermuda pension providers and investment firms.
The authority has established a working group that will review and revise the existing code of conduct issued under the Investment Business Act 2003.
The General Business Conduct and Practice Code of Conduct for investment providers was published in 2004. It provides general guidance to investment providers – whether dealing with personal or institutional investments, including pension funds – as to their conduct in dealing with clients, covering such areas as avoiding
Hedge funds as represented by the Credit Suisse/Tremont Hedge Fund Index are currently on track to post their best annual returns in ten years.
Through 30 September 2009, the Credit Suisse/Tremont Hedge Fund Index is up 15 per cent with 83 per cent of all funds posting positive performance.
According to a report by Credit Suisse Tremont, 26 per cent of all hedge funds have fully recovered their losses from 2008, i.e. they have regained all losses to meet or surpass previous peak performance levels.
Overall, the industry experienced net outflows of USD4.8bn in the third quarter.
Sizeable redemptions
Gallatin Capital has appointed Sara Michel Osberg as a director.
Osberg joins Gallatin from Altima Securities where she was most recently a principal focused on marketing to institutional investors in the US and Canada.
Osberg joined Altima after spending two years at ING Investment Management working exclusively with the fund of hedge funds team doing marketing and investor relations.
Prior to ING, she worked in business development for Madison Capital, a boutique alternative investment manager.
“We are delighted to bring on Sara as a key member of our firm. She is an outstanding professional with strong and additive ties to
