Latest News
HSBC is to launch the HSBC UCITS AdvantEdge fund of hedge funds, which is designed for both retail and institutional investors who can participate in the unprecedented absolute return opportunities offered by current market conditions via both a liquid and regulated offering.
The HSBC Alternative Investments Ltd (HAIL) managed Fund offers weekly liquidity and meets strict rules on leverage, counterparty risk and instruments traded. It will combine a number of core strategies that are expected to benefit from opportunities created by the credit crunch: discretionary macro, equity market neutral, managed futures, and equity long/short.
The official launch of UCITS AdvantEdge
Amid growing concerns about water scarcity and climate change globally, PricewaterhouseCoopers LLP (PwC) is to work with CERES, America’s largest coalition of investors and environmental groups, and Water Asset Management LLC to conduct the first study of the impacts of water scarcity and climate change on US municipal bonds.
PwC’s UK sustainability and climate change practice will lead the firm’s involvement in the collaboration.
US municipal bonds are typically considered safe investments and are highly sought after by institutional investors including life insurers and pension funds in the US. The collaboration team brings together institutions with complementary expertise in the
State Street Corporation, a provider of financial services to institutional investors, has added custody, cash management and foreign exchange services to its suite of front-, middle- and back-office administration services for hedge funds.
The expanded service offerings are in response to growing interest from hedge fund managers seeking to diversify risk by moving more services to global custodians during a challenging market environment.
“Counterparty risk is a heightened concern among hedge fund managers who are assessing safekeeping options for their cash and other assets,” said Jack Klinck (pictured), executive vice president and global head of State Street’s Alternative Investment Solutions
FPP Asset Management, London has appointed Daiwa Securities Global Asset Services to provide administration and trustee services to its new Irish domiciled UCITS fund, Fabien Pictet and Partners Global Funds PLC which was launched in September 2009.
The fund is a UCITS III compliant, daily liquidity, long only vehicle that seeks to achieve capital growth by investing primarily in the equity securities of companies in global emerging markets but the fund will not otherwise be restricted by industry, sector, geography or market.
“We are delighted to continue our long and successful relationship with Daiwa Securities Global Asset Services as our
Over 20 per cent of hedge funds frequently misrepresent important information about funds and their performance to investors, according to a study by NYU Stern Finance Professor Stephen Brown.
With co-authors William Goetzmann from the Yale School of Management, Bing Liang from the University of Massachusetts at Amherst and Christopher Schwarz from the University of California at Irvine, Brown examined some 444 hedge fund due diligence reports, supplied by a major hedge fund due diligence firm hired on behalf of investors.
And according to their findings, 21 per cent of hedge funds frequently misrepresent prior legal and regulatory problems, while
Fitch Ratings says the fund of hedge fund industry is still in reconfiguration despite being on course to register the best annual performance in ten years.
Industry consolidation, decreased assets under management and changes in the rankings of FoHF managers in terms of assets managed remain key topics for the industry and point towards a reshuffling of business propositions and product offerings, according to Fitch’s FoHF quarterly newsletter.
As of September, FoHFs are up about nine per cent year-to-date, according to various data providers. However, it is not clear if AUM have bottomed-out after large redemptions earlier this year, as
Swiss Alpha, an alternative asset manager specialising in systematically managed and quantitative based alternative investment strategies, has launched the Swiss Alpha Sicav Strategy Europe Fund.
In November 2006 the firm launched its Alpha Strategies Fund based on the arrow option strategy. This trading approach is based on the systematic and quantitative extraction of the time value premium of listed equity index options on the Euro Stoxx 50 Index.
Swiss Alpha has chosen Bayern Invest Luxembourg as its administrative partner as well as LB Luxembourg as its custodian.
Thorsten Eiglmeier, chief executive, says: “Allowing a broader range of investors to invest
Portfolio Analyst Paul Choi has joined Hong Kong-based asset management firm Enhanced Investment Products to support its recently launched Asian High Yield Convertible Bond fund.
Choi will also provide credit analysis and fundamental research opportunities for EIP’s stable of funds.
Launched with an initial investment of USD17m at the beginning of May, the convertible bond fund and was up 10.90 per cent at end of September 2009.
With over five years of experience as an investment analyst, Choi has worked in Australia, Hong Kong and Korea. He most recently helped provide investment and credit research ideas to Cheyne Capital Management’s
The RBC Hedge 250 Index had a net return of 2.20 per cent for the month of September, bringing the year-to-date return of the index to 17.44 per cent.
These returns are estimated and will be finalised by the middle of next month. The return for August 2009 has been finalised at 1.67 per cent.
The best performing strategy in September was credit with a return of 3.85 per cent. Fixed income arbitrage (+2.67 per cent), equity long/short (+2.70 per cent), managed futures (+2.17 per cent) and mergers and special situations (+2.15 per cent) were also strong performers.
All strategies
The Managed Funds Association is to form alliances with regional hedge fund associations and their members in order to collaborate on key initiatives.
The new MFA alliances will provide an opportunity for regional hedge fund associations to play a role in furthering MFA’s mission of advocating industry growth.
“We are pleased to announce this important new initiative to collaborate with regional hedge fund associations toward a common goal,” says Richard H. Baker, MFA president and chief executive. “The affiliate associations will join MFA in a cooperative effort to ensure that all participants in the alternative investment industry work together to
