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FTSE Group and Record Currency Management have launched the first set of indices within the new FTSE Currency Forward Rate Bias Index Series.
The new FRB5 indices use the five most widely-traded currencies (US Dollar, Euro, Japanese Yen, Pound Sterling and Swiss Franc) in a forward rate bias (also referred to as carry) strategy.
Forward rate bias is the observed tendency of higher interest rate currencies to outperform lower interest rate currencies. This outperformance is captured through a series of rolling one-month forward contracts, equally-weighted across all ten currency pairs.
Research from Record shows that FRB provides a fundamental and
The hedge fund and private equity industries contribute EUR9bn (GBP7.9bn) in tax revenues to European Union governments, according to a survey by independent think tank Open Europe.
Open Europe said the EUR9b tax contribution would be enough to fund the EU’s entire overseas aid budget for 12 years. The tax contribution also matches the value of the EU’s Cohesion and Aid Programmes for Poland and is just short of the subsidy that France receives each year under the EU’s Common Agricultural Policy, according to Open Europe.
“Alternative investment fund managers provide investments and create growth, jobs and more efficient markets
London West End-based agency broker Hoare Capital is expanding its credit, ABS and inflation teams as it gears up into quarter three.
Among those joining is Richard Gathercole, who will head the corporate credit sales team concentrating on high yield and distressed debt. Gathercole has 27 years of experience and joins from the Bank of Scotland where he held a similar capital markets role.
Sergio Marques joins as a senior credit sales specialist for France and Iberia, after a sales role at Bank of America in London.
Mark Rogers has joined Hoare Capital as head of ABS sales. He has
Rampart Investment Management, an asset management firm specialising in option strategies, has appointed Richard R. Davis as senior vice president of sales and consultant relations.
Davis brings more than 15 years of sales and research experience in the financial services industry to Rampart.
As the senior vice president of sales and consultant relations, Davis will spearhead the company’s business development programme, focusing on institutional and high net worth investors. Additionally, Davis will focus on building and enhancing Rampart’s relationship with consultants and partners, and educating them on the benefits of Rampart’s options programmes.
“The combination of Dick’s research and sales
Denver Investments, a USD7bn asset management firm, and GRT Capital Partners, a multi-strategy alternative investment firm, have formed Denver Alternatives.
As the new alternative asset division of Denver Investments, Denver Alternatives will serve pension funds, endowments, family offices and other institutional investors.
"The two ingredients for success in the alternatives space are talent and discipline," says Todger Anderson (pictured), chairman of Denver Investments. "GRT’s strategies are managed by professionals with decades of experience at leading institutions and strong historical track records – all backed by excellent research. This relationship allows the firm’s current investment teams to stay 100 per cent
A group of investors in Wind Hellas Telecommunications’ subordinated notes have formally organised a bondholder committee representing the interests of investors holding approximately EUR500m of debt in both the EUR and USD tranches.
The committee has gained significant traction in recent days as increasing numbers of investors with interests in the subordinated notes have identified themselves and have expressed an interest in participating in the group.
The committee has appointed advisers, including Jones Day and PWC, and is being co-ordinated by Michael Hodges of Aladdin Capital Management UK.
The committee intends to discuss with Wind Hellas and its appointed adviser
Salus Alpha has launched a commodity arbitrage fund, which it says is the first to successfully combine an arbitrage strategy with daily liquidity.
The strategy tries to profit from price differences on various commodity markets or between related commodities.
The investment approach of the Salus Alpha Commodity Arbitrage enables the fund to obtain returns for the investors from both Backwardation (the expiring futures contract is more expensive as the next delivery month) and Contango (the expiring futures contract has a lower price than the next contract that will be bought).
In addition the Salus Alpha Commodity Arbitrage employs seasonal
Hedge Fund Research has launched six HFRX indices focused on specific exposures within the commodity, energy, and yield alternative sectors.
The new indices are: HFRX Commodity: Agricultural Index; HFRX Commodity: Energy Index; HFRX Commodity: Metals Index; HFRX Alternative Energy Index; HFRX Energy Infrastructure Index; and HFRX Real Estate Index.
HFR uses a Ucits III compliant methodology to construct its HFRX indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the hedge fund universe.
HFRX indices employ quantitative techniques and analysis, multi-level screening, cluster analysis, Monte-Carlo simulations
The S&P 500 index registered a sixth consecutive month of gains in August, rising by 3.61 per cent in a context of stable implied volatility (26.01 per cent), according to research by Edhec.
Since its low point in February, the S&P 500 index has managed a 40.5 per cent recovery as implied volatility has dropped by 44 per cent.
The bond markets followed the same trend, as illustrated by the positive returns of the Lehman Global Bond Index (0.89 per cent). With a moderate gain (0.70 per cent), bonds returned to their level of April 2004. With a more significant
The Alternative Investment Management Association and the Irish Funds Industry Association have published the revised edition of the Aima Guide to Sound Practices for Hedge Fund Administrators.
The revised guide deals with the main functions typically carried out by hedge fund administrators, and outlines how administrators contribute to the overall management and administration of a hedge fund. It provides guidance to hedge funds, investors and other service providers as to how sound practice has emerged in the field of hedge fund administration.
The guide, which was originally published in 2004, has been updated to reflect various industry developments in areas
