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Credit Suisse has told its hedge fund and other institutional clients that it is shutting down its cash equity dales business as part of a global overhaul of the bank’s operations by new owner UBS Group, according to a report by Bloomberg.
The report cites unnamed sources with knowledge of the matter as confirming that as a result, a number of Tokyo-based staff will be leaving the business.
Credit Suisse’s investment bank division has already ceased stock underwriting in Japan.
According to a local filings, Credit Suisse’s Japanese securities unit had 421 employees as of March this year. Ince acquiring
Amir Fais, a former Goldman Sachs managing director and head of EMEA emerging markets rates trading who joined Eisler Capital as a macro and emerging market focused Portfolio Manager, in May, has left after just three months, according to a report by eFinancial careers.
Bell Rock Capital Management, a London-based hedge fund focused on equity market neutral and merger arbitrage strategies, is opposing Whitehaven Coal’s proposed multi-billion dollar deal to acquire two major BHP mines, according to a report by the Australian Financial review.
Oceanwood Capital Management, the hedge firm co-managed by Julian Garcia and Christopher Gate, is closing down, with Deputy CIO Garcia now planning launch his own hedge fund firm next year, according to a report by Bloomberg.
Cristian Cibrario, a portfolio manager at Man GLG, Man Group’s discretionary investment business, has left the firm to launch a new hedge fund, according to a report by With Intelligence.
Hedge funds delivered another month of impressive performance in July, with an overall weighted average return of 1.5% – one of their best months so far this year, albeit a slight decline from the 1.8% monthly high seen in June, according to data from Citco.
Multi-strategy hedge fund Balyasny Asset Management saw four portfolio managers depart its stock-picking business in early August, with two known to be heading to rival multi-manager firms, according to a report by Business Insider.
Investors are turning their backs on Ucits-managed hedge fund strategies with cash outflows in the first six months of the year totalling €19.4bn, way in excess of the total outflows seen in the whole of 2022, according to a report by CityWire.
A coalition of alternative investment industry groups including Managed Funds Association (MFA) and the Alternative Investment Management Association (AIMA) has submitted a letter to the US Securities and Exchange Commission (SEC) requesting a 60-day extension to the comment period for the proposed rules on conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers.
Transaction Network Services has partnered with trading and connectivity solutions provider TRAFiX to expand its order execution and routing management systems on TNS’ Dedicated Server across all major Canadian financial exchange markets.
