Daily News

CORPORATE
FIX Trading Community, the non-profit, industry-driven standards body at the heart of global financial trading, today announced the publication of a document detailing extensions to the FIX Protocol to meet the requirements of MiFID II and MiFIR. The FIX Global Technical Committee has approved these changes and these are now available to use within the industry. Members of the FIX Trading Community have been convening regularly since the summer... Read more
CORPORATE
State Street Corporation (NYSE: STT) has identified three elements leaders in financial services will need in order to excel in the new digital era. In its latest report, “Finance Reimagined: Finding Long-Term Value in a Digital Age”, the findings result from a global survey of 2,000 investors and 500 investment providers.   State Street argues leaders – defined as those using digital technologies to transform their... Read more
FUNDS
Total capital invested in Emerging Markets (EM) hedge funds climbed to a record level to begin 2017, as energy commodities and the US dollar posted strong gains. Assets dedicated to EM funds increased to $200.7 billion (1.38 trillion RMB, 622 billion Brazilian Real, 13.4 trillion Indian Rupee, 11.6 trillion Russian Rouble, 753 billion Saudi Real) to end 4Q16, the second consecutive quarterly record, according to the latest HFR Emerging Markets... Read more
FUNDS
Lyxor Asset Management today releases the latest research from its Cross Asset Research Team, entitled Secular Stagnation Trumped - US Rates Gearing Up. Authored by Lionel Melin Senior Strategist and Jeanne Asseraf-Bitton Global Head of Cross Asset Research, the attached paper reveals that ‘Trumponomics’ could leave secular stagnation in the past. The Lyxor Cross Asset Research team found that: ·    ... Read more
FUNDS
“SS&C GlobeOp’s Forward Redemption Indicator for February of 2017 was 3.25%, which edged down the 3.27% reported a year ago for February 2016 to become the second lowest reading for the month of February since the indicator was first reported in 2008 (the year 2012 saw the lowest February reading ever at 3.14%, 11 bps better than the current month),”  said Bill Stone, Chairman and Chief Executive Officer, SS&C... Read more
FUNDS
eVestment’s Traditional Asset Flows Report shows the flow of institutional funds across investment strategies, regions and investor types. Investor flows are calculated based on a bottom-up approach, measured for each product and summarized at the universe and asset class levels. The universes utilized in this report are identical to those that exist within the eVestment database. The institutional asset management industry reported net... Read more
FUNDS
Hedge funds, in general, continued their positive momentum into 2017 posting positive gains in January. The Eurekahedge fund index producing an estimated positive gain of 0.89% with the S&P returning 1.79% in January. Advisors & Partners LLP launched the A&P Emerging Manager Index (APEM Index) on the 1st December 2015. The APEM index is an equal weighted index of 20 emerging managers. The APEM index is designed to offer investors,... Read more
PEOPLE
Aspect Capital (Aspect), the $6bn systematic investment manager, has promoted Anna Hull to Chief Risk Officer and to the Board. In her new role, Anna will continue to have responsibility for the oversight of investment and operational risk across the business, as well as now playing a greater role in determining and executing the company’s strategic plans. Anthony Todd, CEO of Aspect, said: “I am very pleased to welcome Anna to the... Read more
CORPORATE
With 3,741.33 billion EUR of assets under management as at 31 December 2016, an annual growth of 6.7%, Luxembourg reports another new record of assets under management in investment funds domiciled in Luxembourg. Luxembourg is well-known as a UCITS fund hub, however since the introduction of the Alternative Investment Fund Managers Directive (AIFMD), the Association of the Luxembourg Fund Industry (ALFI) has seen increasing interest from asset... Read more
FUNDS
S&P Global Market Intelligence, a leading provider of multi-asset class research data and insights, today released its review of  Q4 2016 13F filings by pure play hedge funds. The quarterly S&P Global Market Intelligence Hedge Fund Tracker is an aggregate analysis of hedge fund equity ownership that highlights hedge fund investments in specific stocks and sectors. The latest Hedge Fund Tracker analysis shows the top funds managed... Read more
FUNDS
Prestige Fund Management Limited (PFM) has sourced an additional US$100 million in investor commitments during the final quarter of 2016, illustrating increasing demand for its brand of asset-based direct lending to small and medium UK businesses. Sources of new commitments have come mainly from outside the UK, including from Middle East sovereign wealth funds and sovereign pension groups, Swiss foundations and Swiss corporate pension schemes.... Read more
FUNDS
The new year started with lots of expectations for hedge funds and so far they live up to them, having a solid start in the year, which is extended in the first weeks of February. Systematic CTAs followed by equity hedge and macro strategies are leading the winners' list, as the major HFRX indices find themselves in "greens". Despite the outflows last year, the AUM is still at an all-time high and is expected to grow from $3.2tn to... Read more
FUNDS
Laven Partners has published its February 2017 newsletter, where they look back at a notable fund blow-up in 2016, the causes, and whether a sound operational due diligence (“ODD”) process would have raised enough concerns and red flags to deter a potential investor. The first case considers Visium Asset Management (“Visium”). Founded in 2005, Visium grew to an $8bn business by 2016 when the US government filed charges... Read more
CORPORATE
FTI Consulting published an update to its interactive Global Shareholder Activism Map, which shows that shareholder activism gained momentum and geographic breadth in 2016. To measure the potential risk in each jurisdiction, FTI Consulting created an index to track activism threat level by country and map key activists within each location. The analysis reveals that 342 activism campaigns took place outside the United States last year, compared... Read more
CORPORATE
New research by the Center for Applied Research, the independent think-tank of State Street Corporation (NYSE: STT), and CFA Institute, has identified a new and powerful business metric – phi – that can have a substantially positive impact on organisational performance, client satisfaction, and employee engagement at investment firms across the EMEA region. The report titled, “Discovering Phi: Motivation as the Hidden... Read more
FUNDS
IMF Bentham Limited (ASX: IMF), the parent company of U.S.-based Bentham IMF (Bentham), has raised a USD $200 million litigation finance funding vehicle together with funds managed and advised by a large U.S. hedge fund (collectively, The Funds). The Funds will invest up to USD $150 million and IMF will invest up to USD $50 million. The funding vehicle, Bentham IMF 1 LLC (Bentham IMF Funding Vehicle), is IMF’s first investment vehicle. IMF... Read more
FUNDS
The gross return of the SS&C GlobeOp Hedge Fund Performance Index for January 2017 measured 1.71%. Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 0.45% in February. “SS&C GlobeOp’s Capital Movement Index for February 2017 of 0.45% reflects an increase in capital allocated to hedge funds, although at a slightly lower rate than the 0.59% increase reported in February 2016,” said... Read more
CORPORATE
Man AHL, Man Group’s diversified quantitative investment manager, today announces the winner of the second annual Man AHL Coder Prize, a coding competition for students aged 16-25. Matthew Ridley from the University of Oxford was awarded first place and the competition cash prize of £5,000. Junjin Chen from the University of Sheffield placed second and Eddie Rolls from the University of Oxford placed third, with each awarded cash... Read more
CORPORATE
'As Prime Minister Shinzō Abe meets with President Donald Trump in Washington D.C. this Friday, he should be given credit for being the first global leader to present a concrete proposal regarding Trump’s ‘America first’ pledge. Following the US withdrawal from the Trans-Pacific Partnership, and in light of an assertive China and uncertain US-China relations, both sides will be keen to cement a favourable agreement. The... Read more
PEOPLE
NFA members yesterday elected Aspect Capital’s co-founder and research director Martin Lueck to its Board of Directors. Commenting on the news, Martin said: “I am very pleased and grateful that my fellow CPO/CTA NFA members have elected me to serve their interests on the NFA Board. It is an important time for the voice of the CPO/CTA community – both large firms and small – to be heard, and I look forward to working with... Read more
CORPORATE
Salary increases are set to be modest in 2017 as financial services companies worldwide feel the impact of slow economic growth, low inflation as well as continued low interest rates, according to the latest data from Mercer. On average, 2017 base salary increases for all roles are expected to be between 1.9% and 2.4%. Mercer’s research finds that the majority of organisations predict 2017 annual incentive levels to remain similar or... Read more
CORPORATE
The European Securities and Markets Authority (ESMA) has published its 2017 Supervisory Convergence Work Programme (SCWP), which details the activities and tasks it will carry out to promote sound, efficient and consistent supervision across the European Union. ESMA and national competent authorities (NCAs) will focus their supervisory convergence work on the following priorities: ·         the... Read more
FUNDS
Fidante Partners is pleased to announce Avenir Capital, an Australian-based, global value manager, as Fidante’s newest boutique investment management partner. Challenger Chief Executive Funds Management Ian Saines said: “In line with our strategy to expand our product offering in sought after asset classes, we are delighted that Avenir is joining our stable of fund managers. It’s further evidence that Fidante’s multi-... Read more
PEOPLE
32 Advisors, a firm providing economic advisory services and developing infrastructure projects, is pleased to announce the addition of Stephen Moore as a Strategic Partner for the Economic Advisory practice. Moore joins Austan Goolsbee, Strategic Partner within the firm’s Economic Advisory practice which launched in 2013. During the 2016 Presidential campaign, Moore served as a Senior Economic Adviser to Donald Trump, where he... Read more
FUNDS
Unigestion and Akina are pleased to announce today that they have agreed to merge their private equity businesses to create a leading specialist in global small and mid-market private equity, which will have 6 bn USD in assets under management and 54 dedicated professionals located in Geneva, Zurich, London, New York and Singapore. This expansion demonstrates Unigestion’s commitment to building a world-class multi-specialist institutional... Read more
CORPORATE
Three key characteristics are essential for firms seeking success in the hedge fund industry: investing in people, sound business infrastructure and a focus on relationships with their investors, according to a global survey of senior individuals in the hedge fund industry by EY and the Alternative Investment Management Association (AIMA), the global representative of alternative investment managers. With the aim of identifying common... Read more
REGULATORY
During the first weekend of the Trump Presidency, the President promised one of the ways he would stimulate growth in the economy was to cut federal regulations by 75%, or “maybe more.”  A January 20, 2017 Executive Order required that, for every new regulation it proposed, a federal agency needed to identify at least two existing regulations to be repealed. Crow & Cushing thinks the new President may be aiming a bit high.... Read more
REGULATORY
The European Securities and Markets Authority (ESMA) has issued today a report on Distributed Ledger Technology (DLT). The report sets out ESMA’s view on DLT, its possible applications, benefits, risks and how it maps to existing EU regulation. ESMA’s position is that regulatory action is premature at this stage, considering that the technology is still at an early stage. ESMA believes that DLT could bring a number of benefits to... Read more
FUNDS
Societe Generale Prime Services today announces the January 2017 performance data for its SG CTA indices.   January 2017 YTD       SG CTA Index -1.13% -1.13% SG CTA Mutual Fund Index -0.87% -0.87% SG Trend Index -1.16% -1.16% SG Short Term Traders Index -4.07% -4.07% SG Trend Indicator -6.46% -6.46% In a disappointing start to the year after a challenging 2016, all... Read more
FUNDS
AnaCap Financial Partners (“AnaCap”), the specialist European financial services private equity firm, has announced the signing of an agreement to acquire a  portfolio of Italian performing and non-performing corporate secured loans from Barclays. The portfolio, which has a gross book value of €177 million, comprises loans to primarily small and mid-sized corporates secured against real estate located mostly in the north of... Read more
FUNDS
Man GLG, the discretionary investment management business of Man Group, today announces the launch of Man GLG Innovation Equity Alternative, a new global long-short fund managed by Priya Kodeeswaran. Available in UCITS format, the fund focuses on opportunities in companies or sectors undergoing change or innovation. The $450m Man GLG Innovation Equity Alternative fund seeks out companies within sectors that are particularly susceptible to change... Read more
FUNDS
KKR and Pacific Alternative Asset Management Company, LLC (“PAAMCO”) today announced that they have entered into a strategic transaction to create a new liquid alternatives investment firm by combining PAAMCO and KKR Prisma. Under the terms of the agreement, the entire businesses of both PAAMCO and KKR Prisma will be contributed to a newly formed company that will operate independently from KKR, and KKR will retain a 39.9% stake as a... Read more
CORPORATE
Event driven was the top-performing hedge fund strategy in 2016, with the HFRX Event Driven index up 11.1% in USD terms. The HFRX Event Driven index has also started 2017 brightly with returns of 1.1% in January. However, the event driven space also saw significant dispersion: Distressed and special situations-based managers performed particularly well, given recoveries in beaten up deep value stocks and credits, while merger arbitrage had a... Read more
FUNDS
January was a positive month for hedge fund returns across a number of strategies, with Equity Long-Short, Credit and Relative Value strategies generating positive performance. Returns from Macro managers, both discretionary and systematic were more mixed. For Equity Long-Short managers, many reported more positive returns to alpha when compared to 2016, as managers with lower net exposure generated some of the better returns. Europe was... Read more
REGULATORY
The Alternative Investment Management Association (AIMA), the global representative of alternative investment managers, has published a guide for investment managers to help them understand and implement the requirements of the European Union’s updated Markets in Financial Instruments Directive (MiFID2), which will apply from January 2018. The guide received significant input from leading law firm Schulte Roth & Zabel, who are also... Read more
FUNDS
Mercer’s Pensions Risk Survey data shows that the accounting deficit of defined benefit (DB) pension schemes for the UK’s 350 largest listed companies increased from £137bn at the end of December to £140bn on 31 January 2017. At 31 January 2017, asset values were £714bn (representing a decrease of £6bn compared to the corresponding figure of £720bn at 30 December 2016), and liability values were £... Read more
FUNDS
2016 was a landmark year for the financial world because of a series of events that shaped a new reality. Last year was marked by major geopolitical events such as, U.S. elections and rumours about Russia’s interference, Brexit, Italian referendum, the Turkish coup, missile tests from North Korea and terrorism. These events combined with the low-interest rates environment in major developed economies and the continuation of monetary... Read more
FUNDS
Old Mutual Global Investors (OMGI), part of Old Mutual Wealth, yesterday launched the Old Mutual Systematic Positive Skew Fund (the “Fund”), targeting sophisticated institutional investors. The Irish-domiciled Qualified Investor Alternative Investment Fund (QIAIF) is the latest alternative launch from OMGI addressing the demands of institutional investors for funds offering uncorrelated absolute returns, designed to counterbalance... Read more
FUNDS
State Street Global Exchange today released the results of the State Street Investor Confidence Index® (ICI) for January 2017. The Global ICI decreased to 93.8, down 0.3 points from December’s revised reading of 94.1. The decline in sentiment was driven by the 7.0 point decrease in the European ICI to 92.9 along with the 0.4 point decline in the Asian ICI to 108.1. By contrast, the North American ICI rose 2.0 points from 87.6 to 89.6.... Read more
PEOPLE
Efficient Capital Management, LLC ("Efficient"), a leading provider of managed futures solutions, announces the addition of Curt Bradshaw as Managing Director of Efficient Access™.  “The hiring of Curt Bradshaw is part of Efficient's on-going plan to further grow our capacity to serve more investors,” said Lorent Meksi, Managing Director.  “We greatly value the knowledge and experience he brings to... Read more