Daily News

CORPORATE
On LULU’s fiscal 4Q conference call, senior management noted a material slowdown in stores and on their website to start their 1Q17. Management noted that store traffic softened in February and March, while conversion on their website was negatively impacted. Since those results were announced in late March, investors have debated whether the slowdown was due to a more structural issue at the company or a temporary execution-related issue... Read more
CORPORATE
Following yesterday’s publication of the Global Code of Conduct for foreign exchange (FX) markets, David Newns, global head of Currenex and SwapEx, as well as EMEA head of GlobalLink at State Street Global Markets, offers his view: “We welcome the final version of the Global Code of Conduct and the increased transparency that it will bring to market practices in our industry.  The Code provides a way for FX professionals to... Read more
CORPORATE
In late 2015, Under Armour’s senior management established long-term targets of 25% sales CAGR and 23% operating income CAGR through 2018. This translated into $7.5 billion in sales and $800 million in operating income by 2018. However, since that time, Under Armour has been negatively impacted by several factors, including retailer bankruptcies (specifically The Sports Authority), business mix shifts (lower-margin footwear becoming a... Read more
REGULATORY
At its 19th Annual Global Funds Conference today, Irish Funds, the representative body for the cross-border investment funds industry in Ireland, launched ‘Ireland: A Guidebook for Chinese Asset Managers’ in partnership with the Asset Management Association of China (AMAC). The Guidebook is the latest initiative in the funds industry’s ongoing drive to develop and grow the industry here by partnering with the global asset... Read more
CORPORATE
eBay’s Marketplace Transaction revenue is a major focus for senior management and investors. In 2016, Marketplace Transaction revenue grew 3.2%, and in the company’s most recent 1Q results, the segment grew 3.1%. This was an improvement from prior years, but the segment continues to lag the broader growth underway in ecommerce. Improving User Experience Management has numerous initiatives underway to improve its marketplace and drive... Read more
CORPORATE
The Securities and Exchange Commission today announced charges in an alleged insider trading scheme involving tips of nonpublic information about government plans to cut Medicare reimbursement rates, which affected the stock prices of certain publicly traded medical providers or suppliers. The SEC’s complaint alleges that David Blaszczak, a former government employee turned political intelligence consultant, obtained key confidential... Read more
FUNDS
Wilshire Associates (Wilshire®) today announced the launch of a new index Powered by Wilshire℠, the BRI Dynamic Growth & Value Index℠ (BRIDGV). The new index, created and owned by BRI Partners, LLC (BRI) and calculated by Wilshire, is designed to deliver a true benchmark and efficient investible access to the long-only beta risk of equity hedge fund strategies. The BRI Dynamic Growth & Value Index uses a systematic, rules-based... Read more
REGULATORY
The European Securities and Markets Authority (ESMA) has published a Consultation Paper (CP) on the Money Market Funds Regulation (MMFR). The CP contains proposals on draft technical advice (TA), draft implementing technical standards (ITS), and guidelines under the MMFR. The key proposals relate to asset liquidity and credit quality, the establishment of a reporting template and stress test scenarios. These represent the detailed rules required... Read more
PEOPLE
Fiona Frick, CEO of Unigestion, the boutique asset manager that focuses on guiding its clients with risk-managed investment solutions, has been elected to the Board of Sustainable Finance Geneva (SFG).  SFG is an association that establishes Geneva as the centre for innovation in sustainable finance by engaging individuals and harnessing collective intelligence.  Created in 2008 by fifteen professionals, SFG now leads the way from... Read more
FUNDS
ML Capital Asset Management, the investment manager and promoter of the MontLake UCITS Platform, has published its 26th edition of the quarterly ML Capital Alternative UCITS Barometer (Barometer). The Barometer is designed to help identify and anticipate key trends in the demand for the major strategies within the Alternative UCITS sector. The capital introductory team at ML Capital surveyed a diverse range of 50 investors who collectively... Read more
CORPORATE
The current lead of the Conservatives in opinion polls promises Theresa May a bigger landslide victory than Margaret Thatcher achieved in 1983, states Professor Richard Rose and Dr. Savvas Savouri in a co-authored report released today by Toscafund Asset Management LLP. In 1983 Thatcher won 43.9 percent of the British vote; during this campaign the Conservatives have averaged 46.5 percent and since the local elections 48 percent. A third of a... Read more
FUNDS
– The SS&C GlobeOp Forward Redemption Indicator for May 2017 measured 3.08%, up from 2.41% in April. “Taking into account seasonality, SS&C GlobeOp’s Forward Redemption Indicator for May 2017 of 3.08% continues this year’s favorable trend in redemptions, as it represents a sharp decline from the 4.38% reported a year ago for May of 2016, as well as compared to historical averages for the month of May,” said... Read more
CORPORATE
In May of 2016 at their Investor Day, Juniper’s management team established detailed long-term revenue, margin, and EPS targets through 2019. One year later, with a more competitive environment in many of their segments, are analysts expecting the company to achieve those targets? A look at overall revenue estimates show that analysts expect Juniper to achieve its targeted 3% – 6% CAGR through 2019. However, analysts are not... Read more
FUNDS
After a positive first quarter of 2017 where investors tiptoed back into hedge funds, April saw a bit of a pause, with investors pulling $930 million from the global hedge fund industry, according to the just-released eVestment April 2017 Hedge Fund Asset Flows Report. Overall industry assets stood at $3.106 trillion in April and year-to-date (YTD) 2017 asset flows were still positive at $12.18 billion. This is good news, in spite of April... Read more
FUNDS
S&P Global Market Intelligence, a provider of multi-asset class research data and insights, today released its review of  Q1 2017 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
FAB Partners ("FAB"), a global alternative investment platform, today announced it has completed the acquisition of a majority stake in Halkin Asset Management ("Halkin"), a London-based alternative asset manager. The combined company will be rebranded as Centricus ("Centricus") and will continue to target superior returns across all asset classes, sectors and geographies for its investors. Halkin transaction Halkin... Read more
FUNDS
Pacific Asset Management, the asset management arm of Sir John Beckwith’s Pacific Investments Group, has become a partner in the boutique emerging markets equities manager, North of South Capital, founded by emerging market veteran investor Matt Linsey in 2004.  Sir John’s global diversified investment group Pacific Investments has considerable experience in emerging markets, having successfully founded Thames River Capital with... Read more
CORPORATE
Agecroft Partners has pledged to donate $1 million from its Hedge Fund Leadership Summits to non-profit organizations that benefit children.  Since 2013 Agecroft Partners has committed to improving the lives of children through donating 100% of their profits from conferences.  This includes Hedgeopolis, (with which they are no longer involved) and  their industry leading event Gaining the Edge - Hedge Fund Investor Leadership... Read more
CORPORATE
Late last year, on the company’s fiscal 4Q16 earnings conference call, Estee Lauder management noted that they expected cash from operations to grow at a faster rate than earnings growth over the next three years. Much of this was to be driven by an additional $400 million in working capital changes, which in turn was to be generated from closer management of accounts payable, accounts receivable, and inventory. What do analysts currently... Read more
CORPORATE
Castine Consulting LLC and ONEaccess, a Visible Alpha company, are pleased to announce their collaboration to provide enhanced RPA (Research Payment Account) solutions to asset managers and hedge funds. Castine has operated in the commission management space for 20 years and is combining its RPA Centre suite of due diligence and commission management modules with ONEaccess’ research consumption data, providing buy-side firms with an end-to... Read more
FUNDS
Eurizon, the asset management company of the Intesa Sanpaolo Group, which specialises in the management of products and services for retail and institutional customers, has closed the first quarter of 2017 with increased values in all the main financial indicators. At the end of March, assets under management reached 295.4 billion euro, up 2% compared to the end of 2016, thanks to the considerable inflows. Consolidated net income... Read more
FUNDS
SCP Investment, LP, a San Francisco Bay Area based alternative asset management firm, today announced the appointment of industry veteran Isaac R. Souede as Chairman and Chief Global Strategist. Mr. Souede joined the firm as of 1 May 2017 and will be based in New York. Mr. Souede, who was most recently Chairman and Chief Investment Strategist at EnTrustPermal, will work alongside SCP founder and CIO, Sandy Colen. Mr.... Read more
CORPORATE
Disney reported fiscal 2Q17 results last week that exceeded consensus earnings estimates but missed consensus revenue estimates. The revenue miss largely came from Disney’s Media segment, which made up 30% of the company’s overall revenue and 45% of total operating income in 2016. Zooming in even further, the miss was largely due to the Cable Networks subsegment (the largest component of the Media segment), which reported revenue... Read more
FUNDS
The May 2017 Eurekahedge Report has been released. Key highlights for April 2017 include: - Hedge funds were up 0.64% in April with 2017 year-to-date gains coming in at 3.00%. Investor appetite for hedge funds has picked up pace since the start of the year, with net inflows of US$34.8 billion. - AUM for the North American hedge fund industry has reached a record high of US$1.54 trillion as of April 2017. Investor subscriptions for 2017 year... Read more
FUNDS
Hedge funds carried their April's positive performance into the first two weeks of May, with event-driven strategies outperforming the rest of hedge fund strategies. Equities remain flat, while CTA and macro focussed strategies are having another negative month so far, spreading disappointment to investors who are looking for good CTAs to navigate the space. Credit/Fixed income hedge funds also perform positively so far in May, keeping on... Read more
PEOPLE
Advent Capital Management LLC (Advent), an investment management firm with approximately $9 billion in assets under management and founded in 1995, announced today that Scott Reid has joined the firm in the newly created position of Chief of Staff and Strategy. Based in New York, Scott reports to Tracy Maitland, President. He is responsible for implementing synergistic strategies to further enhance the quality of all current and new investment... Read more
CORPORATE
The Securities and Exchange Commission today charged a pair of former head traders who ran the commercial mortgage-backed securities (CMBS) desk at Nomura Securities International Inc. with deliberately lying to customers in order to inflate the profits of the CMBS desk and line their own pockets as a result. The SEC alleges that James Im and Kee Chan each misrepresented price information while acting as intermediaries on trades with Nomura... Read more
CORPORATE
UBS Asset Management ('UBS AM') today announced that Suni P. Harford will join the firm as Head of Investments in July 2017. She will be responsible for c.500 investment employees and oversee approximately US$600 billion in assets under management across both traditional and alternative asset classes. She will be based in New York and report to Ulrich Koerner, President of UBS AM.  Suni joins UBS AM from Citigroup Inc. where she has... Read more
FUNDS
New Sparta Asset Management (NSAM), the specialist emerging market investment manager established by Dr Jerome Booth, announces the launch of New Sparta Energy (NSE) and the hire of its Managing Director. NSE is a fully owned subsidiary of NSAM specialising in the development of renewable power projects in Africa. Its role is to advise NSAM on the management of the underlying assets and implementation of the investment strategy. ... Read more
PEOPLE
Unigestion, the boutique asset manager that focuses on guiding its clients with risk-managed investment solutions, announces the appointment of Imperial College’s Robert Kosowski, who joins the Equities team as Head of Quantitative Research. Robert joined on 3 May 2017 and is based in London, reporting to Alexei Jourovski. In this new role, Robert will be responsible for spearheading quantitative research and thought leadership. Robert... Read more
FUNDS
Although investors’ costs have never been more vigilantly scrutinised than they are today, the average large pension fund is paying out a higher proportion of their AuM in investment costs than they were ten years ago due to more illiquid investments, new premium strategies promising higher yield and unexpected pricing resilience in certain asset classes. Yet investors can exploit recent fee reductions in specific strategies and sectors to... Read more
FUNDS
Willis Towers Watson’s Asset Management Exchange (AMX) has doubled its assets under management, from $750 million to more than $1.5 billion, just three months after its launch. The open architecture exchange aims to fundamentally transform institutional investment by providing asset owners with a smarter, easier and cheaper way to engage with managers, while offering managers access to significant capital on a global basis. Through its... Read more
CORPORATE
Gilead reported 1Q17 earnings last week and missed earnings expectations. The miss was largely driven by its Hepatitis C (HCV) franchise, which was down 40% YoY. HCV is one of Gilead’s most successful franchises, with Harvoni being one of the fastest drug launches in the sector’s history. Gilead’s HCV revenue reached $19 billion at its peak in 2015. However, revenue began to decline in 2016 and in 4Q16, with management guiding... Read more
FUNDS
Hedge funds posted another positive performance for April, with their fourth consecutive month of gains so far this year. Global financial markets also recorded gains, largely driven by optimism over the European election results in the Netherlands and France. The APEM index© produced another strong performance of 1.10% for April, as with most developed equity markets, with the S&P 500 returning 0.91% and the Eureka Hedge Fund Index... Read more
FUNDS
Crestbridge has provided a range of fund and corporate administration services in the establishment of Jersey-regulated fund EJF Investments and its listing on the Specialist Fund Segment of the London Stock Exchange. A closed-ended investment company, EJF Investments Limited is managed by an affiliate of US-based EJF Capital, the $7.4bn hedge fund which invests across debt, equity and securitisation assets.    The newly established... Read more
FUNDS
Hedge funds investing in Emerging Markets extended their 1Q surge into April, with performance led by Emerging Asia, including India and China. The HFRI EM: India Index climbed +5.63 percent in April, extending the 2017 gain to +22.1 percent and representing the strongest start to a year on record. Total capital invested in Emerging Markets (EM) hedge funds reached an all-time high in 1Q, rising to $205.8 billion (1.42 trillion RMB, 649 billion... Read more
FUNDS
One-third of the way into 2017, hedge funds are performing well, returning +0.66% in April and +3.04% year-to-date (YTD), according to the just-released April 2017 eVestment Hedge Fund Performance Report. All major strategies were positive in April, and only one primary market, commodities, produced negative results. Equity strategies were among the big winners in April. Event Driven-Activist strategies led the pack with +2.03% returns in April... Read more
FUNDS
Lyxor Asset Management has published the findings of its annual study comparing the performance of active funds domiciled in Europe with that of their benchmarks. The Lyxor ETF research team analysis, now in its fourth year, is unique in its scope. It analyses the performance of 3,871 active funds established in Europe, representing EUR 1,300 billion in assets under management, compared with their benchmarks over a 10-year period. The latest... Read more
CORPORATE
Following a public tender, Caisse Nationale d’Assurance Vieillesse des Professions Libérales, the French national pension fund for self-employed professionals, representing a total of 10 pension funds, has appointed Societe Generale Securities Services (SGSS) to provide custody services.  CNAVPL gathers pension funds for self-employed professionals and manages basic pension plans. CNAVPL is an independent, non-profit body governed by... Read more
CORPORATE
Recent reforms and fiscal adjustments in several key countries, including Argentina, Brazil and India, support the outlook for Emerging Market Debt, according to NN Investment Partners. NN IP’s EM Fiscal Momentum Indicator has fallen to -0.29 (compared to +0.57 end of March).  A negative reading implies governments are tightening fiscal policy and securing more tax revenue. The Indicator ranges between +/-3 and gauges the policies of... Read more