Daily News

FUNDS
Tikehau Capital, a leading pan-European listed alternative asset management and investment firm today announced the appointment of Peter Cirenza as Head of its London operations, effective 24 April 2017. In this new role aimed at broadening the Company’s global leadership team, Peter Cirenza will be responsible for helping develop the firm’s private asset strategies (private debt, real estate, and private equity). He will be running... Read more
CORPORATE
Commenting on the French presidential election first round result, John Wyn-Evans, Head of Investment Strategy at Investec Wealth & Investment, said: “The news today that the independent Emmanuel Macron and the far right Marine Le Pen have prevailed at the polls, setting up a final head-to-head in 2 weeks’ time, is seen as positive. Given the circumstances, this was the market’s preferred outcome, and the expectation now is... Read more
CORPORATE
In reaction to the French General Election first round results, Timothy Graf, head of macro strategy EMEA, for State Street Global Markets, and Bill Street, head of investments for EMEA at State Street Global Advisors, offer their views: Timothy Graf, head of macro strategy EMEA, for State Street Global Markets commented: "With Macron heavily favoured in head-to-head polling against Le Pen, it seems most likely that the negative market... Read more
CORPORATE
The Man Booker International Prize today, Thursday 20 April, reveals the shortlist of six books in contention for the 2017 prize, which celebrates the finest works of translated fiction from around the world. Each shortlisted author and translator receives £1,000. The £50,000 prize for the winning book will also be divided equally between its author and translator. The 2017 shortlist is as follows: Author (nationality)  ... Read more
TECH
Man Group today released its trading statement for the quarter ended 31 March 2017. The key points include: ·         Funds under management (FUM) of $88.7 billion at 31 March 2017 (31 December 2016: $80.9 billion) ·         Net inflows in the quarter of $3.0 billion, driven by strong inflows into discretionary long only and fund of fund alternatives... Read more
FUNDS
The A&P Emerging Manager Index produced a positive return of 1.13% for March 2017 and 3.54% for the quarter. Hedge funds saw further gains in March, with all leading strategies rounding off a period of positive returns in the first quarter of 2017. The APEM index produced another strong performance of 1.13% for March and 3.54% for the first quarter. The Eurekahedge Hedge Fund Index returned 0.39% for March and 2.34% for the first quarter.... Read more
FUNDS
More than seven in 10 (73%) institutional investors believe Brexit will be ‘hard’, including 29% who believe it will be ‘very hard’, new research by Managing Partners Group (MPG), the international asset management group, reveals. More than four out of five (82%) also believe the number of UK-based financial services firms generally seeking to establish subsidiaries in the European Union will increase over the next three... Read more
FUNDS
Getnick & Getnick LLP and co-counsel Labaton Sucharow LLP have secured the largest ever tax whistleblower recovery in New York state history. New York Attorney General Eric T. Schneiderman announced the $40 million settlement today. The whistleblower, whose identity remains protected, will receive 22 percent of the settlement ($8.8 million), the largest amount and percentage share ever for a whistleblower in a New York False Claims Act... Read more
FUNDS
The April 2017 Eurekahedge Report has been released. Key highlights for March 2017 include: •             Hedge funds were up 0.34% in March with Q1 2017 gains coming in at 2.29%. Investor subscriptions have picked up pace since the start of the year, with net inflows coming in at US$26.1 billion. •             North... Read more
CORPORATE
Derivatives marketplace CME Group today announced that starting July 10, 2017, CME Group will launch both futures and options based on the Russell 2000® Index, as well as basis trade at index close (BTIC) functionality on the futures contracts, pending regulatory approval. The full list of new contracts available to trade follows: ·         E-mini® Russell 2000® Index Futures ·... Read more
FUNDS
K2 Advisors seeks to add value through active portfolio management, tactical allocation and diversification across four main hedge strategies: long-short equity, relative value, global macro and event driven. In their second-quarter (Q2) 2017 outlook, K2 Advisors’ Research and Portfolio Construction teams share the key market events they have an eye on. Q2 Outlook: After the Trump Bump The gap between political expectation and political... Read more
REGULATORY
The Investment Adviser Association (IAA) today submitted a comment letter to the Department of Labor, urging the DOL to revise and re-propose its fiduciary rule. IAA President & CEO Karen Barr issued the following statement at the time the comment letter was submitted: “The IAA strongly supports the fiduciary standard and has long advocated that all financial professionals providing investment advice about securities be required to act... Read more
FUNDS
After “flat” returns in March, hedge funds are still flat during the first two weeks of April. The only strategy struggling in this period is equity hedge, with US large-cap and mid-cap equities being flat and negative respectively. Event-driven and macro strategies lead so far the gains, with macro rebounding from a very bad March, finding themselves in negative territories year-to-date. Relative value and fixed-income strategies... Read more
FUNDS
Federal Way Asset Management LP, an investment management firm offering both alternatives management and fiduciary management services with approximately $5.6 billion in assets, including $3.7 billion on a discretionary basis, today announced that it has changed its name to Aptitude Investment Management LP (“Aptitude” or the “Firm”). In connection with the renaming, the Firm has launched a new website, www.aptitudeinvest... Read more
FUNDS
For years, investors have suspected they aren't getting the alpha they are paying for from long/short hedge funds. The underperformance might be even worse than they feared. Not only are they not capturing alpha, but investors aren't even getting all the beta they should receive from long/short. The lost decade For many years, hedge fund managers had been capturing most of the risk premia available from long/short equity. There... Read more
REGULATORY
Singapore Exchange (SGX) and the Shanghai Pudong Development Bank (SPDB) have entered into a memorandum of understanding (MOU) at the 3rd Singapore-Shanghai Financial Forum, to strengthen capital market ties between Singapore and Shanghai. Under the MOU, SGX and SPDB will work closely as strategic partners to raise the profile of Singapore’s capital market. The MOU outlines several areas for closer collaboration with a focus on leveraging... Read more
FUNDS
NN Investment Partners has closed its underweight exposure to Brent in anticipation of a recovery in oil prices. Brent has been underperforming recently because of an increase in supplies – there has been a surprise rise in Saudi oil production since February while cracks have also appeared in OPEC compliance among other members of the cartel. Outside of OPEC, Russia, for example, has also been slow to engage in production cuts. ... Read more
FUNDS
“In the Chinese language, the word “crisis” is composed of two characters, one representing danger and the other, opportunity.” – John F. Kennedy.  New research by Campbell & Company examines market crisis from a multi-asset perspective and reveals how, for the global investor, there’s always a crisis somewhere. Using quarterly data from late 1990 to 2016, Campbell looks at the 10 worst quarterly... Read more
REGULATORY
The European Securities and Markets Authority (ESMA) has published its annual report on the enforcement and regulatory activities of accounting enforcers within the European Union (EU) in 2016. ESMA, in 2016, continued strengthening supervisory convergence in the area of financial reporting, to improve the consistency and quality across the EU. ESMA achieves this through coordinating the national enforcers’ decisions, publishing annual... Read more
FUNDS
Hedge funds generated positive returns on average during March, with the best performance generally coming from European focused Equity Long-Short, EM focused Macro strategies and some Relative Value strategies. U.S. focused Equity Long-Short and Credit specialists produced mixed performance, and Managed Futures managers generally saw losses. In Equity Long-Short, the rally in European markets helped managers with a larger allocation to this... Read more
FUNDS
Societe Generale Prime Services today announces the March 2017 performance data for its SG CTA indices.   March 2017 YTD     SG CTA Index -0.75% 0.32%     SG CTA Mutual Fund Index -1.14% 0.09%     SG Trend Index -2.26% -0.65%     SG Trend Indicator -2.29% -7.01%     SG Short Term Traders Index 0.62% -5.45%     March... Read more
FUNDS
Ayaltis is pleased to announce the appointment of Mr. Manuel Salvisberg as the new Chairman of the Board of Directors of Ayaltis AG. He replaces Dr. Thomas Lips who will rotate into the Vice-Chairman position. In his new role, Mr. Salvisberg will ensure that the Board of Directors carries out its responsibilities, providing leadership to enhance the company’s effectiveness and giving strategic guidance to the firm. We are confident that Mr... Read more
FUNDS
Allfunds Bank remains the largest Fund Distribution Platform in Europe with over quarter of trillion Euros of assets under administration (AUA) and appears significantly ahead of its rivals, according to a leading funds distribution report out this week.* The Report shows that Allfunds Bank has beaten its rivals in three out of four key measures in a survey of 110 senior figures in distribution, sales and business development roles within asset... Read more
FUNDS
Amundi announces that the capital increase through the distribution of preferential subscription rights to its existing shareholders launched on March 14, 2017 has been successfully completed. The final proceeds from the offering amount to €1.4 billion, corresponding to the issuance of 33,585,093 new shares. Following this transaction, Amundi becomes the first asset manager in Europe by market capitalization (€11.3 billion),... Read more
FUNDS
The world’s major banks are adopting sophisticated, cloud-based technology to monitor the actions of employees and guard against future scandals. Bank reputations have taken a beating from the global financial crisis, scandals around LIBOR and FX, and before any of those, a series of “rogue-trader” incidents that caused billions of dollars in losses. Although the reputational damage from these events has lessened in recent... Read more
FUNDS
The BRI Long Short Equity Index was down -0.03% in March 2017 BRI Partner’s Long/Short Equity Index (BRILSE) calculated by Wilshire Associates posted a performance of -0.03% for the month of March, +3.89% for the year-to-date 2017.  Index Index Value Mar 2017 Feb 2017 YTD 2016 3 Year 5 Year 10 Year BRILSE 363.12 -0.03% +2.12% +3.89% +10.38% +4.31% +10.10% +7.46%    ... Read more
FUNDS
"Since the market correction of 2008, a vast majority of hedge fund net asset flows have gone to a small minority of hedge funds with the strongest brands. A recent report from Hedge Fund Research shows that approximately 69% of hedge fund assets are controlled by firms with over $5 billion in assets under management and 91% are controlled by firms with over $1 billion in assets. This is a significant increase from the 2009 percentages of... Read more
CORPORATE
Singapore Exchange (SGX) and the World Bank (International Bank for Reconstruction and Development) today announced an education partnership to raise investor awareness for bonds that achieve a positive social impact.  Under this partnership, SGX and the World Bank will offer a series of events through SGX Academy about the opportunities for retail investors offered by World Bank sustainable development bonds. The inaugural forum in this... Read more
REGULATORY
The European Securities and Markets Authority (ESMA) has issued today a final report on standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of securities financing transactions (SFTs). With these transactions cash or securities are borrowed against collateral composed of securities, commodities or cash – this includes repurchase transactions, securities lending, sell/buy-... Read more
FUNDS
Man GLG today announces that Firmino Morgado and Filipe Bergaña are to join the firm as portfolio managers, based in Man GLG’s London office. They will join from W4i Investment Advisory Limited (“W4i”), a European equity focused investment manager. Firmino and Filipe co-managed three investment strategies focused on European assets, having delivered superior performance to investors since launch on Jul 1st 2015: W4i European... Read more
REGULATORY
The European Securities and Markets Authority (ESMA) has published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the Benchmarks Regulation (BMR). These contain the detailed rules to implement the new European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union. The draft RTS/ITS set out the behaviours and standards expected of... Read more
FUNDS
Virtually all (98%) institutional investors globally have some degree of concern that inflation will reduce the real value of bond yields over the next 12 to 24 months, new research(1) by Managing Partners Group (MPG), the international asset management group, has revealed. In order to address these concerns, just over a third (37%) say they will increase their exposure to higher yielding assets such as fixed asset backed securities (ABSs), the... Read more
FUNDS
NEXTHERA Capital (“NEXTHERA”), a hedge fund manager concentrating in global therapeutics, announced the addition of Rael Mazansky M.D. to serve as Director of Research. Working with NEXTHERA’s co-Founder and CIO, Ori Hershkovitz, Mazansky will help drive NEXTHERA’s investment strategy of seeking high risk-adjusted returns from the healthcare and therapeutics sectors. “We are excited to hire an individual with a... Read more
FUNDS
Asset managers are under growing pressure to analyze every detail of every trade. This pressure is spurring demand for transaction cost analysis systems (TCA) on equity trading desks, and increasingly in other classes including FX and fixed income.A new report from Greenwich Associates, Transaction Cost Analysis: Opportunities Within and Across Asset Classes, shows that asset managers are relying on TCA systems to give them increased... Read more
FUNDS
“Brexit will not be as hard as many people fear. The UK is the second largest importer of German goods by value and Berlin will be leading the discussions to ensure an equitable deal is reached with the UK. “Referendums on EU exits will no doubt be at issue during the elections due in France and Germany this year and in Italy next year and that will take the focus off the UK. If another country looks to leave the UK – and... Read more
FUNDS
In reaction to the triggering of Article 50, Michael Metcalfe, global head of macro strategy for State Street Global Markets, and Bill Street, head of investments for EMEA at State Street Global Advisors, offer their views. Michael Metcalfe, global head of macro strategy for State Street Global Markets, “The triggering of Article 50 was well anticipated, but the fact negotiations are now live means financial markets may become more... Read more
CORPORATE
The European Securities and Markets Authority has appointed two new members to its Management Board to replace two out of the three outgoing members whose mandates end on 31 March. The appointments took place at the Board of Supervisors meeting in Paris on 29 March and these are: •             Sebastián Albella-Amigo, Comisión Nacional del Mercado de Valores, Spain; and •... Read more
FUNDS
After a strong start into 2017, hedge funds experienced their first month of struggle, with the biggest portion of losses to be driven by CTA and macro strategies. Relative Value and event-driven strategies also had a negative month, opposed to equity hedge funds that continue their solid performance so far, this year. Investors wait for the first “test” of the U.S. presidential power to implement his agenda, with the focus being on... Read more
FUNDS
Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, releases results of its seventh annual survey of the global asset management industry. Few industries are so inextricably tied to wider social and geopolitical trends as asset management, and turbulence across Europe and North America were at the forefront of respondents minds during the 2017 Linedata Global Asset Management... Read more
CORPORATE
BCS Global Markets, the Russian investment bank and largest securities broker on the Moscow exchange, has today announced the appointment of Bradley Duke and Tim Bevan as co-CEO’s of its UK entity, BCS Prime Brokerage Ltd (BCS UK). BCS Global Markets recently adopted a matrix management structure to promote greater oversight and synergies across geographies and business lines.  The decision to appoint two Chief Executives for BCS UK... Read more