In a report published on the 29th of May 2007, alternative investor F&C outlined the risks to mining companies from failure to apply environmental, social and governance (ESG) practices to their independently-managed operations.
According to Karina Litvack, Head of the Governance and Sustainable Investment team at F&C, although most major mining companies have recognized that effective management of these risks is crucial to the long-term success of their business, they have not consistently applied the same policies to their joint-ventures and other partial investments.
"Over the last few years, we have become aware of the gap between what mining companies do in-house in terms of ESG best practices and what they do, or don't do, in to their so-called 'independently managed operations'. Whilst many of these companies have led the way when it comes to their in-house operations, the same cannot be said of the independently-managed operators with which they are increasingly involved.
The report highlights how rising demand for ever-scarcer resources is driving mining companies to turn to exploration projects that are increasingly located in high-risk areas, such as the former Soviet Union, Latin America and Africa.
It is the inherently risky nature of these locations that often prompts the majors to outsource these projects to smaller or more nimble partners. Later on, if and when the assets prove very profitable, the majors will often buy out their junior partners.
F&C is a European investment group whose hedge fund holding company, F&C Asset Management's shares are quoted on the London Stock Exchange. The fund has €151.4 billion ($299 billion) under management (as at 31 March 2007), and offices throughout Europe.
30 May 2007
Hedge Fund Gala Raises $५१.७ Million For Children
This year's ARK (Absolute Return for Kids) 2007 Gala Dinner at Marlborough House on Pall Mall, London had a spectacular light, video and laser show, with Prince as the main act, many companies pitched in to raise an amazing £26.2 million ($51.7 million) for the charity. The event was set up by the hedge fund industry to raise money for children affected by poverty, abuse, disability and illness.
The event was produced by Starlight Design and attended by a star studded guest list of over 1000 including Bill Clinton, Madonna, Sir Bob Geldof, David Bailey, Liz Hurley and many more.
During the dinner, the ARK charity organization announced the launch of the Clinton-ARK Initiative for Mozambique, through a strategic partnership with the Clinton Foundation HIV/AIDS Initiative (CHAI). The partnership will support the delivery of rapid and high quality care and treatment for HIV/AIDS sufferers in Mozambique.
On the main stage were 35 square meters of visuals, flown over the stage, showing images and moving footage created and edited specially for the event. One of the evening’s highlights was the screening of a hard-hitting film illustrating the work performed by ARK workers worldwide over the last 12 months, underlining the issues the organization is trying to address. The hedge fund team pulled no punches in order to energize the wealthy and fortunate to be generous in their donations.
Renowned visual designer/video artist Gary Oldknow of Deepvisual was commissioned by CMT to VJ for the evening, He created an exciting organic style collage of interesting abstract images on the LED screen.
Creative Media Techniques (CMT) supplied video and image based services and lasers for the last effect the guest saw when leaving, the total money, £ 26.6 million ($51.7 million)– raised by the event from tickets, lasered on the ceiling. The event was sponsored by Bloomberg, UBS, Merril Lynch, BlueCrest and a charity auction that alone brought in over £4 million.
Tim Fothergill says: “The ARK event is a show that, despite being draining physically, mentally, and emotionally, gives the greatest feeling of being a part of something so important to those less fortunate in the UK and around the world. Our team are proud to be a part of it and put in an incredible amount of work to make it all happen in seemingly impossible timescales.”
The event was produced by Starlight Design and attended by a star studded guest list of over 1000 including Bill Clinton, Madonna, Sir Bob Geldof, David Bailey, Liz Hurley and many more.
During the dinner, the ARK charity organization announced the launch of the Clinton-ARK Initiative for Mozambique, through a strategic partnership with the Clinton Foundation HIV/AIDS Initiative (CHAI). The partnership will support the delivery of rapid and high quality care and treatment for HIV/AIDS sufferers in Mozambique.
On the main stage were 35 square meters of visuals, flown over the stage, showing images and moving footage created and edited specially for the event. One of the evening’s highlights was the screening of a hard-hitting film illustrating the work performed by ARK workers worldwide over the last 12 months, underlining the issues the organization is trying to address. The hedge fund team pulled no punches in order to energize the wealthy and fortunate to be generous in their donations.
Renowned visual designer/video artist Gary Oldknow of Deepvisual was commissioned by CMT to VJ for the evening, He created an exciting organic style collage of interesting abstract images on the LED screen.
Creative Media Techniques (CMT) supplied video and image based services and lasers for the last effect the guest saw when leaving, the total money, £ 26.6 million ($51.7 million)– raised by the event from tickets, lasered on the ceiling. The event was sponsored by Bloomberg, UBS, Merril Lynch, BlueCrest and a charity auction that alone brought in over £4 million.
Tim Fothergill says: “The ARK event is a show that, despite being draining physically, mentally, and emotionally, gives the greatest feeling of being a part of something so important to those less fortunate in the UK and around the world. Our team are proud to be a part of it and put in an incredible amount of work to make it all happen in seemingly impossible timescales.”
Hedge Fund Managers Launch Artemis Capital Partners
Don Kurz and Salomon Konig have announced the launch of Artemis Capital Partners LLC, a hedge fund formed to offer structured products designed to deliver significant portfolio diversification and exceptional risk-adjusted returns, according to a press release today.
Artemis combines a proprietary, quantitative investment selection process with broad diversification to meet the objective of preserving wealth in times of extreme event risk while maintaining the ability to achieve strong risk-adjusted returns. Its investment thesis was developed over a two-year period and extensively tested in a 12-year blind test (1995-2006).
“We understand the world doesn’t need more ‘me-too’ alternative investment vehicles. We believe, however, that the market is seeking a market-neutral vehicle that delivers true portfolio diversification, capital preservation, and an opportunity for strong risk-adjusted returns. Artemis designs its products to meet this market need. Our goal is to consistently beat the HFRI Fund of Funds Weighted Composite Index, as well as major world stock market indices, as measured by risk-adjusted returns,” says Don Kurz, Managing Member and CEO of Artemis Capital Partners.
“At Artemis Capital Partners, our approach is designed to generate stable and consistent returns via rigorous investment selection, extensive diversification and prudent application of leverage,” says Salomon Konig, Managing Member and Chief Investment Officer of Artemis Capital Partners. “By drawing upon our proprietary databases and investment models, we design structured investment vehicles engineered to optimize risk-adjusted returns.”
Don Kurz is Managing Member and CEO of Artemis Capital Partners, LLC. Prior to forming Artemis, Kurz was President and Owner of Insight Creative Solutions, Inc. (ICS), a venture investor and provider of general management consulting services. Prior to his work with ICS, Kurz was Chairman, President and CEO of EMAK Worldwide, Inc, a global, NASDAQ-traded company providing strategic and marketing services to Fortune 500 companies internationally.
Salomon Konig is Managing Member, CIO and Portfolio Manager of Artemis Capital Partners, LLC. Konig has been working in finance, investments and hedge funds for more than 30 years, in the US and Latin America. Konig is a Board Member of The Hedge Fund Association and has served as a partner to intellectual pioneers in financial analysis, including Jack Schwager, Roger Ibbotson, and Charles Friefeld. Prior to forming Artemis, Konig was President and owner of American Lead Ventures, an advisor to family offices and funds of funds and a Senior Consultant to Global Partners Group, where he analyzed, seeded and incubated hedge funds and funds of hedge funds.
Artemis Capital Partners now has offices in Aventura, Florida and Los Angeles, California. BNP Paribas is the Firm’s structured products counterparty. The Company works with Meridian Fund Services Limited for Fund Administration; auditing and tax services are provided by Spicer Jeffries, LLP. The Securities Law Group serves as legal counsel.
Artemis combines a proprietary, quantitative investment selection process with broad diversification to meet the objective of preserving wealth in times of extreme event risk while maintaining the ability to achieve strong risk-adjusted returns. Its investment thesis was developed over a two-year period and extensively tested in a 12-year blind test (1995-2006).
“We understand the world doesn’t need more ‘me-too’ alternative investment vehicles. We believe, however, that the market is seeking a market-neutral vehicle that delivers true portfolio diversification, capital preservation, and an opportunity for strong risk-adjusted returns. Artemis designs its products to meet this market need. Our goal is to consistently beat the HFRI Fund of Funds Weighted Composite Index, as well as major world stock market indices, as measured by risk-adjusted returns,” says Don Kurz, Managing Member and CEO of Artemis Capital Partners.
“At Artemis Capital Partners, our approach is designed to generate stable and consistent returns via rigorous investment selection, extensive diversification and prudent application of leverage,” says Salomon Konig, Managing Member and Chief Investment Officer of Artemis Capital Partners. “By drawing upon our proprietary databases and investment models, we design structured investment vehicles engineered to optimize risk-adjusted returns.”
Don Kurz is Managing Member and CEO of Artemis Capital Partners, LLC. Prior to forming Artemis, Kurz was President and Owner of Insight Creative Solutions, Inc. (ICS), a venture investor and provider of general management consulting services. Prior to his work with ICS, Kurz was Chairman, President and CEO of EMAK Worldwide, Inc, a global, NASDAQ-traded company providing strategic and marketing services to Fortune 500 companies internationally.
Salomon Konig is Managing Member, CIO and Portfolio Manager of Artemis Capital Partners, LLC. Konig has been working in finance, investments and hedge funds for more than 30 years, in the US and Latin America. Konig is a Board Member of The Hedge Fund Association and has served as a partner to intellectual pioneers in financial analysis, including Jack Schwager, Roger Ibbotson, and Charles Friefeld. Prior to forming Artemis, Konig was President and owner of American Lead Ventures, an advisor to family offices and funds of funds and a Senior Consultant to Global Partners Group, where he analyzed, seeded and incubated hedge funds and funds of hedge funds.
Artemis Capital Partners now has offices in Aventura, Florida and Los Angeles, California. BNP Paribas is the Firm’s structured products counterparty. The Company works with Meridian Fund Services Limited for Fund Administration; auditing and tax services are provided by Spicer Jeffries, LLP. The Securities Law Group serves as legal counsel.
Hedge Fund Platform Expands To India
CacheMatrix Holdings, LLC today announced the creation of CacheMatrix India, a wholly-owned and fully-integrated subsidiary based in Bangalore, India.
In the first five months of 2007, hedge fund platform CacheMatrix has more than doubled its client base, which includes several of the largest banks and financial institutions in the world, as well as leading hedge fund administrators, custodians and mutual fund companies.
The Bangalore facility provides development capacity and expertise for the company’s unique money fund portal technology that is being incorporated into a growing roster of multinational banks. Unlike typical outsourcing models in which companies transfer management control of a business function to an outside supplier, CacheMatrix India serves as a virtual extension of the company’s core technology facility based in Denver.
“We have taken a different approach to doing business in India, and we believe it will pay dividends for us as we expand our service offerings globally,” said CacheMatrix Founder and CEO George Hagerman. “Our Bangalore facility is fully integrated into our U.S. operations and our India presence is a lasting extension of our core company.”
The Bangalore facility is headed by an Indian national who lived in Denver and was one of the original team members who wrote the CacheMatrix software code. He returned to Bangalore in 2006 to establish the CacheMatrix subsidiary in India.
The CacheMatrix India team is part of CacheMatrix’s global product development and support model. The Bangalore team has equal responsibility in development, testing and support and provides 24 hour global development and support capabilities to CacheMatrix.
CacheMatrix enables banks and other financial services firms to offer its corporate clients on-line access to a choice of institutional funds and a convenient, single source platform for managing them, including access to comprehensive analysis, online trading, and account management.
In the first five months of 2007, hedge fund platform CacheMatrix has more than doubled its client base, which includes several of the largest banks and financial institutions in the world, as well as leading hedge fund administrators, custodians and mutual fund companies.
The Bangalore facility provides development capacity and expertise for the company’s unique money fund portal technology that is being incorporated into a growing roster of multinational banks. Unlike typical outsourcing models in which companies transfer management control of a business function to an outside supplier, CacheMatrix India serves as a virtual extension of the company’s core technology facility based in Denver.
“We have taken a different approach to doing business in India, and we believe it will pay dividends for us as we expand our service offerings globally,” said CacheMatrix Founder and CEO George Hagerman. “Our Bangalore facility is fully integrated into our U.S. operations and our India presence is a lasting extension of our core company.”
The Bangalore facility is headed by an Indian national who lived in Denver and was one of the original team members who wrote the CacheMatrix software code. He returned to Bangalore in 2006 to establish the CacheMatrix subsidiary in India.
The CacheMatrix India team is part of CacheMatrix’s global product development and support model. The Bangalore team has equal responsibility in development, testing and support and provides 24 hour global development and support capabilities to CacheMatrix.
CacheMatrix enables banks and other financial services firms to offer its corporate clients on-line access to a choice of institutional funds and a convenient, single source platform for managing them, including access to comprehensive analysis, online trading, and account management.
29 May 2007
Hedge Fund Investor Sells Emerging Market Power Company
Globeleq, the emerging markets power company, announced that it has reached agreements to sell its operating power businesses in Latin America, North Africa and Asia.
Globeleq is 100% owned by hedge fund investor CDC Group plc. Actis, the leading private equity investor in emerging markets. Alistair Mackintosh, Chairman of Globeleq's Board of Directors and Chief Investment Officer of Actis, commented, "Globeleq has been a great success; we will build on that success as Globeleq continues to be a major force in building much needed new capacity. We will actively seek investment opportunities which build on the company's unrivaled knowledge and expertise in these markets."
The Latin American transaction includes Globeleq's interests in eight countries. These interests will be sold to a consortium of D.S. Constructions Limited of India and Israel Corporation Limited. The North Africa and Asia businesses, with operations in Egypt, Bangladesh, Sri Lanka and Pakistan, will be sold to a consortium of Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia). Both transactions are subject to certain closing conditions. The total value paid to Globeleq upon completion of both transactions is expected to be over US$1 billion.
"These transactions validate the strategy we have implemented since the founding of Globeleq," said Globeleq CEO Torbjorn Caesar. "These sales advance our plans to continue adding generation capacity to meet rising demand for more reliable power in the emerging markets. We will now be even more focused on developing and investing in new power projects."
Richard Laing, CEO of hedge fund investor CDC Group plc, said, "This is excellent news for emerging markets. Greater access to reliable energy continues to be a high priority for sustainable economic development. As a fund of funds investor in emerging economies, CDC is committed to this sector and will continue to invest its capital in this area."
Founded in 2002, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. Globeleq is actively pursuing new project development and acquisition opportunities.
Globeleq is 100% owned by hedge fund investor CDC Group plc. Actis, the leading private equity investor in emerging markets. Alistair Mackintosh, Chairman of Globeleq's Board of Directors and Chief Investment Officer of Actis, commented, "Globeleq has been a great success; we will build on that success as Globeleq continues to be a major force in building much needed new capacity. We will actively seek investment opportunities which build on the company's unrivaled knowledge and expertise in these markets."
The Latin American transaction includes Globeleq's interests in eight countries. These interests will be sold to a consortium of D.S. Constructions Limited of India and Israel Corporation Limited. The North Africa and Asia businesses, with operations in Egypt, Bangladesh, Sri Lanka and Pakistan, will be sold to a consortium of Tanjong Energy Holdings (Malaysia) and Aljomaih (Saudi Arabia). Both transactions are subject to certain closing conditions. The total value paid to Globeleq upon completion of both transactions is expected to be over US$1 billion.
"These transactions validate the strategy we have implemented since the founding of Globeleq," said Globeleq CEO Torbjorn Caesar. "These sales advance our plans to continue adding generation capacity to meet rising demand for more reliable power in the emerging markets. We will now be even more focused on developing and investing in new power projects."
Richard Laing, CEO of hedge fund investor CDC Group plc, said, "This is excellent news for emerging markets. Greater access to reliable energy continues to be a high priority for sustainable economic development. As a fund of funds investor in emerging economies, CDC is committed to this sector and will continue to invest its capital in this area."
Founded in 2002, Globeleq is the only operating power company solely focused on the emerging markets of Africa, the Americas and Asia. Globeleq is actively pursuing new project development and acquisition opportunities.
28 May 2007
Amanda Capital Hedge Fund of Funds Exceeds Target Size at Closing
Amanda Capital Group, the first publicly listed private equity hedge fund-of-funds in Scandinavia announced that Amanda III Eastern Private Equity L.P. fund-of-funds exceeded its target size of EUR 100 million ($134.5 million). Amanda III is one of the five fund-of-funds managed by Amanda Group. The final closing was held at EUR 110 million ($148 million) on 22 May 2007.
The fund invests in unquoted companies in Russia and Eastern Europe through local private equity hedge funds. Amanda Capital Plc has also committed EUR 10 million (13.4 million) to Amanda III.
The fund raising has been successful both at amount of raised capital and number of investors, says CEO Petteri Änkilä. Also the investment activity of Amanda III has started well, the fund committed total EUR 33 million (44.4 million) to four local hedge funds, which invest in Russian, Ukrainian, Romanian, Bulgarian and Polish unquoted companies. Amanda III has invested in 18 target companies of which two have already been sold. One of the exits returned 2.2 times invested capital and the other one 5.8 times.
Along with the final closing of Amanda III Eastern Private Equity L.P. Amanda Group's management fees from the management and consultancy of hedge fund investments, increases to over EUR four million ($5.3 million) this year.
The company has investments in 25 different private equity funds and in over 300 unquoted companies, mainly located in Europe. Amanda is one of Finland's largest hedge fund investment management companies.
In addition to its own investments, Amanda manages several hedge fund portfolios under consultancy agreements. Amanda is also a founding general partner in five private equity hedge funds, which have several institutional investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 million) in assets under management (original investment commitments) and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
The fund invests in unquoted companies in Russia and Eastern Europe through local private equity hedge funds. Amanda Capital Plc has also committed EUR 10 million (13.4 million) to Amanda III.
The fund raising has been successful both at amount of raised capital and number of investors, says CEO Petteri Änkilä. Also the investment activity of Amanda III has started well, the fund committed total EUR 33 million (44.4 million) to four local hedge funds, which invest in Russian, Ukrainian, Romanian, Bulgarian and Polish unquoted companies. Amanda III has invested in 18 target companies of which two have already been sold. One of the exits returned 2.2 times invested capital and the other one 5.8 times.
Along with the final closing of Amanda III Eastern Private Equity L.P. Amanda Group's management fees from the management and consultancy of hedge fund investments, increases to over EUR four million ($5.3 million) this year.
The company has investments in 25 different private equity funds and in over 300 unquoted companies, mainly located in Europe. Amanda is one of Finland's largest hedge fund investment management companies.
In addition to its own investments, Amanda manages several hedge fund portfolios under consultancy agreements. Amanda is also a founding general partner in five private equity hedge funds, which have several institutional investors. Amanda Group currently has more than EUR 1.3 billion ($1.7 million) in assets under management (original investment commitments) and has made investments in more than 100 private equity funds in Europe, the United States, Asia and Russia.
25 May 2007
Ernst & Young Launches Islamic Funds & Investment Report 2007
1st Annual Ernst & Young Islamic Funds & Investments Report (IFIR) is being launched to address the landscape of Islamic Private Equity market. The inaugural report will focus on the spectrum of asset classes and drivers that will have the most significant impact on the industry.
With the Islamic Private Equity market set for a boom, and Islamic Alternative Investments attracting increasing interest; the stage is now set for the launch of the 1st Annual Ernst & Young Islamic Funds & Investments Report (IFIR).
Reflecting these challenges and opportunities, the inaugural Islamic Funds & Investments Report will focus on the spectrum of asset classes and drivers that will have the most significant impact on the industry.
The objective of the IFIR is not to analyze the performance of investment funds, but rather to provide new insights into the market, pinpoint critical success factors and identify key trends that will shape the immediate future of the industry.
Sameer Abdi, Group Head of the Islamic Financial Services Group for Ernst & Young said, “The Islamic funds industry has grown tremendously in size and product depth in the last five years. With ever increasing investor demand to satisfy, there remains immense potential for the future growth of this sector.
Ernst & Young will launch the report at the Pre-Conference Executive Briefing at The World Islamic Funds & Capital Markets Conference on 26th May at the Gulf Hotel in the Kingdom of Bahrain.
The Executive briefing will be led by Sameer Abdi, Group Head – Islamic Financial Services Group & Ali Arsalan Tariq, Senior Consultant, Ernst & Young Bahrain, where the Key Developments & Trends in the Islamic Funds Industry that will Shape the Market will be discussed.
With the Islamic Private Equity market set for a boom, and Islamic Alternative Investments attracting increasing interest; the stage is now set for the launch of the 1st Annual Ernst & Young Islamic Funds & Investments Report (IFIR).
Reflecting these challenges and opportunities, the inaugural Islamic Funds & Investments Report will focus on the spectrum of asset classes and drivers that will have the most significant impact on the industry.
The objective of the IFIR is not to analyze the performance of investment funds, but rather to provide new insights into the market, pinpoint critical success factors and identify key trends that will shape the immediate future of the industry.
Sameer Abdi, Group Head of the Islamic Financial Services Group for Ernst & Young said, “The Islamic funds industry has grown tremendously in size and product depth in the last five years. With ever increasing investor demand to satisfy, there remains immense potential for the future growth of this sector.
Ernst & Young will launch the report at the Pre-Conference Executive Briefing at The World Islamic Funds & Capital Markets Conference on 26th May at the Gulf Hotel in the Kingdom of Bahrain.
The Executive briefing will be led by Sameer Abdi, Group Head – Islamic Financial Services Group & Ali Arsalan Tariq, Senior Consultant, Ernst & Young Bahrain, where the Key Developments & Trends in the Islamic Funds Industry that will Shape the Market will be discussed.
Syz & Co Launches Two Spanish Funds of Hedge Funds
In a press release today, Swiss banking group SYZ & CO and Madrid-based asset management firm A&G Fondos, Asesores y Gestores Financieros Fondos, announced two Spanish-regulated funds of hedge funds, AYG SYZ Multi Strategy and AYG SYZ Low Volatility vehicles. Both offerings should be approved in the coming weeks by the CNMV, the Spanish regulator, according to the firms.
The AYG SYZ Multi Strategy fund will invest in a diversified portfolio of hedge funds, combining different strategies such as equity long/short, arbitrage, global macro, market neutral, and managed futures. The AYG SYZ Low Volatility fund will also invest in a diversified portfolio of hedge funds, but concentrating on the least volatile strategies, to offer a steadier potential return with a lower risk level, according to the firms.
New Spanish regulations on funds of funds require the fund manager to be a Spanish entity holding a specific license for that purpose. A&G will act as manager of the new offerings and will be in charge of their marketing in Spain, while SYZ & CO will advise A&G through its alternative management division, 3A SA.
The two funds will be euro-denominated, with a minimum investment of €100 ($135). An annual management fee of 1.5% will be charged for both funds and a performance fee of 8% for the Multi Strategy and 5% for the Low Volatility.
Asesores y Gestores Financieros was founded in 1987 and focuses on managing private assets. In 2005, A&G Fondos SGIIC, the group’s investment fund management company, obtained its European passport from the Luxembourg regulator CSSF. At the end of April, A&G Fondos SGIIC managed a total of €337 million ($453.6 million). Assets managed by the entire group totaled €2.9 billion ($3.9 billion) as of the end of April.
Alex Akesson
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
The AYG SYZ Multi Strategy fund will invest in a diversified portfolio of hedge funds, combining different strategies such as equity long/short, arbitrage, global macro, market neutral, and managed futures. The AYG SYZ Low Volatility fund will also invest in a diversified portfolio of hedge funds, but concentrating on the least volatile strategies, to offer a steadier potential return with a lower risk level, according to the firms.
New Spanish regulations on funds of funds require the fund manager to be a Spanish entity holding a specific license for that purpose. A&G will act as manager of the new offerings and will be in charge of their marketing in Spain, while SYZ & CO will advise A&G through its alternative management division, 3A SA.
The two funds will be euro-denominated, with a minimum investment of €100 ($135). An annual management fee of 1.5% will be charged for both funds and a performance fee of 8% for the Multi Strategy and 5% for the Low Volatility.
Asesores y Gestores Financieros was founded in 1987 and focuses on managing private assets. In 2005, A&G Fondos SGIIC, the group’s investment fund management company, obtained its European passport from the Luxembourg regulator CSSF. At the end of April, A&G Fondos SGIIC managed a total of €337 million ($453.6 million). Assets managed by the entire group totaled €2.9 billion ($3.9 billion) as of the end of April.
Alex Akesson
HedgeCo.Net
Email: Editor@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. www.hedgefundlounge.com, www.hedgefundtools.com, and www.hedgefundemployment.com.
24 May 2007
Incremax Wins Microsoft Hedge Fund Competency Award
Incremax was awarded with Microsoft's Third Quarter New York/New Jersey Area Partner Award for Competency in understanding the scalable infrastructure, information productivity and custom business applications that drive both Fixed-Income and Equity hedge fund management firms.
"Most Managing Directors are not aware of the complexity of the technology required to manage Front/Middle/Back-Office operations efficiently while mitigating risk and instilling investor confidence in their ability to trade and protect assets," said Kerry Gerontinanos, President of Incremax. "It was important to us as a provider of Microsoft-based solutions that we addressed the scalable needs of a 3-man operation managing tens of million dollars of assets to the management firms that catapult quickly to billions of dollars in assets under trade."
Leveraging expertise gained from large-scale technology deployments in Financial Capital Markets for clients such as Citigroup and Fidelity Investments, Incremax was able to create a technology roadmap of Microsoft products and business applications specifically targeted to handle the needs of hedge fund management firms as they grow from millions, to billions of dollars in assets under management.
"Most Managing Directors are not aware of the complexity of the technology required to manage Front/Middle/Back-Office operations efficiently while mitigating risk and instilling investor confidence in their ability to trade and protect assets," said Kerry Gerontinanos, President of Incremax. "It was important to us as a provider of Microsoft-based solutions that we addressed the scalable needs of a 3-man operation managing tens of million dollars of assets to the management firms that catapult quickly to billions of dollars in assets under trade."
Leveraging expertise gained from large-scale technology deployments in Financial Capital Markets for clients such as Citigroup and Fidelity Investments, Incremax was able to create a technology roadmap of Microsoft products and business applications specifically targeted to handle the needs of hedge fund management firms as they grow from millions, to billions of dollars in assets under management.
Hedge Fund Office Opening In Zunich
Hedge fund service provider Cantor Fitzgerald today announced the opening of a new office in Zurich, Switzerland, further expanding its global footprint within the world's financial markets.
The new office is based in the heart of Zurich's financial district at Bahnhofsstrasse 64 and opens specifically to meet the demands of new and existing clients the global cash equity and derivatives markets in Zurich and the rest of central Europe, including hedge funds, asset managers and pension funds.
Gilbert Fischer and Oliver Dufek will jointly head up the office and be responsible for spearheading the expansion of the group's European institutional equity business. Fischer, previously at Dresdner Kleinwort, hedge fund Cazenove and UBS will initially lead a team of 12 with Oliver Dufek, previously at Dresdner Kleinwort and Cantor
Fitzgerald in London. They will report to Didier Bensadoun, Global Head of Equity Derivatives and Elon Spar, Chief Executive for Europe and Asia.
Cantor Fitzgerald sees Zurich as an important center from which to serve its clients locally and will look to further expand its existing product lines. With the addition of Zurich to its global network, Cantor Fitzgerald now has 28 offices around the world.
Commenting on the launch, Gilbert Fischer said, "We are delighted to be opening a new office in the heart of Zurich, a key location for us in serving our clients. This new office will enable us to offer a local service that will benefit both our clients and our business."
Dufek added: "Our local presence and knowledge of the markets will enhance our existing offering, including alpha generating ideas, portfolio analytics and optimization, to existing and potential clients. We look forward to working with them across the region."
Elon Spar, Chief Executive of Cantor Fitzgerald for Europe and Asia said, "The opening of our Zurich office represents a growing demand from new and existing clients for our services and is key to
The new office is based in the heart of Zurich's financial district at Bahnhofsstrasse 64 and opens specifically to meet the demands of new and existing clients the global cash equity and derivatives markets in Zurich and the rest of central Europe, including hedge funds, asset managers and pension funds.
Gilbert Fischer and Oliver Dufek will jointly head up the office and be responsible for spearheading the expansion of the group's European institutional equity business. Fischer, previously at Dresdner Kleinwort, hedge fund Cazenove and UBS will initially lead a team of 12 with Oliver Dufek, previously at Dresdner Kleinwort and Cantor
Fitzgerald in London. They will report to Didier Bensadoun, Global Head of Equity Derivatives and Elon Spar, Chief Executive for Europe and Asia.
Cantor Fitzgerald sees Zurich as an important center from which to serve its clients locally and will look to further expand its existing product lines. With the addition of Zurich to its global network, Cantor Fitzgerald now has 28 offices around the world.
Commenting on the launch, Gilbert Fischer said, "We are delighted to be opening a new office in the heart of Zurich, a key location for us in serving our clients. This new office will enable us to offer a local service that will benefit both our clients and our business."
Dufek added: "Our local presence and knowledge of the markets will enhance our existing offering, including alpha generating ideas, portfolio analytics and optimization, to existing and potential clients. We look forward to working with them across the region."
Elon Spar, Chief Executive of Cantor Fitzgerald for Europe and Asia said, "The opening of our Zurich office represents a growing demand from new and existing clients for our services and is key to
HFR Launches Hedge Fund Report In Arabic
Chicago-based HFR Group L.L.C. today announced in a press release the publication in Arabic for the first time of its benchmark Quarterly industry report on the performance and size of the global hedge fund industry. HFR has long had a strong base of subscriber to the report in the Middle Eastern region but to date, the report has only been available in an English language version.
Publication of the classic industry report in Arabic reflects the surge in interest amongst Middle Eastern investors in hedge fund strategies and investment opportunities. The amount of potential Middle Eastern capital, both private wealth and institutional funds, available for investing has been estimated at $4.1 Trillion, making the Arab world one of the most valuable sources of investment capital available in the world today. Hedge funds themselves have also enjoyed notable success in the Middle East region with the HFR Emerging Markets Index (which covers the Middle East, Asia and Latin America) rising by 19.5% in 2006 and an average of 16.4% since the index was first constituted in 1990.
Ken Heinz, President of HFR, said: "The Middle East is an incredibly interesting and fertile region of the world for the hedge fund investing, both as a source of potential capital and a focus of investment for emerging market strategy managers. The Emerging Market strategy has been one of the strongest performing over recent years and continues to deliver above average returns coupled with modest volatility. Providing our industry report in Arabic is a natural next step for HFR and underpins the importance of this region to the global hedge fund community."
The hedge fund industry saw record inflows of more than $60 billion during the first quarter of 2007, bringing total assets under management to $1.568 trillion, according to data released today by Hedge Fund Research (HFR), the leading source of hedge fund information and performance data. These new inflows represented an almost 300 percent gain over 4Q 2006, when the industry recorded $15.7 billion in new fund flows, and was equal to nearly half the record $126 billion in new assets gathered by hedge funds in all of last year.
HFR data is based on the more than 11,000 funds tracked historically by the firm which includes the over 6,500 funds reporting to the company as part of the HFR Database subscription product.
Chicago-based HFR Group L.L.C., founded in 1993, is a global leader in hedge fund data, research, indexation and asset management.
Publication of the classic industry report in Arabic reflects the surge in interest amongst Middle Eastern investors in hedge fund strategies and investment opportunities. The amount of potential Middle Eastern capital, both private wealth and institutional funds, available for investing has been estimated at $4.1 Trillion, making the Arab world one of the most valuable sources of investment capital available in the world today. Hedge funds themselves have also enjoyed notable success in the Middle East region with the HFR Emerging Markets Index (which covers the Middle East, Asia and Latin America) rising by 19.5% in 2006 and an average of 16.4% since the index was first constituted in 1990.
Ken Heinz, President of HFR, said: "The Middle East is an incredibly interesting and fertile region of the world for the hedge fund investing, both as a source of potential capital and a focus of investment for emerging market strategy managers. The Emerging Market strategy has been one of the strongest performing over recent years and continues to deliver above average returns coupled with modest volatility. Providing our industry report in Arabic is a natural next step for HFR and underpins the importance of this region to the global hedge fund community."
The hedge fund industry saw record inflows of more than $60 billion during the first quarter of 2007, bringing total assets under management to $1.568 trillion, according to data released today by Hedge Fund Research (HFR), the leading source of hedge fund information and performance data. These new inflows represented an almost 300 percent gain over 4Q 2006, when the industry recorded $15.7 billion in new fund flows, and was equal to nearly half the record $126 billion in new assets gathered by hedge funds in all of last year.
HFR data is based on the more than 11,000 funds tracked historically by the firm which includes the over 6,500 funds reporting to the company as part of the HFR Database subscription product.
Chicago-based HFR Group L.L.C., founded in 1993, is a global leader in hedge fund data, research, indexation and asset management.
The Greenwich Global Hedge Fund Index Up +2.04% in April
The Greenwich Global Hedge Fund Index, one of the world's largest hedge fund databases, returned +2.04% in April, and +4.81% year-to-date. "Hedge funds continue to deliver solid returns, but with significantly less risk than equities," notes Ben Rossman, General Manager. "Over the last five year period, for example, hedge funds' annualized volatility measured about 4.5%, which is roughly a third of the 12%-13% volatility experienced by equities."
By comparison, the S&P 500, MSCI World Equity, FTSE 100, and Lehman Brothers Aggregate Bond indices were up by +4.43% (+5.09% YTD), +4.21% (+6.36% YTD), +2.24% (+3.68% YTD), and +0.54% (+2.05% YTD), respectively.
17 of 18 Greenwich strategies ended April in positive territory. Futures strategies led, up +4.42%, owing largely to managers' ability to capitalize on strength in energy and Euro and Sterling valuations. Short sellers, which account for roughly 1% of index constituents, were the exception; down -2.91% for the month.
Currently, the April Index includes 972 funds. Final results will be posted by Greenwich at the end of May, after additional funds have submitted returns.
In April, the Greenwich Investable Index returned 1.49% (4.03% YTD). It adds investability, active management and liquidity to the diversification and performance benefits of the broad Greenwich Global Hedge Fund Index. It references actual hedge fund vehicles as opposed to separately managed accounts that attempt to replicate the returns of actual hedge fund vehicles. Since inception in January 2003, the Investable Index has achieved an annualized return of +10.83% versus +11.93% for the Greenwich Global Hedge Fund Index.
By comparison, the S&P 500, MSCI World Equity, FTSE 100, and Lehman Brothers Aggregate Bond indices were up by +4.43% (+5.09% YTD), +4.21% (+6.36% YTD), +2.24% (+3.68% YTD), and +0.54% (+2.05% YTD), respectively.
17 of 18 Greenwich strategies ended April in positive territory. Futures strategies led, up +4.42%, owing largely to managers' ability to capitalize on strength in energy and Euro and Sterling valuations. Short sellers, which account for roughly 1% of index constituents, were the exception; down -2.91% for the month.
Currently, the April Index includes 972 funds. Final results will be posted by Greenwich at the end of May, after additional funds have submitted returns.
In April, the Greenwich Investable Index returned 1.49% (4.03% YTD). It adds investability, active management and liquidity to the diversification and performance benefits of the broad Greenwich Global Hedge Fund Index. It references actual hedge fund vehicles as opposed to separately managed accounts that attempt to replicate the returns of actual hedge fund vehicles. Since inception in January 2003, the Investable Index has achieved an annualized return of +10.83% versus +11.93% for the Greenwich Global Hedge Fund Index.
Simran Receives Hedge Fund Award
Simran Capital Management, a pre-event driven activist hedge fund manager that focuses on stressed and distressed credit markets, was given the "Emerging Manager of the Year" award at Opal Financial Group's 2007 Emerging Manager Summit.
This event brought together a diverse group of up-and-coming performance-oriented managers, fund of hedge funds, pension funds, endowments, family offices and leaders from the hedge fund industry, drawing its largest participation in its four-year history.
"We are very pleased to recognize and reward Simran Capital Management for their outstanding performance," said Abe Wellington, president, Opal Financial Group. "The purpose of this award, and this conference, is to showcase emerging managers with strong results and high potential; Simran Capital clearly has both."
"To achieve this level of recognition from our peers within the first year of launching this strategy is very gratifying," said Mesh Tandon, president and managing partner of hedge fund Simran Capital Management. "We thank Opal and Focus Point Press for this award and we're confident that our investment approach will stand the test of time through changing market conditions and continue to exemplify the spirit of this award."
The judging panel for the Emerging Manager of the Year Award was comprised of industry specialists from Focus Point Press, Opal Financial Group, as well as leading institutional and private investors. Judging decisions were based on performance, qualitative and structural criteria.
Launched in 2006, Simran Capital Management is a pre-event driven activist hedge fund that focuses on stressed and distressed credit markets and uses a proprietary method to find value and minimize risk in the universe of high- yield and distressed bonds.
This event brought together a diverse group of up-and-coming performance-oriented managers, fund of hedge funds, pension funds, endowments, family offices and leaders from the hedge fund industry, drawing its largest participation in its four-year history.
"We are very pleased to recognize and reward Simran Capital Management for their outstanding performance," said Abe Wellington, president, Opal Financial Group. "The purpose of this award, and this conference, is to showcase emerging managers with strong results and high potential; Simran Capital clearly has both."
"To achieve this level of recognition from our peers within the first year of launching this strategy is very gratifying," said Mesh Tandon, president and managing partner of hedge fund Simran Capital Management. "We thank Opal and Focus Point Press for this award and we're confident that our investment approach will stand the test of time through changing market conditions and continue to exemplify the spirit of this award."
The judging panel for the Emerging Manager of the Year Award was comprised of industry specialists from Focus Point Press, Opal Financial Group, as well as leading institutional and private investors. Judging decisions were based on performance, qualitative and structural criteria.
Launched in 2006, Simran Capital Management is a pre-event driven activist hedge fund that focuses on stressed and distressed credit markets and uses a proprietary method to find value and minimize risk in the universe of high- yield and distressed bonds.
21 May 2007
New Executive Director For Asian Hedge Funds
Joseph Chan has joined the Asia Hedge Fund Association as executive director, based in Hong Kong. His duties will include overseeing the organization's membership, drive and promoting its mission as a platform for the investment industry.
Chan has more than 20 years of experience in the financial and investment industry. He comes to the post from Grand Alliance Asset Management, where he was director. Before that, he was the first vice president of Credit Lyonnais Hong Kong, in the capital markets division responsible for developing its Asian capital market businesses. He also served as an executive director for Goldman Sachs Asia�s fixed income division.
Chan graduated from the Indiana University of Pennsylvania with a Bachelor of Science degree in Science and Mathematics, and earned a Master of Finance degree from the University of Hong Kong.
The Asia Hedge Fund Associations a non-profit international association of hedge fund managers, service providers and investors formed to unite the hedge fund industry and add to the increasing awareness of the advantages of hedge funds.
Chan has more than 20 years of experience in the financial and investment industry. He comes to the post from Grand Alliance Asset Management, where he was director. Before that, he was the first vice president of Credit Lyonnais Hong Kong, in the capital markets division responsible for developing its Asian capital market businesses. He also served as an executive director for Goldman Sachs Asia�s fixed income division.
Chan graduated from the Indiana University of Pennsylvania with a Bachelor of Science degree in Science and Mathematics, and earned a Master of Finance degree from the University of Hong Kong.
The Asia Hedge Fund Associations a non-profit international association of hedge fund managers, service providers and investors formed to unite the hedge fund industry and add to the increasing awareness of the advantages of hedge funds.
G8 Says Hedge Funds On Track
G8 finance ministers at the meeting to prepare a June 6-8 summit of leaders from the United States, Japan, Germany, Britain, France, Italy, Canada and Russia declared the global hedge fund economy on track for another year of bumper growth.
"Global growth remains robust and it is more balanced across regions and within our countries," said a communique published at the end of a two-day meeting at a lakeside hotel near Berlin.
"Risks for the outlook have abated, but high and volatile energy prices remain a concern and we will remain vigilant."
U.S. Treasury Secretary Henry Paulson stayed in Washington to prepare talks with China, the rising star of the world economy, highlighting the limits of the G8 as a form of global economic government.
Canadian Finance Minister Jim Flaherty summed up how far the Germans were from garnering critical support for their push for closer supervision of hedge funds, steps they say are needed to ensure the highly-leveraged investment vehicles do not threaten the stability of the financial system in general.
"We're reticent to engage in any sort of top-down regulatory approach and with government getting into direct regulation," he told reporters at the G8 meeting place, a lakeside hotel near Potsdam, southwest of Berlin.
Like the United States, Britain and Japan, Canada is keen to avoid any moves to establish formal regulation of the hedge fund industry, which has boomed under loose rules in recent years as investors seek the juicier profits the investment funds' riskier bets can generate.
"There are really two different approaches here. One is the more direct regulatory approach that is advocated by some, but that's not the general view," Flaherty said.
Other G8 members like France and Italy have voiced no clear support either for the campaign Germany is waging during its year-long presidency this year of the G7 and G8 clubs, the latter of which includes Russia.
German Finance Minister Peer Steinbrueck vowed on Friday to pursue Berlin's drive for something at least half-way between regulation and the "light touch" approach preferred by London, Washington and Tokyo.
"Whether we come to a specific code of conduct by the end of this year or by the end of 2008 is something I don't care about as long as we get there," Steinbrueck told a news conference on Friday.
Ministers from Cameroon, Ghana, Nigeria, Mozambique and South Africa were invited to a Friday dinner as part of the German presidency's outreach drive.
The Oxfam charity seized on the occasion, accusing G8 leaders of failing to fulfill promises made in 2005 to raise aid flows to Africa by $50 billion a year.
"Global growth remains robust and it is more balanced across regions and within our countries," said a communique published at the end of a two-day meeting at a lakeside hotel near Berlin.
"Risks for the outlook have abated, but high and volatile energy prices remain a concern and we will remain vigilant."
U.S. Treasury Secretary Henry Paulson stayed in Washington to prepare talks with China, the rising star of the world economy, highlighting the limits of the G8 as a form of global economic government.
Canadian Finance Minister Jim Flaherty summed up how far the Germans were from garnering critical support for their push for closer supervision of hedge funds, steps they say are needed to ensure the highly-leveraged investment vehicles do not threaten the stability of the financial system in general.
"We're reticent to engage in any sort of top-down regulatory approach and with government getting into direct regulation," he told reporters at the G8 meeting place, a lakeside hotel near Potsdam, southwest of Berlin.
Like the United States, Britain and Japan, Canada is keen to avoid any moves to establish formal regulation of the hedge fund industry, which has boomed under loose rules in recent years as investors seek the juicier profits the investment funds' riskier bets can generate.
"There are really two different approaches here. One is the more direct regulatory approach that is advocated by some, but that's not the general view," Flaherty said.
Other G8 members like France and Italy have voiced no clear support either for the campaign Germany is waging during its year-long presidency this year of the G7 and G8 clubs, the latter of which includes Russia.
German Finance Minister Peer Steinbrueck vowed on Friday to pursue Berlin's drive for something at least half-way between regulation and the "light touch" approach preferred by London, Washington and Tokyo.
"Whether we come to a specific code of conduct by the end of this year or by the end of 2008 is something I don't care about as long as we get there," Steinbrueck told a news conference on Friday.
Ministers from Cameroon, Ghana, Nigeria, Mozambique and South Africa were invited to a Friday dinner as part of the German presidency's outreach drive.
The Oxfam charity seized on the occasion, accusing G8 leaders of failing to fulfill promises made in 2005 to raise aid flows to Africa by $50 billion a year.
16 May 2007
CB Richard Ellis and Group Aim Launch Joint Property Hedge Fund
CB Richard Ellis Group and Reech AiM Group have formed a joint venture to set up property hedge funds with a UK and European focus. Launched successfully on May 12th, the Iceberg Alternative Real Estate is a relative value commercial real estate hedge fund.
With Goldman Sachs as prime broker, Iceberg Alternative Real Estate is aiming for a 12% volatility rate and a return equivalent to Libor plus 15%. Libor is the London Interbank Offered Rate, a benchmark for borrowing, currently at 5.3%.
The hedge fund has a minimum investment of £500,000 ($991K). With a 24 month lockup period, Iceberg has a 1.5% management fee and 15% in performance fees.
Iceberg is, "the first true hedge fund play offering an opportunity to invest in a new asset class," according to the hedge funds chairman Christopher Reech." Real-estate hedge funds are going to provide new risk and return dimensions to traditional physical property exposure.' Iceberg already has commitments for $240 million.
Martin Samworth, Managing Director of CB Richard Ellis, adds, “Our joint venture with Reech AiM and the launch of the Iceberg Fund are examples of the growing financial sophistication of the real estate markets and the opportunity that this represents for our business.
CB Richard Ellis Group, Inc. is a commercial real estate services firm with full-service operations in metropolitan areas worldwide. The Company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other commercial real estate assets.
Reech AiM Group is an investment management company, managing absolute return funds for institutions, high-net-worth individuals, charities, endowments and foundations, the company was created as a 'next generation' alternative investment management company to address today's hedge fund market challenges, the lack of liquidity and scalability.
With Goldman Sachs as prime broker, Iceberg Alternative Real Estate is aiming for a 12% volatility rate and a return equivalent to Libor plus 15%. Libor is the London Interbank Offered Rate, a benchmark for borrowing, currently at 5.3%.
The hedge fund has a minimum investment of £500,000 ($991K). With a 24 month lockup period, Iceberg has a 1.5% management fee and 15% in performance fees.
Iceberg is, "the first true hedge fund play offering an opportunity to invest in a new asset class," according to the hedge funds chairman Christopher Reech." Real-estate hedge funds are going to provide new risk and return dimensions to traditional physical property exposure.' Iceberg already has commitments for $240 million.
Martin Samworth, Managing Director of CB Richard Ellis, adds, “Our joint venture with Reech AiM and the launch of the Iceberg Fund are examples of the growing financial sophistication of the real estate markets and the opportunity that this represents for our business.
CB Richard Ellis Group, Inc. is a commercial real estate services firm with full-service operations in metropolitan areas worldwide. The Company offers a range of services to occupiers, owners, lenders and investors in office, retail, industrial, multi-family and other commercial real estate assets.
Reech AiM Group is an investment management company, managing absolute return funds for institutions, high-net-worth individuals, charities, endowments and foundations, the company was created as a 'next generation' alternative investment management company to address today's hedge fund market challenges, the lack of liquidity and scalability.
Global Investment House launches Global Islamic Fund of Funds
Global Investment House announced the launch of the 'Global Islamic Fund of Funds', an open-ended fund of funds investing in local and international Shari'a compliant funds. The new fund will invest in all types of funds such as equity, real estate, hedge funds and private equity funds compliant with the Shari'a law.
Executive Vice President Sameer Al-Gharaballi said, "The fund's objective is to provide long term capital appreciation with reduced risk by investing in a diverse basket of Shari'a compliant funds and instruments."
He added that the fund's strategy is to invest the majority of its assets in a core of "carefully selected Islamic funds that complement each other in risk and return."
Miss Badria Al-Humaidhi, Senior Investment Analyst in Global said "There are over 300 Islamic financial institutions operating in 75 countries with combined assets exceeding $300 billion, and an annual growth rate of 15%. Additionally, Islamic funds assets have had a rapid growth in the past decade, their AUM has exceeded $300 billion as of 2006, with a significant amount attributable to the growth of the GCC stock markets."
The fund has a minimum investment of $25,000 with a monthly subscription frequency and quarterly redemptions after the lockup period.
Global has been tracking Islamic fund managers for over five years and has a vast experience in the Islamic Financial Markets which has resulted in the launching of three Islamic Real Estate Funds; Global GCC Real Estate Fund, Global US Real Estate Fund and Global Asia Real Estate Fund along with a range of Equity funds such as Al-Durrah Islamic Fund and Global Islamic GCC Large Cap Fund, as well as a Money Market fund, Global Islamic Fund.
Global currently manages more than 30 investment funds of varying strategies and investment objectives, with returns exceeding market indices.
Executive Vice President Sameer Al-Gharaballi said, "The fund's objective is to provide long term capital appreciation with reduced risk by investing in a diverse basket of Shari'a compliant funds and instruments."
He added that the fund's strategy is to invest the majority of its assets in a core of "carefully selected Islamic funds that complement each other in risk and return."
Miss Badria Al-Humaidhi, Senior Investment Analyst in Global said "There are over 300 Islamic financial institutions operating in 75 countries with combined assets exceeding $300 billion, and an annual growth rate of 15%. Additionally, Islamic funds assets have had a rapid growth in the past decade, their AUM has exceeded $300 billion as of 2006, with a significant amount attributable to the growth of the GCC stock markets."
The fund has a minimum investment of $25,000 with a monthly subscription frequency and quarterly redemptions after the lockup period.
Global has been tracking Islamic fund managers for over five years and has a vast experience in the Islamic Financial Markets which has resulted in the launching of three Islamic Real Estate Funds; Global GCC Real Estate Fund, Global US Real Estate Fund and Global Asia Real Estate Fund along with a range of Equity funds such as Al-Durrah Islamic Fund and Global Islamic GCC Large Cap Fund, as well as a Money Market fund, Global Islamic Fund.
Global currently manages more than 30 investment funds of varying strategies and investment objectives, with returns exceeding market indices.
15 May 2007
Brighton House Launches Hedge Fund Product
Brighton House Associates officially launched it first product, BHA SalesDesk, a hedge fund sales and marketing system. The solution is sold directly to customers and is in use by hedge funds, broker/dealers, funds-of-funds, as well as by industry service providers.
BHA SalesDesk combines CRM technology, global investor information, and a professional research team to connect hedge funds with qualified hedge fund investors.
According to the company press release, the new component requires no IT support and little training so any user familiar with Web browsers and basic office software can use BHA SalesDesk.
Fund managers can consolidate lead generation from multiple sources to the BHA SalesDesk system, view comprehensive profiles of every individual and company with $25 million or more invested in hedge strategies, and access contact information, investor preference, current interests, and previous investments.
Because it’s Web-based, BHA SalesDesk is accessible from anywhere via PC, laptop, handhelddevice, phone or PDA. The solution was developed by a veteran hedge fund marketer who saw the inherent inefficiencies in the hedge fund marketing process.
Founded in 2006 by Daniel McDermott, a veteran hedge fund marketing professional, Brighton House Associates, LLC (BHA) offers solutions that address the vast inefficiencies inherent in the sales and marketing of hedge funds. Brighton House customers include Wall Street brokerage houses, multi-billion dollar hedge funds and funds-of-funds, and industry service providers.
BHA SalesDesk combines CRM technology, global investor information, and a professional research team to connect hedge funds with qualified hedge fund investors.
According to the company press release, the new component requires no IT support and little training so any user familiar with Web browsers and basic office software can use BHA SalesDesk.
Fund managers can consolidate lead generation from multiple sources to the BHA SalesDesk system, view comprehensive profiles of every individual and company with $25 million or more invested in hedge strategies, and access contact information, investor preference, current interests, and previous investments.
Because it’s Web-based, BHA SalesDesk is accessible from anywhere via PC, laptop, handhelddevice, phone or PDA. The solution was developed by a veteran hedge fund marketer who saw the inherent inefficiencies in the hedge fund marketing process.
Founded in 2006 by Daniel McDermott, a veteran hedge fund marketing professional, Brighton House Associates, LLC (BHA) offers solutions that address the vast inefficiencies inherent in the sales and marketing of hedge funds. Brighton House customers include Wall Street brokerage houses, multi-billion dollar hedge funds and funds-of-funds, and industry service providers.
AdultVest To Host Alternative Investment Conference
AdultVest.com is planning on hosting the first annual AdultVest investment conference in Los Angeles, CA, geared to match institutional and accredited investors with adult industry related investment opportunities. So far, the company reports there are well over 1,000 accredited investors and nearly 300 adult companies pre-registered.
Founded by hedge fund veteran Francis Koenig, parent company AdultVest, Inc. represents some of the largest and best known adult entertainment companies in the market, and is the first and only investment firm to concentrate its practice exclusively on adult industry investments, mergers, and acquisitions. The company has been featured on CNN Money, Business 2.0 Magazine, Institutional Investor Magazine, Alternative Investor, Forbes, Hedge Fund Daily and LA Daily News.
To date, AdultVest has launched two hedge funds: the Priapus and the Bacchus Investment Funds, both of which are able to accept IRA and 401k money from accredited investors and qualified institutions. As a result, investors have the ability to invest directly from a pool of tax deferred capital typically locked up until the beneficiary reaches age 65.
The firm also plans to launch a new hedge fund later this year which will offer a collateralized preferred dividend as high as LIBOR plus 5% -- with current LIBOR rates at apx 5.35% this would mean a preferred dividend of up to 10.35% on invested capital. Mr. Koenig emphasizes, "These funds are not for small investors. There are no guarantees of performance. We only accept accredited investors who have no need for liquidity, who are sophisticated enough to understand the risks, and who have the ability to sustain the loss of their entire investment."
The Company's two core components are the Investment Group and the Business Group. The primary focus of the Investment Group (including the Bacchus Fund and the Priapus Fund) is on venture capital, private equity, and hedged investments, while the Business Group primarily provides business to business services, i.e. investment banking, capital introduction, consulting, licensing, and various other business services.
AdultVest's mission is to facilitate investment in the adult industry -- by enabling a more efficient flow of information, and through the continued establishment of professionally managed investment vehicles designed to create transparency and liquidity for investors.
"The metrics can be extremely attractive, and the benefits are clear," says Koenig. "Investors receive transparency and the company gains increased access to capital, while the ability to buy and sell stock on the open market enables owners and shareholders to create liquidity and unlock value."
Founded by hedge fund veteran Francis Koenig, parent company AdultVest, Inc. represents some of the largest and best known adult entertainment companies in the market, and is the first and only investment firm to concentrate its practice exclusively on adult industry investments, mergers, and acquisitions. The company has been featured on CNN Money, Business 2.0 Magazine, Institutional Investor Magazine, Alternative Investor, Forbes, Hedge Fund Daily and LA Daily News.
To date, AdultVest has launched two hedge funds: the Priapus and the Bacchus Investment Funds, both of which are able to accept IRA and 401k money from accredited investors and qualified institutions. As a result, investors have the ability to invest directly from a pool of tax deferred capital typically locked up until the beneficiary reaches age 65.
The firm also plans to launch a new hedge fund later this year which will offer a collateralized preferred dividend as high as LIBOR plus 5% -- with current LIBOR rates at apx 5.35% this would mean a preferred dividend of up to 10.35% on invested capital. Mr. Koenig emphasizes, "These funds are not for small investors. There are no guarantees of performance. We only accept accredited investors who have no need for liquidity, who are sophisticated enough to understand the risks, and who have the ability to sustain the loss of their entire investment."
The Company's two core components are the Investment Group and the Business Group. The primary focus of the Investment Group (including the Bacchus Fund and the Priapus Fund) is on venture capital, private equity, and hedged investments, while the Business Group primarily provides business to business services, i.e. investment banking, capital introduction, consulting, licensing, and various other business services.
AdultVest's mission is to facilitate investment in the adult industry -- by enabling a more efficient flow of information, and through the continued establishment of professionally managed investment vehicles designed to create transparency and liquidity for investors.
"The metrics can be extremely attractive, and the benefits are clear," says Koenig. "Investors receive transparency and the company gains increased access to capital, while the ability to buy and sell stock on the open market enables owners and shareholders to create liquidity and unlock value."
14 May 2007
Man Investments Launches Bayswater Macro Program
Man Investments, one of the world’s largest hedge fund providers, announced a new capital guaranteed product in its Man AP family.
Man AP Spectrum Ltd combines for the first time the proven performance of the AHL Institutional Program with a significant allocation to Bayswater, a San Francisco-based quantitative global macro manager. It also allocates capital to four Man Global Strategies style hedge fund portfolios to provide added opportunities for profit and diversification.
The Bayswater Macro Program achieved annualized returns of 14.4% between 1 August 2004 and 28 February 2007 while the AHL Institutional Program generated annualized returns of 17.1% in the time frame 17 October 1995 to 28 February 2007.
"We are pleased to offer investors access to Bayswater as a core component of a structured investment product for the first time", said John Morrison, Chief Executive of Man Investments, "the complementary nature of AHL and Bayswater will add a new dimension to the traditional Man AP portfolio".
Both AHL and Bayswater are built on the philosophy that financial markets are inefficient and can be exploited by applying systematic and non-discretionary trading models. The difference is that Bayswater takes a longer term global macro approach while AHL aims to capture short and medium term trends on a wide range of global markets. The mix of the two managers in a portfolio is attractive since they are complementary due to the low correlation (0.28 for the period 1 August 2004 to 28 February 2007) and have the potential to capture profits at different points in a market cycle in a wide range of markets.
Man AP Spectrum Ltd is offered in a choice of USD and EUR bonds, each targeting mean annualized returns of 13-16% (USD bonds) and 11-14% (EUR bonds) for a mean annualized volatility of about 9-11% for both bond classes. Investors will also benefit from a capital guarantee provided by Merrill Lynch International Bank Limited, and a profit lock-in feature.
Man AP Spectrum Ltd combines for the first time the proven performance of the AHL Institutional Program with a significant allocation to Bayswater, a San Francisco-based quantitative global macro manager. It also allocates capital to four Man Global Strategies style hedge fund portfolios to provide added opportunities for profit and diversification.
The Bayswater Macro Program achieved annualized returns of 14.4% between 1 August 2004 and 28 February 2007 while the AHL Institutional Program generated annualized returns of 17.1% in the time frame 17 October 1995 to 28 February 2007.
"We are pleased to offer investors access to Bayswater as a core component of a structured investment product for the first time", said John Morrison, Chief Executive of Man Investments, "the complementary nature of AHL and Bayswater will add a new dimension to the traditional Man AP portfolio".
Both AHL and Bayswater are built on the philosophy that financial markets are inefficient and can be exploited by applying systematic and non-discretionary trading models. The difference is that Bayswater takes a longer term global macro approach while AHL aims to capture short and medium term trends on a wide range of global markets. The mix of the two managers in a portfolio is attractive since they are complementary due to the low correlation (0.28 for the period 1 August 2004 to 28 February 2007) and have the potential to capture profits at different points in a market cycle in a wide range of markets.
Man AP Spectrum Ltd is offered in a choice of USD and EUR bonds, each targeting mean annualized returns of 13-16% (USD bonds) and 11-14% (EUR bonds) for a mean annualized volatility of about 9-11% for both bond classes. Investors will also benefit from a capital guarantee provided by Merrill Lynch International Bank Limited, and a profit lock-in feature.
Hedge Funds See Carbon Opportunities
Rapidly developing carbon trading markets are creating a range of promising opportunities for hedge funds to participate in this new sector, says a report from Man Investments, the world’s largest provider of hedge fund investments.
Carbon markets, already trading significantly, have sprung up as the result of measures taken to reduce carbon emissions, such as the sale of carbon credits. The European Union’s Emission Trading Scheme last year saw financial volumes on exchanges and through brokers totalling EUR 14.6 billion, about three times the total for the previous year.
Thomas Della Casa, Head of Research for Man Investments and one of the authors of the report, says that, based on these opportunities, hedge funds have introduced, or are working on, new investment strategies, including: trading emissions, financing carbon projects, trading electric power, cross-commodity trading, long/short listed equity and private equity.
The report, An Update on the Carbon Market, is published in Man Investments’ April Quarterly Review, which examines developments and trends in the hedge fund industry. It observes that putting a value on emissions has now become mainstream financial thinking.
"Carbon trading is emerging as one of the most significant new sectors for hedge funds and we can expect continued rapid growth, particularly if the US and China in due course join in and establish their own carbon markets, as is widely anticipated," Della Casa said.
Man Investments, the Asset Management division of Man Group plc, is a global leader in the fast-growing alternative investments industry. It manages over $61 billion and employs more than 1,300 people worldwide. Man Investments has key centers in London and Pfäffikon (Switzerland), and offices in Chicago, Hong Kong, the Middle East, Montevideo, Nassau, Sydney, Tokyo and Toronto.
Carbon markets, already trading significantly, have sprung up as the result of measures taken to reduce carbon emissions, such as the sale of carbon credits. The European Union’s Emission Trading Scheme last year saw financial volumes on exchanges and through brokers totalling EUR 14.6 billion, about three times the total for the previous year.
Thomas Della Casa, Head of Research for Man Investments and one of the authors of the report, says that, based on these opportunities, hedge funds have introduced, or are working on, new investment strategies, including: trading emissions, financing carbon projects, trading electric power, cross-commodity trading, long/short listed equity and private equity.
The report, An Update on the Carbon Market, is published in Man Investments’ April Quarterly Review, which examines developments and trends in the hedge fund industry. It observes that putting a value on emissions has now become mainstream financial thinking.
"Carbon trading is emerging as one of the most significant new sectors for hedge funds and we can expect continued rapid growth, particularly if the US and China in due course join in and establish their own carbon markets, as is widely anticipated," Della Casa said.
Man Investments, the Asset Management division of Man Group plc, is a global leader in the fast-growing alternative investments industry. It manages over $61 billion and employs more than 1,300 people worldwide. Man Investments has key centers in London and Pfäffikon (Switzerland), and offices in Chicago, Hong Kong, the Middle East, Montevideo, Nassau, Sydney, Tokyo and Toronto.
11 May 2007
G8 Agrees On Self-Regulation for Hedge Funds
EU finance ministers agreed at the recent Group of Eight meetings to allow the hedge fund industry regulate itself through a voluntary code of conduct, the German finance minister Peer Steinbrueck said.
"We all agree that a regulatory approach is the wrong one, so we're doing the indirect approach which everybody says is right," he told journalists after chairing a meeting with his EU counterparts in Brussels.
"Further discussions with the hedge fund industry ought be pursued on what might be included in a code of conduct, how it might be implemented and monitored," he said.
Germany has had to climb down from plans for more oversight on speculative hedge funds after finding little support among its partners in both the European Union and the Group of Seven industrialized countries.
EU Internal Market Commission Charlie McCreevy, who has long opposed regulation of hedge funds, said: "I would be very supportive of the industry adopting a voluntary code of conduct."
Steinbrueck said last month in Berlin that only 10 to 15 percent of hedge funds would need to participate in such a code of conduct for it to work as long as it included the biggest players.
As the industry has grown, concerns have mounted, especially in Germany, that hedge funds could pose wider risks to the stability of the financial system if they ran into serious trouble.
"We all agree that a regulatory approach is the wrong one, so we're doing the indirect approach which everybody says is right," he told journalists after chairing a meeting with his EU counterparts in Brussels.
"Further discussions with the hedge fund industry ought be pursued on what might be included in a code of conduct, how it might be implemented and monitored," he said.
Germany has had to climb down from plans for more oversight on speculative hedge funds after finding little support among its partners in both the European Union and the Group of Seven industrialized countries.
EU Internal Market Commission Charlie McCreevy, who has long opposed regulation of hedge funds, said: "I would be very supportive of the industry adopting a voluntary code of conduct."
Steinbrueck said last month in Berlin that only 10 to 15 percent of hedge funds would need to participate in such a code of conduct for it to work as long as it included the biggest players.
As the industry has grown, concerns have mounted, especially in Germany, that hedge funds could pose wider risks to the stability of the financial system if they ran into serious trouble.
Kassirer Hedge Funds Up for April
Kassirer Market Neutral Fund, a Cayman-based hedge fund primarily engaged in U.S. and Canadian merger arbitrage, earned 1.3% in April, another Kassirer hedge fund, the Kassirer Market Neutral Limited Partnership, earned 1.70% in April 2007.
Mark Kassirer, CEO of Kassirer Asset Management said: "April was a month in which merger arbitrage continued to be active and profitable. The hedge fund's special situations portfolio also made a meaningful contribution. Canadian positions currently account for one third of the fund's market exposure. The fund remains exceptionally well diversified which augurs well for continued stability of fund returns. The fund has had 70 positive months in its 76 month history, and the standard deviation of returns since inception, a measure of volatility and risk, remains very low at 2.01%."
Kassirer holds an Honours Bachelor of Science degree from the University of Toronto, an MBA from York University and is a Chartered Financial Analyst.
Mark Kassirer, CEO of Kassirer Asset Management said: "April was a month in which merger arbitrage continued to be active and profitable. The hedge fund's special situations portfolio also made a meaningful contribution. Canadian positions currently account for one third of the fund's market exposure. The fund remains exceptionally well diversified which augurs well for continued stability of fund returns. The fund has had 70 positive months in its 76 month history, and the standard deviation of returns since inception, a measure of volatility and risk, remains very low at 2.01%."
Kassirer holds an Honours Bachelor of Science degree from the University of Toronto, an MBA from York University and is a Chartered Financial Analyst.
10 May 2007
Hennessee Hedge Fund Index Up for April
Hennessee Group LLC, an adviser to hedge fund investors, announced yesterday that the Hennessee Hedge Fund Index advanced +1.92% in April (+5.44% YTD).
“While the strong equity markets have been a wind at the back of hedge fund performance, most funds continue to be relatively conservatively positioned,” said E. Lee Hennessee, Managing Principal of Hennessee Group LLC. “Many are concerned about the continued deterioration in housing, increasing inflation, extraordinarily tight credit spreads, and a weak dollar.”
The Hennessee Long/Short Equity Index advanced +1.85% in April (+5.15% YTD). First quarter earnings reports were generally better than expected, acting as a catalyst for the Dow Jones Industrial Average to eclipse 13,000 and again set new all-time highs.
“While first quarter GDP growth of +1.3% failed to meet expectations, the majority of the decline in growth was due to housing,” said Charles Gradante, Managing Principal of Hennessee Group LLC. “Given the decline in housing, most managers have been surprised about the strength of consumer spending, which represents two-thirds of the overall U.S. economy.”
“Most macro managers are concerned about the dollar, as interest rates in Europe continue to increase and the current account deficit is now 7% of GDP, which is an all-time high for the U.S.,” stated Mr. Gradante. “Fundamentals are strong in the economy and the market, however, a free fall in the dollar is the Achilles’ heel of this market.”
The Hennessee Hedge Fund Indices are calculated froma group of over 1,000 hedge funds. The funds in the Hennessee Hedge Fund Index are derived from the Hennessee Group’s database of over 3,500 hedge funds.
“While the strong equity markets have been a wind at the back of hedge fund performance, most funds continue to be relatively conservatively positioned,” said E. Lee Hennessee, Managing Principal of Hennessee Group LLC. “Many are concerned about the continued deterioration in housing, increasing inflation, extraordinarily tight credit spreads, and a weak dollar.”
The Hennessee Long/Short Equity Index advanced +1.85% in April (+5.15% YTD). First quarter earnings reports were generally better than expected, acting as a catalyst for the Dow Jones Industrial Average to eclipse 13,000 and again set new all-time highs.
“While first quarter GDP growth of +1.3% failed to meet expectations, the majority of the decline in growth was due to housing,” said Charles Gradante, Managing Principal of Hennessee Group LLC. “Given the decline in housing, most managers have been surprised about the strength of consumer spending, which represents two-thirds of the overall U.S. economy.”
“Most macro managers are concerned about the dollar, as interest rates in Europe continue to increase and the current account deficit is now 7% of GDP, which is an all-time high for the U.S.,” stated Mr. Gradante. “Fundamentals are strong in the economy and the market, however, a free fall in the dollar is the Achilles’ heel of this market.”
The Hennessee Hedge Fund Indices are calculated froma group of over 1,000 hedge funds. The funds in the Hennessee Hedge Fund Index are derived from the Hennessee Group’s database of over 3,500 hedge funds.
9 May 2007
SEC Settles Against Zurich With A $4 Million Penalty
The Securities and Exchange Commission announced a settled administrative proceeding against Zurich Capital Markets Inc. for its role in providing financing to hedge fund clients that engaged in market timing of mutual funds and facilitating the hedge funds' deceptive trading tactics.
The Commission ordered ZCM, a New York-based subsidiary of Zurich Financial Services, to pay $16.8 million consisting of $12.8 million in disgorgement and prejudgment interest and a $4 million penalty. The money will be distributed to the mutual funds that were harmed as a result of market timing ZCM facilitated.
Mark K. Schonfeld, Director of the New York Regional Office, said, "By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual fund shareholders. Because of ZCM's attractive financing arrangement and its willingness to create a number of anonymous special purpose vehicles ( SPVs ) for its hedge fund clients, the hedge funds were able to inflate their trading profits from their deceptive conduct."
Helene Glotzer, Associate Director of the New York Regional Office, added, "This action demonstrates that the Commission continues to carefully examine the role of financial intermediaries that assist hedge funds engaged in deceptive practices."
The Commission's Order found that ZCM aided and abetted four hedge funds that were carrying out schemes to defraud mutual funds that prohibited market timing. ZCM's hedge fund clients knew that many of these mutual funds prohibited market timing. In an effort to avoid being detected and potentially blocked from making market-timing trades in these funds, each of these hedge funds and ZCM disguised their identities
ZCM, which is currently winding down its operations, consented to the entry of the Commission's Order without admitting or denying the Commission's findings. In determining to accept the settlement, the Commission considered ZCM's cooperation in this investigation.
The Commission ordered ZCM, a New York-based subsidiary of Zurich Financial Services, to pay $16.8 million consisting of $12.8 million in disgorgement and prejudgment interest and a $4 million penalty. The money will be distributed to the mutual funds that were harmed as a result of market timing ZCM facilitated.
Mark K. Schonfeld, Director of the New York Regional Office, said, "By knowingly financing their hedge funds clients' deceptive market timing, ZCM reaped substantial fees at the expense of long-term mutual fund shareholders. Because of ZCM's attractive financing arrangement and its willingness to create a number of anonymous special purpose vehicles ( SPVs ) for its hedge fund clients, the hedge funds were able to inflate their trading profits from their deceptive conduct."
Helene Glotzer, Associate Director of the New York Regional Office, added, "This action demonstrates that the Commission continues to carefully examine the role of financial intermediaries that assist hedge funds engaged in deceptive practices."
The Commission's Order found that ZCM aided and abetted four hedge funds that were carrying out schemes to defraud mutual funds that prohibited market timing. ZCM's hedge fund clients knew that many of these mutual funds prohibited market timing. In an effort to avoid being detected and potentially blocked from making market-timing trades in these funds, each of these hedge funds and ZCM disguised their identities
ZCM, which is currently winding down its operations, consented to the entry of the Commission's Order without admitting or denying the Commission's findings. In determining to accept the settlement, the Commission considered ZCM's cooperation in this investigation.
Fortress Acquires East Coast Industries For $3.5 Billion
Hedge fund investor Fortress Investment Group LLC has acquired Florida East Coast Industries, Inc. (FECI) for approximately $3.5 billion, according to a press release. The merger agreement was unanimously approved by FECI's Board of Directors. Upon completion of the transaction, FECI will become a privately held company, and its common stock will no longer be publicly traded.
Florida East Coast Industries will pay a special dividend of $21.50 per share in cash and in the merger shareholders will receive $62.50 in cash for each share of FECI common stock they hold. The combined dividend and merger consideration equal $84.00 per share and represent a 13.3% premium to the NYSE closing price of $74.13 on May 7, 2007 and a 31% premium to the average closing price over the last 60 trading days.
Adolfo Henriques, Chairman, President and Chief Executive Officer of FECI, stated, "Our focus has always been about maximizing shareholder value. The value created by this transaction is a direct result of our employees' dedication, commitment and hard work over many years. We look forward to working together with Fortress to continue to build our businesses."
Morgan Stanley acted as financial advisor to FECI and provided an opinion to the Board of Directors of Florida East Coast Industries that the merger consideration is fair to FECI shareholders from a financial point of view. Additional information will be filed with the SEC.
Florida East Coast Industries, Inc., owns, develops, leases and holds in joint ventures, approximately 8.6 million square feet of Class-A office and industrial space primarily in Jacksonville, Orlando and South Florida counties of Palm Beach, Broward and Miami-Dade, as well as an additional 1,916,000 square feet under construction.
Fortress Investment Group LLC is a leading global alternative asset manager with approximately $35.1 billion in assets. Fortress manages private equity funds, hedge funds and publicly traded alternative investment vehicles. The private equity funds total approximately $19.9 billion of the firm's assets under management.
Florida East Coast Industries will pay a special dividend of $21.50 per share in cash and in the merger shareholders will receive $62.50 in cash for each share of FECI common stock they hold. The combined dividend and merger consideration equal $84.00 per share and represent a 13.3% premium to the NYSE closing price of $74.13 on May 7, 2007 and a 31% premium to the average closing price over the last 60 trading days.
Adolfo Henriques, Chairman, President and Chief Executive Officer of FECI, stated, "Our focus has always been about maximizing shareholder value. The value created by this transaction is a direct result of our employees' dedication, commitment and hard work over many years. We look forward to working together with Fortress to continue to build our businesses."
Morgan Stanley acted as financial advisor to FECI and provided an opinion to the Board of Directors of Florida East Coast Industries that the merger consideration is fair to FECI shareholders from a financial point of view. Additional information will be filed with the SEC.
Florida East Coast Industries, Inc., owns, develops, leases and holds in joint ventures, approximately 8.6 million square feet of Class-A office and industrial space primarily in Jacksonville, Orlando and South Florida counties of Palm Beach, Broward and Miami-Dade, as well as an additional 1,916,000 square feet under construction.
Fortress Investment Group LLC is a leading global alternative asset manager with approximately $35.1 billion in assets. Fortress manages private equity funds, hedge funds and publicly traded alternative investment vehicles. The private equity funds total approximately $19.9 billion of the firm's assets under management.
8 May 2007
Canadian Hedge Fund Launch
Goodman & Company Investment Counsel Ltd. announced the launch of the Dynamic Global Value Balanced Fund, a balanced fund offering global diversification.
The fund highlights active hedging as risk management, minimizing sensitivity to interest rate and credit spread changes and foreign currency exposure, tactical asset allocation, and diversification.
"With this fund, investors can participate as stock markets rise while bonds help to safeguard their portfolio against stock market downturns," said David Fingold. "What's most unique about this fund is the complete flexibility we have to go wherever there is value on both the equity and the fixed income side. We are not constrained by any index and we have all the tools we need to control risk."
Two award-winning hedge fund managers have joined forces to build and manage the Dynamic Global Value Balanced Fund portfolio. Goodman & Company's global equity specialist David Fingold will manage the fund's value-style equities, and Barry Allan, founder of Marret Asset Management Inc., will manage the high-yield bond portion of the portfolio.
David Fingold is also the lead portfolio manager of Dynamic American Value Fund and two other global value funds, including Dynamic Global Discovery Fund, which won Global Equity Fund of the Year at the first annual Lipper Fund Awards 2007 Canada.
Barry Allan is also the lead portfolio manager of Dynamic High Yield Bond Fund, which won High-Yield Bond Fund of the Year at the 2005 Canadian Investment Awards. He also co-manages two other Dynamic value funds, including Dynamic Value Balanced Fund, which was named Canadian Balanced Fund of the Year at the Lipper Fund Awards 2007 Canada.
Goodman & Company has more than $24 billion in assets under management and offers wealth management solutions to mutual funds, hedge funds and high net-worth investment counsel.
The fund highlights active hedging as risk management, minimizing sensitivity to interest rate and credit spread changes and foreign currency exposure, tactical asset allocation, and diversification.
"With this fund, investors can participate as stock markets rise while bonds help to safeguard their portfolio against stock market downturns," said David Fingold. "What's most unique about this fund is the complete flexibility we have to go wherever there is value on both the equity and the fixed income side. We are not constrained by any index and we have all the tools we need to control risk."
Two award-winning hedge fund managers have joined forces to build and manage the Dynamic Global Value Balanced Fund portfolio. Goodman & Company's global equity specialist David Fingold will manage the fund's value-style equities, and Barry Allan, founder of Marret Asset Management Inc., will manage the high-yield bond portion of the portfolio.
David Fingold is also the lead portfolio manager of Dynamic American Value Fund and two other global value funds, including Dynamic Global Discovery Fund, which won Global Equity Fund of the Year at the first annual Lipper Fund Awards 2007 Canada.
Barry Allan is also the lead portfolio manager of Dynamic High Yield Bond Fund, which won High-Yield Bond Fund of the Year at the 2005 Canadian Investment Awards. He also co-manages two other Dynamic value funds, including Dynamic Value Balanced Fund, which was named Canadian Balanced Fund of the Year at the Lipper Fund Awards 2007 Canada.
Goodman & Company has more than $24 billion in assets under management and offers wealth management solutions to mutual funds, hedge funds and high net-worth investment counsel.
7 May 2007
Blackstone To Launch 2 Funds Of Hedge Funds
Blackstone Group LP is looking to raise up to $2 billion for two new funds of hedge funds, according to recent reports, the Blackstone Strategic Alliance Fund LP and the Blackstone Strategic Alliance Offshore Fund Ltd.
Blackstone said in April filings with the Securities and Exchange Commission that the new funds may gather as much as $1 billion each. Commenting on developments, Paul Shaye of Chestnutt Hill Partners told Bloomberg: "It's another arrow in their quiver and shows again that Blackstone is no longer just a private-equity firm. It's really looking like a firm that is going to compete with the likes of the big brokerages.''
Blackstone's hedge fund unit currently manage $17.1 billion, which constitutes 22% of the firm's total assets under management. News of the company's intentions signals its intent to increase the scope of its money management interests having initially started out specializing in buyouts. Earlier this week Blackstone announced it has acquired plastics company Klockner Pentaplast from fellow private equity firm Cinven for $1.8 billion.
Since 1985, Blackstone has raised capital of approximately $59.4 billion for discretionary private equity investment funds focused on alternative asset classes. In addition Blackstone manages approximately $17.1 billion in discretionary marketable alternative asset programs, $2.5 billion in proprietary hedge funds and approximately $2 billion in closed-end mutual funds. The Corporate Advisory Services and Restructuring & Reorganization Advisory Services businesses have handled assignments valued at over $550 billion.
Through December 31, 2006, Blackstone had invested or committed to invest total capital of $37.5 billion in 371 transactions with a total enterprise value of over $339 billion through its Private Equity, Real Estate, and Mezzanine funds and over $6.1 billion across 467 different senior loan and other debt instruments through its Corporate Debt funds.
Blackstone said in April filings with the Securities and Exchange Commission that the new funds may gather as much as $1 billion each. Commenting on developments, Paul Shaye of Chestnutt Hill Partners told Bloomberg: "It's another arrow in their quiver and shows again that Blackstone is no longer just a private-equity firm. It's really looking like a firm that is going to compete with the likes of the big brokerages.''
Blackstone's hedge fund unit currently manage $17.1 billion, which constitutes 22% of the firm's total assets under management. News of the company's intentions signals its intent to increase the scope of its money management interests having initially started out specializing in buyouts. Earlier this week Blackstone announced it has acquired plastics company Klockner Pentaplast from fellow private equity firm Cinven for $1.8 billion.
Since 1985, Blackstone has raised capital of approximately $59.4 billion for discretionary private equity investment funds focused on alternative asset classes. In addition Blackstone manages approximately $17.1 billion in discretionary marketable alternative asset programs, $2.5 billion in proprietary hedge funds and approximately $2 billion in closed-end mutual funds. The Corporate Advisory Services and Restructuring & Reorganization Advisory Services businesses have handled assignments valued at over $550 billion.
Through December 31, 2006, Blackstone had invested or committed to invest total capital of $37.5 billion in 371 transactions with a total enterprise value of over $339 billion through its Private Equity, Real Estate, and Mezzanine funds and over $6.1 billion across 467 different senior loan and other debt instruments through its Corporate Debt funds.
Integra Hedge Fund Launch
Integra Investment Management announced the launch of their new hedge fund, the Integra FX2 Master Fund L.P., with $10 million of their own money at launch, the new hedge fund opened its doors April first, 2007.
The new fund was created to compliment Integra's established flagship fund, Integra Master Fund L.P. and to fulfill investor requests for an FX only product. The new fund will trade the same methodology as the flagship fund with the exception that it will be trading the OTC FX markets only with double the exposure of the flagship fund. Views will be expressed using options while adjusting the exposure levels via trading the underlying spot markets.
With UBS as prime broker, the hedge fund has a $500K minimum investment, 2% management fee and 20% performance fee. The Integra FX2 Master Fund will target the major currency pairs already traded in the flagship fund as well as a limited number of additional currency pairs. Richard Scalone, founder of Integra will act as portfolio manager for the new hedge fund.
Prior to his tenure at Integra, Scalone was at ABN Amro Bank where he worked as a proprietary trader in futures, bonds and the forward and spot markets from 1997 to 1998. From 1988 to 1997, Scalone traded foreign exchange for Chemical Bank (now JP Morgan Chase), serving as a forward currency trader, chief dealer for the European Monetary System (“EMS”) desk and as a forward desk manager for all EMS currencies.
Integra was formed in 1999, with $645 million in assets under management, Integra manages FX hedge fund and other option based FX trading strategies with minimal exposure to US Fixed Income.
Integra's Flagship Fund, the Integra Master Fund L.P. trades approximately 85% OTC FX in the major currency pairs and approximately 15% in the fixed income markets and the S&P via the futures markets.
The new fund was created to compliment Integra's established flagship fund, Integra Master Fund L.P. and to fulfill investor requests for an FX only product. The new fund will trade the same methodology as the flagship fund with the exception that it will be trading the OTC FX markets only with double the exposure of the flagship fund. Views will be expressed using options while adjusting the exposure levels via trading the underlying spot markets.
With UBS as prime broker, the hedge fund has a $500K minimum investment, 2% management fee and 20% performance fee. The Integra FX2 Master Fund will target the major currency pairs already traded in the flagship fund as well as a limited number of additional currency pairs. Richard Scalone, founder of Integra will act as portfolio manager for the new hedge fund.
Prior to his tenure at Integra, Scalone was at ABN Amro Bank where he worked as a proprietary trader in futures, bonds and the forward and spot markets from 1997 to 1998. From 1988 to 1997, Scalone traded foreign exchange for Chemical Bank (now JP Morgan Chase), serving as a forward currency trader, chief dealer for the European Monetary System (“EMS”) desk and as a forward desk manager for all EMS currencies.
Integra was formed in 1999, with $645 million in assets under management, Integra manages FX hedge fund and other option based FX trading strategies with minimal exposure to US Fixed Income.
Integra's Flagship Fund, the Integra Master Fund L.P. trades approximately 85% OTC FX in the major currency pairs and approximately 15% in the fixed income markets and the S&P via the futures markets.
3 May 2007
RBC Hedge Fund Index Up for March
RBC Capital Markets reported that for the month of March 2007 the RBC Hedge 250 Index had a net return of 0.87%. This brings the year-to-date return of the Index to 2.86%. These returns are estimated and will be finalized by the middle of next month. The return for February 2007 has been finalized at 0.77%.
The RBC Hedge 250 Index is an investable benchmark of the performance of the hedge fund industry. Comprised of more than 250 actual hedge funds, the RBC Hedge 250 Index is positioned as the industry’s most diversified and representative investable index.
The Universe on which the Index is based currently consists of 5,692 hedge funds (excluding funds of hedge funds) with aggregate assets under management of $1.319 trillion.
Since its inception on July 1, 2005 through the end of February 2007, the RBC Hedge 250 Index has had an annualized net return of 11.29%. In comparison, over the same period, other investable indices have averaged 7.96% while non-investable indices have averaged 12.97%, according to information reported by the sponsors of those indices.
The RBC Hedge 250 Index is an investable benchmark of the performance of the hedge fund industry. Comprised of more than 250 actual hedge funds, the RBC Hedge 250 Index is positioned as the industry’s most diversified and representative investable index.
The Universe on which the Index is based currently consists of 5,692 hedge funds (excluding funds of hedge funds) with aggregate assets under management of $1.319 trillion.
Since its inception on July 1, 2005 through the end of February 2007, the RBC Hedge 250 Index has had an annualized net return of 11.29%. In comparison, over the same period, other investable indices have averaged 7.96% while non-investable indices have averaged 12.97%, according to information reported by the sponsors of those indices.
BNP Buys Into Canadian Hedge Fund Subsidiary
BNP Paribas and the National Bank of Canada announced in a press release today that BNP Paribas has acquired a stake in Innocap Investment Management Inc., a subsidiary of National Bank of Canada, which specializes in hedge fund managed accounts.
They have formed a joint venture offering hedge fund managed accounts, a vehicle of choice for retail and institutional investors who wish to invest in hedge funds while controlling operational and market risks. National Bank of Canada and BNP Paribas intend to make Innocap the leading provider of managed accounts for investors worldwide.
Innocap, which advises on over $2 billion in hedge fund assets, provides active daily monitoring of alternative funds with complete transparency on the underlying positions and on the setting of adequate risk limits and investment guidelines. Additionally, it monitors operational risk, and advises on, along with third party service providers, all the key operations for the hedge funds.
“I'm delighted by the creation of this partnership,” said Yann Gerardin, Global Head of BNP Paribas Equities and Derivatives. “Innocap offers a powerful platform with full-fledged high-tech risk monitoring, control, liquidity and transparency to investors. These capabilities will enable us to create a new generation of structured products, which we expect will have broad appeal to an international client base.”
This joint venture will allow BNP Paribas, recently awarded “Equity Derivatives House of the Year” by Risk Magazine, to strengthen its capabilities in structuring fund derivatives products, while completing its global alternative fund offering.
Martin Gagnon and Denis Parisien, co-CEOs of Innocap added: “BNP Paribas and National Bank of Canada are complementary, well-established institutions sharing the same business vision and ambition. We are confident in this joint venture and look forward to its success.”
Innocap is the end result of 11 years of investments in hedge fund strategies for the National Bank of Canada.
They have formed a joint venture offering hedge fund managed accounts, a vehicle of choice for retail and institutional investors who wish to invest in hedge funds while controlling operational and market risks. National Bank of Canada and BNP Paribas intend to make Innocap the leading provider of managed accounts for investors worldwide.
Innocap, which advises on over $2 billion in hedge fund assets, provides active daily monitoring of alternative funds with complete transparency on the underlying positions and on the setting of adequate risk limits and investment guidelines. Additionally, it monitors operational risk, and advises on, along with third party service providers, all the key operations for the hedge funds.
“I'm delighted by the creation of this partnership,” said Yann Gerardin, Global Head of BNP Paribas Equities and Derivatives. “Innocap offers a powerful platform with full-fledged high-tech risk monitoring, control, liquidity and transparency to investors. These capabilities will enable us to create a new generation of structured products, which we expect will have broad appeal to an international client base.”
This joint venture will allow BNP Paribas, recently awarded “Equity Derivatives House of the Year” by Risk Magazine, to strengthen its capabilities in structuring fund derivatives products, while completing its global alternative fund offering.
Martin Gagnon and Denis Parisien, co-CEOs of Innocap added: “BNP Paribas and National Bank of Canada are complementary, well-established institutions sharing the same business vision and ambition. We are confident in this joint venture and look forward to its success.”
Innocap is the end result of 11 years of investments in hedge fund strategies for the National Bank of Canada.
2 May 2007
Survey Of Affluent Americans Shows US Investors Looking Overseas
The U.S. Trust Survey Of Affluent Americans polled the top tier of wealthiest Americans about their economic outlook, investment behavior, wealth management, philanthropy and intergenerational wealth issues.
A majority of the wealthy people surveyed believe hedge funds are good vehicles to provide strong returns and hedge market risks. Still, about three-quarters of this group say a good hedge fund is difficult to find and just as difficult to investigate.
However, those surveyed believe that the U.S. stock market is becoming riskier, and many are shifting to international equities. Many wealthy people expect to get bigger gains overseas than they do here in the U.S., with an expected average annual return of 9.66% in international equities versus 8.85% in the U.S. markets.
The Survey Of Affluent Americans constitutes of Americans with an investable net worth greater than $5 million, not including primary residence. In addition, included in this study is a special sub-sample of ultra high net worth Americans with total assets of $25 million or more.
In the report, the U.S. Trust says 74% of wealthy people believe that the budget deficit will affect the economy over the long term. This, they believe, will spill into the international arena as well, and leads them to worry about the U.S.'s role in international finance. With recent market events in China setting off a global ripple, as well as dollar lows, there is certainly ample precedent for their concerns.
And the survey indicates that these concerns aren't limited to the near term. Most wealthy people say that the next generation will have a more difficult time financially. Seventy-two percent of respondents worry that environmental issues will require more government spending and that taxes will rise significantly over the next few years. As well, they believe high taxes will reduce the value of their estates.
A majority of the wealthy people surveyed believe hedge funds are good vehicles to provide strong returns and hedge market risks. Still, about three-quarters of this group say a good hedge fund is difficult to find and just as difficult to investigate.
However, those surveyed believe that the U.S. stock market is becoming riskier, and many are shifting to international equities. Many wealthy people expect to get bigger gains overseas than they do here in the U.S., with an expected average annual return of 9.66% in international equities versus 8.85% in the U.S. markets.
The Survey Of Affluent Americans constitutes of Americans with an investable net worth greater than $5 million, not including primary residence. In addition, included in this study is a special sub-sample of ultra high net worth Americans with total assets of $25 million or more.
In the report, the U.S. Trust says 74% of wealthy people believe that the budget deficit will affect the economy over the long term. This, they believe, will spill into the international arena as well, and leads them to worry about the U.S.'s role in international finance. With recent market events in China setting off a global ripple, as well as dollar lows, there is certainly ample precedent for their concerns.
And the survey indicates that these concerns aren't limited to the near term. Most wealthy people say that the next generation will have a more difficult time financially. Seventy-two percent of respondents worry that environmental issues will require more government spending and that taxes will rise significantly over the next few years. As well, they believe high taxes will reduce the value of their estates.
Fauchier Partners Launches Special Situations Fund Of Hedge Funds
Fauchier Partners announced the launch of the Jubilee Special Situations Fund (JSSF), which will provide investors with returns more commonly associated with longer term and less liquid investments. JSSF was launched on 1 April with approximately $50 million committed. It will initially be open for investment until June 2007.
The fund of hedge funds has been designed as a vehicle for investors who are able to commit funds for longer periods of time and has a target return of LIBOR + 8%. The London Interbank Offered Rate Index (LIBOR) is an average of the interest rates that major international banks charge each other to borrow US dollars in the London money market. Like the US treasury the CD indexes, LIBOR tends to move and adjust quite rapidly to changes in interest rates.
Its portfolio consists of hedge funds investing in the debt and equity of private and publicly-listed companies, with a focus on distressed debt, direct lending and structured public and private equity. The balance will be invested in more traditional value-based investments.
Fauchier Partners, founded in 1994, is a specialist London-based firm, which manages a variety of funds of hedge funds and also advises a number of listed closed-end funds of hedge fund vehicles. It has the equivalent of approximately $4.7 billion under management.
The fund of hedge funds has been designed as a vehicle for investors who are able to commit funds for longer periods of time and has a target return of LIBOR + 8%. The London Interbank Offered Rate Index (LIBOR) is an average of the interest rates that major international banks charge each other to borrow US dollars in the London money market. Like the US treasury the CD indexes, LIBOR tends to move and adjust quite rapidly to changes in interest rates.
Its portfolio consists of hedge funds investing in the debt and equity of private and publicly-listed companies, with a focus on distressed debt, direct lending and structured public and private equity. The balance will be invested in more traditional value-based investments.
Fauchier Partners, founded in 1994, is a specialist London-based firm, which manages a variety of funds of hedge funds and also advises a number of listed closed-end funds of hedge fund vehicles. It has the equivalent of approximately $4.7 billion under management.
1 May 2007
$99 Billion Company Hires Hedge Fund Manager
Nikko Asset Management Co., Ltd. announced the appointment of hedge fund manager, Thomas Juterbock, as Senior Portfolio Manager at Nikko Alternative Asset Management Inc., a New York-based subsidiary of Nikko AM Tokyo.
Juterbock said, "I am thrilled to join the Nikko AM team. With the line between 'traditional' and 'alternative' investment blurring and with the shifting demographics of investment flows, international asset management is at a very interesting crossroads. I see Nikko AM as uniquely positioned to capitalize upon these trends and I look forward to working with the Nikko AM team to help realize the full potential of this new opportunity set."
Juterbock will be a member of Nikko AM's Global Investment Committee and will report to Masayuki Ishihara, Global Head of Fixed Income. Prior to joining Nikko AM, Juterbock acted as founder, principal owner, CEO and CIO of Fairstream Capital hedge fund management group. Juterbock has over 20 years of experience in trading and risk management at Morgan Stanley, where he was a Managing Director from January 1990 to May 2005.
At Nikko AM, Juterbock and his Fairstream team of six will seek ways to employ Fairstream's global macro investment process to the broader array of Nikko AM products, while helping to expand Nikko AM's product offerings worldwide.
Nikko AM is a leading asset management group headquartered in Japan. Established over 45 years ago, the company has $99.1 billion in assets under management, its investment trusts are distributed through a network of approximately 200 partner securities companies and banks. Nikko AM employs over 550 people in Tokyo, New York, London and Singapore.
Juterbock said, "I am thrilled to join the Nikko AM team. With the line between 'traditional' and 'alternative' investment blurring and with the shifting demographics of investment flows, international asset management is at a very interesting crossroads. I see Nikko AM as uniquely positioned to capitalize upon these trends and I look forward to working with the Nikko AM team to help realize the full potential of this new opportunity set."
Juterbock will be a member of Nikko AM's Global Investment Committee and will report to Masayuki Ishihara, Global Head of Fixed Income. Prior to joining Nikko AM, Juterbock acted as founder, principal owner, CEO and CIO of Fairstream Capital hedge fund management group. Juterbock has over 20 years of experience in trading and risk management at Morgan Stanley, where he was a Managing Director from January 1990 to May 2005.
At Nikko AM, Juterbock and his Fairstream team of six will seek ways to employ Fairstream's global macro investment process to the broader array of Nikko AM products, while helping to expand Nikko AM's product offerings worldwide.
Nikko AM is a leading asset management group headquartered in Japan. Established over 45 years ago, the company has $99.1 billion in assets under management, its investment trusts are distributed through a network of approximately 200 partner securities companies and banks. Nikko AM employs over 550 people in Tokyo, New York, London and Singapore.
100 Women in Hedge Funds Awards
100 Women in Hedge Funds is today presenting their 5th Anniversary event, Raising Capital: Keys to success and new trends in the industry, in Stamford, CT. The event is hosted by UBS Investment Bank and All Bar None.
The speaker, Bill Brown, UBS Head and Chief Investment Officer, will discuss the role of raising capital for hedge funds and the challenges in the current environment. The invited speakers have experience in successfully raising capital for hedge funds and knowledge of the market.
100 Women in Hedge Funds offers events in numerous cities across the globe. On May 2 they are hosting an Inaugural Networking Event in Geneva and also coming up is the inaugural 100 Women in Hedge Funds London Gala, which will be held June 13, 2007 at the Royal Courts of Justice, London for benefit of The Prince's Trust.
Hedge fund managers Gay Huey Evans of Tribeca Global Management, and Michael Hintze of CQS, will be honored the Gala.Huey Evans will receive the 100 Women in Hedge Funds' European Industry Leadership award. Huey Evans is President of Tribeca Global Management (Europe), Citi's Alternative Investment's hedge fund platform. She has helped build out Tribeca into a premier multi-strategy hedge fund platform within Citigroup.
Hintze, who is Founder and Chief Executive Officer of CQS, will receive the 100 Women in Hedge Funds' European Effecting Change award for his philanthropic activity. Hintze established CQS in 1999 and the firm, one of the largest hedge funds in Europe, now manages over US$6 billion. Over the last several years, the Hintze Family Charitable Foundation has made awards to educational and health programs, and the Arts, including The Prince's Trust, The Prince's Foundation, Trinity Hospice, The Evelina Children's Trust, the Victoria and Albert Museum's Sculpture Galleries, the Vatican Museums' Pauline Chapel and the University of Sydney.
The speaker, Bill Brown, UBS Head and Chief Investment Officer, will discuss the role of raising capital for hedge funds and the challenges in the current environment. The invited speakers have experience in successfully raising capital for hedge funds and knowledge of the market.
100 Women in Hedge Funds offers events in numerous cities across the globe. On May 2 they are hosting an Inaugural Networking Event in Geneva and also coming up is the inaugural 100 Women in Hedge Funds London Gala, which will be held June 13, 2007 at the Royal Courts of Justice, London for benefit of The Prince's Trust.
Hedge fund managers Gay Huey Evans of Tribeca Global Management, and Michael Hintze of CQS, will be honored the Gala.Huey Evans will receive the 100 Women in Hedge Funds' European Industry Leadership award. Huey Evans is President of Tribeca Global Management (Europe), Citi's Alternative Investment's hedge fund platform. She has helped build out Tribeca into a premier multi-strategy hedge fund platform within Citigroup.
Hintze, who is Founder and Chief Executive Officer of CQS, will receive the 100 Women in Hedge Funds' European Effecting Change award for his philanthropic activity. Hintze established CQS in 1999 and the firm, one of the largest hedge funds in Europe, now manages over US$6 billion. Over the last several years, the Hintze Family Charitable Foundation has made awards to educational and health programs, and the Arts, including The Prince's Trust, The Prince's Foundation, Trinity Hospice, The Evelina Children's Trust, the Victoria and Albert Museum's Sculpture Galleries, the Vatican Museums' Pauline Chapel and the University of Sydney.
Subscribe to:
Posts (Atom)