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.
3 May 2007
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.
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