Canadian Hedge fund Lionhart Ltd. this month announced the launch of a new fund and the opening of an office in midtown Manhattan, New York. Present in the US since 2000, the addition of the New York office positions the hedge fund to develop the U.S. markets.
The launch of Talon, a private equity hybrid fund, is scheduled for March 2008. With a minimum investment of $1 million, the new hedge fund will be set up with $50 million from Lionhart and $50 million from existing and new investors from the US, Middle East and Europe.
Lionhart said, "Talon will be investing into early stage private financings and placements across a number of sectors including minerals, mining and natural resources, energy, alternative energies, mezzanine and bridge financing, IT and medical technology, property development and sub-sectors of these main areas. Investors will have the opportunity to invest in a blend of all the sectors or in an individual sector."
CEO Terrence Duffy, commenting on the move, said, "Information flow for traders and convenience for investors will improve with this move to Manhattan. This makes a lot of sense given the direction Lionhart is moving and the understandable interest in our fund offerings."
Lionhart is a multi-strategy arbitrage hedge fund with $800 million under management. Lionhart's New York office will open with 11 staff including trading, research, investor relations, and administrative functions. The Toronto-based hedge fund has offices in the world's top financial centers now including New York, Toronto, London and Singapore.
27 Feb 2008
Study On Synthetic Hedge Fund Indices
Synthetic hedge fund indices (SHFIs), also known as 'hedge fund clones' were introduced in 2007, following years of academic research. SHFIs are dynamically managed portfolios of liquid assets (also called replicating factors, which usually exist in futures and exchange-traded funds) that aim at minimising the tracking error with a target non-investable hedge fund index.
Based on research by Innocap Investment Management's, there are four criteria which should be met by SHFIs; they should be representative of the investment universe, transparent, have consistent weighting, timely reporting, stable performance over time, and they should be investable.
SHFIs are to hedge funds what exhange traded funds (ETFs) are to mutual funds, a liquid, low-cost and transparent way to expose a portfolio to the asset class. SHFIs that target a good hedge fund index and use a sophisticated tracking model applied to a wide range of liquid and transparent financial instruments should exhibit an interesting risk-return profile, particularly for the liquidity risk conscious investors.
SHFIs currently constitute a small portion of all hedge fund assets under management because they have been introduced quite recently. Nevertheless, they now constitute a key element in the alternative assets offering of the biggest financial institutions.
Innocap Investment Management is a subsidiary of the National Bank of Canada [TSX: NA-T], it was created to supervise all of the bank's alternative investments activities in capital markets.
Based on research by Innocap Investment Management's, there are four criteria which should be met by SHFIs; they should be representative of the investment universe, transparent, have consistent weighting, timely reporting, stable performance over time, and they should be investable.
SHFIs are to hedge funds what exhange traded funds (ETFs) are to mutual funds, a liquid, low-cost and transparent way to expose a portfolio to the asset class. SHFIs that target a good hedge fund index and use a sophisticated tracking model applied to a wide range of liquid and transparent financial instruments should exhibit an interesting risk-return profile, particularly for the liquidity risk conscious investors.
SHFIs currently constitute a small portion of all hedge fund assets under management because they have been introduced quite recently. Nevertheless, they now constitute a key element in the alternative assets offering of the biggest financial institutions.
Innocap Investment Management is a subsidiary of the National Bank of Canada [TSX: NA-T], it was created to supervise all of the bank's alternative investments activities in capital markets.
25 Feb 2008
New York Hedge Fund Spends $27 Million On Alvarion
After buying a $27 million stake in Alvarion, New York-based hedge fund Renaissance Technologies Corporation has become a party at interest with 5.76% of the company.
With a market cap of $480 million, Israeli company Alvarion provides WiMAX broadband communications technology, they posted $236.6 million in revenue for 2007.
Alvarion said in a document filed with the US Securities and Exchange Commission that the transaction was made on November 8, 2007. Renaissance Technologies is now the largest shareholder in Alvarion, which until now did not have a shareholder owning more than 5%, the threshold of a party at interest under Israeli law.
Renaissance Technologies was founded in 1982 by cryptanalyst James Harris Simons and is now one of the world’s largest hedge funds. The hedge fund uses statistical and mathematical models to make its investments. It has more than $12 billion under management.
With a market cap of $480 million, Israeli company Alvarion provides WiMAX broadband communications technology, they posted $236.6 million in revenue for 2007.
Alvarion said in a document filed with the US Securities and Exchange Commission that the transaction was made on November 8, 2007. Renaissance Technologies is now the largest shareholder in Alvarion, which until now did not have a shareholder owning more than 5%, the threshold of a party at interest under Israeli law.
Renaissance Technologies was founded in 1982 by cryptanalyst James Harris Simons and is now one of the world’s largest hedge funds. The hedge fund uses statistical and mathematical models to make its investments. It has more than $12 billion under management.
UAE and Qatar Hedge Fund Boom
According to research conducted by banking group Mirabaud, the Middle East is set to become increasingly active in the global hedge fund industry. The report also said that the UAE and Qatar could potentially be playing dominant roles in the region.
Mirabaud forecasts that hedge funds will become increasingly attractive to the region’s ever-more sophisticated regional investors, especially given the high levels of excess liquidity in the Middle East.
CEO Gilles Rollet said, "Globally, hedge fund centres have emerged from the most sophisticated financial centres, such as New York, London, Hong Kong and Singapore. The relevant defining attribute of each of these locations is the maturity of their capital markets….The Dubai International Financial Centre has even taken the step, through its regulating body the Dubai Financial Services Authority, to create a Hedge Fund Code of Practice, giving legal weight to the effort to make Dubai a centre in the hedge fund industry."
Increased institutional investment in the regional capital markets, especially the UAE, is another sign of the maturity of markets here, Mirabaud’s research found. Globally, at a time when most traditional investments are generating low levels of returns, institutional investors are increasingly attracted to alternative asset classes such as hedge funds.
"A hedge fund-friendly environment can be seen to emerge from a region with high levels of excess liquidity and strong degrees of professionalism among regulators and service providers. The Middle East is well known for its access to enormous amounts of excess liquidity due to the high price of oil. In the UAE and Qatar, we are now seeing professionalism from both regulators and service providers grow steadily. Both countries have governments that are committed to forging legal structures that allow for increasing financial sophistication in their respective financial districts. If current trends continue, these two countries will undoubtedly emerge as hedge fund centres, and given enough time, will stand on par with Singapore, Hong Kong and even London and New York." Rollet added.
Mirabaud & Cie, was founded in Geneva in 1819. Originally a bank operating solely in Switzerland, Mirabaud has since developed its brand on three continents. The bank, which has nearly $22 billion in assets under management, has offices in Geneva, Zurich, Basel, Paris, Monaco, London, Montreal, Nassau, Hong Kong and now Dubai.
Mirabaud forecasts that hedge funds will become increasingly attractive to the region’s ever-more sophisticated regional investors, especially given the high levels of excess liquidity in the Middle East.
CEO Gilles Rollet said, "Globally, hedge fund centres have emerged from the most sophisticated financial centres, such as New York, London, Hong Kong and Singapore. The relevant defining attribute of each of these locations is the maturity of their capital markets….The Dubai International Financial Centre has even taken the step, through its regulating body the Dubai Financial Services Authority, to create a Hedge Fund Code of Practice, giving legal weight to the effort to make Dubai a centre in the hedge fund industry."
Increased institutional investment in the regional capital markets, especially the UAE, is another sign of the maturity of markets here, Mirabaud’s research found. Globally, at a time when most traditional investments are generating low levels of returns, institutional investors are increasingly attracted to alternative asset classes such as hedge funds.
"A hedge fund-friendly environment can be seen to emerge from a region with high levels of excess liquidity and strong degrees of professionalism among regulators and service providers. The Middle East is well known for its access to enormous amounts of excess liquidity due to the high price of oil. In the UAE and Qatar, we are now seeing professionalism from both regulators and service providers grow steadily. Both countries have governments that are committed to forging legal structures that allow for increasing financial sophistication in their respective financial districts. If current trends continue, these two countries will undoubtedly emerge as hedge fund centres, and given enough time, will stand on par with Singapore, Hong Kong and even London and New York." Rollet added.
Mirabaud & Cie, was founded in Geneva in 1819. Originally a bank operating solely in Switzerland, Mirabaud has since developed its brand on three continents. The bank, which has nearly $22 billion in assets under management, has offices in Geneva, Zurich, Basel, Paris, Monaco, London, Montreal, Nassau, Hong Kong and now Dubai.
22 Feb 2008
CAI's Two New Investment Strategies
Choice Alternative Investments, Ltd.(CAI) has introduced two new alternative investment strategies into the market.
The first being the Standard & Poor's DTI, which is a low volatility strategy that works particularly well with very large fixed income alternative investment strategies, according to Arne Langaskens, advisor at CAI, "Due to the success of the alternative investment strategies, CAI is also looking to expand its exposure in the alternative and hedge fund arena," he said.
The DTI plans to offer yield enhancement and diversification, it currently has over $725 million allocated to it at this point.
The other is CAI Aggressive Growth Strategy ("CAI AG") which is a high volatility aggressive growth relative strength equity strategy. CAI AG is suited more for investors seeking higher rates of return that can accept high volatility for this segment of their portfolio. A major Swiss Bank seeded the strategy and it now has over $15 million allocated to it.
CAI is an uniquely focused alternative asset manager delivering structure, risk control, seeking long-term performance stewarding global capital.
The first being the Standard & Poor's DTI, which is a low volatility strategy that works particularly well with very large fixed income alternative investment strategies, according to Arne Langaskens, advisor at CAI, "Due to the success of the alternative investment strategies, CAI is also looking to expand its exposure in the alternative and hedge fund arena," he said.
The DTI plans to offer yield enhancement and diversification, it currently has over $725 million allocated to it at this point.
The other is CAI Aggressive Growth Strategy ("CAI AG") which is a high volatility aggressive growth relative strength equity strategy. CAI AG is suited more for investors seeking higher rates of return that can accept high volatility for this segment of their portfolio. A major Swiss Bank seeded the strategy and it now has over $15 million allocated to it.
CAI is an uniquely focused alternative asset manager delivering structure, risk control, seeking long-term performance stewarding global capital.
21 Feb 2008
Tremont Hires FoHF Specialist
Tremont Capital Management announced the appointment of fund of hedge fund specialist Susan Crotty as Managing Director of Investment Management Services.
“Sue’s extensive experience consulting to a wide variety of institutions on fund of hedge fund investing, her understanding of what investors are seeking to accomplish with their alternatives strategy, and her knowledge of our industry delivers tremendous benefits to our clients,” said Rupert Allan, Tremont’s President and Chief Executive Officer.
“We set out to scale our operations as we grow fund of hedge fund assets, expand our global footprint and deliver excellence in investment management,” said Allan. “We have taken some very exciting steps to insure that we have the right senior team in place to achieve those goals.”
Crotty was formerly Senior Vice President, Alternatives Practice Leader, at Callan Associates. Prior to her tenure at Callan, she was a Managing Director at Ark Asset Management and a Senior Consultant at Hamilton & Company. She is also a member of the Investment Committee for the State of New Jersey Pension System. Crotty will report to Robert Stone, Executive Vice President and Global Head of Sales.
Tremont also has offices in London, Toronto and Hong Kong. Tremont operating subsidiaries are regulated around the world by the U.S.’s Securities and Exchange Commission, the U.K.’s Financial Services Authority, the Ontario Securities Commission and the Hong Kong Securities and Futures Commission.
“Sue’s extensive experience consulting to a wide variety of institutions on fund of hedge fund investing, her understanding of what investors are seeking to accomplish with their alternatives strategy, and her knowledge of our industry delivers tremendous benefits to our clients,” said Rupert Allan, Tremont’s President and Chief Executive Officer.
“We set out to scale our operations as we grow fund of hedge fund assets, expand our global footprint and deliver excellence in investment management,” said Allan. “We have taken some very exciting steps to insure that we have the right senior team in place to achieve those goals.”
Crotty was formerly Senior Vice President, Alternatives Practice Leader, at Callan Associates. Prior to her tenure at Callan, she was a Managing Director at Ark Asset Management and a Senior Consultant at Hamilton & Company. She is also a member of the Investment Committee for the State of New Jersey Pension System. Crotty will report to Robert Stone, Executive Vice President and Global Head of Sales.
Tremont also has offices in London, Toronto and Hong Kong. Tremont operating subsidiaries are regulated around the world by the U.S.’s Securities and Exchange Commission, the U.K.’s Financial Services Authority, the Ontario Securities Commission and the Hong Kong Securities and Futures Commission.
TCI Challenges Japanese Government On Foreign Investments
UK hedge fund TCI has challenged Japanese attempts to control foreign investments. In a bid to boost its stake in Japanese utility J-Power to up to 20 percent, the Children's Investment Fund, or TCI, has been pressuring the electricity wholesaler to improve corporate governance.
The activist investor has even said in a statement that it would take the Japanese government to court if it rejected its bid. The standoff between TCI and the government over the electricity wholesaler is being watched closely as a test for how open Japan is to foreign investment.
Foreign investors who are seeking stakes above 10% in sectors that Japan considers fundamental to national security such as utilities, arms, nuclear power equipment and aircraft must seek government approval.
J-Power plans to complete its first nuclear power plant in 2012.
TCI, named after its donations to children's charities, manages over $10 billion of assets globally.
Hedge Fund Managers Indicted
Five individuals who defrauded hedge fund investors of more than $200 million dollars have been indicted on charges of conspiracy and wire fraud, according to an FBI release.
Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney R. Alexander Acosta of the Southern District of Florida named the hedge fund managers in the indictment as Michael Lauer, Martin Garvey, and Eric Hauser, co-owners of management companies which directed the hedge funds, and Laurence Isaacson and Milton Barbarosh, who had financial interests in Boca Raton, Fla.-based “shell” companies in which the hedge funds invested.
All of the defendants are charged with one count of conspiracy to commit mail, wire and securities fraud and six counts of wire fraud. If convicted, each of the defendants faces a maximum sentence of 20 years and a $250,000 fine for each count of wire fraud and five years and a $250,000 fine for the conspiracy count. The indictment also seeks forfeiture of their criminal proceeds.
According to the indictment, Lauer, as founder and primary manager, formed and directed several hedge funds, collectively known as the Lancer Group hedge funds. From October 1999 to July 2003, Lauer and his co-defendants manipulated the closing market price of thinly-traded shell company securities to falsely inflate the value of the Lancer Group hedge funds. Lauer, Isaacson, and Barborosh identified “shell” companies, including ones owned by Barbarosh, in which the Lancer Group would buy large quantities of “restricted” stock at pennies per share in private transactions.
Lauer, Garvey and Hauser next directed brokers to buy a small amount of the same securities for the Lancer Group at a much higher open market price and to make additional small purchases to drive up the price to a closing “target price.” Lauer then falsely valued all of the securities held by the Lancer Group, including those restricted shares obtained for pennies per share, at the much higher closing price, which falsely boosted the 20 percent performance fees paid to the management companies; induced new investors to buy into the funds; and kept existing investors in the funds.
To cover up and perpetuate the scheme, the indictment alleges, Lauer also created fake portfolios of the securities supposedly held by the Lancer Group and obtained falsely inflated appraisals of the shell companies through Isaacson and Barbarosh.
An indictment is merely a charge. All defendants are presumed innocent until proven guilty.
Assistant Attorney General Alice S. Fisher of the Criminal Division and U.S. Attorney R. Alexander Acosta of the Southern District of Florida named the hedge fund managers in the indictment as Michael Lauer, Martin Garvey, and Eric Hauser, co-owners of management companies which directed the hedge funds, and Laurence Isaacson and Milton Barbarosh, who had financial interests in Boca Raton, Fla.-based “shell” companies in which the hedge funds invested.
All of the defendants are charged with one count of conspiracy to commit mail, wire and securities fraud and six counts of wire fraud. If convicted, each of the defendants faces a maximum sentence of 20 years and a $250,000 fine for each count of wire fraud and five years and a $250,000 fine for the conspiracy count. The indictment also seeks forfeiture of their criminal proceeds.
According to the indictment, Lauer, as founder and primary manager, formed and directed several hedge funds, collectively known as the Lancer Group hedge funds. From October 1999 to July 2003, Lauer and his co-defendants manipulated the closing market price of thinly-traded shell company securities to falsely inflate the value of the Lancer Group hedge funds. Lauer, Isaacson, and Barborosh identified “shell” companies, including ones owned by Barbarosh, in which the Lancer Group would buy large quantities of “restricted” stock at pennies per share in private transactions.
Lauer, Garvey and Hauser next directed brokers to buy a small amount of the same securities for the Lancer Group at a much higher open market price and to make additional small purchases to drive up the price to a closing “target price.” Lauer then falsely valued all of the securities held by the Lancer Group, including those restricted shares obtained for pennies per share, at the much higher closing price, which falsely boosted the 20 percent performance fees paid to the management companies; induced new investors to buy into the funds; and kept existing investors in the funds.
To cover up and perpetuate the scheme, the indictment alleges, Lauer also created fake portfolios of the securities supposedly held by the Lancer Group and obtained falsely inflated appraisals of the shell companies through Isaacson and Barbarosh.
An indictment is merely a charge. All defendants are presumed innocent until proven guilty.
20 Feb 2008
Boneparth Joins Hall Capital Partners
Hall Capital Partners LLC today announced that John F. Boneparth will join the firm as President. Mr. Boneparth will join Chief Executive Officer and Chief Investment Officer Kathryn A. Hall and Director of Investment Advisory Services John W. Buoymaster as a member of the firm’s Executive Committee. He will also serve on Hall Capital’s Board of Directors along with Ms. Hall; Mr. Buoymaster; F. Warren Hellman, Co-founder and Chairman of Hellman & Friedman; Mark E. McKee, President of Capital Alternatives; and Matthew R. Barger, Senior Advisor for Hellman & Friedman.
Hall Capital is an independent, privately owned SEC-registered investment advisory firm with offices in San Francisco and New York. The firm, which has $22 billion in assets under management, has established a strong reputation as a successful investment partner and manager of traditional and alternative investment strategies. Hall Capital has a 13-year record of building and managing customized global investment portfolios for individuals, families, and institutions.
“We are extremely pleased to have John Boneparth join Hall Capital Partners,” said Kathryn Hall. “His nearly 30 years of experience in the investment management industry as well as his extraordinary talent in building and managing investment management firms will be an important contributor to our company’s growth and future success.”
“Katie Hall and her management team have built a world-class investment platform that offers its clients access to the highest quality traditional and alternative investment products,” said John Boneparth. “I am confident that these products will have great appeal to both institutional and individual investors when they are distributed more broadly, both in the U.S. and abroad.”
“John Boneparth has had great success growing and managing businesses throughout his career,” said Warren Hellman. “The board believes that with John joining Katie’s team, the firm is well-positioned for significant growth and expansion.”
Mr. Boneparth founded Corinthian Cove Consulting, LLC in 2005, where he consulted to investment management companies on business, sales, marketing, client service, and product strategies. Before founding Corinthian Cove Consulting, Mr. Boneparth spent 14 years at Putnam Investments where he held various positions including Chief of U.S. Institutional Sales, Head of International Sales & Client Service, Head of International Business, and Head of Putnam Global Institutional Management. Mr. Boneparth holds a M.S. from University of Pennsylvania and a B.S. from The Wharton School, University of Pennsylvania.
About Hall Capital Partners LLC
Hall Capital Partners LLC (www.hallcapital.com) is an independent, privately owned SEC-registered investment advisory firm with offices in San Francisco and New York. Founded by Kathryn Hall, the firm has a 13-year record in building and managing global investment portfolios, and has established a strong reputation as a successful investor and partner. As of September 30, 2007, the firm directed investment assets in excess of $22 billion for more than 100 clients and its funds of funds program.
Hall Capital is an independent, privately owned SEC-registered investment advisory firm with offices in San Francisco and New York. The firm, which has $22 billion in assets under management, has established a strong reputation as a successful investment partner and manager of traditional and alternative investment strategies. Hall Capital has a 13-year record of building and managing customized global investment portfolios for individuals, families, and institutions.
“We are extremely pleased to have John Boneparth join Hall Capital Partners,” said Kathryn Hall. “His nearly 30 years of experience in the investment management industry as well as his extraordinary talent in building and managing investment management firms will be an important contributor to our company’s growth and future success.”
“Katie Hall and her management team have built a world-class investment platform that offers its clients access to the highest quality traditional and alternative investment products,” said John Boneparth. “I am confident that these products will have great appeal to both institutional and individual investors when they are distributed more broadly, both in the U.S. and abroad.”
“John Boneparth has had great success growing and managing businesses throughout his career,” said Warren Hellman. “The board believes that with John joining Katie’s team, the firm is well-positioned for significant growth and expansion.”
Mr. Boneparth founded Corinthian Cove Consulting, LLC in 2005, where he consulted to investment management companies on business, sales, marketing, client service, and product strategies. Before founding Corinthian Cove Consulting, Mr. Boneparth spent 14 years at Putnam Investments where he held various positions including Chief of U.S. Institutional Sales, Head of International Sales & Client Service, Head of International Business, and Head of Putnam Global Institutional Management. Mr. Boneparth holds a M.S. from University of Pennsylvania and a B.S. from The Wharton School, University of Pennsylvania.
About Hall Capital Partners LLC
Hall Capital Partners LLC (www.hallcapital.com) is an independent, privately owned SEC-registered investment advisory firm with offices in San Francisco and New York. Founded by Kathryn Hall, the firm has a 13-year record in building and managing global investment portfolios, and has established a strong reputation as a successful investor and partner. As of September 30, 2007, the firm directed investment assets in excess of $22 billion for more than 100 clients and its funds of funds program.
19 Feb 2008
Centaurus Capital Raises Stake In UK Waste Management
Centaurus Capital Ltd. announced an increase in their stake in Biffa PLC to 4.23%. The London-based hedge fund bought about 1.15 million shares in two tranches, lifting its stake to about 14 million shares, or 3.758%.
UK waste management and recyling business, Biffa, recently agreed to a takeover offer by WasteAcquisitionco, a consortium of various entities within the Montagu Funds, the Global Infrastructure Partners Funds and UCIL at 350 pence per share, valuing Biffa at about £1.23 billion ($2.4 billion).
Centaurus Capital is a private investment management company with an emphasis on Europe. Centaurus was launched in year 2000 and originated from an investment team working together at BNP Paribas since 1993.
In 2005, the Centaurus Alpha Fund was awarded the Hedge Funds Review European Performance Award in the category of Event Driven Fund.
Other hedge funds such as Cheyne Capital Management (UK) LLP and Davidson Kempner European Partners LLP, an affiliate of New York-based Davidson Kempner Capital Management LLC, have emerged as investors in Biffa in the hope of a bidding war.
UK waste management and recyling business, Biffa, recently agreed to a takeover offer by WasteAcquisitionco, a consortium of various entities within the Montagu Funds, the Global Infrastructure Partners Funds and UCIL at 350 pence per share, valuing Biffa at about £1.23 billion ($2.4 billion).
Centaurus Capital is a private investment management company with an emphasis on Europe. Centaurus was launched in year 2000 and originated from an investment team working together at BNP Paribas since 1993.
In 2005, the Centaurus Alpha Fund was awarded the Hedge Funds Review European Performance Award in the category of Event Driven Fund.
Other hedge funds such as Cheyne Capital Management (UK) LLP and Davidson Kempner European Partners LLP, an affiliate of New York-based Davidson Kempner Capital Management LLC, have emerged as investors in Biffa in the hope of a bidding war.
Asia-Pacific Investable Hedge Fund Index Launch
Index compiler MSCI Barra announced today that it is to launch the MSCI Asia-Pacific Hedge Fund OPTIX Index, a new investable hedge fund index designed to reflect the overall structure and composition of the Asia-Pacific hedge fund universe.
Henry Fernandez, CEO of MSCI Barra, said, “The forthcoming launch of the MSCI Asia-Pacific Hedge Fund OPTIX Index responds to investor demand for a liquid and representative investable hedge fund index that reflects the overall Asia-Pacific hedge fund opportunity set. The index is designed to serve as the basis of index-linked financial products, such as funds, derivatives, and structured products.”
The MSCI Asia-Pacific Hedge Fund OPTIX Index will be composed of only funds that are open to new subscriptions and with at least monthly liquidity, according to a statement from the index compiler.
NAI, working with SPARX International (Hong Kong) Limited will be responsible for selecting and conducting due diligence on the hedge fund managers. NAI will also monitor the investment mandate of each managed fund.
Calculation of the index is expected to begin in March 2008, and it is expected to launch with around 20 constituent funds. The index will be constructed and maintained by MSCI Barra according to the MSCI Investable Hedge Fund Index Methodology.
Henry Fernandez, CEO of MSCI Barra, said, “The forthcoming launch of the MSCI Asia-Pacific Hedge Fund OPTIX Index responds to investor demand for a liquid and representative investable hedge fund index that reflects the overall Asia-Pacific hedge fund opportunity set. The index is designed to serve as the basis of index-linked financial products, such as funds, derivatives, and structured products.”
The MSCI Asia-Pacific Hedge Fund OPTIX Index will be composed of only funds that are open to new subscriptions and with at least monthly liquidity, according to a statement from the index compiler.
NAI, working with SPARX International (Hong Kong) Limited will be responsible for selecting and conducting due diligence on the hedge fund managers. NAI will also monitor the investment mandate of each managed fund.
Calculation of the index is expected to begin in March 2008, and it is expected to launch with around 20 constituent funds. The index will be constructed and maintained by MSCI Barra according to the MSCI Investable Hedge Fund Index Methodology.
18 Feb 2008
2008: The Year of Carbon Finance and Trading
The seventh annual Wall Street Green Trading Summit is presenting answers to carbon trading questions such as;
What is carbon neutral? How are clean energy technologies tied to emissions trading? What are the carbon investment opportunities? These and other timely questions will be discussed and answered at the sixth annual Wall Street Green Trading and Finance Summit. Experts from Morrison & Foerster, Evolution Markets, Point Carbon, NYMEX, Natsource, Orion Energy Services, APX, EcoSecurities, and Brown Rudnick..
2008 is the beginning of global carbon markets under Kyoto and is demonstrating a tremendous interest in how to reduce the carbon footprint of companies.
Also feartured at the conference;
• US Carbon Market Developments
• What's the Difference Between Carbon Credits & Offsets
• What's New in European Carbon Trading
• What Impact Will Carbon Regulation Have on US Businesses
• What's the Commercial Value of Carbon Sequestration
• What is NYMEX's Green Exchange
• How Renewables & Carbon Offsets Interact
• What is Carbon Finance
• Why the US is the Next Carbon Market
• Relationship Between Carbon & Renewables
Organized by:
Global Change Associates & Hedge Connection
What is carbon neutral? How are clean energy technologies tied to emissions trading? What are the carbon investment opportunities? These and other timely questions will be discussed and answered at the sixth annual Wall Street Green Trading and Finance Summit. Experts from Morrison & Foerster, Evolution Markets, Point Carbon, NYMEX, Natsource, Orion Energy Services, APX, EcoSecurities, and Brown Rudnick..
2008 is the beginning of global carbon markets under Kyoto and is demonstrating a tremendous interest in how to reduce the carbon footprint of companies.
Also feartured at the conference;
• US Carbon Market Developments
• What's the Difference Between Carbon Credits & Offsets
• What's New in European Carbon Trading
• What Impact Will Carbon Regulation Have on US Businesses
• What's the Commercial Value of Carbon Sequestration
• What is NYMEX's Green Exchange
• How Renewables & Carbon Offsets Interact
• What is Carbon Finance
• Why the US is the Next Carbon Market
• Relationship Between Carbon & Renewables
Organized by:
Global Change Associates & Hedge Connection
MAM Hedge Fund Launch
Martin Asset Management announced the launch of the MAM Global ETF Fund, LP (a domestic Delaware Limited Partnership).
The MAM Global ETF Fund is set to launch on February 15th, the new hedge fund features monthly liquidity and will exclusively invest in Exchange Traded Funds with a Global Macro strategy.
The California based global wealth management platform also features two ETF (Exchange Traded Funds) strategies and one Alternative Energy Strategy.
Their investment style focuses on the overall markets and the economy rather than individual stocks and bonds. The strategy includes the analysis of economic data such as GDP, inflation, unemployment, money flows and overall market conditions to determine the current phase of the business cycle (expansion, peak, contraction or trough).
Once the business cycle is identified, through active management within separately managed accounts, the hedge fund then rebalances its investment portfolios. Custody can be obtained anywhere in the world with no restrictions on nationality of clients.
Alex Akesson
Editor for HedgeCo.Net
Email: alex@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 MAM Global ETF Fund is set to launch on February 15th, the new hedge fund features monthly liquidity and will exclusively invest in Exchange Traded Funds with a Global Macro strategy.
The California based global wealth management platform also features two ETF (Exchange Traded Funds) strategies and one Alternative Energy Strategy.
Their investment style focuses on the overall markets and the economy rather than individual stocks and bonds. The strategy includes the analysis of economic data such as GDP, inflation, unemployment, money flows and overall market conditions to determine the current phase of the business cycle (expansion, peak, contraction or trough).
Once the business cycle is identified, through active management within separately managed accounts, the hedge fund then rebalances its investment portfolios. Custody can be obtained anywhere in the world with no restrictions on nationality of clients.
Alex Akesson
Editor for HedgeCo.Net
Email: alex@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
Hedge Fund Vehicle Dexion Absolute Raises $263 Million
Dexion Absolute, a 1.4 billion pound ($2.7 billion) fund of hedge funds (FoHF) announced today that it raised a further $263 million for its hedge fund investments. Dexion had previously raised $950 million above its original target in an oversubscribed share issue in December last year.
According to the Association of Investment Companies, hedge funds made up the biggest proportion both of investment firms' new issues and firms raising additional capital in 2007.
The FoHF's assets are invested in an actively managed portfolio of hedge funds selected by its Investment Advisor and diversified by investment strategy, style and manager. Another fund of hedge funds that is marketed by Dexion Capital, is considering a new offer of shares to meet demand from new and existing investors. The fund of macro hedge funds is managed by Permal Group, part of Legg Mason Inc.
According to the Association of Investment Companies, hedge funds made up the biggest proportion both of investment firms' new issues and firms raising additional capital in 2007.
The FoHF's assets are invested in an actively managed portfolio of hedge funds selected by its Investment Advisor and diversified by investment strategy, style and manager. Another fund of hedge funds that is marketed by Dexion Capital, is considering a new offer of shares to meet demand from new and existing investors. The fund of macro hedge funds is managed by Permal Group, part of Legg Mason Inc.
15 Feb 2008
Hedge Funds & Alternative Investments Handbook
Research and Markets has announced the addition of “The Hedge Funds & Alternative Investments Handbook 2008” to their offering.
The 2008 edition of this guide to the world of alternative investments comes as the playing field becomes more exciting due to new concepts, regulation and increasingly global reach of hedge funds. The handbook brings together an internationally acclaimed editorial board of experts in the field of alternative investments.
Including topical debate, discussion and the latest research on the issues of the moment within the hedge funds and alternative investments world. Leading players from exchanges, funds, law firms and investment banks present exclusive insights into offshore developments, the key regions, regulation and the role of education and ethics in this rapidly changing and evolving scene.
Articles in this year’s Hedge Funds and Alternative Investments Handbook explore;
alternative beta replication
precious metals
the role of branding
self regulation
global activism
ethics and regional perspectives.
The 2008 edition of this guide to the world of alternative investments comes as the playing field becomes more exciting due to new concepts, regulation and increasingly global reach of hedge funds. The handbook brings together an internationally acclaimed editorial board of experts in the field of alternative investments.
Including topical debate, discussion and the latest research on the issues of the moment within the hedge funds and alternative investments world. Leading players from exchanges, funds, law firms and investment banks present exclusive insights into offshore developments, the key regions, regulation and the role of education and ethics in this rapidly changing and evolving scene.
Articles in this year’s Hedge Funds and Alternative Investments Handbook explore;
alternative beta replication
precious metals
the role of branding
self regulation
global activism
ethics and regional perspectives.
14 Feb 2008
HedgeCo Networks Offers Clients of NorthPoint Trading Suite of HedgeCo Web Services
HedgeCo LLC, a premier hedge fund database, consulting and services company, announced today a strategic relationship with NorthPoint Trading Partners, LLC. This relationship will offer clients of NorthPoint a chance to enhance their Internet presence through the use of the HedgeCo Websites Platform.
"Through our partnerships, HedgeCo is striving to enhance the offerings of our partners, as well as draw on expertise of our partners to take the HedgeCo Networks products to a new level." said Evan Rapoport, Chief Executive Officer of HedgeCo, LLC. "By having the ability to offer our products to their clients, our partners will find that their offerings and position in the market will strengthen substantially."
The announcement once again shows how HedgeCo Networks continues to distinguish its company from other service providers by offering high-tech, cost-effective services and analytic tools.
Products being offered through this agreement include the HedgeCo Hedge Fund Website platform, the Hedge Fund Calculator analytics tool, and the opportunity to integrate with HedgeCo.Net, the premier hedge fund Internet portal.
“NorthPoint Trading is committed to being able to provide every possible advantage and resource to help our clients grow their business. We are excited to be able to offer the expertise and experience of the Hedgeco Websites team to our clients.” said Michael DeJarnette, Co-Founder and President of NorthPoint Trading Partners, LLC, a broker/dealer focused on providing Prime Brokerage to small to mid-sized hedge funds.
HedgeCo Networks is actively seeking partners in various verticals to develop and deploy future products.
HedgeCo, LLC manages HedgeCo.Net the premier Hedge Fund Database and Information Portal. HedgeCo offers a wide variety of services, including website design, consultation, and third party marketing.
The HedgeCo Websites team has worked with the Hedge Fund industry for 3 years. Drawing on the experience used in creating and managing HedgeCo.Net over 150 websites for Hedge Fund firms in USA, Europe and Australia.
NorthPoint Trading Partners, LLC is a
premier institutional brokerage and fund services company, dedicated to providing prime brokerage services to small and medium sized hedge funds. Through a fully disclosed clearing relationship with Goldman Sachs Execution and Clearing, L.P. (GSEC), clients receive the benefits of boutique firm service and pricing, combined with GSEC's professional clearing and prime brokerage services, integrated portfolio and trading functionality, suite of pre- and post-trade analytics, and direct access
to the Goldman Sachs & Co.'s securities lending group.
Goldman Sachs Execution & Clearing, L.P. is not affiliated with NorthPoint Trading Partners, LLC or any of its subsidiaries or affiliates.
"Through our partnerships, HedgeCo is striving to enhance the offerings of our partners, as well as draw on expertise of our partners to take the HedgeCo Networks products to a new level." said Evan Rapoport, Chief Executive Officer of HedgeCo, LLC. "By having the ability to offer our products to their clients, our partners will find that their offerings and position in the market will strengthen substantially."
The announcement once again shows how HedgeCo Networks continues to distinguish its company from other service providers by offering high-tech, cost-effective services and analytic tools.
Products being offered through this agreement include the HedgeCo Hedge Fund Website platform, the Hedge Fund Calculator analytics tool, and the opportunity to integrate with HedgeCo.Net, the premier hedge fund Internet portal.
“NorthPoint Trading is committed to being able to provide every possible advantage and resource to help our clients grow their business. We are excited to be able to offer the expertise and experience of the Hedgeco Websites team to our clients.” said Michael DeJarnette, Co-Founder and President of NorthPoint Trading Partners, LLC, a broker/dealer focused on providing Prime Brokerage to small to mid-sized hedge funds.
HedgeCo Networks is actively seeking partners in various verticals to develop and deploy future products.
HedgeCo, LLC manages HedgeCo.Net the premier Hedge Fund Database and Information Portal. HedgeCo offers a wide variety of services, including website design, consultation, and third party marketing.
The HedgeCo Websites team has worked with the Hedge Fund industry for 3 years. Drawing on the experience used in creating and managing HedgeCo.Net over 150 websites for Hedge Fund firms in USA, Europe and Australia.
NorthPoint Trading Partners, LLC is a
premier institutional brokerage and fund services company, dedicated to providing prime brokerage services to small and medium sized hedge funds. Through a fully disclosed clearing relationship with Goldman Sachs Execution and Clearing, L.P. (GSEC), clients receive the benefits of boutique firm service and pricing, combined with GSEC's professional clearing and prime brokerage services, integrated portfolio and trading functionality, suite of pre- and post-trade analytics, and direct access
to the Goldman Sachs & Co.'s securities lending group.
Goldman Sachs Execution & Clearing, L.P. is not affiliated with NorthPoint Trading Partners, LLC or any of its subsidiaries or affiliates.
12 Feb 2008
Report Examines Developments in the Spanish Fund Supermarket
Research and Markets has announced the addition of "Fund supermarkets in Spain 2007" to their offering. The report examines developments in the Spanish fund supermarket sector and assesses the distribution channels that are in operation. The report analyzes both the current and possible future trends of the industry.
Spanish legislation has recently made provisions for two new fund classes available to retail investors, exchange traded funds and funds of hedge funds, allowing fund supermarkets to offer a comprehensive range of investment funds. Covering both domestic and international markets as they exercise considerable control over the fortunes of fund managers through their short-lists of recommended funds.
Year-on-year growth in assets under management fell from 11.94% in 2005 to 1.31% in 2006. This sharp decline in growth is partly attributed to a growing preference for bank deposits (among conservative investors) triggered largely by the introduction of a new tax regime, and increasing demand for foreign funds (among more sophisticated investors).
Spanish legislation has recently made provisions for two new fund classes available to retail investors, exchange traded funds and funds of hedge funds, allowing fund supermarkets to offer a comprehensive range of investment funds. Covering both domestic and international markets as they exercise considerable control over the fortunes of fund managers through their short-lists of recommended funds.
Year-on-year growth in assets under management fell from 11.94% in 2005 to 1.31% in 2006. This sharp decline in growth is partly attributed to a growing preference for bank deposits (among conservative investors) triggered largely by the introduction of a new tax regime, and increasing demand for foreign funds (among more sophisticated investors).
Hedge Funds Decline in January 2008
The Greenwich Global Hedge Fund Index (GGHFI), fell -2.44% in January amid severe declines in global equity markets such as the S&P 500, MSCI World Equity, and FTSE 100 indices.
Meanwhile, 79% of hedge funds outperformed the S&P 500, with 33% ending the month in positive territory.
Margaret Gilbert, Managing Director of GGHFI said, "Despite January being hedge funds’ weakest month since July 2002, hedge funds fell far less than equities..... This ‘downside protection’ is particularly apparent over the last twelve months with hedge funds returning +7.14%, outperforming the S&P 500 by +9.45% during this period."
For January, all four hedge fund strategy groups outperformed the S&P 500, according to the report. Directional Trading ended up +0.81%, while dedicated Short Sellers were the stellar performers, up +6.99%. January’s Index currently includes 1,011 constituent funds.
Greenwich Alternative Investments, LLC manages one of the world's largest hedge fund databases and is a provider of hedge fund indices, asset management services and research to institutional investors worldwide.
Meanwhile, 79% of hedge funds outperformed the S&P 500, with 33% ending the month in positive territory.
Margaret Gilbert, Managing Director of GGHFI said, "Despite January being hedge funds’ weakest month since July 2002, hedge funds fell far less than equities..... This ‘downside protection’ is particularly apparent over the last twelve months with hedge funds returning +7.14%, outperforming the S&P 500 by +9.45% during this period."
For January, all four hedge fund strategy groups outperformed the S&P 500, according to the report. Directional Trading ended up +0.81%, while dedicated Short Sellers were the stellar performers, up +6.99%. January’s Index currently includes 1,011 constituent funds.
Greenwich Alternative Investments, LLC manages one of the world's largest hedge fund databases and is a provider of hedge fund indices, asset management services and research to institutional investors worldwide.
Hedge Funds World Conference
The 2008 ninth annual Hedge Funds World Middle East Conference is to be held at the Madinat Jumeirah Hotel from 3-6 March 2008.
A highlight will be the Second Annual Hedge Funds World Middle East Awards Ceremony on 4 March, presented by Man Investments and Terrapinn. The awards recognise excellence and innovation in the Middle East hedge fund industry and promote the asset class in the region. Finalists for the awards are listed below.
Man Investments, one of the world's leading providers of alternative investments, is once again a principal sponsor of the event. The company, which has prospered in the Middle East for more than 20 years, has strongly supported the Hedge Funds World Middle East Conference since the first such event in 1999.
A special highlight at the conference will be the welcome address by Nasser Al Shaali, CEO of the Dubai International Financial Centre Authority. The DIFC has established itself as the first international financial centre of the region and the fastest growing in the world. Today it is home to more than 500 companies including many of the world's leading financial firms.
Keynote speakers include industry leaders such as: Sindo Oliveros, director of Pension Plan and Endowments, the World Bank Pension Fund; Ronald A. Rolighed, Managing Director, Harris Alternatives LLC; Ikho Suh, Head of Investment Strategy, Korea Investment Corporation; Christopher Durand, Head of Alternative Investments, Abu Dhabi Investment Company; Dr Mehraj Mattoo, Global Head of Commerzbank Alternative Investment Strategies; Ann Thivierge, MD and Head of Active International Allocation Strategy, Morgan Stanley; and Dr Susgil Wadhwani, CBE, CEO, Wadhwani Asset Management.
Antoine Massad, Chief Executive of Man Investments Middle East Limited who is once again chairing the event said, 'The hedge fund industry has made big advances in the region in recent years, offering investors wider choices and a range of new opportunities.. At this event, we will again recognise this progress and promote it through the Hedge Funds World Middle East Awards.'
A highlight will be the Second Annual Hedge Funds World Middle East Awards Ceremony on 4 March, presented by Man Investments and Terrapinn. The awards recognise excellence and innovation in the Middle East hedge fund industry and promote the asset class in the region. Finalists for the awards are listed below.
Man Investments, one of the world's leading providers of alternative investments, is once again a principal sponsor of the event. The company, which has prospered in the Middle East for more than 20 years, has strongly supported the Hedge Funds World Middle East Conference since the first such event in 1999.
A special highlight at the conference will be the welcome address by Nasser Al Shaali, CEO of the Dubai International Financial Centre Authority. The DIFC has established itself as the first international financial centre of the region and the fastest growing in the world. Today it is home to more than 500 companies including many of the world's leading financial firms.
Keynote speakers include industry leaders such as: Sindo Oliveros, director of Pension Plan and Endowments, the World Bank Pension Fund; Ronald A. Rolighed, Managing Director, Harris Alternatives LLC; Ikho Suh, Head of Investment Strategy, Korea Investment Corporation; Christopher Durand, Head of Alternative Investments, Abu Dhabi Investment Company; Dr Mehraj Mattoo, Global Head of Commerzbank Alternative Investment Strategies; Ann Thivierge, MD and Head of Active International Allocation Strategy, Morgan Stanley; and Dr Susgil Wadhwani, CBE, CEO, Wadhwani Asset Management.
Antoine Massad, Chief Executive of Man Investments Middle East Limited who is once again chairing the event said, 'The hedge fund industry has made big advances in the region in recent years, offering investors wider choices and a range of new opportunities.. At this event, we will again recognise this progress and promote it through the Hedge Funds World Middle East Awards.'
11 Feb 2008
Hedge Fund Launches By QIM
US based Quantitative Investment Management(QIM), has launched two new hedge funds, the Quantitative Tactical Fund and the Quantitative Fund. Director of Marketing, John McAllister said of the launches, "The multi-strat gives us an ability to provide a fund of funds using three products that we expect to have very low correlations to each other, and it is expected to have the best Sharpe ratio of all the products."
One of the hedge funds launched is a diversified equities hedge fund, currently trading only U.S. names. With $126.8 million in assets under management, the Tactical Fund trades the 1,500 most liquid U.S. names, with plans to expand into Europe and Japan this year.
The smaller of the two funds, the Quantitative Fund, is a multi-strategy fund of funds with $1 million currently in assets under management. It currently invests solely in the 1X versions of other QIM funds, including the Global, Tactical and the Ultra funds. Allocations made to the fund in 2008 will receive a 10% fee discount for the life of the investment.
With $2.8 billion in assets under management, QIM is a global investment firm specializing in alternative investment strategies for institutional and private investors. QIM employs a proprietary quantitative approach to trading financial and commodity futures through its flagship offering, the QIM Global Program.
One of the hedge funds launched is a diversified equities hedge fund, currently trading only U.S. names. With $126.8 million in assets under management, the Tactical Fund trades the 1,500 most liquid U.S. names, with plans to expand into Europe and Japan this year.
The smaller of the two funds, the Quantitative Fund, is a multi-strategy fund of funds with $1 million currently in assets under management. It currently invests solely in the 1X versions of other QIM funds, including the Global, Tactical and the Ultra funds. Allocations made to the fund in 2008 will receive a 10% fee discount for the life of the investment.
With $2.8 billion in assets under management, QIM is a global investment firm specializing in alternative investment strategies for institutional and private investors. QIM employs a proprietary quantitative approach to trading financial and commodity futures through its flagship offering, the QIM Global Program.
Subscribe to:
Posts (Atom)