| Book Review: Hedge Funds - Quantitative Insights from François-Serge Lhabitant | ||
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Fresh off the press (published May 18th): “Quantitative Insights” from the bestselling author of “Hedge Funds: Myths and Limits”. This primer on the analysis of hedge funds offers investors a more quantitative understanding of this topic, providing a complete guide to portfolio techniques, asset allocation, performance measurement and product selection in the alternative investment world.
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| Hedge Fund Advisers Registering With SEC On Own | ||
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Hedge fund advisers appear to be one step ahead of the Securities and Exchange Commission. While SEC Chairman William Donaldson is pressing for SEC registration of hedge fund advisers, a new survey finds voluntary registration by such advisers is up 15% from 2003. A survey released Tuesday finds 601 hedge fund advisers now are registered with the SEC, a 15% increase from one year ago. More interesting facts: Source
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| FEFSI: World-wide investment fund assets rise to € 11.05 trillion | ||
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From Ifiglobalonline.com: FEFSI,THE EUROPEAN Federation of Funds and Investment Companies, said that the AUM of the world ’s investment funds rose from € 10.80 trillion at the end of 2002 to € 11.05 trillion at the end of last year. Of this amount, the USA accounted for 48.5%while the European countries including both UCITS and non-UCITS funds)spoke for 39.3%.Australia,Japan,Canada,Brazil and other countries collectively accounted for 12.2%of the global funds market. Source
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| Assets of registered advisers up 13.6% | ||
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From Pionline.com: Assets under management by registered investment advisers rose 13.6% to $23.4 trillion as of April 5, from $20.6 trillion a year earlier, according to the Investment Counsel Association of America and the National Regulatory Service. More: Source
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| What`s Really Eating the Markets? U.S. Debt | ||
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From TheStreet.com: A gigantic credit bust is about to happen in America. The prospect of that, not political or international events, is what's driving the stock market down. As stocks plunge from their recent highs, pundits have been quick to look for catalysts. But few experts are giving enough weight to the massive debt mountain that is about to collapse with serious consequences for the U.S. economy. More: Source
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| Bush Gives Green Light to Greenspan for Four More Years | ||
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From RiskCenter.com: President George W. Bush yesterday announced his intention to nominate Alan Greenspan, of New York , to be Chairman of the Board of Governors of the Federal Reserve System for a term not to exceed four years. Dr. Greenspan now serves as Chairman of the Board of Governors of the Federal Reserve System, a position he has held since 1987. He also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. Source
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| Niederhoffer opens two new short-term trading funds | ||
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R. G. Niederhoffer Capital Management, Inc., a New York-based investment manager with approximately $1.2bn under management, will offer two new funds to outside investors beginning June 1, 2004. RGNCM employs a short-term, primarily mean-reversion quantitative strategy to trade the most liquid global equity, fixed income, foreign exchange and commodity markets. The firm began trading in 1993, and currently employs 31 individuals. The two new products to be offered in June are the Roy G. Niederhoffer Diversified Fund II, Ltd. and the Roy G. Niederhoffer Optimal Alpha Fund, Ltd. Both funds utilize a core of trading strategies already in use in the RGN Diversified Program, the company’s $1bn flagship program that was hard closed on December 31, 2003. The Roy G. Niederhoffer Diversified Fund II, Ltd., the successor to the RGN Diversified Program, aims to achieve high risk-adjusted returns with zero to negative correlation to stocks and hedge funds and zero correlation to trend-following CTAs. The Roy G. Niederhoffer Optimal Alpha Fund, Ltd. aims to achieve the highest possible Sharpe Ratio with low correlation to stocks, hedge funds and CTAs. Both funds are expected to do especially well in periods of high short-term volatility. Contact: Roy G. Niederhoffer, President, at 212.245.0400. Source: press release, no online Source
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| Deutsche Bank Utilizes SPhinX Investment Program to Hedge Exposure | ||
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PlusFunds announced today that Deutsche Bank will be using the SPhinX investment program to hedge in part its exposure to the Deutsche Bank Dynamic Alternative Portfolio Fund, an investment product it recently started offering to European investors. The product is designed to track the performance of a proprietary Deutsche Bank index, the Deutsche Bank Dynamic Alternative Portfolio IndexTM. This index includes a 60% allocation to the hedge fund strategies, in addition to foreign exchange derivatives and commodities. The allocation to hedge funds will be represented by the performance of various indices in the S&P Hedge Fund series, including the S&P Hedge Fund Index, the S&P Event-Driven Index, the S&P Arbitrage Index and the S&P Directional/Tactical Index. Deutsche Bank chose the SPhinX investment program due to its low tracking error with the various S&P hedge fund indices, as well as its risk management and transparency platform. Deutsche Bank’s Dynamic Alternative Portfolio Fund represents a quantum leap in Alternative Investments. For the first time, private investors gain access via a single fund to different alternative asset classes. Within that investment universe, the asset classes are dynamically allocated with the goal of achieving attractive absolute returns over time. The initial asset allocation includes hedge funds, commodities and currencies. Exposure in each case is by reference to indices, which reflect the performance of the relevant asset class. Source: press release. No online Source
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| Judge Orders Advisers In Hedge Fund Case To Comply After 3 Years | ||
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From Compliancereporter.com: A federal judge in Colorado has ordered a former investment representative and investment adviser to finally comply with remedial sanctions that were ordered nearly three years ago. Source
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| Richard Strong Is Not Expected to Face Criminal Changes; Settlement of more than $100 million Discussed | ||
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From the NY Times: Richard S. Strong will not face criminal charges from the New York attorney general for rapid trades he made in and out of mutual funds, people briefed on the talks said last night. Mr. Strong, 62, traded in and out of funds managed by his company on behalf of his own account and the accounts of family and friends, Mr. Spitzer has said. He made the trades despite language in fund documents indicating that his company discouraged the practice. Mr. Strong, whose net worth has been estimated at $800 million by Forbes magazine, made about $600,000 on the trades, people briefed on the investigation have said. A settlement of more than $100 million by Strong Financial Corp. and its founder has been discussed in talks with regulators over suspected improper trading, a newspaper said Tuesday. Source
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| A battered fund industry hopes the worst is over, but the SEC`s rule proposals keep the heat on | ||
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From InvestmentNews.com: With companies eagerly signing off on multimillion-dollar settlements with regulators for their roles in the mutual fund trading scandal, some in the $7.5 trillion industry are starting to think that the worst is over with regard to revelations of misdeeds. “I am sure we will be seeing some residual effects for a while to come, but the bulk of the bad news is probably behind us,” More: Source
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| Brokerages Subpoenaed in Hedge Fund Finance Probe | ||
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From Thestreet.com: Nearly 20 brokerages have been subpoenaed by federal regulators investigating hedge funds that made direct investments in publicly traded companies, a sometimes shady area of last-resort finance that has burned unsuspecting investors in the past. The subpoenas, issued over the past two months, are part of an ongoing investigation by the Securities and Exchange Commission into allegations of stock manipulation by hedge funds involved in the transactions, which are known on Wall Street by the acronym PIPE, for private investment in public equity. Source
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| Three Banks Agree to Settle IPO Probes | ||
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From the LA Times: The agreement by Morgan Stanley, Deutsche Bank and Bear, Stearns & Co. to pay more than $15 million shows how Wall Street continues to pay for past IPO transgressions, even as the market for new-stock offerings is finally recovering from a three-year slump. The probes by the NASD centered on whether the firms gave coveted IPO shares to hedge funds in exchange for enormous commissions to trade other, more liquid stocks — in effect, whether the investment banks took what amounted to kickbacks. Source
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| Institutions move away from risk: 27% in cash in May | ||
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From Compliancereporter.com: Institutional investors have moved away from risk, according to new reports from Merrill Lynch and State Street. The report found that the net overweight cash position has risen from nine percent in April to 27% in May. More: Source
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| Schroders set to focus on revenue boost as institutional money flows out | ||
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From the FT: Schroders, the UK-based fund manager, yesterday unveiled higher first-quarter profits and announced plans to switch its focus from cost- cutting to growing revenues. The cost-cutting helped lift pre-tax profits from £9m ($15.9m) to £30.4m in the three months to March 31. However, Schroders said it was continuing to experience a net outflow of funds. While retail business saw net inflows of £2.2bn, this was offset by a net outflow of client money of £3.6bn at the institutional business, largely due to a well-signaled withdrawal of pension fund mandates. Source
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| Fear of communists costs US$25 billion, but investors bank on rebound in India | ||
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Some emerging market investors such as Humphrey Carey, who oversees $4 billion at F&C Management in London, are buying Indian stocks on optimism that a change of government will trigger a rebound similar to one in Brazil two years ago. To achieve a parliamentary majority, the Congress Party requires the support of communist parties, …"We've seen a socialist running Brazil and so far we think he's done a pretty good job,". CNN reported much of Monday's stock drop was attributable to the fact that hedge funds that make up as much as 20 percent of the foreign investment in India's capital markets, said George Gilbert, a principal at Tech Strategy Partners. More: Source
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| Indian Stocks Rise for 2nd Day; Investors Favor Manmohan Singh | ||
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From Bloomberg.com: Indian stocks rose for a second day on optimism Manmohan Singh, the former finance minister who cut state controls and encouraged foreign investment, will be prime minister after Sonia Gandhi declined the post. Source
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| Fortis Sees More Asia FOF | ||
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Although still modest within a global context, Asian "funds of funds" are fast becoming a popular investment option, said Tim Mann of Fortis Prime Fund Solutions. "The number of Asian funds of funds is growing with the average size of an Asian fund of funds adding on with the increased allocations to the region," Mann said. Last year, the region made up for some 24% of fund-of-fund start ups, with the average size of the individual fund around US$40 million. More: Source
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| Singapore hedge fund assets about $2.5 bln | ||
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Singapore's hedge fund assets total about $2.5 billion with 54 funds in operation, including 13 launched this year, the Monetary Authority of Singapore (MAS) said on Tuesday. As of January 2004, there were 61 funds in Australia, 66 in China including Hong Kong, and 32 in Japan, GFIA said, noting that many Japanese-themed funds were managed from other centres. Source
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| China`s GDP ranks No.7 | ||
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The latest data released by International Monetary Fund (IMF) show China's GDP rank dropped from No.6 to No.7 whilst GDP per capita jumped one place from No.111 to No. 110. Source
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| Chinese Yuan, The Global Currency? | ||
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From RiskCenter.com: The Chinese yuan is expected to rival the yen, the dollar and euro in the world’s most actively traded currencies over the next decade. Currency floating combined with China ’s continued growth will amplify the relative importance of the yuan across all major currencies. This bodes well for diversifying market risk. Source
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| Deutsche offers leveraged fund-of-hedge-funds in Australia | ||
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Deutsche Asset Management (DeAM) will offer margin lending for its hedge fund-of-funds after striking a deal with Tricom Equities with the latter to co-distribute the product to retail investors. As part of the arrangement DeAM’s fund-of-hedge-funds, the Strategic Value Fund, will be co-distributed through its own channels as well as through Tricom which will provide the margin lending capabilities on the product. Source
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| 11th Annual Hedge Fund Forum New York City - Save up to $500 | ||
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June 21-24, 2004 * Roosevelt Hotel * New York City From the team that brought you GAIM USA, the only must-attend event of the summer on key regulatory and investment issues in the heart of New York City. **Register Today and Save up to $500**
For more information, visit: www.iirhedge.com or contact Marc Weitzman at the Institute for International Research p: 212.661.3500 ext.3092
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| Alternative Investment Roundup: three concurrent conferences on Hedge Funds, Private Equity & Real Estate | ||
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July 13 - 15, 2004 Waldorf Astoria - New York, NY The Alternative Investment Roundup is three concurrent conferences at the same location covering the most important alternative asset classes-Private Equity, Hedge Funds, & Institutional Real Estate. The programs share networking events, offering you unmatched opportunities to meet a wide array of alternative investment professionals and investors. Over 750 decision makers attended last year's event.
10% discount for Alternative Market Briefing Readers for the Alternative Investment Roundup. Register by May 17, 2004 for additional Early Bird Discount. For more information, please visit www.srinstitute.com/air or contact Chris Petersen at CPetersen@srinstitute.com |
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| 7th Annual Portfolio Management Conference Frankfurt/Germany | ||
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7th Annual Portfolio Management Conference June 15 – 16, 2004, Hilton Hotel, Frankfurt/M. The Conference for Institutional Investors
Key speakers: Prof. Harry Kat, City University, London Topics include:
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| Asset Allocation Summit London - 10% discount for subscribers | ||
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LONDON, JUNE 21-22, MILLENNIUM GLOUCESTER HOTEL At this critical juncture for the development of the world's equity and bond markets, this conference will be examining strategic and tactical asset allocation, current strategy and alternative investing. Our conference in October 2003 attracted over 300 participants to the Inter-Continental Hotel. "THE BIG EVENT FOR THE BIG PICTURE" The theory and practice of asset allocation is undergoing dramatic change. The dominant position of equities in pension schemes is under question and investment consultants are putting forward new ideas regarding the structure of asset allocation benchmarks. Multi-asset mandates are coming back into fashion. Asset allocators are grappling with uncertain economic and market conditions, and the correlation between equity and bond markets has reversed. Alternative Investments are seeing record new money flows. The Asset Allocation Summit features speakers at the very heart of these key developments. For anyone involved in asset allocation, this could be the most significant investment conference of 2004. OVER 300 DELEGATES IN 2003 ASSET ALLOCATION SUMMIT 2004 features presentations on:
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| Institutional Investor invites for second annual Hedge Fund Awards Dinner in NY on June 24, 2004 | ||
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Institutional Investor News and Alternative Investment News are delighted to present the second annual Hedge Fund Awards Dinner, to be held at the Capitale Restaurant in New York City, on June 24, 2004. The evening will start with a cocktail reception, followed by dinner and the awards ceremony. This gala, black tie affair – held in conjunction with Institutional Investor’s Spring Hedge Fund Investment Roundtable, June 23-24, 2004 – will bring together the hedge fund industry to recognize and applaud the achievements of their peers. The awards dinner will include key industry players – hedge fund managers, funds of funds, endowments, foundations, and corporate and public pension funds. Nominees for the awards are selected by the editorial team of Alternative Investment News. Subscribers, readers and other industry members are encouraged to visit our website to offer their input and comments on the nominations. Winners will be selected by the editorial team of Alternative Investment News. Winners will be announced at the event.
2004 Alternative Investment News’ Editorial Advisory Board: Award Categories: Hedge Fund Leader of the Year, Fund of Funds Leader of the Year, Institutional Manager of the Year, Emerging Manager of the Year, Institutional Investor of the Year
To find out who is nominated and to register for the event contact: Nazneen Kanga nkanga@iinews.com
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| gaim 2004 - ICBI`s 10th Annual Global Alternative Investment Forum | ||
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8-10 June 2004, Lausanne,
Switzerland - only 35 minutes from Geneva
With 1200 attendees in 2003, Gaim 2004 is the largest global hedge funds event around. Gaim is also known for its extensive and objectively researched programme to find the very latest and most successful talent in the industry. Over 200 speakers are on the 2004 programme - including Cutting-Edge Academics & Leading Thinkers, The Most Significant & Groundbreaking Institutional Investors, The Most Successful FOF And Multi-Manager Houses, Leading Economic Strategists, and Over 100 Of The World's Top Performing Open, Emerging & Established Hedge Fund Managers, some of which you will never have seen anywhere else! To enhance your learning & networking opportunities there are several new features for 2004 including:
Contact ICBI: +44 20 7915 5103, or email info@icbi.co.uk, website: www.icbi-gaim.com 
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+49-89-512668-68 This newsletter is edited by Matthias Knab (MK) for Opalesque Ltd. For more information about me and Opalesque Ltd. please use this link. Jeff Posner (JP), a Chicago based PR specialist and free lance writer focussing on the financial industry, is a contributing editor of this newsletter. He can be reached at Geoffp7@juno.com. Did you know? Opalesque is giving you free access to the newsletter archive - use this link. Disclaimer: The information contained in this newsletter
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