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“Against a backdrop of lackluster returns for equities, June’s results—positive returns across a wide spectrum of alternative investment strategies—eloquently argue the case for the benefits of diversification,” says Sol Waksman, president of The Barclay Group. “Even Convertible Arbitrage, which is having its worst year since we started keeping statistics on the sector in 1997, gained 1.69% in June.”
During June, all 18 of the hedge fund strategies tracked by Barclay were profitable, continuing the gains seen in May. The Global Macro Index rose 2.94 percent, European Equities gained 2.61 percent, and Healthcare and Biotechnology was up 2.46 percent.
Five out of six Barclay managed futures indexes showed gains. The Financials & Metals Traders Index gained 2.16 percent, followed by Systematic Traders and Discretionary Traders, both up 1.50 percent. The Agricultural Traders Index lost 0.63 percent. The Barclay BTOP50 Index, which measures the performance of the largest CTAs, rose 2.00 percent in June. {literal}Source{/literal}
"Hedge funds performed well for the second consecutive month," noted Kevin Campbell, Vice President of VAN. "Convertible arbitrageurs, who struggled through the first five months of the year, rebounded nicely in June. The anticipated sell-off in convertible bonds to fund investor redemptions at quarter-end did not materialize. This, combined with strong new issuance in the convertible market and attractive valuations, provided managers in this strategy with investment opportunities."
Many of the world's major equity markets were positive in June. The S&P 500, MSCI World Equity Index, Russell 2000, and Dow Jones Europe Stoxx Index gained 0.1%, 0.7%, 3.7%, and 1.4%, respectively. The Nasdaq and Dow Jones Industrial Average, however, fell -0.5% and -1.7%, respectively. The Lehman Brothers Aggregate Bond Index gained 0.6%.
For the year to date, hedge funds continue to beat those benchmarks. The Van Global Hedge Fund Index has a preliminary year-to-date return through June of 1.5% net. Of the indices mentioned above, only the bond index (+2.5%) beat the VGHFI. {literal}Source{/literal}
It said hedge funds’ influence on markets was “out of proportion” to the assets they have under management due to their built-in leverage, or borrowing. “The rapid growth in hedge funds, and more broadly the financial derivatives in which they often invest, may well amplify the severity of the next discontinuous event,” the rating agency said in a report. It likened the hedge fund market to a surfer riding a wave – which could lead to wipe-outs.Source
London blasts unlikely to spark hedge fund crisis
Reuters reports hedge funds' losses on Thursday, after a series of explosions hit London's transport network and pushed equity prices lower, are unlikely to be large enough to trigger a collapse, fund managers said.
Equity trading volumes on Thursday were higher than recent averages, but even if there were liquidity problems that made it difficult for managers to square or hedge positions, the chances of a blow-up are low, they said. "Some hedge funds might find it difficult to manage risk if there are liquidity problems," said Andrew McCaffery, chief executive officer at Attica Alternative Investments. "But it's unlikely that today's events will take out a hedge fund ... Market dislocation will create opportunities as much as problems for risk management…Source
Euro stocks pare deep losses, bonds up post-blast
Reuters writes London blasts shook global financial markets on Thursday, pounding European equities to three-year lows, knocking the British pound to a 19-month low against the dollar and sending oil on a roller coaster ride.
As the initial shock of the explosions receded, European stock markets erased more than half of their plunge of about 4 percent. Wall Street limited stock market losses to less than 1 percent on major indices, having had time to absorb news of the explosions, which had earlier sent pre-open U.S. equities futures much lower.
Investors flocked to safe-haven assets, driving up government bonds, the Swiss franc and gold... Source
London`s City trades on in face of bomb attack
According to Reuters, international banks in London's famous Square Mile were battling to house and transport key staff on Thursday after four blasts killed at least 33 people and severely disrupted bus and train services. The deadly explosions, which injured more than 300 people during the morning rush hour, left banks scrambling to implement disaster plans and thousands of workers facing a long trek home and back again on Friday.
Several banks said they planned to put key staff up in hotels overnight and organise for others to work from home. Britain's Barclays Plc closed 17 bank branches after the blasts and shut about 100 branches about an hour early on Thursday, the third-largest UK bank was hiring buses and planned to use boats on the river Thames to transport staff...Source
LCH.Clearnet evacuated, switches to alternative site
The London Clearing House, LCH.Clearnet, has been evacuated and operations have resumed at an alternative site after a series of explosions on the London transport network, trade sources said on Thursday. Metals traders said a message from the LCH appeared on trading screens saying the LCH building had been evacuated. LCH clears stock markets, commodities and energy trades. Source
London Attacks Likely to Hurt Some US Airlines, But No Rating Effect Expected
The apparent terrorist attacks in London yesterday will likely hurt the trans-Atlantic business of selected US airlines, but, barring further incidents, is not expected to have implications for ratings or outlooks of those companies. (RiskCenter.com)
Managers bet against travel, retail {literal}Source{/literal}
Amaranth Advisors LLC has been steadily snapping up Aether shares ever since, amassing 7.3 million in the last year, with about a dozen transactions occurring since late April, according to Securities and Exchange Commission filings. The hedge fund now owns about 17 percent of Aether, making it the firm's largest shareholder. {literal}Source{/literal}
Current data on hedge fund performance provided by hedge fund indices often have pitfalls such as survivorship bias, selection bias, backfill bias and self reporting issues, leading to weakness in accountability of the data provided.
The SIX Harcourt HFXS-Index is launched to meet the growing demand for information with a fully representative index of hedge funds that is free from the weaknesses of other hedge fund indices. The SIX Harcourt HFXS-Index is comprehensive and includes data from all existing Swedish hedge funds as well as from hedge funds that have been closed down.
”The desire to make fair comparisons between hedge funds and other asset classes is strong. Being the largest index provider in the Nordic region, we are happy to be the first to serve these needs” says Pär Ståhl, head of business development at News Agency Direkt.
”The Swedish hedge fund market is well established with close to 80 % of the Nordic assets under management and with skilled managers. As a result, Harcourt has been present, as well as invested, in the Swedish market since 2001. With the expertise this brings we are pleased to be able to make a clean and complete hedge fund index a reality through SIX Harcourt HFXS-Index, while at the same time contributing to the overall knowledge of hedge funds” says Erik Eidolf, Managing Partner of Harcourt Investment Consulting (Nordic).
The SIX Harcourt HFXS-Index comes in two versions, one equal-weighted index and one capitalweighted index. The inception date for both indices is December 29, 2000 (index value=100). Harcourt updates the index population on a quarterly basis based on predefined criteria. {literal}Source{/literal}
Between 2001 and 2003, Scott Christian carried out the late-trading scheme by time-stamping proposed orders just before 4 p.m. and then asking customers if they wanted to execute or change the orders based on post-4 p.m. market information, the SEC said in a commission statement.The commission also said that Christian took steps to conceal the late trades by opening and trading in multiple accounts utilizing different registered representative identification numbers.
Between 2001 and 2003, Christian and Trautman Wasserman received 307 letters from 40 fund companies seeking to stop what appeared to be excessive trading in the brokerage firm's accounts, the statement said. {literal}Source{/literal}
The scandal revolves around Tom Noe, a rare-coin dealer who has given generously to Republican candidates for state office, federal office, and even judicial seats over the years. Noe was given authority to invest $50 million in the State of Ohio's funds in rare coins and other collectibles such as baseball cards.
But in April, the Toledo Blade reported that two of the state's investments, gold coins valued at $300,000, had been lost in the mail. And Noe's own lawyers have since acknowledged that up to $12 million in assets from the state's investment fund can't be accounted for.
Meanwhile, Schwarzenegger has not yet returned Noe's contributions. And while Bush has given back the $4000 Noe and his wife contributed to his campaign, he has refused to disgorge the over $100,000 Noe raised for him. Democrats are asking whether some of the missing state funds were diverted to the President's reelection campaign or to other Republican candidates....
A college dropout, Tom Noe developed a successful coin shop in a strip mall west of Toledo in the 1980's. He learned early how valuable it was to have friends in power, persuading the legislature to exempt coin sales from the state tax in 1989.
By the early 1990's, however, Noe had fallen on hard times. The Blade reports that, in 1992 he was over $16,500 in debt, down from a net worth of $2.4 million just a few years before, with an income that no longer matched his lavish spending habits. With his business having suffered "a huge loss" and his first marriage coming to an end, Noe was forced to move from his custom-built suburban home to a modest apartment in West Toledo.
Yet even with his finances in shambles, Noe kept giving money to the Republican Party and its candidates, to the tune of $29,200 in 1991 and 1992. And his close affiliations to Republican politicians were good for business: As he put it in sworn testimony during his divorce proceedings, "I think it's kept me alive."...Source
Lawmaker sues Gov. Bob Taft over access to reports and memoranda involving the Bureau of Workers' Compensation investment scandal
State Sen. Marc Dann is suing Gov. Bob Taft over access to reports and memoranda involving the Bureau of Workers' Compensation investment scandal. Dann, D-Liberty, who is investigating the loss of almost $230 million from bureau investments in rare coins and questionable hedge funds, filed the action Wednesday with the state Supreme Court.
Dann said in the court document he is seeking records that may reveal whether Taft was "aware of, or involved in, the BWC investment decisions.'' Taft has said he learned of the rare coin investments - which lost $13 million - when he read about them in the newspaper in April. {literal}Source{/literal}
Mr Borrows said: "We will go out and market it very hard with the objective of doubling the size of the trust . . . hopefully by the end of October." Midas aims to generate returns of 8-10 per cent a year by investing in a portfolio including equities, bonds, hedge funds and structured products. The appointment of Midas illustrates the demand for funds which offer absolute returns...Full article: {literal}Source{/literal}
David Kornblau, bound for Merrill Lynch, is one of several recent high-profile departures from the SEC
The SEC said Wednesday that David Kornblau, chief litigation counsel of the division of enforcement, will leave the commission in August to become head of regulatory affairs for Merrill Lynch in New York.
Peter Derby, managing executive for operations and management, said he intends to leave the commission at the end of July to explore options in both the private and public sectors. Matthew Well, director of the office of public affairs, intends to depart this week to pursue opportunities in the private sector. And Joseph Hall, managing executive for policy and a member of Donaldson’s senior management team, will leave the commission to join the law firm of Davis Polk & Wardwell in New York. (investmentexecutive.com)
Former global head of capital markets at Dresdner Kleinwort Wasserstein (DrKW) joins hedge fund
Achilles Macris, former global head of capital markets at
investment bank Dresdner Kleinwort Wasserstein (DrKW), has
joined hedge fund manager Cardinal Asset Management as a
partner, Cardinal said. Macris will lead the development of the
Cardinal Global Macro Hedge Fund and will work with the firm's
partners to develop Cardinal's range of single strategy hedge
fund products and capital market activities. (Reuters)
Deutsche Asset management sells part of business to Aberdeen for up to GBP265m, deal will triple AAM assets
Deutsche Bank AG said Thursday it has signed an agreement to sell parts of its U.K. and Philadelphia-based asset management businesses to Aberdeen Asset Management for up to GBP265 million.The deal must be approved by Deutsche Bank's supervisory board, Aberdeen's shareholders, as well as regulatory bodies.
Deutsche Bank said it will keep its U.K.-based hedge fund and real-estate businesses and its Philadelphia-based high yield business as they remain key and integral parts of its global platform. (Morningstar.com)
Schwab options rise on HSBC buyout rumor
Trading activity in Charles Schwab Corp.'s call options moved sharply higher Wednesday amid talk that the brokerage may be bought by HSBC or another major player in the financial services industry. Investors were eager to purchase the right to buy Schwab shares at $12.50 by mid-August and mid-September. Market research firm Track Data said 30,842 call options on Schwab (NYSE: SCH - News) traded Wednesday afternoon -- more than 27 times normal volume. (/biz.yahoo.com)
CalPERS invests $26m in Californian vineyards, looking for 16% (return, not alcohol)
CalPERS, the largest US pension fund, has bought Californian vineyards for $26m – looking for a return above 16%. The $186bn California Public Employees' Retirement System said it has bought properties in Napa and Sonoma counties in a joint venture with Meriwether Farms, which invests in vineyards. (IPE.com)
Two owners of Marshall Wace paid GBP10m-plus each
The two owners of Marshall Wace, one of London's largest and most influential hedge funds, paid themselves more than GBP10m each last year, according to the group's annual report. Marshall Wace Asset Management Limited's annual report shows Paul Marshall and Ian Wace, who each own 50 per cent of the company, shared a dividend of GBP 9.89m in the year to last August. The highest-paid director - believed to be Mr Marshall - was paid a further GBP 6.6m. Mr Wace is believed to have been paid a similar amount. (FT.com) No online Source
Police and the fire service were called to the scene at 1.30am amid fears she was about to throw herself off but when a firefighter crawled up the crane he found her sleeping. The rescue operation took two and a half hours and the girl was finally brought down in a hydraulic lift at 4am. A police spokeswoman said she was taken to hospital for a check-up but was allowed home when she was found to be unharmed. {literal}Source{/literal}
The largest gathering of Hedge Fund of Funds & their investors in the USA in 2005
This year GAIM USA Fund of Funds builds on the tremendous success of the inaugural 2004 event which attracted over 450 institutional investors, leading Hedge Fund of Funds, hedge fund managers and other industry experts. A brand new fully re-researched program brings you a speaker faculty with more industry thought leaders, key decision makers and influential allocators than at any other event this year.
The largest, most senior gathering of hedge fund of fund leaders in the US, including:
Al Samper, Chairman of the Board, VIRGINIA RETIREMENT SYSTEMS
Ron Mock, Director, Alternative Investments, ONTARIO TEACHERS' PENSION PLAN BOARD
Salim A. Shariff, President, WEYERHAEUSER COMPANY RETIREMENT PLAN
Luis Bendaña, CFA, Manager Alternative Investments, THE BOEING COMPANY PENSION PLAN
Sheila Healy Berube, CFA, Manager Benefit Funds Investment, 3M COMPANY
Kevin E. Lynch, Head of Absolute Return Strategies, VERIZON INVESTMENT MANAGEMENT CORP.
Byron R. Wien, Senior Investment Strategist for the United States, MORGAN STANLEY
Alexander M. Ineichen, Head of AIS Research, UBS
Todd E. Petzel, Chief Investment Officer, AZIMUTH TRUST
For more information or to register visit: www.gaimusafof.com or call +1. 888.670.8200
**Please mention discount code XUAMB
Alternative Investment China 2005 will provide an exciting opportunity for investors and capital markets to discuss the opportunities and formulate alternative investment strategies in the world's most dynamic economy.
Attend this event to:
Make sure you are there when:
Eurex FX futures: ¥ € $! Coming September 23rd to Eurex US!
www.eurexus.com/products/fx.html
Private Banking Asia 2005 will provide you with:
As Singapore heads the lead in Asia's booming Private Banking Industry learn from the best Private Banks in Asia and Internationally. Heads of Private Banking from American Express, Bank of New York, BNP Paribas, Citibank, Credit Suisse, DBS, Deutsche Bank, Goldman Sachs, JP Morgan, ICICI, Mashreqbank, Macquarie, Mees Pierson, Merrill Lynch, Rothschilds, Standard Chartered, UOB are all speaking at Terrapinn's Private Banking Asia 2005 features leading banking experts who will be sharing their expertise with you.
To register and claim your 10% Opalesque discount please email rani.kuppusamy@terrapinn.com or call Rani at Tel:+65 63222721. More information: www.fundsmanagementworld.com/2005/pba
Each July several hundred institutional investors, hedge fund managers, pension plan sponsors, fund of hedge fund managers, advisors and other leading decision makers convene in New York to take stock of the burgeoning hedge fund industry and discuss the opportunities and challenges that lie ahead. This year’s theme will be finding new alpha-producing niche strategies in an overcrowded landscape.
Our unmatched speaking faculty includes today’s most active investors and industry leaders, including:
Robert D. Arnott, Research Affiliates
A.R. Thane Ritchie, Ritchie Capital Management, L.C.C.
James S. Chanos, Kynikos Associates
Paul Isaac, Cadogan Management, LLC
Brian S. O’Neil, The Robert Johnson Wood Foundation
Jane Buchan, Pacific Alternative Asset Management Company
Thomas R. Hudson, Pirate Capital LLC
Jeffrey A. Geller, Russell Investment Group
Donald Lindsey, George Washington University Endowment
Gordon Yeager, Stanfield Capital Partners
Michael Lewis, Bestselling author of Liar’s Poker, Moneyball and The New New Thing
Complimentary Attendance for Plan Sponsors!
For more information, please visit www.srinstitute.com/cx545 .
The world’s best-known annual hedge fund conference this year focuses on a critical global issue: wealth. Specifically, what role should alternative investments play in increasing and extending wealth throughout the world?
MARHedge World Wealth Summit, held once again in beautiful Bermuda, promises an unprecedented look at how alternatives can redefine the relationship between financial advisors and investors. We will examine the macroeconomic forces shaping the creation of wealth. We will identify emerging investors and their wealth management needs. We will describe for private bankers, trust officers and advisors of all stripes the proper role of alternative investments in asset allocation. We will study the many challenges that hedge funds and funds of funds face in supplying alpha. And finally, we will show how absolute returns can benefit the work of institutions and provide security and opportunity for families and communities alike.
Through keynote addresses and general sessions, as well as targeted content tracks that drill down on the strategies, case studies and operational issues driving the market, MARHedge World Wealth Summit will provide an unparalleled educational experience for professionals from all points of the alternatives and wealth management world. Plus, a full calendar of parties, sporting events and social gatherings befitting the unique tropical locale illustrate once again why so many of the industry’s leaders return to our event each year to catch up with old friends and forge new business relationships.
For many, a trip to Bermuda represents the pinnacle of wealth. For MARHedge and its World Wealth Summit attendees, Bermuda is the starting point for a new discussion of wealth management. Please contact Rich Robinson at 646 274 6234 or rrobinson@marhedge.com
Attendance Will Be Limited To 500 Attendees From The Alternative Investment Community With A High-Percentage Of Active Investors. All Industry Professionals Seeking To Gain First-Hand Knowledge And Engage In Dialogue With Hedge Fund Veterans With More Than Ten Years Of Experience In The Industry Are Invited To Attend.
FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org
Closed-Door Invitation-Only Hedge Fund Capital Introduction Roundtables Immediately Follow The Conclusion Of Each Of These Two Events. The Roundtables provide an intimate and focused environment for investors to conduct group due diligence on a number of diverse hedge funds and real estate funds. The interactive environment enables both experienced and novice investors to learn about the strategies of the presenting managers and the specific opportunities the managers are seeing; it also enables investors to determine their interest in scheduling further meetings with the presenting managers.
Our Milan Summit, Continues To Grow Year By Year. In 2004, We Had 200 Of The Most Senior European Hedge Fund Executives Including Representation From Most Of The SGR Investment Vehicles In Attendance. We Expect An Increase In Attendance From Investors And Invite All Industry Professionals That Work In The Italian Hedge Fund Industry To Attend.
FOR MORE INFORMATION PLEASE CONTACT: Lori Jacobs, Program Director, Information Management Network (IMN), 25 West 45th Street (6th Floor), New York, NY 10036 USA
Phone: +1-212-901-0503, Fax: +1-212-764-2149
Email: LJacobs@imn.org Website: www.imn.org
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