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Managed futures had a hideous month in May as markets sold off across the board amid growing fears about Europe’s financial stability, a report by Lipper Tass says.
Long-term trend followers generally posted losses as a number of market trends reversed sharply and as market correlations increased during a period of decreasing global market returns.
Long exposures to equities and commodities dragged down manager performance. Large speculators progressively added in May net short positions in the S&P 500 and Nasdaq-100 delta-adjusted options and futures combined to the tune of more than USD2.70bn and USD99.39m notional value, respectively.
Large speculative short
Eurasia Capital, a Hong Kong-based investment bank, and MonBiz Media have launched the MonBiz Hong Kong Index, which includes Mongolia-related companies listed on the Hong Kong Stock Exchange.
Mongolia possesses world class resources in copper, coal, gold, uranium and other key commodities.
In recent months, a number of Hong Kong based companies have made acquisitions of resource companies and projects in Mongolia. This trend is strongly in line with Eurasia Capital’s view that Hong Kong-listed companies see lucrative opportunities in Mongolia to capitalise on the growing demand for commodities in neighbouring China, the largest consumer of Mongolia’s mineral resources.
The
Custom House Global Fund Services, the Maltese-based holding company for the Custom House group of companies, has appointed Mark Hedderman as chief operating officer.
Hedderman has been with the Custom House Group for nine years.
He began as manager of the administration department in Dublin, before setting up representative offices in Chicago and Singapore.
He later returned to Dublin as managing director of that office, with oversight of the Chicago office.
As chief operating officer, Hedderman will have a dual role as he will remain as managing director of Dublin for the foreseeable future while his replacement is identified.
Pacific Alternative Asset Management Company, a USD10bn fund of hedge funds company, has promoted Mayer J. Cherem, Maarten Nederlof, Neale Safaty and Kevin Williams to partners.
"These appointments underscore Paamco’s continuing commitment to excellence in due diligence, risk management and portfolio construction. These individuals have made significant contributions to our business as well as the disciplined investment process we implement to achieve superior risk adjusted returns for our clients," says Jane Buchan, chief executive officer of Paamco.
Cherem is a director and the sector specialist responsible for the evaluation and management of opportunistic investments and offensive risk management initiatives. He
GlobeOp Financial Services has been appointed to provide investment management operations outsourcing services for European Credit Management, a specialist asset manager and subsidiary of Wells Fargo with approximately EUR12.1bn (UD15bn) in assets under management.
GlobeOp, which has completed more than 300 fund conversions to its platform since 2006, will provide European Credit Management with a broad range of investment operations services including trading support, pricing and valuation analysis, financial reporting and net asset value calculations.
As a result of this mandate, approximately 40 London-based European Credit Management employees plus some additional temporary staff will be transferred to GlobeOp on 1
RAB Capital has appointed David Seex as the chief executive officer of RAB Capital Asia.
Seex will develop the company’s activities in Asia, widening RAB’s contact base in the region, and will oversee the company’s Hong Kong office.
Seex has a deep knowledge of the hedge fund industry and a wealth of contacts across Asia having worked as a managing director at Citigroup. He was a founding member of Citigroup Alternative Investments management team and from 2001 acted as head of Citigroup Alternative Investments in Asia.
He joined Citigroup in 1998 after spending three years at United Distillers, part
Quintillion, an independent hedge fund administration firm, has released an enhanced version of its proprietary reconciliation suite, Q Match, incorporating automated open trade equity reconciliation modules for the commodity trading advisers sector.
Q Match provides a fully automated platform for daily reconciliation of positions, profit and loss data, cash and unrealised gains and losses between Quintillion and numerous portfolio management systems and prime brokers.
The automated cash and open trade equity reconciliation modules ensure efficient interfaces between clearing brokers and counterparties to Quintillion’s fund accounting records on Advent Geneva.
The open trade equity reconciliation module enables high volume trading CTA
Permal Investment Management Services has appointed Andrew Rozanov as managing director, head of sovereign advisory.
Rozanov joined on 1 July and is responsible for developing Permal’s relationships with sovereign wealth funds, as well as further enhancing the group’s portfolio construction and risk management capabilities.
Rozanov has held various roles at State Street, most recently at State Street Global Markets, where he was managing director and head of sovereign advisory, portfolio and risk management group. In this role, he provided specialist portfolio advice to sovereign clients and to other large institutional investors.
Omar Kodmani, Permal senior executive officer, says: “Andrew is
The Depository Trust & Clearing Corporation has acquired the outstanding shares of Avox, a reference data business located in the UK.
Avox’s primary business is cleansing and maintaining high-quality reference information on legal entities and counterparties needed by financial services to support a variety of operational, risk management and regulatory compliance activities, including know your customer and anti-money laundering reporting.
Avox provides an automated, centralised corporate database resource, with information on the legal name, address, corporate hierarchies, immediate and ultimate parent, industry sector codes, company identifiers, and regulator information applicable to these companies.
“The need for accurate, well maintained reference
NYSE Technologies, the commercial technology unit of NYSE Euronext, and Markit, a financial information services company, have launched a joint initiative designed to consolidate data and enhance transparency in the European over the counter equity markets.
NYSE Technologies will integrate data from Markit Boat, the largest trade reporting venue in Europe, within its own range of market data products.
This will give joint users access to trade reports on an average of roughly EUR30bn of OTC trades in equities every day which is equivalent to approximately 80 per cent of the daily volumes traded on all European equity markets through
