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Sean Ruhmann has joined Cambridge, Massachusetts-based adviser NEPC as a senior consultant in the firm’s alternative investments research group.
He previously was a vice president of investment banking with Goldman Sachs.
“Throughout his career at Goldman Sachs and Banc of America Securities, Sean has been providing innovative advice to his clients, particularly in the areas of private markets and real estate,” says Erik Knutzen, chief investment officer of NEPC. “We are excited to add a person with Sean’s experience to deepen our research resources.”
Ruhmann joins NEPC’s team of 20 research professionals dedicated to alternative assets and will focus
After two positive months the Ucits HFS Index lost 1.08 per cent in May 2010 after a challenging month for the financial industry.
The loss of 0.27 per cent in week one was followed by a slight win in week two of 0.14 per cent, before the broad index took a hit in week three losing 1.26 per cent, the biggest downward movement this year so far.
The last week of trading mitigated the damage done by winning back 0.31 per cent, mainly due to a strong month end performance of credit, currency and market neutral.
While strategies like L/S
NYSE Euronext set an all-time record of 13.3 million global derivatives contracts traded per day in May 2010.
European derivatives average daily volume increased 51.5 per cent, driven by a 56.6 per cent increase in fixed income derivatives product ADV and a 48.8 per cent increase in equity derivatives products.
US options ADV increased 90.3 per cent and market share increased to 26.0 per cent.
Cash equities ADV was also strong in May 2010, with European cash trading volumes increasing 37.3 per cent compared to prior year levels.
US cash trading volumes of 3.8 billion shares in May 2010 were
Singapore Exchange says 40 per cent of its broking members, numerous proprietary trading firms and several vendors including crossing network operator Chi-East have chosen its new co-location service months before its first quarter 2011 launch.
By re-locating their trading applications to the new Singapore Exchange data centre, co-location customers can transact with Singapore Exchange’s trading engine at the lowest possible latency.
Singapore Exchange will also house its market data and clearing infrastructure at the data centre.
Singapore Exchange launched its co-location offering on 3 June as part of a USD250m initiative to deliver the world’s fastest access to Asia.
Customers
Martin Fridson is joining BNP Paribas Asset Management, a US registered investment adviser, as global credit strategist within its global credit investment team.
BNP Paribas Asset Management is a part of the BNP Paribas Investment Partners business line.
Previously, Fridson (pictured) was the chief executive of Fridson Investment Advisors, which was a fundamental, research-driven US registered investment advisory firm.
The global credit team will house all of the credit management expertise – combining 22 credit analysts – of BNP Paribas Investment Partners with a goal of bringing focus and driving performance to the various credit offerings.
Under the leadership
The UK’s Financial Services Authority has fined JPMorgan Securities GBP33.32m for failing to protect client money by segregating it appropriately.
Under the FSA’s client money rules, firms are required to keep client money separate from the firm’s money in segregated accounts with trust status. This helps to protect client money in the event of the firm’s insolvency.
The FSA says: “Between 1 November 2002 and 8 July 2009, JPMSL failed to segregate the client money held by its futures and options business with JPMorgan Chase Bank. The error occurred following the merger of JPMorgan and Chase. Instead of being held
Silver is being overlooked by investors in the rush for precious metals and is primed for a major price breakthrough that will outstrip gold, which has dominated the market’s attention in recent months, notes Jeremy Charlesworth, Manager of the Moonraker Commodities Fund.
Gold outperformed silver by 46% over the three years to 31 May 2010 and silver, given the long-term correlation between the two metals, is due a catch-up. As gold becomes ever more expensive, investors will turn to silver as an alternative precious metal.
Both metals are set to be driven even higher by the
Edhec-Risk Institute and Rothschild have created a research chair entitled The Case for Inflation-Linked Corporate Bonds: Issuers’ and Investors’ Perspectives.
The purpose of the research chair is to support research undertaken at Edhec-Risk Institute on the benefits of inflation-linked corporate bonds both from the issuers’ as well as from the investors’ points of view.
The chair will also focus on contrasting the analysis, in corporate finance, and perceptions of inflation-linked corporate bonds both by issuers and investors.
The chair is led by Lionel Martellini (pictured), scientific director of Edhec-Risk Institute.
Martellini says: “While a dominant fraction of inflation-linked debt is
Source says the use of sector exchange-traded funds by hedge funds now represents a meaningful slice of overall sector investing in Europe.
The London based ETF provider says total turnover on its European sector ETFs reached EUR5.9bn in April, according to Cascade, Clearstream’s German settlement system.
This represented 76 per cent of Cascade’s reported European sector activity, dwarfing the turnover on competing products.
The Optimised Supersector ETFs created by Source combine ETFs with Stoxx Europe 600 Optimised Supersector indices. Source’s ETFs offer a cash instrument through which hedge funds can invest in and short European sectors.
In the US
The Hedge Fund Marketing Alliance has launched a website that provides industry professionals with strategies for raising capital and building stronger investor relationships.
The site is more reader friendly and provides numerous resources for investors, fund managers and marketers, including a list of hedge fund databases.
The site helps both investors and fund professionals understand the changes that are occurring with hedge funds through governmental regulations, including fee structure changes and information that was included in the recent Financial Reform Bill.
“We are in the midst of unprecedented industry changes. As we watch what is unfolding, Hedge Fund Marketing Alliance
