Businessweek has a long profile out on Apollo Global Management founder Leon Black this week. It covers all the necessary bases: his father’s suicide, Michael Milken, midnight chats with Carl Icahn, the private equity model, his seeming immunity to all of the illegality surrounding him, Jeff ...
It’s less than four weeks until pitchers and catchers report to spring training, and 10 percent of the teams in Major League Baseball need new managers. The chaos started with the reigning American League champion and 2017 world champion Astros, who fired A.J. Hinch along with general manager Jeff ...
Generally, if a company is “one of the largest unlawful monopolies ever seen in the United States” undertaking “the most brazen, willful anticompetitive scheme in a generation,” there are some well-worn remedies to make it not that anymore. You can make it pay a whole bunch of money. You can make ...
As we all know, the Trump White House is a leaky place. So who gave Ken Griffin the heads up to make himself scarce from Washington, D.C., yesterday if he wished to avoid an unwanted shout-out from an unwanted source? (We’re looking at you, Kudlow.) Things got a little awkward when, at one point, ...
17th Jan 2020 - 3:06pm
Arcesium secures strategic investment from JP Morgan
17/01/2020 - 3:06pm
- Arcesium, an investment management technology and professional services firm, has secured an investment from JP Morgan.
- The investment deepens Arcesium’s strategic partnership with JP Morgan, including their Securities Services business, a provider of independent fund administration and comprehensive outsourcing solutions to alternative fund managers, asset managers, and asset owners. Terms of the investment were not disclosed.
“We appreciate the additional vote of confidence demonstrated by this investment. JP Morgan has been an important client and partner to us for a number of years and we look forward to working together to bring joint solutions to market,” says Gaurav Suri, CEO of Arcesium.
“This investment and collaboration underscores JP Morgan's continued focus in the alternatives segment,” says Teresa Heitsenrether, Global Head of Securities Services, JP Morgan.“The combination of JP Morgan’s Securities Services and Arcesium’s innovative technology is driving more scalable solutions to our clients. Through its partnership with Arcesium as a technology provider, JP Morgan has offered its alternative asset manager clients solutions to their most complex operations and data management challenges.”
“JP Morgan is an industry leader in Securities Services and we have long valued the opportunity to help them streamline and automate operations for their alternative asset manager clients, driving efficiency and innovation through technology,” adds David Nable, Managing Director and Head of Commercial Strategy at Arcesium.
Since its launch in 2015, Arcesium has grown to support more than USD150 billion in assets from a number of leading firms and has more than doubled its global headcount to over 850 staff across offices in New York City and Hyderabad, India. The D E Shaw group launched Arcesium through DESCOvery, the firm’s incubator for innovation in non-asset management technology businesses and ventures in areas such as fintech, insurtech, and data analytics.
TEACHING AN OLD DOG NEW TRICKS Progressive's 'name your own price tool' is coming to Peacock ...
Comcast owned NBCUniversal has released a multi-tiered pricing strategy for its Peacock streaming service, which is set to be released in July.
Peacock will be available for free-ninety-nine to ...
17th Jan 2020 - 9:28am
Asset Managers could avoid tying up collateral under new uncleared margin rules
17/01/2020 - 9:28am
- The majority of asset managers dragged into new uncleared margin requirements over the next two years could avoid tying up capital altogether, but still play by the rules, according to recent research from OpenGamma.
- The new requirements force firms with portfolios above a certain aggregate average notional amount (AANA) to exchange initial margin on uncleared derivatives. However, the findings show that out of 300 firms pulled into the final two phases of the global uncleared margin requirements, 74 per cent of asset managers could optimise their portfolios to trade certain derivatives ‘free of margin’.
- Although the regulation makes the cost of trading derivatives more expensive, it also gives market participants an opportunity to reduce margin requirements. Much of this centres around the $50m threshold set by the regulator per counterparty under each phase of the rules. The threshold must be exceeded before the remaining IM needs to be exchanged, meaning asset managers who stay below the threshold or a fraction above it, will reduce the amount of margin they need to post. This reduces the amount of upfront collateral that needs to be posted – freeing up resources to be used elsewhere.
- Peter Rippon, CEO of OpenGamma, says: “No investor wants their managers tying up unnecessary capital that could be used for generating returns. The USD50 million threshold was created by regulators in an attempt to avoid unnecessary operational costs on smaller firms and asset managers should be using it to their advantage. With the right analytics, our study shows that the majority of asset managers pulled into the next phases can identify which trades to move not only to make better use of the threshold, but to significantly reduce the amount of margin they post or eliminate it all together.
- “There is a deep uncertainty from the industry centred around how to prepare for the new rules effectively. But with the right foresight and planning, asset managers can take control now and avoid stumbling through the process later.”
Bill Gates, the founder of Microsoft and one of the world’s wealthiest humans, attracted a good deal of attention last fall by saying, “Divestment, to date, probably has reduced about zero tons of emissions.” He thereby put his finger on a key fault line amongst those who regard ESG investmentRead More
Laxman Pai, Opalesque Asia: Venture capital (VC) investment in the U.S. continued strong during Q4 2019, totaling $34.2 billion across 2,215 deals, said a study.
For the year, VC investment reached $136.5 billion, second only to 2018's $140 billion raised, revealed the latest edition of Venture Puls...
Laxman Pai, Opalesque Asia: Canada 's venture capital (VC) market crossed the US$1-billion threshold in the fourth quarter for the second time in a row to finish 2019 at an all-time record of US$4.6 billion.
Canadian VC investment totaled US$1.17 billion in the fourth quarter, up 30 percent from th...
Bailey McCann, Opalesque New York: Venture Capital had some pretty epic failures in 2019. But even with a few speedbumps, new data from PitchBook shows that VCs ended the year with deal activity on par with 2018 's record setting figures. VC 's posted $250 billion worth of exits - 80% of which came ...
Rothschild China rainmaker Yu eyes $800m buyout fund
From Bloomberg: Jennifer Yu, a veteran China dealmaker at Rothschild Co., is starting a private equity fund targeting investments in regions including Europe, people with knowledge of the matter said.
Yu is aiming to raise about $800 million, ...
Star Commodity hedge fund lost 51% in 2019
From Yahoo: Northlander Commodity Advisors LLP suffered a 50.6% plunge last year, a spectacular reversal from its 2018 position as a darling of the hedge fund industry.
Assets under management at the fund run by Ulf Ek shrank to $310 million after it pos...
Bristol Retirement System allocates $98m for private equity, hedge funds
From PIonline.com: Bristol (Conn.) Retirement System approved commitments and investments totaling $98 million. The pension fund's board on Dec. 12 approved a commitment of $30 million to Longford Capital Fund III, a private ...
Apple and Tesla may be market darlings, but hedge funds are betting big they'll collapse
From CNBC: Tesla doubters pushed the dollar amount of its equity borrowed to sell short to $14.5 billion on Wednesday, making it the most-shorted American equity. But Tesla's restored reign as the most-shorted ...
Swedish pension giant hires rival's CIO as real assets head
From City Wire: Swedish pension giant Alecta has hired Axel Br auml;ndstr Ouml;m for the newly-created role of head of real assets. His appointment, which comes into effect at the end of the month, was confirmed to Citywire Selector by a s...
Biggest Bitcoin investment trust says hedge-fund demand booming
From Bloomberg: Traditional hedge funds, pensions and endowments are boosting cryptocurrency holdings, according to the biggest Bitcoin trust provider. Grayscale Investments, which lets accredited investors own Bitcoin and other coins ...
Five trends that could shape real estate investing in 2020
The increased push for real assets has led many institutional investors to look more closely at their real estate holdings. However, real estate is not without its risks, as geography, sectors, cash flows and amenities have historically bee...
Trump asks absent hedge fund billionaire Ken Griffin to stand at trade signing
From NY Post: Ken Griffin got an unwelcome spotlight this week - from the president of the free world. The notoriously press-shy Wall Street tycoon - most famous, maybe, for buying a $220 million apartment on Central Par...
From Finance Asia: Sitting on a half a trillion dollars of non-performing assets, India's desire to lift growth should be enough to allow foreign investors to fully tap the country's distressed debt market. However, there are two major impediments to change.
India's indigenous vulture population ma...
It could be an eventful year for trend-based investing. If you ask industry leaders, the long-awaited bitcoin ETF, cannabis plays and ESG (environmental, social and governance) investing will continue to make headlines in 2020 as interest in the groups grows.
Here's what two Wall Street professiona...
VC funds had their best year ever. But there's a catch.
From Institutional Investor: Global venture capital funds clocked their best-ever returns last year - and they did it while taking only moderate levels of risk, according to eFront's latest quarterly private equity performance overview.
From PIonline.com: Credit portfolio managers are split between those who believe corporate credit defaults will rise globally over the next 12 months and those who believe they will remain at current benign levels.
Among surveyed managers, 48% believe corporate defaults will increase globally over ...
From ETF Stream: FTSE Russell has expanded its European fixed income offering with the launch of a government bond index that adjusts its weights based on how each country is addressing climate risk.
The Climate Risk-Adjusted European Monetary Union Government Bond index (Climate EGBI) is comprised...
Activist shareholder group sells entire Primo Water stake
From Journal Now: It didn't take long for the shareholder group pressuring Primo Water Corp.'s board of directors and management to cash out after the company announced Monday it was being bought in a deal valued at $755 million.
'Quant winter' raises tricky questions for a hot industry
From FT: Quantitative, automated strategies have long appeared to be the new, exciting frontier for investing, but many are suffering a rough patch - raising questions over an industry that has enjoyed huge inflows over the past decade.
From News of the Weird: Mike Parrish of Woodfin, North Carolina, is making fantasy a reality with a "Lord of the Rings" hobbit home he's building to offer on Airbnb. "I'm not just a casual fan. I'm a huge fan," Parrish said as he guided WLOS through the 800-square...
Unlike Chris Hohn, I am not a legally-certified financial genius. Thus, it is entirely possible and likely that I am missing something here, and even more probable and likely that the Daily Mail is leaving something crucial out. Perhaps one of you can help: What exactly are Hohn and his ex-wife ...
Dying is expensive. The American health care system extracts its final tens or hundreds of thousands of dollars (or, if you’ve got something really good, maybe millions) from your rapidly deteriorating flesh, and then, once you’re gone, it costs a ton more to actually dispose of your mortal ...
There have been a few times over the past year when James Gorman worried that Morgan Stanley might be losing its grip as the BMOWS. By which we mean that, from the “confusing” miss in 18Q4, to placing a nearly $1 billion bet on potential future millionaires, to kvetching about trade wars, to having ...
When your accomplishments at a job can be summed up as “substantive engagement” composed of “many constructive comments and questions,” it might be time to move on. This is not to say it’s Robert Jackson’s fault that he’s got nothing of consequence to show for his two years as a Securities and ...
By Aaron Filbeck, CFA, CAIA, CIPM & Hossein Kazemi, PhD, CFA, CAIA Association & CISDM This is a summary of the editor’s letter originally published in the Volume 8, Issue 4 of the Alternative Investment Analyst Review, a journal published by CAIA Association. The Problem with Studies Many studies onRead More
16th Jan 2020 - 4:14pm
Charles River Investment Management Solution integrates ChartIQ for trade decision support
16/01/2020 - 4:14pm
- The Charles River Investment Management Solution (Charles River IMS) now integrates with ChartIQ, enabling Charles River to provide institutional traders with visualisation tools that deliver greater insight into data affecting investment decisions.
- These capabilities help traders conduct pre-trade technical analysis, gauge in-trade market impact and better understand post-trade execution quality.
- Charles River IMS combines an order management system (OMS) with multi-asset execution capabilities, creating a consolidated order and execution management system (OEMS). By integrating with solution providers like ChartIQ, the OEMS enables traders to work more productively at generating alpha, managing risk and helping inform their firm’s strategic investment decisions.
- “ChartIQ’s extensive visualisation and integration capabilities work with Charles River IMS to offer institutional traders new analytics accessible directly from the OEMS,” says Spiros Giannaros, President, Charles River. “Leveraging ChartIQ’s innovative software framework further empowers our engineering teams with best-of-breed development tools. In turn, our clients gain new capabilities to better inform their trading and de-risking decisions across asset classes.”
- ChartIQ is a leading provider of advanced charting tools that are data agnostic, customisable, and quickly integrated on any web, desktop, tablet, or mobile platform. The company offers the only professional grade HTML5 Charting Library solution available in the marketplace, allowing for traders to capture more market data. With visualisation tools that identify market-moving data pre, during, and post-trades, ChartIQ software helps investment professionals capitalise on market opportunities.
- “We are thrilled at the opportunity to collaborate with Charles River. Together, we’ll be equipping the world’s largest asset managers and hedge funds with the most cutting-edge trading and execution analysis available,” says Dan Schleifer, CEO and co-founder of ChartIQ. “With the trend toward downsized trading desks, improving trader productivity is top of mind for asset managers. By embedding ChartIQ, Charles River can provide traders with new decision support applications that speed time-to-information for the securities and markets they trade in.”
- Charles River IMS serves as the front and middle office component of State Street’s AlphaSM Platform, which provides global investment managers, hedge funds, asset owners and insurers with a complete front to back solution for risk management, portfolio construction, trading, compliance, post-trade and back office services.
WHAT COULD POSSIBLY GO WRONG? We have a deal ... for now …
The US and China finally signed a Phase 1 trade deal on Wednesday. The agreement will come in eight parts, which will roll out in ... phases. Eat your heart out, Marvel.
While the Phase 1 deal eases tensions and may help accelerate ...
16th Jan 2020 - 11:06am
Horizon Software launches new sell-side equity derivatives EOMS
16/01/2020 - 11:06am
- Horizon Software (Horizon), a provider of electronic trading solutions and algorithmic technology, has released a new version of its global EOMS product, adding significant and unique improvements for the automation of client order/execution workflow to its already market-leading solution.
- The enhancements, which will be available globally, include a more efficient workflow to create and trade derivatives strategies and improved performance, now supporting a trading scope of over 10 million instruments.
- The multi award-winning EOMS has been used by sell-side Horizon clients in Asia for some time; this international launch sees the solution with added new features resulting from Horizon’s unique experience and long-standing expertise in derivatives trading. As with previous versions, clients can benefit from market connectivity to multiple global exchanges to seamlessly access liquidity venues for best execution and manage incoming client orders. They can also use a flexible single execution solution that integrates their own trading algorithms and can dynamically manage positions, portfolios, trade allocation and risk across equity and derivatives. It will also support the ability to trade single orders as well as multi-leg options strategies.
- Vincent Dumontoy, Global Head of Client Solutions and Services at Horizon, says: “We are delighted to offer these improved functionalities on our EOMS system and to see the vast array of benefits and differentiators that the integration of EOMS workflows with our Algorithmic Framework will bring to our client base. As always, this release embodies our ‘Trade Your Way’ philosophy with its easy integration of custom algorithms with rich APIs and fast, simple setup. This release has been enriched based on feedback from our clients and our unparalleled expertise in derivatives trading. We are happy to see clients in Europe and Hong Kong fully live on the solution.
- “Clients use our EOMS to manage incoming client orders, create automatically listed strategies when needed, display market data and seamlessly access liquidity venues for best execution. They also benefit from a single platform to embed algorithmic strategies. Even if our EOMS is a multi-asset solution, we believe it is unique on the options market as it was developed based on our expertise in derivatives when our competitors primarily designed theirs for equities.”
16th Jan 2020 - 11:02am
Exablaze launches ExaNIC X25 & X100 NICs for low-latency trading
16/01/2020 - 11:02am
- Exablaze, a global provider of ultra-low latency network devices, is launching two new network adapters: ExaNIC X25 and ExaNIC X100.
- In both live trading and benchmark tests the new network adapters proved to be the fastest available, and have set a new record for low-latency performance. The exceptional speed of the new Network Interface Cards (NICs) is due to the unique hardware, software and firmware architecture developed by Exablaze. The ExaNIC X25 is available now, while the ExaNIC X100 is expected to ship in late Q1.
Dr Matthew Grosvenor, SVP of Technology at Exablaze, says: “There is a maxim in Exablaze – in order to be fast, we have to design speed into everything we develop: it’s not enough to simply make old components go a bit faster. We must always start froma clean sheet. That’s how we stay ahead.
- “Every aspect of the ExaNIC X25 and X100 is optimised for low latency operations. From our unique cut-through receive path, to our pre-loaded TCP packet transmission capability, we have gone the extra mile to create cutting-edge technology for our clients.”
In low latency trading and HFT minimising the time it takes to send and receive network messages is critically important. Exablaze’s achievement with the two new NICs is twofold: to provide significant speed improvements for sending and receiving messages, and to allow trading desks and firms to future-proof their NICs, by using flexible FPGA (field-programmable gate array) technology. FPGA-based NICs can be upgraded and customised ’in the field’ (ie after installation), for example, to support high-speed, 25GbE connections and/or, by adding application-specific logic directly inside the NIC hardware to further reduce system latency.
According to Exablaze internal benchmarks, the NICs run approximately 20 per cent faster (ie over 100 nanoseconds) than other low latency optimised NICs, including Exablaze’s own ExaNIC X10. On highly-optimised systems, the ExaNIC X25 offers software trigger-to-response latencies as low as 568ns (median 629ns). These results underscore Exablaze’s continued market dominance in making the fastest NICs available.
Exablaze’s low-latency and highly-programmable networking technologies have caught the eye of world-leading networking technology company Cisco Systems. Cisco recently announced plans to acquire Exablaze, including the ExaNIC product portfolio. The ExaNIC product series is expected to continue to grow under the Cisco banner when the acquisition is formally concluded later this year.
"Cisco shares with Exablaze a relentless focus on improving end-to-end performance in ultra-low-latency environments,” said Thomas Scheibe, Vice President of Product Management for Cisco’s Nexus & ACI products. “Application performance is only as good as the sum of the parts: from latency optimized ExaNICs and FPGAs, to latency optimized layer 1 switches and multiplexers, through to latency optimized Cisco Nexus 3500 L3 switches, the whole system needs to be fully optimized.”
A key contributor to the unmatched latency performance of the ExaNIC X25 and X100 is the latest generation of Xilinx Ultrascale+ FPGA technology. The devices are built around Xilinx KU3P FPGAs, featuring 25Gb/s capable transceivers and 13Mb of on-chip ultra-RAM. The X25/X100 NICs optionally also ship with 4GB/9GB (respectively) of on-board DDR4 memory, allowing developers to build more powerful and diverse applications directly inside the devices using the ExaNIC Firmware Development Kit (FDK).
The ExaNIC X25 will initially ship in a 2x 10GbE configuration. Future firmware updates will support 2x 25GbE support as well. The ExaNIC X100 will initially ship in 8x 10GbE and 2x 40GbE configurations. Future firmware updates will bring 8x 25GbE and potentially 2x 100GbE support.
16th Jan 2020 - 10:09am
Confluenceappoints Chief Human Resource Officer
16/01/2020 - 10:09am
- Confluence Technologies (Confluence), a technology solutions provider for the money management industry, has appointed Annabel Giles to the newly created role of Chief Human Resource Officer (CHRO).
- The role was created to further develop the company’s human resources function, helping Confluenceto develop its people strategy and continue to attract, retain and develop people successfully. As part of her role, Giles will be responsible for developing a talent management and resourcing strategy, as well as a global reward program, and for overseeing change management.
- Annabel comes to Confluence with over 20 years of experience in human resources, mainly within the asset management and investment industry, and was most recently CHRO at the investment firm Actis LLP. Prior to this she was Managing Director, Human Resources - Global Trading at Credit Agricole CIB and Head of HR at Lazard Asset Management. Holding a BA (Hons) from University College London in languages and an MA in Human Capital Management from Westminster University, Giles brings a wealth of knowledge and experience in directing cultural development, talent management initiatives and establishing high performance environments.
- Giles says: “I’m thrilled to be joining an innovative global company and one that recognises the importance of human capital. Confluence is on an exciting trajectory and I look forward to helping it achieve further success by utilising the experience and knowledge I have acquired in roles across both the asset management and investment banking sectors.”
“We are excited to welcome Annabel to the Confluence team,” says Mark Evans, CEO of Confluence. “We believe our people are the most important part of this company and our continued success. This new role, and our choice of Annabel, are reflective of our commitment to all our staff and clients that we will have the right focus as we continue to grow and expand our global offering. I have every confidence in Annabel’s ability to drive the cultural transformation of our two companies and help us reach our goals.”
16th Jan 2020 - 10:07am
DASH launches enhanced liquidity solution for US listed options smart routing
16/01/2020 - 10:07am
- DASH Financial Technologies, a capital markets technology and execution provider, has launched an enhanced liquidity solution within its agency listed-options routing suite, SENSOR.
- DASH ATS is an innovative alternative trading system designed to solve the liquidity sourcing challenges inherent in today’s US listed options market. Through DASH ATS’ automated Request for Quote (RFQ) process, a diverse network of market makers and liquidity providers can respond to client orders with their quotes. By combining the DASH ATS with the SENSOR smart-routing suite, clients may seamlessly benefit from this liquidity within their routing workflow. When the RFQ response improves the NBBO – either in price and/or size – the ATS will automatically pair the interest before routing to an exchange for execution.
- DASH ATS, an SEC-registered Alternative Trading System (ATS), supports both single-leg and complex options transactions and is accompanied by an extensive set of real-time analytics and data visualisations through the award-winning DASH360 web portal.
- Stino Milito, Co-COO at DASH, says: “Our ATS solution is unique because, unlike the traditional equity ATS model people are accustomed to, DASH Options ATS sends out RFQs to market makers and upstairs liquidity providers when we receive an order that is priced at the mid-point or better. This allows us to electronically check for better and/or deeper markets that normally would be unavailable or inefficient to attempt to access. This is driving real value for our clients.”
16th Jan 2020 - 9:58am
Maitland grows London business development team
16/01/2020 - 9:58am
- Maitland, a global advisory, family office and fund administration firm, has appointed Natasha Head and Craig Rowland as Business Development Managers based in London.
- Natasha will be responsible for growing Maitland’s Management Company (ManCo) and Fund Administration businesses across the UK, Guernsey and Luxembourg. She brings over eight years’ experience working in the alternative investment industry, having previously worked at an independent fund administrator selling fund solutions to UK private equity and venture capital managers.
- Rowland will be primarily focused on growing the UK domiciled ACD and Fund Administration businesses, bringing twenty years’ experience building sales teams across North America, Europe and Asia within the financial services industry.
- Dave Kubilus, Head of Business Development, Client Management and Manco services, says: “Amid recent geopolitical events, increasing distribution needs and a move towards illiquid assets, there’s currently a huge opportunity to grow and adapt our offering to meet the ever-changing needs of our clients across the UK asset management industry. The expansion of our BD team in London will further enable us to develop our product set as we continue to grow our footprint across Europe.
- “We are delighted to welcome Natasha and Craig to the Maitland team. Together, they bring invaluable experience and knowledge that will enable Maitland to continue to meet both clients’ and our own strategic objectives."
16th Jan 2020 - 9:56am
ACA Compliance Group appoints CEO
16/01/2020 - 9:56am
- ACA Compliance Group (ACA) has appointed Shvetank Shah as Chief Executive Officer (CEO) and member of the Board of Directors effective immediately.
- Shvetank previously worked at Gartner where he held many leadership roles including Senior Vice President of its Technology & Service Provider practice. Shah will be based in ACA’s Silver Spring, MD office.
As ACA’s CEO, Shah will oversee all global operations and the corporate growth strategy. His responsibilities will include executive leadership, management, strategic vision, and accelerating the growth of the business.
Shah has almost 30 years of experience as a business unit General Manager, strategic advisor, operator, and entrepreneur in Information Services. He has launched, scaled, turned-around, and operated IP-based global businesses – SaaS, research, executive education, and benchmarking. Before joining ACA, Shah spent 17 years at Gartner and CEB where he most recently led the Technology & Service Provider practice, and previously led CEB’s IT, Finance, Legal, Operations, Risk, and Strategy practices. He worked closely on the post-merger integration between Gartner and CEB. During his time at the firm, he managed global teams and successfully grew each business area he oversaw. Prior to joining CEB, Shah was the founding CEO of CNet Networks’ Indian operations, and a management consultant with PwC and PA Consulting Group.
Jeffrey C. Morton, Co-Founder, Partner and Chief Revenue Officer, ACA, says: “When we founded ACA in 2002, we did it on the premise of being a trusted partner to our clients. The regulators and investment practices have advanced significantly since our founding, and as a firm we continue to evolve and deliver innovative solutions to address the challenges our clients are facing. Shvetank’s experience parallels the core of ACA’s values and vision. His vision, passion, and experience will be critical in maintaining the core of what makes ACA great while we embark on our next phase of growth.”
Alex Goor, Chairman of the Board, ACA, says: “ACA has grown significantly over the last 17 years to employ over 700 employees and offer a broad range of GRC offerings. Shvetank’s proven track record, strategy-based approach, investment in people, and deep expertise in operations will ensure that ACA continues to employ the best people and offer best-in-breed products and services. I’m very excited to welcome Shvetank to ACA and to work closely with him over the coming years.”
Shah says: “The people at ACA are what makes this company so unique and exciting to be a part of. I look forward to working closely with our team to expand our GRC offerings, develop our employees, further enhance our technology platforms, and continue to provide exceptional service to our clients.”
16th Jan 2020 - 9:55am
EEX Group reports major increases in 2019 trading volumes
16/01/2020 - 9:55am
- EEX Group achieved major increases in all territories and across the majority of its portfolio in 2019 with double digit growth on its power and natural gas markets and with triple digit growth recorded on its freight markets.
- Peter Reitz, CEO of EEX, says “2019 is another record year for EEX Group and confirms our position as a Global Commodity Exchange. In addition to the significant increases in our power and natural gas markets in Europe, I’m particularly encouraged by the growth in our North American power and environmental business as well as the huge gains achieved in freight”.
- In 2019, EEX Group reconfirmed its position as leading exchange group in power trading worldwide for the third year running with a growth of 30 per cent as against the previous year.
- The group’s power spot markets grew by 4 per cent to 597.9 TWh (2018: 576.6 TWh). This volume included 91.6 TWh traded on the intraday market, representing a 11 per cent increase compared to the previous year (2018: 82.5 TWh). On the day-ahead markets a volume of 506.3 TWh was traded (2018: 494.1 TWh).
- On the power derivatives markets, EEX Group volumes increased substantially to 5,829.7 TWh (2018: 4,385.5 TWh). In European power derivatives, volumes increased by 19 per cent y-o-y to 3,972.6 TWh (2018: 3,346.9 TWh), while on the US power derivatives market, volumes rose by an impressive 79 per cent y-o-y to 1,857.1 TWh (2018: 1,038.6 TWh).
- Power derivatives volumes in Europe reached double digit growth in almost every territory. Significant increases were achieved on the Spanish market (150.8, +42 per cent) and in the Central and East European power markets (186,4 TWh, +82 per cent) with Hungary becoming a new liquidity hub in the region (124.7 TWh, +134 per cent). In mid-2019, EEX extended its product range to include financially settled futures for Bulgaria, Serbia and Slovenia, thereby offering trading for a total of 20 European market areas. In the German market, liquidity shifted almost completely to the Phelix-DE contract with a volume to 2,596.7 TWh which is an increase of 34 per cent (1,934.5 TWh).
- On the European natural gas markets, EEX Group achieved a y-o-y growth of 30 per cent with 2,542.2 TWh traded (2018: 1,962.9 TWh), confirming its number one position on the European spot market as well as expanding its presence in the derivatives market. Volumes on the gas spot markets increased by 31 per cent to 1,453.7 TWh (2018: 1,111.2 TWh), driven largely by the strong performance on the Dutch TTF which registered a 62 per cent growth compared to 2018. The volumes on the gas derivatives market increased by 28 per cent to 1,088.5 TWh (2018: 851.7 TWh).
- In the United States, Nodal Exchange, having launched natural gas contracts in September 2019, achieved a total volume of 4.1 TWh up until year end.
- On the emissions markets in Europe, the trading volume totalled 1,138.5 million tonnes of CO2 (2018: 2,896.6 million tonnes of CO2). During the year, EEX carried out 217 primary market auctions for EU Emission Allowances (EUA) and EU Aviation Allowances (EUAA) with a volume of 594.0 million tonnes of CO2 (2018: 819.4 million tonnes of CO2). On the secondary market, 544.4 million tonnes of CO2 were traded in 2019 compared to 2,077.1 million tonnes of CO2 in 2018.
- On the environmental markets of North America, having launched into this market in November 2018, Nodal Exchange achieved a total trading volume of 95.817 contracts in 2019 (2018: 6,750 contracts).
- The total trading volume in agricultural products amounted to 57,125 contracts (2018: 60,251 contracts). While the volume in processing potatoes increased by 16 per cent to 39,601 contracts, the dairy derivatives market totalled 17,524 contracts (2018: 26,003 contracts).
- The EEX Group Dry Bulk Freight business set a new all time record in 2019, achieving double and triple digit growth in every quarter. In total, volumes which are offered for trade registration via both EEX and EEX Asia with clearing through ECC amounted to 74,776 lots, representing a 109 per cent increase in comparison to the previous year (2018: 35,850). Factors that have contributed to this sustained organic growth include a major increase in the member base, improvements in distribution and connectivity, a significant increase in position limits and an enhanced product portfolio.
"Historians study the past not in order to repeat it, but in order to be liberated from it." - Yuval Noah Harari, Homo Deus: A Brief History of Tomorrow With three quarters worth of financial reports for calendar 2019 long in the bag, it is not much of a courageous leap for us to [...]
Everyone’s favorite hapless Irish dad bank CEO, after three whole months of feeling like one of those real bank CEOs—you know, the ones who get talk about 55% increases in trading revenue and running for president—is back to being a hapless Irish dad once again. The second-largest U.S. bank by ...
Like a desperate and lonely person, Goldman Sachs has made clear it’s willing to change everything about itself to get you, the investing public, to like it again. Serving the unwashed masses? Let us make it as easy for you as possible. Don’t feel like wearing a tie to the office? Don’t bother. ...
B. G., Opalesque Geneva: Thanks to a contrarian investment style and heavy allocations to metals and mining, Eschler Recovery Fund (ERF) retuned 19.5% (net) in 2019, compared to the Credit Suisse Long/Short Index 's 10.9% return, and has annualised 6.2% since its October 2012 inception. The fund is ...
Laxman Pai, Opalesque Asia: Family offices allocation to hedge funds suffered a drop from 28% in 2018 to 22.4% in 2019, said a study.
According to Peltz International Survey, in comparison to the 2018 survey results, the allocation to equities and fixed income increased while the allocation to alter...
Laxman Pai, Opalesque Asia: The global private markets asset manager closed its latest alternative investment flagship fund, HarbourVest Fund XI, with $2.61 billion, exceeding its $2 billion fundraising target.
The new fund is also 74% larger than its predecessor, HarbourVest Fund X, which closed w...
Laxman Pai, Opalesque Asia: New York-based global alternative investment manager Lexington Partners closed Lexington Capital Partners IX (LCP IX), an alternative investment fund that invests on the secondary markets, at $14 billion, surpassing its $12 billion target.
The manager of secondary acquis...
Laxman Pai, Opalesque Asia: American global investment firm KKR has closed its second Next Generation Technology Growth Fund at $2.2bn.
The fund will be targeting blossoming business areas such as fintech, digital media and data services in Europe, North America and Israel, KKR said.
The new fund ...
Laxman Pai, Opalesque Asia: Connecticut-based private equity firm Stone Point Capital has closed its eighth flagship fund - Trident VIII - on $7 billion, surpassing a $6.5 billion hard cap.
The General Partner and affiliated entities committed more than $350 million.
Trident VIII received strong su...
From Institutional Investor: The hedge fund industry has faced a reckoning over the last few years, with investors pulling capital and many funds shutting down in response. Yet 2019 may not have been as bad for hedge fund managers as it first looked, according to data firm PivotalPath.
Hedge Fund R...
Optima and Forbes Family Trust launch healthcare and biotechnology strategy
Opalesque Industry Update - Optima Asset Management, in association with Forbes Family Trust, has announced the launch of the Optima Healthcare and Biotechnology strategy.
The new strategy will be managed by five highly ...
From City Wire: Barings has closed its China Select fund after the strategy fell to $26.5m in assets towards the end of 2019, Citywire Selector has learned. The Barings China Select fund was launched as a Dublin-domiciled strategy in 2008. It was overseen by William Fong (pictured) and his team of T...
From Institutional Investor: Joseph Edelman's Perceptive Advisors delivered its best year since the life science fund's first full operating year in 2000.The Perceptive Life Sciences Fund surged 53.7 percent in 2019, according to an investor. This is slightly better than 2015's 51.8 percent gain.
Los Angeles Fire Police slates $193m for private equity, real estate
From PIonline.com: Los Angeles Fire Police Pension System committed up to $192.5 million to seven private equity and real estate funds, according to documents on the $24.9 billion pension fund's website.
The pension fund c...
From Reuters: BlackRock Inc, the world's largest asset manager, beat analysts' estimates for quarterly profit on Wednesday, helped by strong flows into its exchange-traded fund business that boosted overall assets under management to a record $7.43 trillion.
A rally in global equity markets and str...
Investing in "value" is one of the best bets for hedge funds
From Institutional Investor: Investing in "value" is one of the best bets for hedge funds in the next 12 to 18 months, according to JPMorgan Chase Co.'s asset management unit. Strategists expect the...
Fidelity's $1tn fixed-income head Nancy Prior is retiring
From Boston Globe: Fidelity Investments' top fixed-income executive with oversight of more than $1 trillion of assets is exiting the firm after six years in the role.
Nancy Prior, 52, will depart later this year and the firm will name a s...
European securities regulator: Identifying targets for crypto in 2020
From Daily Hodl: The European Securities and Markets Authority (ESMA) recently released its 2020-22 focus plan detailing how the agency will try to integrate a joint regulation of cryptocurrencies in the European Union.
The world's largest hedge fund sees gold rising 30% to $2,000: 'There is so much boiling conflict'
From CNBC: Bridgewater's co-chief investment officer Greg Jensen told the Financial Times that gold prices could rally to $2,000 an ounce. The manager from the world's biggest hedge fund cited incre...
Hedge fund bets the Hong Kong dollar's 'tear' higher can't last
From Bloomberg: The Hong Kong dollar's recent strength could be tested soon, according to one hedge fund manager who is wagering against the pegged currency. London-based Trium Capital shorts Hong Kong dollar via options
Why private equity might not repeat the last decade's highs
From City Wire: The next decade will prove more challenging for private equity to sustain high returns, as 2020 could potentially trigger an unravelling of the sector.
Speaking at the round-table event in London, Mouhammed Choukeir, chi...
Companies say SEC proposal on proxy firms will increase transparency - survey
From PIonline.com: A majority of U.S. public companies believe Securities and Exchange Commission proposed rules, if finalized, would cause proxy advisers to be more transparent, according to a survey from Willis Towers...
Telemaque Lavidas, the first and so far only person to go to trial for his membership in an extremely fun-sounding, cosmopolitan and allegedly highly lucrative insider-trading circle, is perhaps the most boring member of that circle. He doesn’t have a fun, lovey-dovey nickname. He doesn’t, as far ...
15th Jan 2020 - 5:16pm
JP Morgan report: Tech and sustainability pushing hedge funds to “inflection point”
By Hugh Leask | 15/01/2020 - 5:16pm
- Machine learning’s influence over hedge funds will continue to grow, shaping trading decisions and portfolio positioning, while sustainable alpha opportunities are driving the industry to an inflection point, a new study by JP Morgan suggests.
- JP Morgan Asset Management’s second annual Global Alternative Outlook - which surveyed CEOs, CIOs and strategists across its USD146 billion alternatives platform - gauged a broad range of sentiment spanning hedge funds, private equity, real estate, private credit, and more.
- The wide-ranging report says stock picking opportunities - stemming both from the accelerated use of machine learning techniques among investors and the continued tech disruption in a range of sectors - will underpin the broader investment landscape in 2020.
- Specifically, the study identifies the adoption of artificial intelligence, the build-out of public 5G networks and the growth of cloud computing as fueling greater capital expenditure and demand for software and services.These, in turn, could potentially create a tailwind for manufacturers, supply chains and telecoms, spurring M&A activity – the lifeblood of event driven hedge funds – and expanding the range of complex datasets, which are used by systematic strategies.
- “This macro backdrop informs hedge fund strategies as our managers anticipate a new generation of industrial applications and opportunities such as connected cars, the internet of things and smart cities,” JPM’s study observes.
- “Statistical arbitrage managers apply machine learning techniques to the ever-increasing amounts of available data, producing unique alpha signals that drive returns. Those operating on shorter time horizons can often benefit from equity market volatility; the 2020 US presidential election and other uncertainties may increase the attractiveness of such a strategy.”
- Meanwhile, investors are increasingly seizing on sustainability themes - both long and short - with environmental, social and governance (ESG) criteria becoming more fundamental to allocators beyond simple risk measurement.
- “Investing in sustainability will be crowded, making manager selection crucial. Active investors will be able to take full advantage of the theme across industries, through long and short exposures in different asset classes,” JPM analysts say.
- However, the survey observes that while 65 per cent of investors believe ESG will become more important in the next five years, just 37 per cent of fund managers agree – indicating a gap in sentiment between investors and managers on the sustainability theme.
- Nevertheless, JPM maintains the hedge fund industry is “at an inflection point.”
- “Our managers call the risk-adjusted returns from this type of investing ‘sustainable alpha’. Sustainability-led disruption was first seen in power generation in the shift from carbon-intensive fuels to wind and solar - the next sectors to experience it should include transport, agriculture, automotive, buildings and industrials.”
Chris Stanton, chief investment officer at Sunrise Capital, says a stock market correction is overdue and predicts a drop of 18% to 20% in the S&P 500 by the end of the first quarter. Chris Stanton, ...
The Hong Kong dollar’s recent strength could be tested soon, according to one hedge fund manager who is wagering against the pegged currency. Hong Kong’s currency last week rose to its strongest level ...
15th Jan 2020 - 11:37am
Hedgeweek European Awards 2020 - Last chance to vote!
15/01/2020 - 11:37am
- Voting for our annual survey of the Hedgeweek readership to assess the best managers and service providers by category for the Hedgeweek European Awards 2020 closes today, 15 January.
- We have partnered with Backstop Barclayhedge to provide pre-selected options for each category, except those which are subjective in nature. Backstop Barclayhedge ranked the returns of firms and companies in Europe from from 01/10/2018 – 30/09/2019. Unless otherwise specified in the category title, analysis was limited to the hedge fund space.
- Managers and their service providers are welcome to participate and can nominate their own products and firms.
- Winners will be decided on a the majority vote per category.
- Please make your nominations by completing this survey.
- The deadline for nominations is 15 January 2020.
- We look forward to sharing the results of this survey with you at our evening cocktail awards ceremony to be held at the Reform Club, London on 28 February 2020.
BANKSY Two out of three ain’t bad…
JPMorgan, CitiGroup, and Wells all reported earnings yesterday. And one of these things is not like the other.
Let’s start at the top, shall we? JPMorgan just posted the best year for any US bank EVER, as annual earnings hit a record $36.4B. No wonder Jamie ...
15th Jan 2020 - 10:00am
GAM appoints head of research for Alternative Investment Solutions business
15/01/2020 - 10:00am
- GAM Investments has appointed Giovanni D’Alesio as head of research for its Alternative Investment Solutions business, effective 13 January. D’Alesio is based in London.
- In this role, D’Alesio will be responsible for leading GAM’s external fund manager research team and managing portfolios that combine external managers and other investment exposures, including betas, factors and alternative risk premia. The team employs a disciplined and risk-focused process to identify and combine talented managers across asset classes and investment styles, blending high-conviction qualitative views with proprietary quantitative modelling tools.
D’Alesio was formerly a partner and head of investment origination at Capital Generation Partners, where he led a team focused exclusively on sourcing and monitoring active investment opportunities across equity, fixed income, hedge funds and real assets for the multi-billion dollar business. Prior to that, he spent eight years at Italian fund of hedge funds Unifortune Asset Management, most recently as head of research, where he was responsible for all research and due diligence on hedge funds across a wide spectrum of strategies. He was also a member of the firm’s investment committee.
D’Alesio holds an MSc in Economics from Università Commerciale Luigi Bocconi and a Masters in Finance from London Business School.
Anthony Lawler, head of GAM Systematic and GAM Investment Solutions, says: “Giovanni brings a wealth of experience in manager research and portfolio management and will be an excellent leader and addition to the team. GAM is a pioneer in open architecture investing with a 25-year history in providing custom investment solutions. Giovanni’s expertise and knowledge in manager research and portfolio management will further strengthen our distinctive client offering.”
15th Jan 2020 - 9:29am
Napier Park names new Partner
15/01/2020 - 9:29am
- Napier Park Global Capital (Napier Park), an alternative asset management platform with more than USD14 billion in assets under management offering a diversified product mix of hedge funds, private investments, CLOs and structured credit to large, sophisticated institutional investors, has named Nadja Marcoz as a Partner of the firm.
- Marcoz is based in Napier Park’s New York office.
- “Nadja is a true culture carrier at Napier Park and we could not be more enthusiastic to call her a Partner,” said Jim O’Brien, Managing Partner and Chief Executive Officer of Napier Park. “Her tireless work ethic, ability to continuously adapt and long-standing institutional relationships have contributed meaningfully to the growth and diversification of our alternative credit platform.”
- Jonathan Dorfman, Managing Partner and Chief Investment Officer at Napier Park, adds: “In addition to Nadja’s ability to develop and expand mandates from sophisticated public pension plans and other institutional investors, she is a true ambassador for the industry as a whole both internally and externally and always leads by example. We look forward to her continued success.”
- Marcoz says: “I am honoured to serve as a part of this close-knit, collaborative team that has worked tirelessly each day to build Napier Park into what it is today—one of the leading, credit-focused investment platforms in the market. Working collaboratively with our talented investment team, we are not only able to grow the firm, but most importantly we are able to meet the investment objectives of our clients.”
- Marcoz has more than 25 years of institutional sales and marketing experience. Prior to becoming a Partner at Napier Park, Marcoz was a Managing Director and Senior Relationship Manager responsible for covering large public pension plans and insurance clients and she will continue as a senior leader on the client services team. Marcoz is also the founder of the Napier Park Women’s Network which hosts events, offers mentorship and encourages the efforts and inclusion of women in the structured credit industry. Prior to Napier Park, Marcoz worked as an institutional and Ultra-High-Net-Worth coverage officer at Wachovia Securities and the Citi Investment Bank. She started her career at Citi in Sydney (Australia) where she was recruited as a management associate.
15th Jan 2020 - 9:28am
Morgan Stanley appoints two to the Institute for Sustainable Investing Advisory Board
15/01/2020 - 9:28am
- Morgan Stanley has appointed Linda Hill and Emmanuel Roman to the Institute for Sustainable Investing Advisory Board, effective immediately.
- The Institute for Sustainable Investing's Advisory Board comprises prominent leaders from business, academia and leading non-governmental organisations and guides the Institute's work and strategic priorities.
- Hill is the Wallace Brett Donham Professor of Business Administration at the Harvard Business School and chair of the Leadership Initiative. Roman is CEO and Managing Director of PIMCO.
- “Our newest board members are both deeply committed to the mission of the Institute and have diversified skill sets that will provide invaluable insight and perspectives to the Institute’s Board,” says James Gorman, Chairman and Chief Executive Officer of Morgan Stanley and Chairman of the Institute for Sustainable Investing. “We’ve witnessed a strong increase of interest and commitment to sustainable investing since we began the Institute more than six years ago. We are honoured to have Linda and Emmanuel joining the board as we develop thought leadership and drive capital towards solutions to the pressing ESG challenges we face today.”
- “At Morgan Stanley, we’ve been focused on sustainable investing for more than a decade with the establishment of our global sustainable finance group,” says Audrey Choi, Chief Sustainability Officer, Chief Marketing Officer and CEO of the Institute for Sustainable Investing, Morgan Stanley. “Since its creation, the Institute has led work across the firm to create positive impact through thought leadership, financial products and solutions, and strategic collaborations. I look forward to working closely with Linda and Emmanuel as we continue our mission to advance the sustainable investing field and support innovative approaches to solving global sustainability challenges.”
- Morgan Stanley Institute for Sustainable Investing (The Institute) is committed to leading work across the Firm, with clients, and with academic institutions to help mobilise capital to sustainable solutions, via global markets and the investors who drive them. Founded in 2013, The Institute has three main focus areas: financial products and solutions that enable clients to invest in sustainability-focused strategies seeking market-rate financial returns; groundbreaking thought leadership that helps mobilize capital toward sustainable investing opportunities; and strategic collaborations with the public, private and nonprofit sectors designed to build capacity and best practices within the field of scalable sustainable investing.
15th Jan 2020 - 9:27am
iM Global Partner signs first European Strategic Investment Partnership with Zadig Asset Management
15/01/2020 - 9:27am
- iM Global Partner is to acquire a 20 per cent interest in Zadig Asset Management, an independent European equities specialist with USD1.8 billion AUM and 15 employees based in London and Luxembourg.
- Zadig Asset Management will be the sixth Partner to join the multi-boutique platform, and the first that manages European equities. As it is the case with the other strategic Partners, Zadig Asset Management will continue to run its operations independently and manage its portfolios using the same active and concentrated stock picking approach developed by its founders since the 1990s, prior to its founding. The acquisition is subject to applicable regulatory requirements, including the approval of the Luxembourg regulator, the Commission de Surveillance du Secteur Financier.
- iM Global Partner is a leading investment and development platform focused on acquiring minority strategic investments in best-in-class traditional and alternative investment firms in the US, Europe and Asia.]
- Zadig Asset Management is an outstanding independent European equities management company founded in 2005 by Laurent Saglio, a serial entrepreneur in the asset management sector, who previously launched and successfully co-managed the Voltaire fund from 1998 to 2005. Vincent Bourgeois, another successful European equity long-short manager, joined the firm in 2011 and became a partner. The firm expanded its operational resources and utilised the fundamental research background of its portfolio managers to launch a range of UCITS funds, starting with Memnon European Equity, a long only fund that invests in 25 mid-to-large cap European companies at any given time. In 2016, Zadig launched Memnon Market Neutral, a European equity market neutral fund (with minimal or no European equity market correlation), managed with the same proven investment philosophy as the Voltaire and Zadig funds.
- The firm currently offers three strategies available in UCITS and separately managed accounts:
- • Memnon European Equity: a European equities strategy launched in 2011, which has outperformed the MSCI Europe by around 5 per cent annually (gross of fees) since its inception (€692mn AUM in the UCITS fund).
- • Memnon Market Neutral: a European market neutral equity strategy targeting average annual performanceof 4-5 per cent (gross of fees) with no market correlation over the long term (€309mn AUM in the UCITS fund).
- • Memnon ARP: a global macro strategy aiming at generating a high single digit return over the medium term with little or no correlation to equities and government bonds doing so by combining directional and style premia strategies to get exposure to performance streams from equity indices, government bonds, commodities and credit.
- Under supervision of Pierre Philippon, Zadig’s third partner, Zadig Asset Management grew its UCITS and institutional assets by 40 per cent annually over the past five years. Ninety per cent of the firm’s AUM is managed for institutional investors some of whom have entrusted Laurent Saglio with their capital for decades. On a geographic basis, European clients account for 75 per cent of the total AUM with the remaining 25 per cent coming from US clients.
- Laurent Saglio, Founder and Partner at Zadig Asset Management, says: “We are thrilled by this partnership with iM Global Partner. We will pursue our growth path by extending our range of products with the addition of new talents. This expansion will be true to our investment philosophy: active and concentrated stock picking to generate alpha in all market conditions. For this, iM Global Partner is an excellent partner, bringing distribution, business support and a sophisticated appreciation of the investment management industry. This is what we need to keep growing for the benefit of all Zadig’s historical stakeholders to whom we remain exceptionally grateful for their support.”
- Philippe Couvrecelle, founder and CEO of iM Global Partner, adds: “Zadig Asset Management is a high conviction asset manager with an outstanding long-term track record. We are convinced that our investment in Zadig Asset Management will offer clients worldwide unique access to one of the best performing European equity fund manager.”
15th Jan 2020 - 9:25am
BMLL appoints CEO
15/01/2020 - 9:25am
- BMLL Technologies, a data engineering and analytics firm, has appointed Paul Humphrey as Chief Executive Officer (CEO).
- A senior executive with decades of experience in leading positions across the brokerage, banking, data and exchange world, Humphrey joins BMLL Technologies to drive the scale up of the business and realise the firm's mission to democratise access to granular market data and analytical products at speed and scale.
- In 2019 Humphrey established his own consultancy business, advising financial institutions, boards and fintech firms on their corporate and growth strategies. Prior to that he was the Global Head of FICC for Euronext NV and served as interim Chief Executive Officer of Euronext London. Previously, Humphrey was Chief Executive Officer for Electronic Broking & Information at Tullett Prebon and global head of eCommerce for ABN Amro NV. Throughout his career he has held senior business, strategy and sales positions with Van der Moolen, SLK/Goldman Sachs and ICAP.
- Johannes Sulzberger, the outgoing CEO, will remain on the BMLL board as a Non-Executive Director.
- In January 2020 BMLL Technologies also closed their latest funding round, having raised USD25 million from investors including Oceanwood, VC firm IQ Capital and investment fund Angel CoFund.
- The fundraise and the appointment of Paul Humphrey come on the back of the launch of Platometrics, the new market quality metrics tool offering a consolidated overview of European liquidity across Lit, Dark/Grey, Bilateral and Non-Addressable trades. Platometrics showcases BMLL’s capabilities in providing simple answers to the core challenges faced by market participants, namely; addressable liquidity, cross-venue price formation and execution quality.
- Paul Humphrey, Chief Executive Officer of BMLL Technologies, says: “I am delighted to be joining BMLL at such an exciting time for the business. To receive the backing of Oceanwood, IQ Capital and Angel CoFund is clear evidence that the demand for quality market metrics and analytics to make sense of market trends and drive performance for market participants has never been more important.I look forward to working alongside our investors and our market leading clients. I am also tremendously proud to lead BMLL’s extremely experienced and capable management team to continue to scale our business and build on our success to date.”
- Lee Hodgkinson, Chairman of BMLL Technologies, says: “I am very excited that Paul has joined the BMLL management team. I have known and worked with Paul for a number of years; his deep market expertise, insights and leadership are set to accelerate BMLL’s mission to bring deeper data transparency and analytics to capital markets participants, to help them make more informed decisions”.
- Kerry Baldwin, Managing Partner at IQ Capital, adds: “At IQ Capital we invest in thought leaders bringing new technologies and approaches to the market. BMLL is unique in the capital markets space; their data analytics capabilities are front and centre to any market participant looking for alpha generating ideas and a competitive edge. We have been very impressed with the deep expertise of the technology team and their understanding of the technological challenges in this space. They have created a unique solution to one of the biggest challenges faced in capital markets. We are proud to be investing in BMLL and working with them to rapidly scale their business.”
- Humphrey says: “We would like to thank Johannes Sulzberger for his service as CEO of BMLL and look forward to continuing our work with him in his capacity as BMLL non-executive director.”
A long-running drama continues over Xerox’ desire to buy HP. Xerox upped the ante early in the new year, announcing that it has secured binding financing commitments in the amount of $24 million. The dispute, with long-time shareholder activist Carl Icahn at its center, shows that: (a) the corporate worldRead More
B. G., Opalesque Geneva: Investment research can be a drudgery but analysts stick to the tried and tested methods despite it all. Some may dream of a day when all data - asset classes, portfolios, analytics - could be made cohesive at the click of a button.
Dmitri Alexeev, who has a PhD in mathema...
Laxman Pai, Opalesque Asia: Private investment firm Siguler Guff Co. has raised $1.58bn for a fourth fund - Small Buyout Opportunities Fund IV - to invest with small buyout managers and directly in their portfolio companies.
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Laxman Pai, Opalesque Asia: The hedge funds industry gained 10.70%, the largest annual return since 2013 when the Barclay Hedge Fund Index gained 11.12%. By comparison, the S P 500 Total Return Index posted a 31.49% return in 2019.
BarclayHedge reported that hedge funds finished 2019 on a high note ...
Laxman Pai, Opalesque Asia: The infrastructure fundraising market reached new heights in 2019 as a total of $98bn was raised from investors as 88 funds closed.
According to Preqin, it included a $22bn fund raised by Global Infrastructure Partners - the largest infrastructure fund ever closed. As a...
Laxman Pai, Opalesque Asia: US venture capital investment totaled $136.5 billion at the end of 2019 in 10,777 deals, exceeding $130 billion for the second year in a row, according to a report released by PitchBook and the National Venture Capital Association (NVCA).
However, the figure is down from...