Industry Headlines:

The Sustainability Accounting Standards Board (SASB), a non-profit organization has developed industry-specific standards across environmental, social, and governance topics, working toward a consensus on the sorts of disclosures that the issuers of securities should and will make to their investors. In November 2018, SASB released complete standards for 77 industries.Read More


Worried Reporters Make a Plea: Please Buy Our PaperThe New York Times


Macro hedge fund manager Coffey to turn investors awayBusiness Recorder


Hedge fund positions in numbers for week to January 21Agrimoney.com


The world's most-profitable hedge fund is now a climate radicalSan Francisco Chronicle


Oil Market Outlook: Virus, Tesla And Hedge Fund PositioningInvesting.com


20 Questions With Tom SteyerThe New York Times


How Extinction Rebellion's British hedge fund backer profits from 'dirty' firmsThis is Money


Hedge Fund Billionaires and Former GOP Megadonors Power New Democratic Super PACTruthout


'Chicago Tribune' Reporters Raise Alarm Over New Hedge Fund OwnerWAMU 88.5


'Chicago Tribune' Reporters Raise Alarm Over New Hedge Fund OwnerNPR


The global hedge fund industry saw outflows of -$97.93 billion in 2019, according to the just-released December/Year-End 2019 eVestment Hedge Fund Asset Flows report. Despite these redemptions, total ...


Glenn Dubin leaves hedge fund, distances himself from Epstein reportsBusiness Insider


Oil Market Week Ahead: Virus, Tesla and Hedge Fund PositioningAction Forex


Glenn Dubin leaves hedge fund, distances himself from Epstein reports - Business InsiderBusiness InsiderHedge fund veteran Glenn Dubin retiresFinancial TimesExclusive: Hedge fund billionaire Glenn Dubin retires from industry after 40 yearsReutersBillionaire Glenn Dubin retiring from hedge fund amid fury over Jeffrey Epstein tiesNew York Post View full coverage on Google News


Fund bags €21m premium from Commerzbank for Comdirect stake  Financial Times


The Swiss may not take money laundering or tax evasion as seriously as some other countries, but insider-trading is another matter, as Kashya Hildebrand will tell you. Now, they don’t take it quite as seriously as the U.S. takes all the things of which John Stumpf stands accused, but someone’s ...


Bill Miller’s Hedge Fund up 120 Percent In 2019ValueWalk


For much of the last two years, Barclays CEO Jes Staley has been locked in a life-or-death struggle for its investment bank. Some, including one very annoying and persistent shareholder, believe it should go away. Jes Staley likes it—likes it enough to run the place himself—and has, to date, ...


Sure, Goldman Sachs has been involved in the occasional insider-trading scandal. And, yes, it’s been known to hire the occasional bigamist and educational fabulist who—OK—may have worked with all sorts of other Goldmanites to separate Malaysia’s sovereign wealth fund from $6.5 billion. And yes, the ...


Exclusive: Hedge fund billionaire Glenn Dubin retires from industry after 40 yearsReuters UK


The Art Of The Rebound? Bill Miller Erases 2018 Losses In Epic WayiNVEZZ


Tiger Global Raises $3.75 Billion Venture FundThe Wall Street Journal


On the one hand, it’s a very good thing that Major League Baseball is going to sponsor the United States national softball team as it prepares for this summer’s Olympics. It’s something that the league is doing not because of an obligation, but because it sees a good opportunity to be associated ...


Hedge Fund Billionaires Power New Democratic Super PACEyes on the Ties


American society—and really Western society more generally—has been so badly eroded and atomized that we elected Donald Trump president (and similar charlatans to similarly high office), and are probably going to do it again. In spite of his occasional disagreements with the leader of the ...


Fiesta Restaurant rallies after hedge fund moves inSeeking Alpha


His retirement comes weeks after an investigation by Business Insider into the Dubin family's complex ties to convicted pedophile Jeffrey Epstein.


24th Jan 2020 - 2:03pm Alternative data sets … quality is the challenge, not quantity Submitted 24/01/2020 - 2:03pm - - There are an estimated 445 alternative data providers in the funds industry, serving the needs of both traditional and alternative fund managers. This is, according to alternativedata.org, an industry that is projected to be worth USD350 billion in 2020. But while there is no doubting the quantity and diversity of data sets one can acquire, how valuable really are they? - It is a valid question when one considers that the average dollar spend on alternative data, for 2020, will be USD158K for those running less than USD1 billion in AUM, rising to an estimated USD764K for those running north of USD1 billion. - Investors will no doubt want to know what kind of return on investment such an annual outlay is yielding, and whether these data sets are truly able to improve the investment process. To some extent, the sheer pace of technology advancement makes it nigh-on impossible for any serious fund manager to completely overlook this option. After all, we live in a time where “AI”, “machine learning” and “alternative data” are thrown into conversation with great gusto, as managers seek to position themselves as being on point with market trends. Heaven forbid one may look out of vogue. - How one utilises these data sets, though, should be observed with the same focus as any other aspect of the trading process. Picking which alternative data to use is far from straightforward. It is also, arguably, more additive to discretionary managers than the higher frequency traders and quants who need to act on signals in short timeframes. - Most of the alt data sets are built on equity markets, given the enormity of publicly traded information. Applying them to futures markets, where trading on OTC market still dominates, is more challenging. - I spoke recently to the head of quant trading at a London-based fund platform, which supports a mix of both discretionary and quant fund managers. On condition of anonymity, he shares the following anecdote: ”I have heard about stellar data sets on UK oil reserves but the reality is, if someone really had found such a data set to premise the production or consumption of a commodity, they wouldn’t tell the marketplace about it. - “I think the real value of these data sets is still marginal.” - Speaking at last year’s ABN AMRO Amsterdam Investor Forum, Rani Piputri, Head of Automated Intelligence Investing, NNIP (a Netherlands-base investment manager), said that how one defines a good alternative data set depends on one’s investment process. “We’ve found some alternative data providers who can provide us with very good equity analyst estimates,” she said. - Alternative data is typically speaking, relatively slow. It tends to be related to company fundamentals and usually it is based on monthly corporate updates. There isn’t much alternative data in real time that can have an impact on price. Most alternative data sets are used as leading indicators ahead of big fundamental announcement such as corporate earnings. - For a short-term trader, monthly data does not necessarily offer much value in the search for alpha. But for discretionary managers with an active short book, alternative data sets have the potential to help a manager build an investment thesis around shorting a particular stock, ie using satellite imagery to determine car production in China, for example, or the number of cars in supermarkets or retail parks. - In some respects, picking the right data sets is a skill in and of itself, just like stock picking. The biggest quant shops on the street have the budgets to buy the best data available; and by default, the highest quality data. That’s not the case for the vast majority of the hedge fund firmament. - “The managers on our platform trade futures, they are short-term traders and they are modest in AUM. Combine those factors and that is why, for us there is no real use for alternative data sets,” remarks the quant manager. - He is quick to point out though, that he does see value in using them in the discretionary trading space, noting they can be additive when doing a deep dive into assessing a company’s true value: “A discretionary trader looking at aviation stocks might use an alt data set that provides information on employee satisfaction, or supply chain costs, to build long and short positions. - “We are at an age where technology is allowing us to aggregate data from the bottom up and apply statistical tools to improve our reasoning. It is a big shift.” - One manager who is actively utilising alternative data sets is New York-based Wavelength Capital Management, which focuses on factor-based fixed income analysis. Its co-founder, Mark Landis, tells me that one basic premise behind Wavelength’s investment process is that technology has commoditised many traditional data sets, thusmaking markets more efficient. The traditional, one-dimensional edge of older traditional money managers is harder and harder to identify and take advantage of. - “We absolutely utilise non-traditional data sets along with traditional,” says Landis. - “But remember, in fixed income which has historically been an OTC market, attaining proper historical data sets in such markets as credit, MBS etc., has been very difficult.We utilise both machine learning and deep learning (AI) to process historical, fundamental and non-traditional data.Advances in processing power have made it possible to identify patterns through filters with more depth than a simple chart of prices.” - I ask Landis about the quality versus quantity challenge faced by managers, and the issue of cost versus opportunity gained. - He responds: “One needs to know what to do with it. The volume of financial market data is enormous and growing daily. Deciphering signal from noise, as with all data sets,represents the key to unlocking opportunity and a true edge versus wasting money.” - He thinks that applying deep learning to the universe of big data offers the greatest investment potential. - Over the next few years, the 5G revolution is going to change our lives even more considerably than we’ve seen over the previous decade. It will unleash enormous processing power, allowing computers to crunch through slews of alternative data in near real-time. - The quant trader pauses when I suggest this and offers the following concluding remark: - “Before going to the millisecond, or something closer to real time, the next step should be to get right the quality and accuracy of data. There will be a big premium for those who can gather high quality, clean data to gain an edge in the market. - “I think managers will become more qualitative in how they use alt data sets in my opinion. Quantity is not the challenge … quality is.” Author Profile Tags Services Research & Analytics


Billionaire manager Glenn Dubin is retiring from running his hedge fund to focus on direct investing through his family office. Dubin, 62, is turning over management of the $1 billion Engineers Gate ...


Hedge fund steps up fight against Premier Oil's North Sea deal spreeEvening Standard


PAYBACK'S A B*TCH You think your 2020 is off to a bad start? Try being a former Wells Fargo CEO... As if being the punchline of every fin-twit sh*t-post (ok, maybe Deutsche Bank and Nomura took some of the heat too) isn’t bad enough, two former execs are facing up to $59M in fines from the ...


24th Jan 2020 - 10:28am The Year of the Rat: China’s economy is strong but investors need to be on their guard Submitted 24/01/2020 - 10:28am - As China enters the Year of the Rat this Saturday (25 January), Jasmine Kang, Portfolio Manager at Comgest, an independent, international asset management group, believes that China’s growth has become more sustainable but that high-quality companies are still rare and strong stock selection is more important than ever… - “The rat might be a shrewd and unpopular creature in our culture but in China it stands for diligence, intelligence, energy, determination and achieving goals, so it is appropriate that it gives its name to a year in which China’s growth model is becoming more sustainable and its equity markets more transparent and open to foreign investors. “At least economically the gods have been kind to the country in recent years. The shift in the Chinese economy from credit and infrastructure-driven growth to innovation, services and consumer-oriented growth is almost complete and real incomes are growing steadily. The opening of the Shenzhen and Shanghai stock markets is proceeding at a rapid pace and China’s long-term potential as a financial centre is huge. Although the share of foreign investors in Chinese A shares is still low, foreign institutional investors’ access to the Shanghai and Shenzhen stock markets will continue to advance in the coming years, promoting capital inflows and professionalising the capital market. The improvement of transparency and ESG issues is still in its infancy, but more companies are already reporting in accordance with international standards. “Despite the positive changes in the general environment, China remains a challenging place for stock picking. High-quality companies still seem few and far between. In China it is particularly important for minority shareholders to be in the same boat as the company's decision-makers and managers. Governance structures are of crucial importance for the success of long-term oriented quality growth investors. Investors should have a diligent rat-like squint at potential investments to see if their growth is underpinned by strong and open governance structures. “Shandong Weigao Group Medical Polymer Co, Ltd is a prime example of how improvements in governance structure favour minority shareholders. The company has long been a strong brand in the market for medical consumables but its growth was below average for a long time. Equity investments were reserved for top management only and were not tradeable. Through the reform of the Chinese capital market, these shares have become tradeable and, thanks to employee participation programs, they have become an important instrument for long-term corporate management and a catalyst for accelerating growth. Earnings per share and the company share price have doubled over the past three years. “Despite being known for its high volatility, in the long term, the outlook for the Chinese equity market is positive. Over the past 12 months, the IT and healthcare-heavy 'China Shenzhen' index, with 36% value growth in USD terms, has been one of the best stock markets in the world and has even outperformed the Nasdaq. In the Year of the Rat, investors should keep a sense of proportion and not just chase after rising prices, but rather invest in quality over the long term and be patient to achieve an optimal risk-return profile for their Chinese investment.” Author Profile Tags Comment


eVestment: Investors Redeemed $100bn From Hedge Funds In 2019AlphaWeek


Hedge Fund Questions Premier Oil's PlansOffshore Engineer


Billionaire Glenn Dubin — caught in a firestorm over his controversial ties to dead sex predator Jeffrey Epstein — said Friday he’s retiring from his hedge fund. The 62-year-old money manager — who, ...


Deutsche Bank and Singapore hedge fund double down on Indian shadow lender's debtThe Business Times


“From the point of ignition to the final drive, the point of the journey is not to arrive.” - Neil Peart New clues are emerging on the nature and pace of change... Here's the setup: Unlikely and unexpected virtuosity often serves as the catalyst for a dynastic run of success. Moreover, legend has it, [...]


Hedge fund ESG activism helps managers drive changeThe Asset ESG


Hedge fund Asia Research and Capital Management (ARCM) on Friday raised fresh concerns over Premier Oil's plan to have its creditors vote on the planned acquisition of North Sea assets under a scheme ...


There is a high rate of failure among quant funds. These include smart beta, factor investing, statistical arbitrage, and CTAs. Such false positive strategies are a widespread industry problem. Since psychiatrists have long traded on the ability of the human mind to find an elaborate narrative in a random inkRead More



Global pension funds now own $11.6trn in alternative investment interests according to new report


Mean variance optimization (MVO) is a simple, yet well-regarded asset allocation technique designed to create a portfolio that maximizes it’s expected level of return for a given level of standard deviation. Many institutions construct diversified portfolios using this simple technique, attempting to maximize their risk-adjusted returns. While popular with manyRead More


Bailey McCann, Opalesque New York: What will it take for blockchain and cryptocurrencies to expand? Delegates at the recent Opalesque Miami Roundtable suggest that the digital assets market needs a 'killer app ' that will usher in a new era of widespread use. To get there, however, more infrastruct... Article link


Laxman Pai, Opalesque Asia: Almost 60% of S P 500 companies hold assets at high risk from climate change, according to an S P Global presentation at the 2020 Annual Meeting of the World Economic Forum in Davos. The findings revealed that in the S P 500 Index own physical assets across 68 countries ... Article link


Laxman Pai, Opalesque Asia: 2019 saw record private equity fundraising with mega PEs and tech-focused PEs attracting the lion's share of capital, said a study. Mega-funds dominated the PE space in 2019, pushing up fundraising to $301 billion for a 52% gain compared with 2018, said PWC in its quarte... Article link


Laxman Pai, Opalesque Asia: North America continued to attract the highest number of venture capital (VC) investments and funding during the fourth quarter (Q4) of 2019 though the region experienced a dip in investments. According to a report by GlobalData, North America experienced a decline in VC... Article link


Whale Rock launches long-only funds From Institutional Investor: Whale Rock Capital Management is the latest hedge fund firm to launch long-only funds. The Boston firm headed by Alex Sacerdote disclosed in a regulatory filing it has raised money for three related funds: Whale Rock Long Opportunitie... Article link


The SS C GlobeOp Forward Redemption Indicator for January 2020 measured 2.26%, down from 4.95% in December. "SS C GlobeOp's Forward Redemption Indicator for January 2020 was 2.26%, a favorable reading compared to the 2.70% reported a year ago, as well as compared to historical averages,&am... Article link


Boston Retirement earmarks $80m for private markets, $50m for real estate From PIonline.com: Boston Retirement System committed a total of $80 million to a private markets mandate and $50 million to three open-end value-added real estate funds. At its Dec. 18 board meeting, the board committed $8... Article link


Goldman says fast money all-in and stocks can go higher From AFR: A growing cohort on Wall Street frets a sharp reversal could soon hit this year's stock melt-up now that fast-money quants have ramped up their speculative bets. But the real money has the potential to grab the baton even if these sy... Article link


Renaissance Technologies founder names his son co-chairman From FT: Renaissance Technologies founder Jim Simons has named his son co-chairman of the quantitative hedge fund's board and added five new directors, as he steps up preparations to hand over the secretive $75bn manager to the next generat... Article link


Securities regulator of India bets on blockchain From Coin Telegraph: The Chairman of Security and Exchange Board of India(SEBI), Ajay Tyagi makes a bet on blockchain technology and urges exploration of the best possible usage of blockchain in securities markets. SEBI is the regulator of the India... Article link


From Institutional Investor: Asset managers are increasingly turned to mergers and acquisitions in an attempt to solve the problem of slowing growth and falling fees. In five years, PricewatehouseCoopers expects 20 percent of asset managers to be acquired or eliminated. In PwC's fourth quarter deal... Article link


Agencies to propose 'covered funds' revamp in Volcker Rule From American Banker: The Federal Reserve Board and Federal Deposit Insurance Corp. will meet next week to consider a proposal to simplify the "covered funds" portion of the Volcker Rule. Regulators in August finalized a ... Article link


From Barrons: All three major stock indexes hit record highs in 2019, which made it all the more challenging for active fund managers to beat the market. Among the biggest losers were quant funds-those run by computer algorithms analyzing large sets of data. Their underperformance will likely conti... Article link


More private equity firms are becoming targets of deal making From Institutional Investor: Private equity firms are increasingly the targets of deal making, a twist as the industry matures, according to Dechert attorneys. The trend is being driven by founders' desire to sell stakes in the firms the... Article link


From CNBC: Seth Klarman's Baupost Group posted gains in the high single digits last year, lagging the U.S. stock market. Klarman said in a letter to clients that several factors, including passive investing, have created pricing errors in the stock market. "We believe that ongoing selling ... Article link


Infrastructure funds have become a way around decarbonisation targets From FT: The infrastructure investing business appears to have turned itself into a perpetual motion machine. The underlying assets - toll roads, pipelines and wind turbines - are teetering on a pyramid of thinner profits and hig... Article link


Perhaps, like the apparently mythical figure of the investor who’s sure, in spite of all available evidence and history and the apparent will of an angry God, that Wells Fargo has turned a corner and is ready to start printing money for shareholders, there really was a bank out there somewhere in ...


Legendary investor Bill Miller scored 120% returns though he did 'nothing' in the last months of 2019Business Insider


5 of the Top Hedge Funds in 2020U.S. News & World Report


Hedge Funds Eye Two IPOsInstitutional Investor


The retail industry is claiming more famous names every year


Seth Klarman passionately defends value investing and said its time is coming again soonCNBC


Investors pulled $98 billion from hedge funds last year, the largest outflow the industry's seen since 2016Business Insider


23rd Jan 2020 - 4:57pm Skytra selects Nasdaq to provide technology for new venue for air travel price derivatives Submitted 23/01/2020 - 4:57pm - Airbus’ wholly owned subsidiary Skytra has selected Nasdaq to provide the core technology for its derivatives trading venue. - Headquartered in London, Skytra was recently established to help the USD1 trillion per annum air travel industry hedge its revenue risk through the trading of cash-settled futures and options contracts based on a series of Skytra Price Indices. This is the first time that the industry will have financial risk management instruments available to them specifically to address revenue volatility. - The air travel industry makes long-term financial commitments, but is challenged by short-term revenue visibility, where up to 90 per cent of the tickets are booked within 90 days before take-off. Skytra's index futures and options will improve airlines' ability to manage their revenue risk in order to support their long-term financial planning. The Skytra indices have been developed over a period of two years in close collaboration with the air travel industry. - - As part of the agreement, Nasdaq will deliver a full suite of marketplace systems, including the core matching engine, the regulatory reporting required under MiFID II, and the market surveillance and pre-trade risk management solutions required to safeguard the integrity of the trading venue. The systems will be hosted in Nasdaq’s data centres and the public cloud. Nasdaq will provide a fully managed service, including technical operations of all software and infrastructure. - - Adena Friedman, President and CEO, Nasdaq, says: “The creation of Skytra by Airbus represents a dynamically new intersection between aviation and financial marketplaces, where the benefits will extend to companies in both ecosystems and the broader markets economy. By integrating our market technology, Skytra will have the scalability and flexibility to continuously improve the trading experience to the benefit of both the global airline industry and financial market participants.” - - Mark Howarth, CEO, Skytra, says: “We chose to work with Nasdaq because of its impressive track record in delivering best-in-class infrastructure, technology, and innovation for markets across the globe. Its modular architecture means we will be positioned for growth as the Skytra platform builds traction with the airline industry and as we cater to the wider needs of other market participants.” - - Christian Scherer, Chief Commercial Officer, Airbus, says:“Skytra has been created in collaboration with the air travel industry and players outside it to enable more financial predictability in a volatile market. We are delighted that Nasdaq, a leader in financial market infrastructure, will be providing the core technology needed to deliver the solution the air travel industry needs.” - - Skytra is in the process of applying to the UK’s Financial Conduct Authority for approval to operate a Multilateral Trading Facility (MTF) and to be registered as a Benchmark Administrator. Tags Trading & Execution Technology & software solutions


23rd Jan 2020 - 4:51pm SS&C GlobeOp Forward Redemption Indicator at 2.26 per cent in January Submitted 23/01/2020 - 4:51pm - The SS&C GlobeOp Forward Redemption Indicatorfor January 2020 measured 2.26 per cent,downfrom 4.95 per cent in December. - "SS&C GlobeOp's Forward Redemption Indicator for January 2020 was 2.26 per cent, a favourable reading compared to the 2.70 per cent reported a year ago, as well as compared to historical averages," says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "Redemptions have remained fairly steady in recent years at generally low levels, and it is too early to tell if this reading represents the start of a new trend, but 2020 is certainly off to a good start." - The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the SS&C GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the SS&C GlobeOp platform. Forward redemptions as a percentage of SS&C GlobeOp's assets under administration on the SS&C GlobeOp platform have trended significantly lower since reaching a high of 19.27 per cent in November 2008. The next publication date is 24 February, 2020. Tags Results & performance Funds


23rd Jan 2020 - 4:45pm Majedie Asset Management launches ‘Next Generation Investor’ competition Submitted 23/01/2020 - 4:45pm - Majedie Asset Management (Majedie), a specialist active equity investor, has revealed the four teams which will be competing to win the title of ‘Next Generation Investor 2020’. - This investment competition is aimed at female undergraduates to encourage them to consider asset management as an attractive career choice. Each team has been given a notional GBP25,000 to invest in listed equities and can trade as they wish until 30 June. - Majedie will provide the competing teams with in-depth training on stock selection, portfolio construction, financial modelling, ESG integration and mentoring by its award-winning fund managers throughout the period. The notional profits earned during the competition by each team will be matched in real money by Majedie and donated to the respective UK registered charity of their choice. The team with the best investment performance over the period will also receive an additional GBP5,000 donation to be made to their chosen UK registered charity. Majedie devised this university outreach programme as a way to address the industry-wide challenge of raising awareness and encouraging undergraduate women to see the investment world as an entirely natural career habitat for them. Competition details were submitted to 68 universities in early October. Rhiannon Collis, Majedie’s Head of Clients, says: “We have had a strong response from students for this, our first competition, proving that there is a real demand among women to learn about the financial sector. We are committed to playing our part to encourage and nurture this interest, lowering barriers to raise the industry bar. We wish the four teams all the best in the competition and hope they enjoy what will be a fascinating and challenging six months for them.” Tags Trading & Execution


A couple of years after Ken Griffin dropped $200 million on a New York apartment, the aged T. Boone Pickens realized it was time to part with his beloved ranch in the Texas Panhandle. Given that he really didn’t want to, and given that the Citadel chief had just dropped so much on 24,000 square ...


Bill Miller’s Hedge Fund Rose 120% in 2019 After Fast FinishBloomberg


So Maybe The SEC Does Need Whistleblowers’ Help?Dealbreaker


Once upon a time, a man named Bernie Madoff humiliated the Securities and Exchange Commission, running a decades-long, $65 billion Ponzi scheme quite literally under the agency’s nose, fooling its investigators with bogus documents fresh off the printing and chilled to apparently-aged perfection in ...


When It Comes To Hedge Funds, Don’t Forget The Operational Side, Says This Industry VeteranForbes


Stockholm (HedgeNordic) – In 2019, Nordic hedge funds had their best year in the past five years after the industry endured the second-worst year on record in 2018. The Nordic Hedge Index, which currently includes 160 funds, gained 5.3 percent last year, reflecting the aggregate performance of both up-and-running hedge funds and already-defunct funds. The [...] - The Best Performers of 2019 on HedgeNordic.


Donald Trump and Elon Musk would not seem to have a great deal in common. Musk is, after all, a self-made immigrant who believes in climate change and is trying to wean the U.S. and world off of the fossil fuels that are quite literally at the heart of Trump’s politics and policy. But for all that, ...


Hedge Fund Billionaires Power New Democratic Super PACSludge


HIGH AF Elon and Grimes' new bundle of joy is going to be hella rich. Tesla's stock continued its run yesterday, gaining over 8% and hitting $594.50. The price increase resulted in the company's market value topping $100B for the first time, surpassing Volkswagen as the number two automaker by ...


Quant Funds Struggled in 2019. The Outlook for This Year Is More of the Same.Barron's


Hedge fund ESG activism helps managers drive changeHedgeWeek


23rd Jan 2020 - 10:21am Style Analytics expands ESG offering with Carbon Risk Ratings from Sustainalytics Submitted 23/01/2020 - 10:21am - - Style Analytics, a provider of factor-based portfolio and market analytical tools for investment professionals, is expanding its ESG factor analysis tool with the launch of Carbon Risk Ratings and emission data from Sustainalytics, a leading global provider of ESG research, ratings and data. - With the Carbon Risk Ratings and emission data, clients can analyse their portfolios’ exposure to carbon production, implement low-carbon mandates and manage carbon-related risks. - Asset managers and asset owners increasingly recognise the benefits of measuring, monitoring and reporting on their portfolio’s carbon footprint using metrics recommended by the Global Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). Leveraging Sustainalytics’ Carbon Risk Ratings and emissions data, investors can better understand the carbon risk in their portfolios. The Carbon Risk Ratings and emissions data is available alongside Style Analytics’ ESG and factor Style Skyline, providing one fully integrated platform for portfolio ESG, carbon and factor analysis. - As signatories to the UN’s Principles for Responsible Investment (PRI), both Style Analytics and Sustainalytics are committed to providing investors with cutting-edge tools to assess their ESG and carbon–related risks. - Sebastien Roussotte, CEO of Style Analytics, says: “Today’s investment environment requires sophisticated yet easy-to-use analysis of the potential climate–related risks of every portfolio. Our collaboration with Sustainalytics allows us to provide our clients with the tools they need to comply with ESG and carbon standards as part of our factor–based Style Skyline.” - Bob Mann, President and Chief Operating Office of Sustainalytics, says: “We are pleased to expand our relationship with Style Analytics by incorporating our Carbon Risk Ratings and Data into their suite of products. The addition of these new products will enable our joint clients to measure and report on the carbon risk in their portfolios and fulfil environmental guidelines.” - Style Analytics’ products and services are designed to help institutional investors and investment managers determine which factor exposures impact portfolio risk and performance, including ESG. By using the unique Style Skyline, industry professionals can better analyse markets, peers and portfolios. Tags ESG & Responsible Investing Services Research & Analytics


23rd Jan 2020 - 9:26am Kneip appoints new Chairman of the Board Submitted 23/01/2020 - 9:26am - Fund data management platform Kneip has named Hugues Delcourt as Chairman of the Board whilst founder and previous Chairman, Bob Kneip, moves into the role of Vice-Chairman. - Delcourt brings with him a wealth of experience, with 30 years in the banking industry accrued in Europe and Asia, working for global institutions, including Indosuez, ABN AMBRO and UBS. Most recently, Delcourt was the Group CEO of Banque Internationale à Luxembourg, a position he held for five years. - In his new role as Chairman of the Board, Delcourt will offer guidance and support to the executive leadership team, headed up by CEO Neil Ward. Delcourt will help the company to continue to navigate industry challenges as the team expands its offering in markets across EMEA and APAC whilst ensuring Kneip’s continued recognition as the leader in fund data management. After successfully establishing and then leading the business for 26 years, Bob Kneip has decided to take a step back as the industry continues to evolve and pass the baton. He will continue to be Kneip’s main shareholder and be fully invested in the wellbeing of the company and its employees. Bob’s new role will allow him to spend more time focusing on his passion for the arts and charities, as well as selected independent board memberships. Delcourt says: “I am absolutely delighted to be joining Kneip. This is an exciting opportunity that fits perfectly with the vision I had of my next undertaking. I look forward to working with the board, Neil, the management team and everyone at Kneip as well as, of course, the shareholders to make the company even greater for the benefit of its clients and employees.” Bob Kneip says: “To disrupt, you have to disrupt yourself. I am very pleased that Hugues accepted my invitation to become the new Chairman of Kneip. Over the years, I have learned to appreciate his independence of thought, human values, rigour in execution, vision of the financial sector as well as his global experience and network. Hugues shares our vision to build the fund data management institution of the future. Together with Neil and a supportive and strong leadership team, he will contribute to reinforce our global leadership in the investment fund industry." Ward, says: “Transforming Kneip to become a world class digital fund data management company has been our goal. Two years of radical change now leaves us on the edge of a significant opportunity to service clients more efficiently and with agility. “Hugues arrival as Chairman is welcome, timely and pivotal to our ability to scale the business towards global status, building on Kneip’s long heritage to date. Clients, Kneipiens and shareholders should be very reassured that Kneip has secured such a high-profile successor to our benefactor Bob Kneip. Welcome Hugues” Tags Funds Moves & Appointments Services Research & Analytics


23rd Jan 2020 - 9:24am Fund Recs to provide SANNE with tailored reconciliation automation services Submitted 23/01/2020 - 9:24am - Fund Recs is to provide SANNE, a global provider of alternative asset and corporate services, with tailored reconciliation automation services through its Velocity fund administration software. - Fund Recs, an established fund industry software provider, will work with SANNE to automate the data processing and reconciliation process in its fund administration business. Delivered as a Software-as-a-Service, Velocity, will help SANNE achieve its goal of Straight-Through-Reconciliations. - Fund Recs Chief Executive Officer, Alan Meaney, says: “Through our engagement with SANNE we’ve delivered a strong relationship and are excited to be working with a group that has such a focus on providing high quality client service. Software only provides leverage to great people and we look forward to supporting SANNE as they continue to innovate for the benefit of their global client base.” Philip Dempsey, Country Head – Ireland at SANNE, says: “We are delighted to be partnering with Fund Recs. We fully embrace technology and innovation at SANNE and we constantly look for ways to evolve our service offering that ultimately adds value to clients. The team at Fund Recs are well regarded in the funds industry as innovation enablers and we believe that partnering with the best providers in the industry will greatly advance our current service offering.” Tags Services Fund administration Technology & software solutions


23rd Jan 2020 - 9:23am Neuberger Berman opens Stockholm office Submitted 23/01/2020 - 9:23am - Neuberger Berman, a private, independent, employee-owned investment manager, has opened its first Nordic office in Stockholm, Sweden. - Neuberger Berman has operated across the Nordics since 2004 and will now deepen this commitment by opening a dedicated office to provide on-the-ground client support. Emelie Albeck, relationship manager for the Nordics, has relocated to Stockholm from London. - Dik van Lomwel, head of EMEA and Latin America, says: “Opening an office in Stockholm, our tenth in Europe, reaffirms our long-term commitment to the Nordic market. Providing local support and expertise is central to nurturing close client relationships. - “Over the years, we are fortunate to have worked with many institutional and intermediary investors in the Nordics and are proud of the progress we have made. Adding this office is a natural evolution, reflecting the growth of our business in the region. Under Mark Østergaard’s leadership, we have a strong team in place to engage with current and future clients and to develop our relationships even further.” - Neuberger Berman’s office in Stockholm opened 2 January 2020 and is located at Jakobsbergsgatan 16. Tags Moves & Appointments


23rd Jan 2020 - 9:20am Drawbridge Partners appoints VP of Business Development Submitted 23/01/2020 - 9:20am - Drawbridge Partners, a cybersecurity software and services firm specialising in the needs of hedge fund and private equity managers, has appointed an Lyons as Vice President of Business Development. - Lyons will be responsible for driving growth for Drawbridge’s award-winning software and services. - Lyons brings over 17 years of business development expertise in the Alternative Investment space to his role at Drawbridge, with a specific focus on technology and security. Most recently, Lyons served as Director of Sales for Apex Services Ltd, which provides technology solutions to asset managers, capital markets firms and private clients. Prior to that, he had a ten-year tenure at Eze Castle Integration, as Director of Business Development and previously as Senior Sales Consultant. Lyons began his career as a Senior Broker for Chittenden Insurance. “In today’s increasingly demanding market, our priority has always been providing our clients with superior, dynamic service alongside deep technical expertise to help them exceed investor and regulatory requirements,” says Nathan Ford, Partner. “Dan’s technology and security expertise coupled with his proven reputation for excellence in client service make him an invaluable addition to the Drawbridge team. I’ve had the privilege to previously work with Dan for almost a decade and am ecstatic to bring such a trusted industry veteran on board as resource for our clients and a sales leader to support our growing business needs.” “Drawbridge’s impressive growth and business expansion are invigorating and a reflection on the quality of software and services they provide to the hedge fund and private equity communities,” said Lyons. “I am thrilled to join this team of experts that has quickly demonstrated the ability to deliver cutting-edge and critical cybersecurity offerings to this complex industry, and I look forward to helping accelerate this growth.” Lyons will be based on the East Coast and report to Nathan Ford. His appointment marks the latest addition to Drawbridge’s established executive team, following the 2019 additions of Nathan Ford as Partner and Viktor Tadijanovic as Chief Technology Officer. Tags Cybersecurity Moves & Appointments Technology & software solutions


Hedge fund lose 3 of assets through outflows in 2019 much less than long equityOpalesque


World's Most Profitable Hedge Fund Adopts Radical Climate TacticsThe Rio Times


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The rise of the platform hedge fundsThe Australian Financial Review


PG&E Reaches Settlement With Hedge Funds in Bankruptcy CaseCourthouse News Service


Activist hedge fund Elliott sells stakes in Hyundai Motor companies - paperReuters UK


Xavier Rolet resigns as boss of CQS hedge fund group after only year in the jobThe Times


Promotions bring the Partnership to a total of 16


SEOUL, Jan 22- Elliott Management sold all its shares in Hyundai Motor Group companies last year after it was thwarted in its campaign for huge special dividends and board seats, South Korean media ...


By: Anne-Marie Godfrey, Akin Gump Strauss Hauer Feld LLP In recent years, the Hong Kong Securities and Futures Commission (SFC) has increasingly focused on private equity funds' obligation to be licensed under the Securities and Futures Ordinance (SFO). In February 2019, the SFC's Licensing Handb... Article link


Laxman Pai, Opalesque Asia: Chicago-headquartered Wynnchurch Capital closed its fifth private equity fund, Wynnchurch Capital Partners V, reaching its hard cap of $2.3 billion in capital commitments. The Wynnchurch Capital Partners V was oversubscribed, exceeding its $1.6 billion target. Wynnchurch... Article link


Laxman Pai, Opalesque Asia: French asset manager Amundi has agreed to purchase 100% of Sabadell Asset Management, the asset management arm of Spanish lender Banco de Sabadell, for €430m ($476m). According to a joint press release from the companies, the sale, which is set to close in the th... Article link


Bailey McCann, Opalesque New York: Ardian has raised €3bn for its latest European middle market private debt fund. The vehicle beat its €2.5bn target and is a billion larger than its predecessor fund which closed in 2015. Ardian says the new fund will include senior debt opportun... Article link


GoldPoint Partners closes $678m Select Manager Fund Opalesque Industry Update - GoldPoint Partners announced the successful closing of its fourth fund-of-funds, GoldPoint Partners Select Manager Fund IV, L.P. The Fund closed on $678 million of commitments, a 150 percent increase from its predecesso... Article link


TCA credit hedge fund shuts amid SEC probe; Investors seek exit From Bloomberg: Florida-based investment firm TCA Fund Management Group Corp. is shutting its main credit hedge fund after the Securities and Exchange Commission probed its accounting and customers moved to withdraw their money. The T... Article link


From Institutional Investor: Skye Global Management founder Jamie Stern was deemed a Hedge Fund Rising Star by Institutional Investor in 2018. So far, he's lived up to that billing. The ex-Third Point portfolio manager's fund posted a 53.7 percent gain in 2019, making it once again one of the top-p... Article link


Ohio Public Employees sticks with Aksia as hedge fund consultant From PIonline.com: Ohio Public Employees Retirement System, Columbus, rehired Aksia as its hedge fund consultant, spokesman Michael Pramik said in an email. The $100.2 billion retirement system, which includes $87.8 billion in define... Article link


Traders betting against Tesla have lost $3.3bn less than a month into 2020. Many are still holding onto their short positions. From Business Insider: Tesla short-sellers are down $3.3 billion year-to-date as of Tuesday's close, according to data from financial-analytics firm S3 Partners. Those loss... Article link


Xavier Rolet steps down as chief of hedge fund CQS From Financial News: Xavier Rolet, the former head of the London Stock Exchange, is standing down as chief executive of Sir Michael Hintze's investment company CQS after little more than a year. CQS said in a statement that Rolet will remain with ... Article link


Billionaire hedge fund manager Ray Dalio warns investors to stay away from Bitcoin From Daily Hodl: Billionaire investor Ray Dalio, the founder of investment firm Bridgewater Associates, one of the world's largest hedge funds, is warning people to stay away from more speculative currencies like Bi... Article link


Global money managers are bullish on Asia Pacific real estate as they develop a keener appetite for risk, according to a new survey which finds that 77.5 percent of institutional investors plan to boost their allocation to the region's property assets in 2020. The joint survey by ANREV (Asian Assoc... Article link


U.S. regulators closing in on additional 'Volcker Rule' easing From Reuters: U.S. financial regulators are wrapping up work on a proposal that would ease restrictions around relationships banks can have with companies like hedge funds and private equity funds, according to a top bank regulator. A ... Article link


Private banks continue to back stocks despite risks From Nikkei: Equities still offer the best chance to make money in a low interest rate environment but private banks catering to the wealthy in Asia are increasingly recommending stock options and gold as a hedge against any sharp pullback. The a... Article link


Private equity firms are struggling to recruit and retain young talent From Institutional Investor: Private equity executives at firms of all sizes are trying to figure out how to better attract and retain younger staff, resorting to tactics such as offering free lunches and relaxing their dress co... Article link


Alts firms see rapid growth in management fees - Fitch From PIonline.com: Alternative investment firms rated by Fitch Ratings reported accelerated growth in management fees for the year ended Sept. 30, according to a report from the ratings agency. Management fees expanded 14.1% in the year ended S... Article link


Hedge fund giant Seth Klarman says the 'rocket fuel' feeding this rally will soon 'run out' From CNBC: Seth Klarman, who runs Baupost Group in Boston, wrote in a letter to investors that the "the rocket fuel that has propelled markets in 2019 will run out." He also noted about 31%... Article link


Eurozone outperforms North America in ESG investing, report finds From Funds Europe: The eurozone continues to outperform North America when it comes to environmental, social and governance (ESG) investing, according to a report.Research commissioned by Paris-based Amundi Asset Managment found that... Article link


Activist Investors and the Art of the Deal From WSJ: Disrupting deals has always been a preferred tactic of activist investors, but they are becoming even more partial to it. Last year, 60% of the cash spent by activist hedge funds globally went on merger and acquisition campaigns, according to La... Article link


Billionaire Hedge Fund Manager Ray Dalio Warns Investors to Stay Away From Bitcoin (BTC)The Daily Hodl


Xavier Rolet standing down from role at leading hedge fund CQS after little more than a year in jobThis is Money


Hedge Fund Outflows Neared $100 Billion in 2019, Most Since 2016Bloomberg


As we’ve discussed, 2019 was a “meh” year for hedge funds. Returns look pretty OK in isolation, but when compared with, say, an S&P 500 index fund, they look a good deal less OK. (Unless you are one of the very rare souls investing with a woman or person of color, in which case things look ...


As we’ve discussed, 2019 was a “meh” year for hedge funds. Returns look pretty OK in isolation, but when compared with, say, an S&P 500 index fund, they look a good deal less OK. (Unless you are one of the very rare souls investing with a woman or person of color, in which case things look ...


Robots Just As Bad As People At Profiting From Last Year’s Market RallyDealbreaker


Founder loosens ties and partners exit in new reshuffle at activist hedge fund


CQS Chief Steps Down Into Advisory RoleInstitutional Investor


2020 is a year, and therefore there is a good chance Argentina will default in it. History tells us there’s a 6% chance that it will happen in any given year, although over the last seven decades, it’s actually been more like 9%, or once every 11 years or so. And, you know, it’s been all of six ...


TCA Credit Hedge Fund Shuts Amid SEC Probe, Trapping Clients (1)Bloomberg Law


TCA Credit Hedge Fund Shuts Amid SEC Probe; Investors Seek ExitBloomberg Law


Onetime Hedge Fund Rising Star Jamie Sterne Posts Blowout GainsInstitutional Investor


Hedge fund giant Seth Klarman says the 'rocket fuel' feeding this rally will soon 'run out'CNBC


Amid buyouts, Morning Call employees fear notorious hedge fund's growing influence at TribunePhiladelphia Business Journal


Two Sigma Ventures raises $288M, complementing its $60B hedge fund parentTechCrunch


Greenwich Man To Bring Enron Know-How To HartfordDealbreaker


Hedge fund managers use complicated writing to deceiveUB News Center


Baupost boss Seth Klarman warns bull market won't last, hoards cashBusiness Insider


Pugnacious Hedge Fund Manager Sentenced To Pay For Opera Seat He Beat A Guy Up OverDealbreaker


Point72 hedge fund analyst training program and lateral hiringBusiness Insider UK


Ohio Public Employees sticks with Aksia as hedge fund consultantPensions & Investments


For many hedge funds in Asia, 2019 was a good year — just not good enough to allow them to charge performance fees.


Boeing ‘Could Be the Enron Scandal of Our Day’: Hedge Fund ManagerCCN.com


£900 fine for hedge fund lawyer who ‘lost his temper’ and punched opera-goer in row over seatLegal Cheek


Stockholm (HedgeNordic) – PriorNilsson Idea has been named the “Hedge Fund of the Year” at the annual “Årets Fonder” event organized by fund platform Fondmarknaden.se. The “Årets Hedgefond 2019” award was one of the ten awards handed out at the annually-held event that recognizes the best funds among the 1,800 funds available on Fondmarknaden.se. “We [...] - Årets Hedgefond 2019 on HedgeNordic.


At first glance, things don’t look that bad for Netflix. But then, that’s kind of the point. It added nearly nine million subscribers in the fourth quarter—but missed its domestic forecast badly for the third straight one, as some big new competitors came online. It’s viewership numbers skyrocketed ...


Emerging market hedge fund ProMeritum's five-year flourishHedgeWeek


Stockholm (HedgeNordic) – Swedish hedge fund house Brummer & Partners was founded almost 25 years ago and the journey is far from over. Brummer & Partners operates in “a survival of the fittest type of business,” says Mikael Spångberg (pictured), CEO of Brummer Multi-Strategy, in an interview at the World Economic Forum in Davos. “It [...] - A Message from Davos on HedgeNordic.


Activist Hedge Fund Elliott Sells Stakes in Hyundai Motor Companies: PaperThe New York Times


Judge tells hedge fund lawyer 'you lost your temper' as he is fined £1,400 for punching a designerDaily Mail


Activist hedge fund Elliott sells stakes in Hyundai Motor companies: paperThe Telegram


MARKET CONTAGION Move over ebola. The pandemic du jour has got the world shook. And markets are no exception. The first reports of a mysterious illness in China began last week. We now know what the deadly respiratory virus is. Meet coronavirus. The disease, which is eerily reminiscent of ...


Activist Investors and the Art of the DealThe Wall Street Journal


22nd Jan 2020 - 10:20am Refinitiv launches Future of Sustainable Data Alliance Submitted 22/01/2020 - 10:20am - Refinitiv has launched the Future of Sustainable Data Alliance (The Alliance) in conjunction with the World Economic Forum, United Nations, IIF, OMFIF, Tsinghua University, ASIFMA, GFMA, Climate Bonds Initiative, FinTech4good, Everledger, Institute of Public and Environmental Affairs, Bank of Africa-BCME, GoImpact and other founding member firms. - The objective of The Alliance is to accelerate the mobilisation of capital into sustainable finance. The Alliance will solve the question: What data do investors and governments need to meet the requirements of both regulators and customers for sustainable investments and products in pursuit of the 2030 Agenda. - The Alliance says: “Fundamental ESG data access and additional alternative data sets are seen as key drivers to help investors make sustainable investment decisions and positively contribute to the UN Sustainable Development Goals.” - Climate change and the UN Sustainable Development Goals (SDGs) continue to accelerate the drive towards sustainable finance, however information to quantify, measure and compare impact is in its infancy. Companies both public and private require disclosure standards on tracking, managing and reporting such information to their stakeholders. The lack of actionable data and standards results in capital markets that are unable to fully understand and integrate sustainability considerations, and as a result allocate capital to inefficient and sometimes environmentally or socially damaging activities, projects and assets. Fundamental ESG and alternative data are required to make sustainable investment decisions and to positively contribute to the UN SDGs. The Alliance aims to identify and consolidate the data required now and in the future. Tags ESG & Responsible Investing Services Research & Analytics


22nd Jan 2020 - 10:07am Digital Vega hires non-exec director and head of business development Submitted 22/01/2020 - 10:07am - Digital Vega, an FX Options e-trading platform and provider of FX Options trading solutions, has appointed Rob Wemyss as a Non Executive Director and Head of Business Development. - Wemyss joins Digital Vega from JP Morgan where he was Global Head of FX Options. He worked at JP Morgan for 25 years in a variety of roles. - "During 2020 we aim to cement our leading position in multi-dealer FX Options trading by adding more liquidity providers and clients, increasing automation in our Vanillas platform and launching a new Exotics service,” says Mark Suter, Executive Chairman and Co-Founder, Digital Vega. “We are delighted to welcome Rob to Digital Vega, where his unparalleled industry experience and senior level contacts with liquidity providers and clients will help to maximise our growth. - “Over the past 12 months Digital Vega has made several key hires. In addition to Rob joining, we have hired Simon Nursey as Head of Asia, Asa Attwell as Head of Product Development, Romain Camus as Head of Exotic Options, Laura Winkler as EMEA Relationship Manager, and Benny LewisasHead of Interdealer Solutions." - Wemyss says: "Transparency, automation and workflow efficiency are driving the market increasingly towards trading FX Options electronically. Digital Vega is already considered the market leader, and by investing in new products and services we expect to capture future market growth.” Tags Moves & Appointments Trading & Execution


Rational Funds converts fourth hedge fundHedgeWeek


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