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Fingers point at hedge funds after Japan bond sell-off  Financial Times



If Carl Icahn doesn’t like a proposed merger or acquisition, it’s a pretty safe bet you’re gonna hear about it. And he really, really didn’t like Xerox’s proposal to Fujifilm that the Japanese company buy it. This probably had something to do with the entire rationale for that merger being, “make ...


Fund manager suffered redemptions after FT reports of ties to racy German financier




Elizabeth Warren's presidential campaign continues to rest on the premise that she can convince enough of the left-to-center Democratic base that her policies are legitimate enough to actually strike fear in the hearts of "The 1%" thus making her an actual populist in a 2020 general election that ...


With the important caveat that we said the same thing about the current occupant of the Oval Office, it’s safe to assume that Michael Bloomberg is not going to be president. The only people who seem to want him to be are billionaires, and there are only about 600 of those in the U.S. Everything ...




Yesterday, Fed Chair Jay Powell went up to Capitol Hill for a chat on the Fed's economic outlook and talked about how negative rates are dumb, inflation doesn't keep him up at night, and pretty much ignored any chance to take a shot at his bully: the actual president. Overall, it was an exceedingly ...




James Yeh has worked for Ken Griffin for 22 years without getting fired. (He retired at the age of 47, because that’s the kind of the thing you can do when you were one of Citadel’s first employees, but was welcomed back with open arms four years later.) This ought to be impossible. But like ...





Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. SHOE DOG GONE Nike out. On Wednesday, the sportswear goliath announced it will no longer be selling ...


Atalaya Capital Management, an alternative asset manager focused on private credit and special situations investments, has closed its seventh Special Opportunities Fund (ASOF VII) at its USD950 million hard-cap.


Cryptocurrency futures exchange OKEx has launched USDT-Margined Futures, following a successful simulation beginning 5 November, 2019. The BTC/USDT Futures Contracts officially went live on 14 November, 2019.


Sign up to our Brexit Bulletin, follow us @Brexit and subscribe to our podcast. A prominent money manager who oversees $1 billion in assets is betting on a stronger pound. Ben Melkman, who quit Brevan ...



On November 7, 2019, the U.S. CFTC (Commodity Futures Trading Commission) announced that it was ordering proprietary trading firm, Tower Research Capital, LLC (TRC), to pay $64.7 million in restitution, disgorgement and penalties for what amounts to the "largest total monetary relief ever ordered in a spoofing case." Apparently, this is all due to activity [...]



Investors race to tech start-ups despite SoftBank stumbles  Financial Times


As we approach the completion of our initial bulge broker analysis in equities - leaving Citi, Barclays and BNP Paribas modeling among some of the remaining work to be done - today's addition to the thread is none other than the masthead for what used to be known as the "Thundering Herd": Merrill Lynch Pierce [...]



Laxman Pai, Opalesque Asia: Global buyout firm CVC Capital Partners has raised $1.6 billion to invest in growing technology companies. The new fund, CVC Growth Partners Fund II, is more than 50% larger than the firm's first tech-focused fund, which closed with $1 billion in 2016. That fund has backe...


Laxman Pai, Opalesque Asia: ESG remains a top priority for institutional investors as 46% of respondents in a survey cited the need to meet fiduciary duty and regulations as a key driver for adopting ESG principles. A survey conducted by State Street Global Advisors also found that 46% cited ESG r...


Laxman Pai, Opalesque Asia: Venture capital deal activity in the US slowed in Q3 2019, but full-year activity is on track to set a new annual record. Venture capital deal activity in Q3 2019 dropped to 1,027 deals and $22bn in capital deployed - the lowest total value in any quarter this year, said ...


Watching people play video games is an asset class now From Institutional Investor: Artist Capital Management, a growth-oriented asset management firm founded last year, has closed a fund focused on providing institutional investors with access to professional and competitive online gaming, or espo...


Opalesque Industry Update - The gross return of the SS C GlobeOp Hedge Fund Performance Index for October 2019 measured 1.15%. Hedge fund flows as measured by the SS C GlobeOp Capital Movement Index advanced 0.50% in November. "SS C GlobeOp's Capital Movement Index showed a gain of 0.50%...


San Diego City Employees commits $30m to real estate fund From PIonline.com: San Diego City Employees' Retirement System committed $30 million to NREP Nordic Strategies Fund IV, a closed-end, value-added real estate fund. The $8 billion pension fund's board approved the commitment at its meeting No...


Majority of fixed-income managers have struggled to outperform From Institutional Investor: Many fixed-income managers have struggled to produce market-beating gains this year from their bets in government and corporate debt. The majority of active fixed-income managers lagged their benchmarks i...


Ken Griffin's hedge fund firm Citadel will have two chief investment officers From Institutional Investor: Griffin, the founder and CEO, will split the CIO job with James Yeh, who has also been named president of the firm effective January 1, according to a Wednesday statement from Citadel. Yeh, ...


Crypto.com launches new exchange eyeing top-10 slot within 5 years Crypto.com launches its cryptocurrency exchange - marking a significant step forward in its mission to accelerate the world's adoption of cryptocurrency. Crypto.com Exchange enables users to trade digital assets on the most liquid a...


Funds almost double sterling hedges ahead of December election From Financial News: UK-based private equity firms are starting to lock in the current value of the pound as they try to profit from the weakened currency, which has been under pressure since the Brexit vote of 2016. The findings fro...


Federal Retirement Thrift presses on with TSP China investment From PIonline.com: The Federal Retirement Thrift Investment Board, Washington, is moving forward with plans to shift billions of dollars in retirement assets to an index fund that includes Chinese companies, despite calls from Capitol H...


H2O auditor flags rule breach during summer liquidity squeeze From FT: H2O Asset Management broke rules governing open-ended funds during a liquidity crisis in June, according to newly published accounts that reveal that the fund manager blew through limits on counterparty risk. The London-based...


Scandal at largest Korea hedge fund triggers record outflows From Bloomberg: South Korea's $29 billion hedge-fund industry just saw its worst withdrawals ever, after its largest fund froze redemptions from investments on illiquid assets. Outflows from local hedge funds reached a record 700 billi...


Venture capital missing out in developing world From Asia Times: The state of African venture capital (VC) funding took a turn in 2018 with funding for African startups growing by an astounding 300%. VC firms are starting to take notice of established and early-stage startups on the continent and a...


Hedge fund founder Andrew Redleaf says prepare for low growth 'for a very long period of time' From Forbes: Andrew Redleaf, who founded the hedge fund Whitebox Advisors, says the coming years will be marked by lower economic growth in the U.S. and that investors should prepare for bankruptcies, esp...


Companies are getting better at explaining how they integrate ESG factors into their business. But ESG is primarily not something you can use to target US investors with - at least not for now, according to Karen Bodner, head of global investor relations advisory at BNY Mellon Depositary Receipts. ...


From Bloomberg: The Treasury Department is planning to issue regulations restricting how hedge fund managers can claim a valuable tax break early next year, a top Treasury official said. The regulations will likely bar money managers from using S corporations to take advantage of an exemption to ...









Even the most intense critics of the #MeToo movement will have to admit that it has caused a dramatic upheaval of office dynamics in American society and that many powerful men throughout American business have paid a huge price for office behavior that is now considered irredeemable. This is ...




Gregory Zuckerman’s “The Man Who Solved the Market” tells the extraordinary story of an investor (not named Warren Buffett) who made a fortune on Wall Street.



Citadel promoted veteran leader to the new positions of president and co-CIO effective Jan. 1.




This Special Report showcases some of the US hedge fund industry's top service providers, including fund administrators, regulatory and compliance specialists, law and accounting firms, as well as fintechs providing a range of solutions for fund managers…


Two Sigma has launched Venn, a cloud-based investment analysis software platform. Venn was introduced initially on a limited, invite-only basis, but is now available to institutional investors and wealth managers among others.


With more investors increasing allocations to private equity and other alternative asset classes, largely at the expense of traditional hedge fund offerings, alternative fund managers are examining their strategic priorities and focusing on how to develop products and prepare their business for a rapidly evolving future.


The Investment Management Due Diligence Association (IMDDA), an investor-based organisation dedicated to the professionals who perform investment and operational due diligence, has appointed Kelly DePonte, Managing Director at Probitas Partners, to its Advisory Board.


EDBI,a global Asian-based Investor, is now a Pico investor and strategic partner. Pico provides transparent, low-latency financial markets solutions.





Align: Best Cyber-Security Services Provider –In the fast-paced world of technology, efficiency and speed are highly valued. Align, a technology infrastructure solutions & managed IT services firm, prides itself on offering clients the innovation that occurs in the public cloud at a faster rate than any of its competitors. This, in turn, allows its clients access to the full benefits of these developments.


Peaks Strategies: Best Public Relations Firm -Technology is playing a greater role in all aspects of the asset management value chain and communications agency Peaks Strategies is focused on introducing new, analytical technologies to help clients better understand the impact and the effectiveness of PR.


Agecroft Partners: Best Third Party Marketing Firm –In order to attract high quality hedge funds and help grow their assets, a hedge fund consulting and marketing firm needs to nurture its reputation for having strong investment knowledge, being ethical and highly selective in terms of the hedge funds it chooses to represent. Agecroft Partners is a consulting and third party marketing firm whose objective is to be viewed in the marketplace as a thought leader within the hedge fund industry; a firm of high institutional quality and representing some of the top hedge funds in the industry.


Horseshoe: Best Offshore Hedge Fund Administrator –As the pace of change accelerates, operational excellence, customisation and innovation becomes critical. In view of this, Horseshoe is focused on growing its brand in the fund administration industry by launching services to help clients streamline their processes and improve their efficiency.


UMB Fund Services: Best Hedge Fund Administrator –Atop priority for UMB Fund Services is the client experience. One of the essential building blocks is a considerable investment in technology which helps ensure UMB’s clients have at their disposal a wide range of tools to support their own product offering to investors.


SS&C Advent: Best Managed Account Platform Technology Firm –Alternative managed accounts have become increasingly popular with institutional investors over the past decade, and Geneva is among the first platforms that enabled fund managers and administrators to service this market at scale.


SS&C Eze: Best Front to Back Technology Firm –Joining SS&C Technologies in October 2018 has helped Eze Software get closer to its goal of bringing together different parts of the financial ecosystem in efficient and effective ways. Being part of a larger entity has helped Eze extend its knowledge of project management best practices and apply them to help customers tailor and optimise their operations.


EisnerAmper: Best Accounting Firm –EisnerAmper LLP is among one of the nation’s largest accounting firms, with a dedicated and well-established Financial Services Practice that provides audit, tax, and advisory services. Our Financial Services Practice, comprised of the Asset Management and Capital Markets Groups, is the largest industry group within EisnerAmper servicing more than 2,500 financial services clients.


Opus Fund Services: Best Hedgefund Administrator for Start-Up and Emerging Funds –Championing growth and development both internally and externally, Opus is making big moves to close out 2019 and head into the coming year with vigour.





Viteos: Best Shadow Accounting Firm –The investment book of record (IBOR) a crucial component for a hedge fund manager, is facing a number of challenges as managers search for alpha. Shankar Iyer (pictured), chief solutions officer at Viteos, explains how innovation is helping hedge funds alleviate some of these pressures.


Mark Cuban and Leon Cooperman don’t have much in common beyond 10 figures in the bank and allegations of insider-trading. Certainly, they don’t see eye-to-eye politically. But Democratic presidential frontrunner Elizabeth Warren has a way of making strange bedfellows, certainly among the Forbes ...



Anchin, Block & Anchin: Best Accounting Firm for Start-Up Funds –Start-up hedge funds should adopt best practices at the onset as this will help set them up for long-term success. Accounting firm Anchin, Block & Anchin focuses on supporting these nascent businesses and guides them through the process of setting themselves up forgrowth.


Imagine Software: Best Risk Management Software Firm –Imagine Software has a 26-year track record for transforming challenges into opportunities for growth and development. Over the past few years, Imagine re-architected its award-winning risk engine and introduced massive parallelisation across a server farm so that it can now handle extremely large, if not limitless, volumes of positions and trades in real time.


Investcorp: Best Seeding Platform –Amidst various economic and geopolitical uncertainties, Investcorp has made significant progress executing its growth and diversification strategy. In the last year, the global alternative asset manager entered new geographies, strengthened its presence in adjacent asset classes, expanded its institutional client base and launched new lines of businesses. This was executed while embracing a culture of best practices supported by a strong alignment of interests that includes sharing in the risks and rewards with the firm’s clients, a long hallmark of Investcorp’s success.


Eze Castle Integration: Best Cloud Services –Cloud technology and security risks continue to evolve and Eze Castle Integration is working incessantly to develop solutions to empower and protect their investment management clients in the face of this evolution.



Regulatory technology company, Evidology Systems, is launching a new service which combines real-time specialist legal opinion with principles-based regulations compliance software.


Harneys: Best Offshore Law Firm –Laws in several financial jurisdictions, such as Luxembourg, BVI, Cayman Islands and Cyprus, are constantly changing. To ensure law firms uphold best practice at all times they require a combination of a strong team, robust communication, systems and practices. In addition, crucial investment in technology can help enhance a firm’s service offeringfurther.




DMS Governance: Best Offshore Regulatory & Compliance Firm– In today’s ever-changing regulatory environment, asset managers can expect existing and upcoming product ranges to be affected by new regulation. DMS Governance supports its clients through a governance, risk and compliance framework to prepare them for any upcoming changes.


Constellation Advisers: Best Regulatory Advisory & Compliance Firm –Hedge funds continue to face increasing demands by institutional investors. Delegating key, non-investment related functions to experienced outsourced partners, can see funds of all sizes optimise and streamline their operations.


Richard Robb, hedge fund manager and Columbia University economics professor, and Mark Zandi, Moody's chief economist, join "Squawk on the Street" to discuss the Chamber of Commerce's remarks on Sen.


Cowen Outsourced Trading:Best Outsourced Trading Solution –Experienced traders, well established and highly regarded buy-side order management and execution technologies overlaid with a totally transparent operating model is what drives the core of the service Cowen Prime Services provides its clients.




Billionaire Paul Tudor Jones says the stock market is getting a boost from a combination of easy monetary policy in the U.S. and lower taxes.



Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. THAT'S SHOWBIZ BABY There’s nothing magical about a grown-ass man in mouse ears @’ing @disneyplus. ...



Context Capital Partners, an alternative specialist firm with holdings and operating companies in various sectors of the alternatives space, has appointed Eric Nollas Chief Executive Officer of Context Capital Partners, withRon Biscardi(pictured) shifting to become Chief Executive Officer of Context Summits on a full-time basis.


The Association for Financial Markets in Europe (AFME) has published a new paper setting out fiverecommendations to deliver supervisory convergence on the regulation of crypto-assets in Europe.


The Wilshire Liquid Alternative Index, which provides representative baseline for how the broad liquid alternative investment category performs, returned 0.31 per cent in October, in line with the 0.31 per cent monthly return of the HFRX Global Hedge Fund Index.


Jill Kreutz is to join BTIG’s Outsource Trading division in Dallas.





By Gary Paulin (pictured), Global Head of Integrated Trading Solutions, Northern Trust Capital Markets –The asset management industry is facing unprecedented pressure from competition, fees, regulatory and compliance challenges, technology costs and shifting product demand. The resulting squeeze on margins is forcing many to lower operating costs and increase scale via consolidation and/or outsourcing.




My First Million: Mike Battle, LaplandUK founder  Financial Times




Matthew X. Hanauer and Steffen Windmueller, two scholars affiliated with the Technical University of Munich, compare the performance of three risk management approaches applicable to the momentum strategy. Their new paper also explores the risk management techniques available for hedge fund managers and others who pursue a momentum strategy. ARead More


Venn was initially introduced on a limited, invite-only basis


Bailey McCann, Opalesque New York for New Managers: A new report from Cayman law firm Walkers shows that hedge funds are hanging on despite continuing headwinds. New hedge fund launch data compiled by Walkers shows that equity and credit hedge funds continue to have a strong volume of launches de...


Laxman Pai, Opalesque Asia: Hedge fund managers were up 0.26% in October, pushing their year-to-date return to 6.21%, according to Eurekahedge. The Eurekahedge Hedge Fund Index gained 0.26% in October, supported by the global equity market rally as represented by the 1.93% gain recorded by the MSCI ...


Laxman Pai, Opalesque Asia: New York-based technology-focused private equity firm Dyal Capital Partners has taken a passive, non-voting minority stake in alternative investment firm Owl Rock Capital Group. Established in 2011 as a division of Neuberger Berman, Dyal Capital specializes in taking mino...


Laxman Pai, Opalesque Asia: Asset managers were able to exceed investors' expectations, both retail and institutional, on the crucial dimensions of risk/return and Environmental, Social and Governance (ESG). These were also among the top three most important dimensions for investors globally, said P...


Laxman Pai, Opalesque Asia: North America continued to attract the major chunk of global venture capital (VC) funding during the third quarter (Q3) of 2019, says a study. According to GlobalData, North America accounted for 48.5% of the global VC investment volume and 52.4% of the investment value i...


October sees positive gains for hedge funds, S P 500 Opalesque Industry Update - The pace of hedge fund returns picked up a bit in October, with the industry posting a monthly gain of 0.88%, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. By com...


Viking's former investment chief Ben Jacobs is gearing up to launch his own fund in mid-2020 From Business Insider: Ben Jacobs, the former co-chief investment officer at Viking Global, is in the process of starting his own fund, which sources tell Business Insider will be named Anomaly Capital. Ja...


Should alternative portfolios favor smaller, medium or larger hedge funds? The choice might not be as obvious as it used to be and more dependent on the stage of the business cycle. For many years, small hedge funds have steadily outperformed their larger peers, at times by double digits, as in ...


Illinois State Universities looking for global equity managers From PIonline.com: Illinois State Universities Retirement System, Champaign, is searching for managers to provide diversified global equity strategies. The $19.2 billion pension fund will also consider manager-of-managers programs and w...


BlueMountain: The hedge fund that lost its way From FT: When Californian utility Pacific Gas Electric filed for bankruptcy protection in January, a once-prominent Wall Street hedge fund was feeling the pain. BlueMountain Capital, founded in 2003 by two former Harvard Law School students during th...


Goldman Sachs keeps losing top traders to hedge funds From eFinancial Careers: As managing director promotions approach at Goldman Sachs, some people at the firm aren't waiting around to see who's on the list. Especially, it seems, if they work on a rates desk. In the past month, Michael Graham,...


Association for Digital Asset Markets releases a code of conduct for digital asset markets Opalesque Industry Update - Today, the Association for Digital Asset Markets (ADAM) published its Code of Conduct to promote integrity, fairness, and efficiency in digital asset markets. All ADAM members plan...


From ARS Technica: Google now has access to detailed medical records on tens of millions of Americans, but the company promises it won't mix that medical data with any of the other data Google collects on consumers who use its services. Google provided this statement yesterday shortly after The W...


Charles Schwab joins chorus of billionaires opposing wealth tax From Bloomberg: Charles Schwab, founder of the giant discount brokerage firm, is joining other finance billionaires in opposing the wealth tax backed by presidential candidate Elizabeth Warren. "It's sort of wrong-directed ...


Asia's flourishing hedge-fund industry Asian hedge funds are one of the bright spots in the hedge fund industry, fueled by strong inflows, robust performance and China's moves to open up its financial markets. Just two decades ago, Asia hedge fund managers collectively controlled about $10 billion...


Most Wall Street workers to get slightly smaller bonuses in 2019 From Reuters: Year-end bonuses for most Wall Street workers are expected to decline this year compared to 2018 amid a drop in investment bank underwriting and trading activity, compensation firm Johnson Associates Inc said on Tuesday...


Reputational risk drives ESG at pension funds more than at other investors From IPE: Avoiding reputational risk drives pension funds to adopt environmental, social and corporate governance (ESG) "principles" more so than it does other types of institutional investors, a survey sug...


From Bloomberg: The former European head of Och-Ziff Capital Management Group told a U.S. judge that he shouldn't be sent to prison for his minor role in a bribery scandal, because the public shame was punishment enough for his crime of lying to investigators. Michael L. Cohen, 48, was the only e...


Hawaiian Electric Industries blasts activist investor letter on replacing CEO From Biz Journals: Hawaiian Electric Industries on Tuesday blasted a letter sent by the CEO of activist investor ValueAct Capital Management urging company stakeholders to look outside the company for President and CEO Co...


Sorin Capital, a commercial mortgage bond investor that ran $1.6 billion at its peak, is shutting down after a 15-year run.After liquidating two hedge funds earlier this year, Sorin continued to run a $500 million portfolio for Blackstone. But with Blackstone’s blessing, Sorin transferred management of that vehicle to relative-value credit manager Good Hill Partners at the end of October.Managing director Joel Jasinski and vice president...


We've talked a lot about DJ D-Sol's culling of the trading floors at 200 West Street in the last year or so, removing a very volatile part of Goldman's business and making room for a newer, younger, cheaper generation of Goldmen to focus on things like dealmaking, Marcus and the Apple Card. ...


At long last, it seems that Saudi Aramco, allegedly the most profitable company in the world by far, is finally going public, in what will be the largest IPO in history. Of course, nothing in life is guaranteed, least of all this particular floatation, given its history and also the stubborn ...







EEX Group is to acquire Nasdaq Futures’ (NFX) futures and options exchange business. EEX Group will acquire the core assets of NFX, including the portfolio of open interest in NFX contracts.



FactSet, a provider of integrated financial information and analytical applications, has deployed the FactSet workstation on OpenFin, the financial industry’s operating system.



Electra Information Systems (Electra), a provider of post-trade solutions for the buy-side investment management industry, has added new capabilities to its Electra Reconciliation platform to enable firms to expedite investigations by quickly identifying the root causes of trade breaks or exceptions.



Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. PLAYING HARD TO GET Everyone's got a "type" ... And it appears that The We Company's type is ...


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