- Jobs
- Special Reports
- Algorithmic Trading
- Asian Hedge Funds
- BVI Hedge Fund Services
- Bermuda Hedge Fund Services
- Cayman Hedge Fund Services
- Derivatives Exchanges
- Dublin Hedge Fund Services
- Gibraltar Hedge Fund Services
- Guernsey Hedge Fund Services
- Guernsey Private Equity Services
- Hedge Funds in Germany
- Hedge Quest
- Innovations
- Isle of Man Hedge Fund Services
- Jersey Hedge Fund Services
- Jersey Private Equity Services
- Latin American Hedge Funds
- London Hedge Fund Services
- Luxembourg Hedge Fund Services
- Middle East Hedge Fund Services
- South African Hedge Fund Services
- Spanish Hedge Fund Services
- Toronto Hedge Fund Services
- US East Coast Hedge Fund Services
- Content Channels
- Dublin Fund Services
- European Distribution for Hedge Funds
- Funds of Hedge Funds
- Investing in Hedge Funds
- Legal & Regulation
- Manager Moves and Appointments
- Prime Services For Hedge Funds
- Single Manager Hedge Funds
- Software Solutions
- Structured Products
- Trading & Execution
- US Legal & Regulation
- Volatility Arbitrage
- Industry Research
- Events Diary
- Forum
- Contact Us
- News
|
Hedge Reports
Next Generation Wealth Management.pdf
06.May.2008 IBM's latest report on Next generation Wealth Management
Hedgeweek Special Report on Gibraltar Hedge Fund Services 2008 .pdf
28.Apr.2008 Hedgeweek Special Report on Gibraltar Hedge Fund Services 2008
Private Equity Wire Special Report on Guernsey Private Equity Services 2008.pdf
25.Apr.2008 Private Equity Wire Special Report on Guernsey Private Equity Services 2008
Hedgeweek Special Report on US East Coast Hedge Fund Services 2008.pdf
14.Apr.2008 Hedgeweek Special Report on US East Coast Hedge Fund Services 2008
Hedgeweek Special Report on Asian Hedge Funds 2008.pdf
20.Mar.2008 Hedgeweek Special Report on Asian Hedge Funds 2008
Hedgeweek Special Report on South African Hedge Fund Services 2008.pdf
07.Mar.2008 Hedgeweek Special Report on South African Hedge Fund Services 2008
Funds of Alternative Investment Funds - A tax framework.pdf
22.Feb.2008 Funds of Alternative Investment Funds - A tax framework.pdf
Hedgeweek Special Report on Latin American Hedge Funds 2008 .pdf
14.Feb.2008 Hedgeweek Special Report on Latin American Hedge Funds 2008
9th HFMWeek Survey.pdf
01.Feb.2008 Despite the turbulence in the financial markets in recent months, the ninth HFMWeek Hedge Fund Administrator Survey conducted in association with Advent Software, the industry standard investment management software provider, has reported double-digit growth â€" a positive reflection on the hedge fund industry’s resilience.
Bulgaria - Currency Board Special.pdf
30.Jan.2008 The institution of a currency board in 1997 has brought monetary stability to Bulgaria and helped the government to achieve regular fiscal surpluses, says a new report from analysts Desislava Nickolova of Raiffeisenbank (Bulgaria) and Marti Stelzeneder of RZB in Vienna. But continuing high inflation could delay the country’s hopes of adopting the euro by 2012.
Hedgeweek Special Report on Middle East Hedge Fund Services - 2008.pdf
28.Jan.2008 Hedgeweek Special Report on Middle East Hedge Fund Services - 2008
Hedgeweek Special Report on London Hedge Fund Services 2008.pdf
23.Jan.2008 Hedgeweek Special Report on London Hedge Fund Services 2008
The Case for Absolute Return Investing - Augustus Asset Management.pdf
20.Jan.2008 This article discusses how poor equity and fixed income performance have driven the development of absolute return investment and how it is becoming an established alternative to traditional asset management techniques.
Alternative Asset Adviser Jan 08 release.pdf
08.Jan.2008 First edition of Alternative Asset Adviser (a3), the first online publication and website www.alternativeassetadviser.com that addresses the need amongst UK and European financial advisers for alternative asset product news, analysis and education.
Private Equity Wire Special Report Jersey Private Equity Services 2007.pdf
20.Dec.2007 Private Equity Wire Special Report Jersey Private Equity Services 2007
Hedgewek special report on Cayman Hedge Fund Services 2007.pdf
12.Dec.2007 Hedgewek special report on Cayman Hedge Fund Services 2007
Hedgeweek Special Report on Technical Innovations 2007.pdf
27.Nov.2007 Hedgeweek Special Report on Technical Innovations for Hedge Fund Managers 2007
Real-Time NAV - A paradigm shift for Hedge Fund Industry.pdf
22.Nov.2007 Real-Time NAV improves transparency in Hedge Fund industry taking investor satisfaction to a different level altogether. With a gamut of related real-time functionalities like Equalization, Partnership Allocation and Portfolio Management, the Hedge Fund Industry could benefit from a real-time environment. Elimination of lock-ins is another added feature.
Hedgeweek Special Report on Jersey Hedge Fund Services 2007.pdf
12.Nov.2007 Hedgeweek Special Report on Jersey Hedge Fund Services 2007
Ernst & Young Global Hedge Fund Report 16.10.07.pdf
18.Oct.2007 Ernst & Young Global Hedge Fund Report 16.10.07.pdf
FXaLL White Paper - Algorithmic Trading in the Global FX Market .pdf
27.Sep.2007 This paper highlights how the foreign exchange market is following the trend that is now well advanced in the equities market, where the use of automated, complex trading strategies has helped fuel the rise of ECNs. Hedge funds are successfully applying algorithmic strategies to FX trading to generate alpha,  using many of the same methods they have applied in the equities market and other asset classes. This trend has injected more liquidity into the FX market â€" the world’s largest financial market. The market is further evolving in 2007 as participants seek the optimum technology to implement their strategies,  fuelling the growth of FX as an asset class in its own right.
Hedgeweek Special Report on Dublin Hedge Fund Services 2007.pdf
27.Sep.2007 Hedgeweek Special Report on Dublin Hedge Fund Services 2007
Sir David Walker Report - Disclosure and Transparency in Private Equity.pdf
17.Jul.2007 Sir David Walker delivered his much-awaited consultative report on the UK private equity market, ‘Disclosure and Transparency in Private Equity’, on Monday 16 July. Download a pdf version here.
Hedgeweek Special Report on Isle of Man Hedge Fund Services 2007.pdf
09.Jul.2007 Hedgeweek Special Report on Isle of Man Hedge Fund Services 2007:
Hedgeweek Special Report on BVI Hedge Fund Services 2007.pdf
04.Jun.2007 Hedgeweek Special Report on BVI Hedge Fund Services 2007
Hedgeweek Special Report on Toronto Hedge Fund Services 2007.pdf
28.May.2007 Hedgeweek Special Report on Toronto Hedge Fund Services 2007
Spanish Hedge Fund Services.pdf
25.Apr.2007 Hedgeweek Special Report on Spanish Hedge Fund Services - 07
NEF Clean Energy White Paper - Falling behind - Europe's clean energy venture capital and private equity deficit .pdf
18.Apr.2007 Europe is being left behind in the race for technological leadership in clean energy as venture capital and private equity investors focus on opportunities in the US and Asia.
Hedgeweek Special Report on Asia Hedge Fund Services 2007.pdf
18.Apr.2007 As fast as hedge funds spring up to capitalise on the investment opportunities available in Asia’s dynamic and fast-growing markets, they are being shadowed by providers of services to the industry that see in the region a potential for growth that is not necessarily available in the more mature markets of Europe and North America.  This report investigates this and other issues in more detail.
IMF Global Financial Stability Report - April 2007.pdf
12.Apr.2007 In its latest report on financial stability, the IMF warns that leveraged buy-outs by private equity firms taking advantage of the low interest rate environment are making target companies vulnerable to economic shocks.
Growth in Commodity Investment - risks and challenges for commodity market participants.pdf
27.Mar.2007 The growth in investment in the commodity markets, the emergence of new products and the entry of new participants have given rise to various risks and challenges that need to be addressed by traders and exchanges, according this new study published by the UK’s Financial Services Authority.
The FSA's Funds of Alternative Investment Funds (FAIFs) consultation document.pdf
27.Mar.2007 The Financial Services Authority's much-awaited proposals that would allow retail consumers to invest in funds of hedge funds and other alternative investments sold by firms authorised in the UK.
Hedgeweek Special Report - US East Coast Hedge Fund Services 2007.pdf
21.Mar.2007 The Hedgeweek "US East Coast Hedge Fund Services" Special Report investigates the growth in US hedge fund assets and the increase in pension fund allocations into alternatives. Â This report also assesses the new administration providers that have emerged over the past two years. Â Â Â Please click on the link above to download the pdf version of this report.
Portfolio accounting solutions - Matching the solution to the client.pdf
21.Mar.2007 Advent develops products by listening to our clients. And, in over 22 years of providing innovative technology solutions to the investment industry, we've learned that no two clients are alike. They vary in staff and asset size, asset categories, the types of clients they serve, and in their technology needs. For that reason, Advent has developed three different portfolio accounting solutions to cover the range of client profiles and different needs.
Portfolio Exchange - Integrated portfolio and client relationship management.pdf
21.Mar.2007 The end-to-end solution for accounting and reporting, client service and marketing. Evolving from 20 years of proven, industry leading innovation and reliability, Advent Portfolio Exchange represents Advent's next generation in portfolio management technology. It is the first solution to fully integrate the front office functions of prospecting, marketing and CRM with the back office operations of portfolio accounting and reporting.
Axys Report Writer Pro - Creating reports to your exact specifications.pdf
21.Mar.2007 Axys is well known for offering an impressive selection of standard reports to meet a wide range of reporting needs. But what if you want to vary a standard Axys report or create a custom report to meet a specific requirement or request from a client, manager, or partner? Advent developed Axys Report Writer Pro for exactly these situations.
Axys - Industry standard portfolio management and reporting.pdf
21.Mar.2007 Advent Software Inc offers investment management firms the comprehensive tools needed to increase efficiency and improve profitability. Advent's solutions streamline, automate, and integrate the investment management process across your entire organization. With the deep functionality of Axys, Advent's portfolio management and reporting module delivers increased productivity throughout your firm.
Moxy for Hedge Funds - Industry Leading Integrated Trading.pdf
21.Mar.2007 Enhance Trading Workflow, Simplify Integration & Trade Complex Derivatives. In today's increasingly competitive hedge fund marketplace, responding quickly to market opportunities is crucial to success. Now, Moxy makes it easier for hedge fund managers to meet today's trading challenges with advanced trading and order management capabilities that deliver comprehensive global instrument coverage, efficient trader workflow, and flexible connectivity to trading partners. Moxy, the industry's most widely used trade order management system, improves productivity, increases efficiency, and ensures flawless communication for traders.
Geneva Workflow Manager.pdf
20.Mar.2007 Much of Geneva's value is its ability to increase your operational efficiency, thereby reducing costs and risk. The Geneva Workflow Manager takes operational efficiency to a new level. It automates and manages your Geneva workflow processes through efficient integration of data and applications. Interfaces are less costly to build and maintain. Manual side processes are eliminated. Workflow is streamlined.
Geneva - Advent's Revolutionary Global Portfolio.pdf
20.Mar.2007 Financial services firms are under tremendous pressure to develop a true Straight-Through-Processing (STP) solution in their operating environments. The main obstacle that prevents firms from achieving true STP is finding the right core portfolio accounting system. Geneva, from Advent Software, is a revolutionary portfolio accounting system built on a unique and powerful architecture that seals the gaps in your STP model and ensures a completely streamlined workflow.
Hedgeweek Special Report on Cayman Hedge Fund Services 2007.pdf
01.Mar.2007 Cayman remains the industry's jurisdiction of choice. This report investigates what is being done to keep rivals at bay.
C.D. Howe - Financing Canadian Innovation.pdf
15.Feb.2007 Why Canada should end roadblocks to foreign private equity
Hedgeweek Specia Report on Derivatives Exchanges 2007.pdf
30.Jan.2007 See how are Hedge Funds and merger deals fueling the derivates boom
Performance Characteristics of Private Equity - An Empirical Comparison of Listed and Unlisted Private Equity Vehicles - Matthias Huss University of Basel.pdf
22.Jan.2007 Private equity has enjoyed a growing popularity during the last decades. While some years ago, this asset class was believed to be an alternative investment for wealthy individuals it is also playing an increasingly important roel in institutional investors' portfolios.
Hedgeweek Special Report - Technological Innovations for Hedge Fund Managers 2007.pdf
08.Jan.2007 The Hedgeweek ‘Innovations in Software’ Special Report surveys the latest front-to-back office software solutions for hedge funds, and funds of hedge funds, highlighting the latest trading, portfolio management, risk management, administration and investor reporting solutions that help define winning hedge funds.
Credit Suisse Tremont Hedge Index - Emeriging Markets Trends in the Hedge Fund Industry Jan 2007.pdf
03.Jan.2007 The emerging markets hedge fund sector has been buoyed by hedge fund investors that have entered the industry for the diversification benefits, large economic growth prospects and low interest rates. However, the recent moves by major industrialized nations to continue raising interest rates along with the uncertainty regarding the direction of future interest rate movements have led to growing beliefs that the long period of low cost financing is nearing an end and that U.S. economic growth is slowing down. Click on the link for the full report
research paper outlining the framework for the analysis of a new diversifier.pdf
30.Nov.2006 Harry M. Kat, Professor of Risk Management and Director Alternative Investment Research Centre at Cass Business School, London, presents his latest research paper outlining the framework for the analysis of a new diversifier, based on ten simple but effective questions.
Equity markets resist risk and volatility increase after rebounds.pdf
28.Nov.2006 Michala Marcussen, Head of Economic Research, SGAM, outlines the rationale for SGAM’s equity holdings in the latest edition of its ETF News Bulletin. Click here to download the edition.
Hedgeweek Special Report on London Hedge Fund Services 2006.pdf
24.Nov.2006 Hedgeweek Special Report on London Hedge Fund Services 2006
WWF Living Planet Report October 2006.pdf
24.Oct.2006 WWF show the state of the natural world and the impact of human activity upon it. Since then we have continuously refined and developed our measures of the state of the Earth.
Ermitage - UK Pension Funds and Hedge Funds - when will the courting turn into a committed relationship.pdf
23.Oct.2006 Ermitage - Paul Myners presents -UK Pension Funds and Hedge Funds - when will the courting turn into a committed relationship
FSA Speach John Gieve .pdf
19.Oct.2006 Speech by SIR JOHN GIEVE DEPUTY GOVERNOR, BANK OF ENGLAND Hedge Funds and Financial Stability
Asia-Pacific Wealth Report October 2006 - CapGemini and Merril Lynch.pdf
12.Oct.2006 The above-average performance of wealth-creating economic drivers, including the primary catalysts of GDP and market capitalization, bolstered wealth accumulation in the Asia-Pacific region. According to the 2006 World Wealth Report, ive Asia- Pacific markets ranked among the global top 10 fastest-growing HNWI populations in 2005. Two of them â€" South Korea and India â€" ranked first and second among these market leaders. While growth rates for GDP and market capitalization in Asia- Pacific mirrored the global trend of deceleration last year, following 2003’s crest, the region’s economies cooled at a slower rate than those in other parts of the world. India, Indonesia and Japan defied this slowing trend, with GDP expanding at an accelerated pace over 2004.
Joint KPMG IMA TAX REPORT.pdf
12.Oct.2006 The IMA has commissioned KPMG to consider the influence that taxation has on the fund domicile decision, and the further impact this has on the competitiveness of UK funds and the wider UK economy. In preparing this report, KPMG has conducted interviews with 26 investment management groups and four administration companies. The investment management groups interviewed together manage over 60 percent of UK authorised funds as at 31 May 2006.
Global Institutional Demand for Hedge Funds Will Triple to $1 Trillion by 2010, According to New Study by The Bank of New York and Casey, Quirk & Associates.pdf
11.Oct.2006 Global institutional demand for hedge funds will triple by 2010, increasing from $360 billion currently to more than $1 trillion, according to a new study of leading institutional investors, investment consultants and hedge funds released today by The Bank of New York and Casey, Quirk & Associates LLC.
UBS Investment Research - Petrodollars where are they and do they matter.pdf
11.Oct.2006 Is it an accident that US Treasury bond yields (10-year maturities) burst through the 4.50-4.60% highs that had capped the market since 2000 at almost exactly the same time that the US Congress refused to accept the implications of the Dubai Ports World acquisition of P&O? Probably â€" because at the same time too many other and more cyclical phenomena were unfolding, like the collapse in Japan’s monetary base, the surge in gold and metals prices, the intensification of Fed and other central bank rhetoric and action over inflation risks and financial market disturbances in general. - released summer 06
Hedgeweek Special Report Middle East Hedge Fund Services 2006.pdf
05.Oct.2006 Hedgeweek Special Report on Middle East Hedge Fund Services 2006 - Crescent moon shines on hedge funds - the Middle East has long been a fruitful source of hedge fund investment.
FSA Hedge funds A discussion of risk and regulatory engagement..pdf
28.Sep.2006 Rebecca Jones - FSA - transcript of speach about "Hedge funds: A discussion of risk and regulatory engagement."
State Street Global Research Market View 28 September 2006.pdf
28.Sep.2006 State Street Global Research Market View 28 September 2006.pdf
Sabre Fund Management - Why Quant .pdf
19.Sep.2006 Recently, there has been a tendency amongst hedge fund investors to pursue hot new managers. This is justified on the basis that managers are more exciting early on as they are hungrier for returns and that their competitive edge declines with time. This is presumably because managers expand too much and lose alpha as they get too big at the same time during which they lose their competitive edge.
The role of capital introductions in the growth of the hedge fund industry - Deutsche Bank Asian Investor.pdf
18.Sep.2006 The role of capital introductions in the growth of the hedge fund industry By Ferrel Daste, Director, Deutsche Bank Hedge Fund Capital Group
State Street Global Research .pdf
18.Sep.2006 Leonardo da Vinci said that ‘simplicity is the ultimate sophistication’. That is a phrase many participants in financial markets would do well to heed. The simplest investment and trading strategies often work remarkably well for long periods of time. However, another characteristic of markets is that 95 percent of profits (and losses) are made in 5 percent of time-periods. Following a single investment strategy blindly is likely to be very costly in periods when investor behavior changes. Our Research State Street Global Markets, the investment research and trading arm.
Hedgeweek Special Report on Jersey Hedge Fund Services 2006.pdf
31.Aug.2006 Jersey has made strong progress in positioning itself as a leading funds jurisdiction within the European time zone. By March this year the value of the fund assets under administration in the island had reached a record high of GBP156bn. Alternative funds â€" many of them established under the successful Expert Funds regime - now account for assets under administration of GBP34.6bn. New legislation that permits the creation of cell companies through an innovative concept known as the Incorporated Cell Company has been introduced. The Commission has approved its first Shari’a-compliant hedge fund this year, there is plenty of evidence that Jersey is maintaining its innovative approach to the hedge funds industry.
Hedgeweek Special Report on Hedge Funds in Germany 2006.pdf
13.Aug.2006 When Germany liberalised its rules governing hedge funds and taxation of their income at the beginning of 2004 the initiative was hailed in some quarters as a new dawn for the sector. If Germany, with its tradition of conservatism in investment choices and reputation for pernickety rule-making, could embrace hedge funds and funds of hedge funds, the argument went, the rest of Europe and other markets around the world would surely soon be following suit. With two related pieces of legislation, the German Investment Act and the Investment Tax Act, the authorities sought to put in place the conditions to encourage the growth of a domestic hedge funds industry. At the same time they made it easier for funds to attract customers by increasing the extent to which institutional investors such as insurance companies could invest in hedge funds, and even set in place rules that would allow retail investors to invest in funds of hedge funds.
Hedgeweek Special Report - Isle of Man Hedge Fund Services 2006.pdf
10.Jul.2006 The alternative investment fund services industry in the Isle of Man may not yet be on the same scale as the sector in Dublin, Europe’s largest centre for hedge fund services, but new business is flooding in. There are signs that the island is starting to win mandates from other jurisdictions, as fund promoters look for a higher level of service quality and personal attention than is available elsewhere.
REPORT OF THE ALTERNATIVE INVESTMENT EXPERT GROUP TO THE EUROPEAN COMMISSION MANAGING,, SERVICING AND MARKETING HEDGE FUNDS IN EUROPE.pdf
04.Jul.2006 In July 2005 the European Commission launched a public debate on possible ways to enhance the European framework for investment funds. While the debate focuses primarily on retail investment funds that fall within the existing legislative framework (UCITS), the Commission also notes the strong growth of the alternative investment market, consisting of inter alia, private equity funds and hedge funds.
Northern Trust Report - The Forced Institutionalisation of the Hedge Fund Industry .pdf
15.Jun.2006 Demand in Europe for hedge fund exposure sees no sign of relenting. In 2003, one in five institutional investors in Europe invested in hedge funds or fund of hedge funds. By 2005 this had increased to one in three. These inflows are impacting the hedge fund industry right now and this study seeks to explore the consequences that institutionalisation is having on investors and managers alike.
The Bank of New York Hedge Fund Operational Risk Report June 2006 .pdf
12.Jun.2006 Hedge fund managers have long been aware of the need for investors to conduct thorough due diligence when assessing the merits of their investment strategy. Yet, over the past few years, there has been an increasing focus on operational due diligence due to (1) the increasing inflows of institutional capital into hedge funds and (2) some well publicised fraud cases which have caused losses for even some of the most sophisticated investors in the industry. Regulators are also focusing their attention on hedge funds due to both the tremendous growth of this asset class over the past few years and the increasing demand from retail investors and public pension plans. Operational risk can be described accurately as “risk without reward�, as it is the only risk that investors face that is not rewarded with potentially increased returns.
Hedgeweek Special Report on Dublin Hedge Fund Services 2006.pdf
12.Jun.2006 This report highlights the significant strides made by Ireland in positioning itself as the leading hedge funds services centre in Europe.
Simmons & Simmons Report - Hedge Funds in Spain .pdf
17.May.2006 The long awaited Regulations on Collective Investment Schemes (CIS Regulations) (Royal Decree 1309/2005, of 04 November), which came into force on 09 November 2005 set out for the first time a legal framework for hedge funds (HFs) and funds of hedge funds (FOHFs) in Spain.
Lite Trading Spotlite FTSE 350 Report 15th May 2006.pdf
16.May.2006 Weekly trading ideas for fund managers taken from the FTSE 350 - provided by Lite Trading
Commodities - A Case for Active Management.pdf
15.May.2006 In this paper Rian P. Akey of Cole Partners, Chicago, Illinois, USA hypothesizes that the commodities asset class has a number of distinct characteristics which may make it particularly suitable for skilful active managers to find alpha opportunities; and, further, that investors considering the asset class may achieve enhanced returns by investing in actively managed commodity futures and/or actively managed natural resources related securities and derivatives (hedge funds).
Hedgeweek Special Report - Toronto Hedge Fund Services 2006.pdf
24.Apr.2006 Hedgeweek Special Report on Toronto Hedge Fund Services 2006
Hedgeweek Special Report on Guernsey Hedge Fund Services 2006.pdf
17.Apr.2006 Special Report on Guernsey Hedge Fund Services 2006
Hedgeweek Special Report - Asian Hedge Funds 2006.pdf
27.Feb.2006 Asia has evolved very rapidly from a marginal backwater of the global hedge funds industry to a critical and rapidly growing source of new capacity and diversified opportunities. Hedgeweek’s Asian Hedge Funds 2006 special report provides readers with an in-depth look at the current trends and opportunities in Asia, with specialist contributions from the key service providers and advisors operating across the region.
CESR's Advice to the EC on clarification of definitions concerning eligible assets for investments of UCITs.pdf
02.Feb.2006 In the context of the implementation of the so-called UCITs III Directive, the issue has arisen whether or to what extent some financial instruments could be considered eligible investments for a UCITs in compliance with the Directive.
Hedgeweek Special Report on Cayman Hedge Fund Services.pdf
19.Dec.2005 At the end of November the Cayman Islands’ hedge fund industry passed a milestone with the registration of the 10,000th fund to be authorised by the Cayman Islands Monetary Authority since the passage of the Mutual Funds Law in 1993 paved the way for the islands to become the world’s leading hedge fund domicile and a major centre for the servicing of alternative funds.
Eurex Derivative Products in Alternative Investments - The Case for Hedge Funds.pdf
30.Nov.2005 Within the past decade, the growth in global investment markets has spurred the creation of a variety of derivative instruments traded on a number of non-U.S. futures and options exchanges.The development of these exchanges has provided impetus for the development of new financial products such as European based hedge funds. Even in those cases where derivatives may not necessarily be used directly to implement hedge fund strategies, academic research has shown that derivatives can be used in representing fundamental hedge fund return patterns. Most research on the use of derivative instruments to represent hedge fund product returns has focused on U.S. derivative markets. This paper examines the use of various futures and option contracts traded on Eurex and several other European futures and options exchanges in representing the performance of various European based hedge fund strategies. Results show that European futures and option contracts can be used 1) as part of a multi-factor hedge fund replication model to describe the return process of many European based hedge fund strategies and 2) as part of a set of passive systematic “strategy based� trading programs that reflect the return processes of many European based hedge fund strategies.
Eurex Derivative Products in Alternative Investments - The Case for Managed Futures.pdf
30.Nov.2005 This report analyzes the potential benefits to CTAs of incorporating Eurex futures contracts as an investment vehicle. Results indicate that investment in Eurex futures contracts would have improved the performance of a CTA employing a standard momentum-type trading model during the 1992-2002 test period.We also show that these strategies would have improved returns and lowered volatility for an investor holding a typical stock / bond portfolio. Global stock indexes are highly correlated, but the returns from momentum strategies employed in these markets are surprisingly different. In particular, the DAX®, Nikkei 225, and Dow Jones EURO STOXX 50 Futures contracts seem more conducive to trendfollowing strategies than the S&P 500 and FTSE 100 Futures contracts.
Portable Alpha and Portable Beta Strategies in the Eurozone -Implementing Active Asset Allocation Decisions using Equity Index Options and Futures.pdf
30.Nov.2005 While stock picking strategies are in principle meant to exploit evidence of predictability in individual stock specific risk, most equity managers, as a result of their bottom-up security selection decisions, often end up making discretionary, and most of the time unintended, bets on market, sector and style returns as much as they make bets on individual stock returns. In this paper, we show how portfolio managers in the Eurozone can benefit from using derivatives markets to actively manage their asset allocation decisions in a systematic manner. Using a robust econometric process based on a non-linear multi-factor thick and recursive modeling approach, we report statistically and economically significant evidence of predictability in Dow Jones EURO STOXX 50 excess return. These econometric forecasts can be turned into active portfolio decisions and implemented via Eurex equity index futures to generate active asset allocation portable alpha benefits. We also show that adding active sector rotation decisions to asset allocation decisions allows one to significantly lower the portfolio volatility as a result of the benefits of bet diversification. We finally explain how active portfolio managers can benefit from using suitably designed Eurex option strategies as portable beta vehicles. In particular, option portfolios can be used to enhance the performance of tactical asset allocation programs by consistently adding value during the periods of low volatility when timing strategies are known to perform rather poorly. The benefits of active asset allocation decisions reported in this paper originate from the combination of a robust econometric and portfolio process on the one hand, and efficient trading of low cost investible products such as Eurex equity index futures and options on the other hand. This strongly suggests that most long/short managers could use a similar methodology to enhance the performance of their portfolios without having to rely on the alleged superior performance of any specific predictive model.
The Global Reach of Investable Hedge Fund Indices.pdf
25.Nov.2005 In the last few years investable indices have become an important new method of hedge fund investment. They have shaken off the early doubts about hedge fund indices in general and established a clear...
EDHEC - From Delivering to Packaging of Alpha - Illustration from Active Bond Portfolio Management - Using Fixed Income Derivatives to Design Hedge Fund Type Offerings that Better Fit Investors’ Need.pdf
23.Nov.2005 In this paper, EDHEC emphasizes the need for the hedge fund industry to adopt a consumer (investor)-driven approach, as opposed to the current producer (manager) perspective, and we call for the emergence of new types of offering with characteristics better suited to the needs of institutional investors. Using active bond portfolio management as an example, we present evidence that derivatives can be used by managers not only for generating and delivering abnormal performance, but also for packaging such performance in a form that is consistent with the modern core-satellite approach to institutional portfolio management, for which we explore both a standard static version and also a dynamic extension allowing for dissymmetric control of active mangement risk.
Hedge Quest Winter 2005 edition.pdf
21.Nov.2005 The Global Reach of Investable Hedge Fund Indices - in the last few years investable indices have become an important new method of hedge fund investment. They have shaken off the early doubts about hedge fund indices in general and established a clear...
KPMG - Private Equity - Insight into Deal Origination.pdf
21.Oct.2005 This is the first instalment of KPMG's Private Equity Group's Insight into Investing survey on the private equity deal process. This first part looks at ways in which private equtiy firms originate deals.
Hedgeweek Special Report on Latin American Hedge Funds.pdf
20.Oct.2005 The Hedgeweek Special Report on Latin American Hedge Funds focuses on revealing the key hedge fund managers in the region, the service providers, and the investment opportunities in the region
Russell Survey on Alternative Investing - 2005- 2006 executive summary.pdf
15.Sep.2005 Institutional investor commitment to alternative investments is poised to reach record levels by 2007, according to a new report.
CFDs - The net closes - Final rule changes to Takeover Code.pdf
08.Sep.2005 Simmons & Simmons outlines the changes to the disclosure regime in Rule 8.3 of the Takeover Code affecting third party investors and investment managers.
FSA - Trading Transparency in the UK Secondary Bond Markets.pdf
08.Sep.2005 The FSA is issuing this Discussion Paper to help develop its policy on trading transparency in the secondary bond markets.
Summary Performance of US Plan Sponsor Funds.pdf
17.Aug.2005 The median US corporate, public, and foundation/endowment plan experienced positive results for the second quarter of 2005, according to a Mercer survey.
Jersey's new mindset lets Hedge Funds bloom.pdf
29.Jul.2005 The past few years have seen booming growth for much of the financial services industry in the crown dependency of Jersey, which was relatively untouched by the stock market slump between 2000 and 2003.
Deutsche Bank 2005 Alternative Investment Survey.pdf
15.Jul.2005 Deutsche Bank Survey: Investors expect 6-8 per cent returns this year. Deutsche Bank has unveiled the results of its Fourth Annual Alternative Investment Survey conducted in the first half of 2005.
Emerging Manager Outperformance.pdf
14.Jul.2005 Research points to alpha opportunities from new hedge fund managers, HFR Asset Management has produced new research confirming the significant potential offered by early-stage investing in emerging hedge fund managers.
Hedge Funds - A Catalyst Reshaping Global Investment.pdf
04.Jul.2005 As a way of achieving out-performance, the recent unprecedented surge in the demand for hedge funds will ease as the industry commoditises, according to a new study published by CREATE, the UK think tank, and KPMG International
FSA - Wider Range of Retail Investment Products.pdf
23.Jun.2005 Wider Range of Retail Investment Products - Consumer Protection in a Rapidly Changing World covers the regulatory regime that applies to retail investment products
The UK's Financial Services Authority on 23 June.pdf
23.Jun.2005 Discussion paper - Hedge Funds, A Discussion of Risk and Regulatory Engagement, covers the impact of hedge funds on the UK's wholesale markets.
Research explores investor-driven approach to packaging of alpha.pdf
20.Jun.2005 A new research paper from Edhec shows how the alpha benefits of using fixed-income derivatives can be successfully transported to a core investor portfolio. The paper ‘From Delivering to the Packaging of Alpha’, is based on research recently carried out by Lionel Martellini, Philippe Malaise and Noël Amenc of the Edhec Risk and Asset Management Research Centre. The research was supported by Eurex.
Hedge Quest Volume 1.pdf
26.May.2005 Summer 2005 edition of HedgeQuest, the European journal of cutting-edge thinking for hedge fund managers and investors
Dublin Hedge Fund Services.pdf
23.May.2005 After approaching a decade of rapid growth, Ireland’s hedge fund services industry may be having to face up to new challenges in the form of rising costs, occasional shortages of key skills, and inc...
BIS Special Report.pdf
08.Apr.2005 Special Report: Time-varying exposures and leverage in hedge funds
Guernsey Hedge Fund Services.pdf
30.Mar.2005 A Hedgeweek special report focused on outlining the depth and breadth of the services available in Guernsey to promoters and managers of hedge funds and funds of hedge funds....
Hedgeweek Special Report on Guernsey Hedge Fund Services.pdf
08.Mar.2005 A Hedgeweek special report focused on outlining the depth and breadth of the services available in Guernsey to promoters and managers of hedge funds and funds of hedge funds.
Amplitude Capital - Examining Trend Characteristics.pdf
01.Mar.2005 In the past, systematic managed futures strategies have often been described as mystical. As more studies and research have been applied, these strategies have become a lot more transparent and easier to understand.
Watson Wyatt Summary of UK Pension Fund Allocations to Hedge Funds 2004.pdf
17.Feb.2005 UK pension funds continue shift to alternative investments UK pension funds advisor Watson Wyatt Investment Consulting doubled the number of alternative investment mandates awarded to fund managers in 2004.
Record Q4 growth speeds hedge funds towards USD 1 trillion level.pdf
14.Feb.2005 The latest report from Hedge Fund Research reveals that the hedge funds sector ended 2004 with nearly USD 1 trillion in assets under management.
Greenwich Reports - Hedge Funds Move into Mainstream.pdf
21.Jan.2005 A new report from Greenwich Associates has identified several trends suggesting hedge funds are moving out of the "alternative" realm and into the mainstream.
Dealings in Derivatives and Options.pdf
13.Jan.2005 The Pannel on Takeovers and Mergers, consultation document on dealings in derivatives and options - an outline of proposals relating to the amendments proposed to be made to the takeover code and the SARS
CalPERS Discloses Private Equity HF Profits and Management Fees.pdf
09.Dec.2004 On 7 December 2004 The California Public Employees' Retirement System (CalPERS) announced it had reached an innovative settlement in the litigation brought by the California First Amendment Coalition (CFAC) over release of private equity records. Under the terms of the settlement reached by CalPERS and CFAC, the pension fund developed new "custom spreadsheets" that show the amounts of CalPERS annual profits received from and expenses paid to its 300 private equity and hedge fund partnerships. The gains/profits received from these fund partnerships between 1999-2003 are detailed in this document, which is now available to the public under the terms of the settlement. From next year onwards, Calpers will update this information via its website.
Alternatives 2004 Review and Outlook - Sagitta Asset Management.pdf
08.Dec.2004 Hedge Funds have come under a great degree of scrutiny in 2004. Over the last 18 months assets have poured into Hedge Funds and the assets in the industry are now widely believed to have surpassed the $1 trillion mark.
Italian Derrivatives Market.pdf
07.Dec.2004 IDEM (the Derivatives Market of the Italian Stock Exchange) celebrated its 10th birthday with record levels for open interest, with 2,562,838 contracts open.
SEC Hedge Fund Registration Rule; Final.pdf
03.Dec.2004 SUMMARY: The Commission is adopting a new rule and rule amendments under the Investment Advisers Act of 1940. The new rule and amendments require advisers to certain private investment pools (hedge funds) to register with the Commission under the Advisers Act. The rule and rule amendments are designed to provide the protections afforded by the Advisers Act to investors in hedge funds, and to enhance the commission's ability to protect our nation's securities markets.
Investible Hedge Fund Indices - an Assessment and Review.pdf
18.Nov.2004 Investable Hedge Fund Indices (IHFIs) have grown in numbers since the first meaningful introduction of these during 2003. While making their presence wide spread through a number of main providers, investors have been left with the task of considering whether or not IHFIs achieve in practice a better if not outright alternative to established Hedge Funds of Funds (HFOFs ). What the assessments provided by this report show is that IHFIs are not very different to HFOFs and in many ways HFOFs remain a more viable alternative. Large dispersions are shown to exist for the same types of Hedge Fund Strategies amongst the different IHFI providers. The subscription and redemption costs, notice periods and annual fees make the actual performance which investors can expect to realise from Buy and Hold investing, substantially less than that reported for the underlying indices on which the IHFIs are based. In summary, many practical challenges remain open with investing in IHFIs and will require considerable time and resources to shift the vote towards IHFIs away from HFOFs if at all.
Strategic Financial Solutions Annual Survey 2004.pdf
11.Nov.2004 Aggregate results of an annual database study intended to further demystify the hedge fund industry
The Impact of Portfolio Financing on Alpha Generation by Hedge Funds.pdf
01.Oct.2004 Building a successful hedge fund requires more than just the traditional three Ps of Pedigree, Performance and Philosophy. As hedge funds’ popularity increases, it is increasingly clear that Process needs to be considered the 4th P in alpha generation.
British Bankers Association Credit Derrivatives Report.pdf
23.Sep.2004 Once again the growth of the global credit derivatives market has surpassed previous expectations. It is now estimated that at the end of 2003 the global market (excluding asset swaps) accounted for $3,548 billion or $3.5 trillion. This growth is expected to continue, with the global credit derivatives market predicted to increase by nearly half again in 2004 to $5,021 billion and reach $8,206 billion by 2006. If asset swaps are included in the market size estimates, it is thought the global credit derivatives market will reach $8.4 trillion by the end of 2006.
Casey, Quirk & Acito - Institutional Demand for Hedge Funds.pdf
17.Sep.2004 Institutional demand for hedge funds, new opportunities and new standards
Institutional Demands for Hedge Funds - New Opportunities and New Standards.pdf
17.Sep.2004 We estimate that U.S. institutional investor capital in hedge funds will increase from $60 billion to $300 billion within five years. To date, the majority of money has come from endowments and foundations; defined benefit plans and other institutional investors will soon represent a more proportionate market share.
Pioneer Alternative Investments - UK pensions survey reveals 33% considering hedge fund investments.pdf
23.Aug.2004 A new survey of UK pension funds reveals that 16% are currently invested in hedge funds whilst 33% are actively looking at the asset class.
Invesco European Institutional Asset Management Survey.pdf
01.Jul.2004 Invesco’s European Institutional Asset Management Survey 2004: US equities lose favour as demand for alternative investments grows
Cap Gemini & Merril Lynch Survey World wealth climbs 7.7% as HNWIs continue shift into alternatives on World Wealth.pdf
22.Jun.2004 The total global wealth of high net worth individuals (HNWIs) has climbed 7.7% to USD 28.8 trillion, according to a new survey by Capgemini and Merrill Lynch.
Greenwich Associates - use of leverage.pdf
15.Jun.2004 A recent study by Greenwich Associates reveals that almost one-third of hedge funds have increased their use of leverage over the past 12 months.
AIMA - European consultant's attitudes to HF allocations.pdf
01.Jun.2004 A new survey indicates that consultants advise their institutional clients to allocate almost half of their active risk budgets to hedge funds, currency management and tactical asset allocation (TAA). |
