UBS diverts $5bn of Asia deposits to curb Basel III costs... [more]From Bloomberg.com: UBS Group AG has shifted more than $5 billion of riskier Asia-Pacific deposits into alternative cash investments as new rules raise the cost of holding them. The world’s largest manager of millionaires’ money has helped some clients such as hedge funds move their cash into assets
Adviser warns over smart-beta underperformance... [more]From Asianinvestor.net: A Hong Kong advisory firm has warned investors to choose smart-beta ETFs carefully after a study found strong divergence in short-term performance of products with similar portfolio composition. EXS Capital, a Hong Kong-based wealth management firm that uses ETFs extensively
Comment - Happy hedge funds and frightened lenders... [more]From Bloombergview.com: Some hedge funds had a good month, with equities long-short funds run by former SAC Capital employees doing particularly well. Jason Karp's Tourbillon Capital Partners, Aaron Cowen's Suvretta Capital Management, and Gabriel Plotkin's Melvin Capital are all up on the year. Var
Europe - Cohen’s Point72 leases St. James Offices in return to London... [more]From Bloomberg.com: Point72 Asset Management, the investment firm that oversees billionaire trader Steven A. Cohen’s wealth, agreed to lease office space in London’s upmarket district St. James as the firm plans to return to the U.K. capital. Point72 expects to close in the coming days on a contract
…And Finally - Suspicions confirmed... [more]From Newsoftheweird.com: The U.S. Patent and Trademark Office in Alexandria, Virginia, has an award-winning "telework" program allowing patent examiners flexible schedules, leading half of the 8,300 to work at home full-time -- despite a 2014 Washington Post report on employees gaming the system.