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Alternative Market Briefing

Nordic roundtable delegates believe CTAs will recover previous form

Tuesday, October 22, 2013

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Mikael Stenbom
Beverly Chandler, Opalesque London:

Delegates at The Opalesque 2013 Nordic Roundtable, sponsored by Estlander & Partners, Eurex and Taussig Capital discussed the evolution of the managed futures hedge fund strategy, or CTAs.

Mikael Stenbom of RPM opened the debate commenting that his firm has spent 20 years in this industry. "When we started in the early 1990s, the CTA industry was dominated by U.S. based classical trend-followers." At the time, Stenbom reports that most of them had a mantra: "Never touch the system."

Stenbom continued: "Now, as it turned out in mid-90s, perhaps it would have been a smart idea to touch the system because markets were and are changing, and that was when the European CTAs entered the stage with a more scientific approach. In Europe we had Transtrend, AHL, Winton, Aspect who quickly started to dominate the industry and, at least in terms of AuM, still are."

Stenbom argues that now a new breed of managers is emerging. "These managers do not have a background in trading the markets or from economics or financial studies. They are often engineers, mathematicians or physicists, their passion is technology more than trading, and they have acquired sets of skills tha......................

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