Today's Exclusives

• Opalesque TV: Trade financing opportunities in Asia and the emerging markets capture the attention of institutions [more]

  Bailey McCann, Opalesque New York: Trade financing is gaining traction with investors and one fund, the EuroFin Asia Group. Christian Stauffer, the founder and CEO of EuroFin explained in a recent interview

• Akin Gump publishes top 10 FAQs for US asset managers looking to Europe [more]

  Opalesque Industry Update: US law firm Akin Gump has published a top 10 of FAQs on the AIFMD. The firm writes: On July 22 2013, the Alternative Investment Fund Managers Directive (“AIFMD”) is due to be implemented in every member state

• Swiss funds increased by CHF 100bn ($829bn) year on year [more]

  Opalesque Industry Update: The Swiss Fund Association has announced that in May 2013, the volume of assets placed in the investment funds covered by the statistics compiled by Swiss Fund Data AG and Lipper reached around CHF 763 billion, a slight rise of

• HFRU reports declines across the board to mid-June: Composite index down 1.72%, up 0.98% year to date [more]

  Opalesque Industry Update - HFR's UCITS indices report the HFRU Event Driven Index posted a decline of -1.06% through mid-June, from declines in Asian and Brazilian Special Situations, Merger Arbitrage and

Today's Other Voices

• Other Voices: FCA’s PS13/3: Retail investors unwelcome in Unregulated Collective Investment Schemes [more]

  This piece was contributed by Oliver Lodge of UK based Owl Regulatory Consulting. Whatever our hazy recollections of the good old days, there never was a time when regulators were relaxed about the promotion of unregulated collective inve

More Exclusives

• 18. Jun. | Barclay CTA Index down 1.31% in May (+0.61% YTD); most traders give back April gains [more]

  Opalesque Industry Update: Managed futures lost 1.31% in May according to the Barclay CTA Index compiled by BarclayHedge. The Index remains up 0.61% year to date. “May’s trend reversal in gl

• 18. Jun. | Best Practices Barometer for alternative advisers and investors from RFG [more]

  Opalesque Industry Update - The Regulatory Fundamentals Group (RFG), a New York-based firm that provides strategic business and regulatory insights for alte

• 18. Jun. | Hedge fund manager James Shepherd pleads guilty to commodity pool fraud [more]

  From Precy Dumlao, Opalesque Asia – North Carolina hedge fund manager James Alexander Shepherd pleaded guilty to defrauding investors of at least $6m after admitting to using a personal post office bo

• 18. Jun. | Opalesque Roundtable: Intimate understanding of a company’s structure allows Akanthos’s Kao to be opportunistic [more]

  By Beverly Chandler, Opalesque London: The Opalesque 2013 West Coast Roundtable, sponsored by Sunrise Capital,

• 17. Jun. | Barclay Hedge Fund Index up 1.06% in May; (+5.87% YTD) most hedge fund strategies have gains in 2013 [more]

  Opalesque Industry Update: Hedge funds gained 1.06% in May, according to the Barclay Hedge Fund Index compiled by BarclayHedge. The Index is up 5.87% year to date. “While improving consumer

• 17. Jun. | Dow Jones Credit Suisse Hedge Fund Index finished up 0.42% in May (5.43% YTD) [more]

  Opalesque Industry Update – The Dow Jones Credit Suisse Hedge Fund Index (the “Broad Index”) finished up 0.42% for the month of May. Performance for the Broad Index and its 10 sub-strategies is

• 17. Jun. | LGT Capital awarded GBP100m multi-alternatives mandate from Kingfisher Pension Scheme [more]

  Opalesque Industry Update - LGT Capital Partners has been awarded a GBP 100 million multi-alternatives mandate from Kingfisher Pension Scheme. The mandate is focused exclusively on alternative investm

• 17. Jun. | Newedge CTA Index down -1.71% in May (2.58% YTD) [more]

  Opalesque Industry Update – The Newedge Trend Index fell 3.65% in May 2013 (3.74% YTD), relinquishing some of the gains from March and April. The Newedge Short-Term Trading Index finished slightly po

• 17. Jun. | RBC Hedge 250 Index up 0.60% in May, 4.85% YTD [more]

  Opalesque Industry Update — RBC Capital Markets today reported that for the month of May 2013 the RBC Hedge 250 Index® had a net return of 0.60 percent. This brings the year-to-date return of the Inde

• 17. Jun. | Lyxor launches M&A fund on its alternative UCITS platform [more]

  Opalesque Industry Update - Lyxor Asset Management (“Lyxor”) has announced the launch of the Lyxor / Tiedemann Arbitrage Strategy Fund (the “Fund”), a

• 17. Jun. | Opalesque Exclusive: Navigator Absolute Return Fund up 3.29% YTD, changes name to BAF Latam Trade Finance Fund [more]

  From Precy Dumlao, Opalesque Asia: The Navigator Absolute Return Fund is maintaining its winning streak with consistent positive returns since inception in March ’08 after posting 0.67% in May (+3.29% YTD). The fund

• 17. Jun. | Opalesque Exclusive: Hedge fund launches rose in 1Q13 from the previous quarter to 297: hedge fund news, week 24 [more]

  Hedge fund launches rose in 1Q13 from the previous quarter, and totalled 297 funds, the third highest quarterly launch total since the beginning of 2008, reported HFR

• 14. Jun. | TrimTabs and BarclayHedge: Hedge funds receive meager $430m, underperforms S&P 500 by 126 basis points in April [more]

  Opalesque Industry Update — BarclayHedge and TrimTabs Investment Research reported today that hedge funds took in a net $430 million (0.02% of assets) in April 2013, building on an inflow of $817 mill

• 14. Jun. | SS&C GlobeOp Hedge Fund Performance Index up +0.77% in May; Capital Movement Index June net flows advance 1.17% [more]

  Opalesque Industry Update: The gross return of the SS&C GlobeOp Hedge Fund Performance Index for May 2013 measured 0.77%. Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index ad

More Other Voices

• 24. May. 2013 | Other Voices: What the doctor ordered [more]

  By: Andre Boreas, Director-Alternative Investments, Intralinks I had the opportunity to attend a real estate conference a few weeks ago where the topic of transparency was a hot button issue. More information, quicker turnaround times and deeper due diligence was the mantra among the general par

• 17. May. 2013 | Other Voices: Three 'game changers’ have limited contagion in European markets [more]

  This piece was authored by Melanie Rijkenberg, CFA, Associate Director, Pacific Alternative Asset Management Company Europe LLP. Since the start of the year we have seen a clear de-correlation in global markets and most n

• 17. May. 2013 | Other Voices: Great rotation? What great rotation? [more]

  In the article below, Alex McKnight, investment manager at GAM, an independent, active investment management firm, comments on why convertibles are catching investors’ eyes. We believe the "great rotation" is ov

• 02. May. 2013 | Other Voices: The changing role of hedge funds in pension plan portfolios [more]

  This article was authored by Shahid Ikram, CIO at Aviva Investors, a global asset manager that is part of Aviva, one of the world’s largest insurance companies, and appeared first in Swiss daily newspaper Le Temps on Monday. Mo

• 02. May. 2013 | Other Voices: How the JOBS ACT will benefit hedge fund investors [more]

  This article was authored by Donald A. Steinbrugge, Managing Member of Agecroft Partners LLC, a third-party marketer based in Richmond, VA, U.S. It has been recently covered in the media that Mary Jo White, who became SEC chair

• 16. Apr. 2013 | Other Voices: A primer on AIFMD for U.S. advisers [more]

  This article was authored by Deborah Prutzman, Founder and CEO of New York based-RFG, which provides, among other things, regulatory and risk guidance. AIFMD—As a U.S. adviser, are you within its scope and can you avoid its reach?

• 05. Apr. 2013 | Other Voices: Ikos's Elena Ambrosiadou asks: "Has anyone learnt anything from the recent Cyprus maelstrom, and will it make a difference?" [more]

  This piece was provided by Elena Ambrosiadou, chief executive officer of Ikos Asset Management. Cyprus is in the middle of a financial maelstrom - where did it come from and what needs to be done about it now? Cyprus is the third

• 27. Mar. 2013 | Other Voices: Chasing shadows: should hedge funds shadow administrators? [more]

  This article was provided by Bijesh Amin, Co-Founder/Managing Director at Indus Valley Partners. To shadow or not to shadow At least that is the question facing many large hedge funds with assets well above the magical $1bn mark. The production of a portfolio NAV (Net Asset Value) is

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A SQUARE 31 May 2013

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NASDAQ 100 Index – Daily

Near Term Trend: Positive to Neutral
Monday’s Close: 2,971.26 (+ 27.24)
UPDATE: Our last commentary simply stated, “A close below 2,935.00 could seriously disrupt the Bull run- not before”.
As of last Wednesday, the Index settled at 2,926.14. That should have been enough for a cascade of additional selling. Thus far, it has turned out to be a false signal, even though the market continues to lack upside conviction, and consolidate.
The next day or two are extremely critical- fail to settle above 2,989.00 and this market could hit a serious downdraft.