Wed, Jun 28, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications

Swiss investors turn to alternatives to find the right balance between passive and active investing - Opalesque Geneva Roundtable

Sign up here for our free Roundtable Scripts - get this unique intelligence by email as Opalesque publishes them:

Given the less attractive outlook on most traditional "pure beta" asset classes and investment styles, hedge funds and alternative investments are regaining interest from Swiss investors: pensions, banks, independent asset managers and private clients. Risk premia become increasingly tight, and with that the risk of a correction increases. The need for diversification is high.

Swiss pension plans have on average 5% invested in alternatives, well below the regulatory soft limit of 15%. 1% is in private equity, about 2% is in hedge funds, and the remaining is deployed in other asset classes categorized as alternatives according to the Swiss pension plan regulation such as commodities, insurance-linked securities, senior secured loans and private debt. The allocation to alternatives of semi-institutional investors such as family offices is more sizable and consists on average of 20% private equity and 8% hedge funds.

High performance hedge funds, structural changes and questions around PE

In this Geneva Roundtable, we introduce you to a selection of interesting managers. For example, Hilmi Ünver represents one of the oldest funds of hedge funds called Haussmann. Launched in January 1974, the fund has been around for 43 years now with a net compounding performance of 13.8% since inception. Commodity newcomer Zafiro Capital, founded by veteran manager Stephen Smethurst, is up 71% gross in 2016, and Dr. Karl Sarkans' Geneva Global Macro Fund is up 90% net in 2016 after having made 30% in 2015 and 75% in 2014.

The Roundtable also addresses structural changes within hedge funds. While total industry AUM still seems to go up, we also see hedge fund managers closing, which means in some cases less competition, leading to greater dispersion and better opportunities for certain type of managers. Meanwhile, investors and consultants say that it's actually private equity which is a big question mark (page 8), because valuations are probably even richer than in listed equities with so much money chasing limited opportunities.

Finding the right balance between passive and active investing

Investors shouldn't underestimate some of the unintended consequences of the unabated money flows into passive investments. Of course, there is a cyclical aspect to that as well in the sense that you need to be massively investing into passive investment when markets are efficient and it's a cheap way to get beta. However, the more you invest into passive investments, the more distorted the market becomes until at one point large inefficiencies can be exploited by active managers (page 15). Hedge funds are the most active investors because they can go long and short, and they should be the ones who can benefit the most from large dislocations and inefficiencies.

The Opalesque Geneva Roundtable, sponsored by Eurex, included the following experts:

  • Dominique Grandchamp, Head Investment Consulting Switzerland, AON
  • Hilmi Ünver, Head of ultra-high-net-worth and family office, Notz Stucki
  • Clément Leturgie, Business development & investor relations, Lombard Odier Asset Management
  • Dr. Karl Sarkans, Portfolio Manager & Director, Geneva Capital
  • Vincenzo Zinnà, Equity and Index Sales, Eurex
  • Stephen Smethurst, CEO, Zafiro Capital
  • Sherban Tautu, Head of Investment Advisory, Banque SYZ
The group also discussed:
  1. Example of an alternative risk premia mix that is working quite well and can deliver attractive returns over the medium term (page 9) (page 10)
  2. Which are the four main ways to improve bond yield?
  3. What does a balanced account of a typical Swiss ultra high net worth client look like? (page 11)
  4. Manager selection: How do Swiss allocators select funds? (page 13, 23) In demand: Cross assets specialists and managers with a clear technological edge (page 16)
  5. Do second or third generation managers spinning out of some well-known established hedge funds mostly succeed or mostly fail? (page 13)
  6. What is the potential problem with robo-advisers? (page 13-14) Are robo-advisers "smart"? Will disaster strike? (page 20)
  7. Do quants distort fundamentals? (page 15)
  8. How is an asset-liability study performed? (page 17)
  9. Outlook for oil, Palladium and precious metals (page 21)
  10. What is Eurex' ISA Direct offering? How can volatility futures hedge portfolios? (page 23)
  11. Are equity valuations justified? (page 24)
  12. How can fees be more aligned between managers and investors? (pages 24-26)

    Access the Opalesque Roundtable Series - Geneva 2017 | Download here

    The Opalesque Roundtable Series offers unparalleled intelligence on the most important global hedge fund jurisdictions and their players. The Roundtable Series is a free publication from Opalesque and is continually updated. Please scroll down to view the full selection of our Roundtables - covering the globe!

    Article Link

    Other Opalesque Roundtables in Geneva
    Mon, 22 Feb 2016
    Opalesque Roundtable Series - Geneva 2016 More informationDownload
    Tue, 10 Feb 2015
    Opalesque Roundtable Series - Geneva 2015 More informationDownload
    Wed, 05 Feb 2014
    Opalesque Roundtable Series - Geneva 2014 More informationDownload
    Mon, 17 Dec 2012
    Opalesque Roundtable Series - Geneva 2013 More informationDownload
    Thu, 12 Jan 2012
    Opalesque Roundtable Series - Geneva 2012 More informationDownload
    Thu, 20 Jan 2011
    Opalesque Roundtable Series - Geneva 2010 More informationDownload
    Mon, 30 Nov 2009
    Opalesque Roundtable Series - Geneva 2009 More informationDownload
    Wed, 01 Oct 2008
    Opalesque Roundtable Series - Geneva 2008 More informationDownload
    Opalesque Roundtable Series - A Catalogue of Intelligence on Global Hedge Fund Centers:
    Wed, 03 May 2017
    Opalesque Roundtable Series - France 2017 More informationDownload
    Thu, 20 Apr 2017
    Opalesque Roundtable Series - Frankfurt 2017 More informationDownload
    Thu, 06 Apr 2017
    Opalesque Roundtable Series - Zurich 2017 More informationDownload
    Sun, 12 Mar 2017
    Opalesque Roundtable Series - Gulf (Dubai) 2017 More informationDownload
    Tue, 14 Feb 2017
    Opalesque Roundtable Series - Cayman 2017 More informationDownload
    Thu, 19 Jan 2017
    Opalesque Roundtable Series - South Africa 2017 More informationDownload
    Wed, 11 Jan 2017
    Opalesque Roundtable Series - Netherlands 2016 More informationDownload
    Wed, 04 Jan 2017
    Opalesque Roundtable Series - Japan 2017 More informationDownload
    Thu, 15 Dec 2016
    Opalesque Roundtable Series - China 2016 More informationDownload
    Wed, 07 Dec 2016
    Opalesque Roundtable Series - Hong Kong 2016 More informationDownload
    Thu, 01 Dec 2016
    Opalesque Roundtable Series - Australia 2016 More informationDownload
    Thu, 24 Nov 2016
    Opalesque Roundtable Series - Singapore 2016 More informationDownload
    Tue, 15 Nov 2016
    Opalesque Roundtable Series - Bermuda More informationDownload
    Mon, 07 Nov 2016
    Opalesque Roundtable Series - Guernsey More informationDownload
    Mon, 31 Oct 2016
    Opalesque Roundtable Series - New York 2016 More informationDownload
    Mon, 24 Oct 2016
    Opalesque Roundtable Series - Miami 2017 More informationDownload
    Mon, 17 Oct 2016
    Opalesque Roundtable Series - 2016 Investor Roundtable More informationDownload
    Wed, 03 Aug 2016
    Opalesque Roundtable Series - U.K. 2016 More informationDownload
    Fri, 22 Jul 2016
    Opalesque Roundtable Series - France 2016 More informationDownload
    Thu, 14 Jul 2016
    Opalesque Roundtable Series - Jersey More informationDownload
    Mon, 04 Jul 2016
    Opalesque Roundtable Series - Frankfurt 2016 More informationDownload
    Tue, 21 Jun 2016
    Opalesque Roundtable Series - Malta 2016 More informationDownload
    Wed, 08 Jun 2016
    Opalesque Roundtable Series - Montreal
    Opalesque Roundtable Series - Montreal (French version)
    More information
    Thu, 10 Mar 2016
    Opalesque Roundtable Series - Connecticut 2016 More informationDownload
    Wed, 02 Mar 2016
    Opalesque Roundtable Series - Latin America 2016 More informationDownload
    Mon, 15 Feb 2016
    Opalesque Roundtable Series - Japan 2016 More informationDownload
    Sun, 07 Feb 2016
    Opalesque Roundtable Series - Zurich 2016 More informationDownload
    Wed, 27 Jan 2016
    Opalesque Roundtable Series - Cayman 2016 More informationDownload
    Mon, 18 Jan 2016
    Opalesque Roundtable Series - China More informationDownload
    Fri, 01 Jan 2016
    Opalesque Roundtable Series - Hong Kong 2015 More informationDownload
    Thu, 24 Dec 2015
    Opalesque Roundtable Series - Singapore 2015 More informationDownload
    Wed, 16 Dec 2015
    Opalesque Roundtable Series - Miami 2016
    Opalesque Roundtable Series - Miami 2016 (Mandarin version)
    Opalesque Roundtable Series - Miami 2016 (Portuguese version)
    More information
    Thu, 10 Dec 2015
    Opalesque Roundtable Series - South Africa 2016 More informationDownload
    Wed, 02 Dec 2015
    Opalesque Roundtable Series - Australia 2015 More informationDownload
    Wed, 25 Nov 2015
    Opalesque Roundtable Series - Nordic Region 2015 More informationDownload
    Tue, 17 Nov 2015
    Opalesque Roundtable Series - Investor Roundtable More informationDownload
    Thu, 05 Nov 2015
    Opalesque Roundtable Series - France 2015 More informationDownload
    Fri, 30 Oct 2015
    Opalesque Roundtable Series - Russia 2015 More informationDownload
    Fri, 23 Oct 2015
    Opalesque Roundtable Series - Gibraltar 2015 More informationDownload
    Fri, 16 Oct 2015
    Opalesque Roundtable Series - Fund Operations More informationDownload
    Tue, 06 Oct 2015
    Opalesque Roundtable Series - Netherlands 2015 More informationDownload
    Fri, 14 Aug 2015
    Opalesque Roundtable Series - West Coast 2015 More informationDownload
    Sat, 01 Aug 2015
    Opalesque Roundtable Series - Ireland More informationDownload
    Wed, 22 Jul 2015
    Opalesque Roundtable Series - Baltimore More informationDownload
    Thu, 25 Jun 2015
    Opalesque Roundtable Series - Malta 2015 More informationDownload
    Thu, 04 Jun 2015
    Opalesque Roundtable Series - Frankfurt 2015 More informationDownload
    Thu, 28 May 2015
    Opalesque Roundtable Series - Boston 2015 More informationDownload
    Fri, 15 May 2015
    Opalesque Roundtable Series - Canada 2015 More informationDownload
    Wed, 06 May 2015
    Opalesque Roundtable Series - U.K. 2015 More informationDownload
    Thu, 26 Mar 2015
    Opalesque Roundtable Series - Texas 2015 More informationDownload
    Fri, 20 Mar 2015
    Opalesque Roundtable Series - Cayman 2015 More informationDownload
    Tue, 10 Mar 2015
    Opalesque 2015 LIQUID ALTERNATIVES Roundtable More informationDownload
    Thu, 05 Feb 2015
    Opalesque Roundtable Series - Miami 2015
    Opalesque Roundtable Series - Miami 2015 (Mandarin version)
    Opalesque Roundtable Series - Miami 2015 (Portuguese version)
    More information
    Thu, 29 Jan 2015
    Opalesque Roundtable Series - Zurich 2015 More informationDownload
    Tue, 20 Jan 2015
    Opalesque Roundtable Series - South Africa 2015 More informationDownload
    Thu, 08 Jan 2015
    Opalesque Roundtable Series - Japan 2014 More informationDownload
    Tue, 23 Dec 2014
    Opalesque Roundtable Series - Australia 2014 More informationDownload
    Wed, 10 Dec 2014
    Opalesque Roundtable Series - Hong Kong 2014 More informationDownload
    Mon, 01 Dec 2014
    Opalesque Roundtable Series - Singapore 2014 More informationDownload
    Thu, 20 Nov 2014
    Opalesque Roundtable Series - Gulf (Dubai) 2014 More informationDownload
    Tue, 04 Nov 2014
    Opalesque Roundtable Series - Gibraltar More informationDownload
    Tue, 28 Oct 2014
    Opalesque Roundtable Series - Russia 2014 More informationDownload
    Mon, 20 Oct 2014
    Opalesque Roundtable Series - Luxembourg More informationDownload
    Wed, 08 Oct 2014
    Opalesque Roundtable Series - Netherlands 2014 More informationDownload
    Wed, 01 Oct 2014
    Opalesque Roundtable Series - U.K. 2014 More informationDownload
    Thu, 03 Jul 2014
    Opalesque Roundtable Series - France 2014 More informationDownload
    Fri, 27 Jun 2014
    Opalesque Roundtable Series - Frankfurt 2014 More informationDownload
    Wed, 14 May 2014
    Opalesque Roundtable Series - Malta 2014 More informationDownload
    Fri, 07 Mar 2014
    Opalesque Roundtable Series - Cayman 2014 More informationDownload
    Wed, 22 Jan 2014
    Opalesque Roundtable Series - Zurich 2014 More informationDownload
    Fri, 17 Jan 2014
    Opalesque Roundtable Series - South Africa 2014 More informationDownload
    Tue, 07 Jan 2014
    Opalesque Roundtable Series - Miami 2014
    Opalesque Roundtable Series - Miami 2014 (Spanish version)
    Opalesque Roundtable Series - Miami 2014 (Portuguese version)
    More information
    Tue, 17 Dec 2013
    Opalesque Roundtable Series - Brazil 2013 More informationDownload
    Mon, 09 Dec 2013
    Opalesque Roundtable Series - New York 2013 More informationDownload
    Mon, 18 Nov 2013
    Opalesque 2013 Chicago Roundtable More informationDownload
    Thu, 07 Nov 2013
    Opalesque 2013 HARD ASSETS Roundtable More informationDownload
    Wed, 16 Oct 2013
    Opalesque Roundtable Series - Nordic Region 2013 More informationDownload
    Mon, 05 Aug 2013
    Opalesque Roundtable Series - Connecticut 2013 More informationDownload
    Tue, 16 Jul 2013
    Opalesque Roundtable Series - Frankfurt 2013 More informationDownload
    Wed, 10 Jul 2013
    Opalesque Roundtable Series - France 2013 More informationDownload
    Tue, 02 Jul 2013
    Opalesque Roundtable Series - Gulf (Abu Dhabi) 2013 More informationDownload
    Mon, 24 Jun 2013
    Opalesque Roundtable Series - U.K. 2013 More informationDownload
    Mon, 17 Jun 2013
    Opalesque Roundtable Series - West Coast 2013 More informationDownload
    Wed, 12 Jun 2013
    Opalesque Roundtable Series - Australia 2013 More informationDownload
    Thu, 30 May 2013
    Opalesque Roundtable Series - Hong Kong 2013 More informationDownload
    Mon, 20 May 2013
    Opalesque Roundtable Series - Japan 2013 More informationDownload
    Tue, 14 May 2013
    Opalesque Roundtable Series - Singapore 2013 More informationDownload
    Wed, 13 Mar 2013
    Opalesque Roundtable Series - Netherlands 2013 More informationDownload
    Mon, 21 Jan 2013
    Opalesque Roundtable Series - Florida 2013 More informationDownload
    Mon, 14 Jan 2013
    Opalesque Roundtable Series - Cayman 2013 More informationDownload
    Wed, 05 Dec 2012
    Opalesque Roundtable Series - South Africa 2013 More informationDownload
    Mon, 26 Nov 2012
    Opalesque Roundtable Series - Zurich 2012 More informationDownload
    Thu, 01 Nov 2012
    Opalesque Roundtable Series - Managed Futures 2012 More informationDownload
    Tue, 23 Oct 2012
    Opalesque Roundtable Series - New York 2012 More informationDownload
    Tue, 16 Oct 2012
    Opalesque Roundtable Series - Connecticut 2012 More informationDownload
    Tue, 02 Oct 2012
    Opalesque Roundtable Series - Canada 2012 More informationDownload
    Mon, 24 Sep 2012
    Opalesque Roundtable Series - Nordic Region 2012 More informationDownload
    Wed, 25 Jul 2012
    Opalesque Roundtable Series - U.K. 2012 More informationDownload
    Tue, 17 Jul 2012
    Opalesque Roundtable Series - Monaco 2012 More informationDownload
    Thu, 05 Jul 2012
    Opalesque Roundtable Series - Frankfurt 2012 More informationDownload
    Thu, 14 Jun 2012
    Opalesque Roundtable Series - Japan 2012 More informationDownload
    Thu, 07 Jun 2012
    Opalesque Roundtable Series - Hong Kong 2012 More informationDownload
    Wed, 30 May 2012
    Opalesque Roundtable Series - Singapore 2012 More informationDownload
    Wed, 23 May 2012
    Opalesque Roundtable Series - Australia 2012 More informationDownload
    Thu, 10 May 2012
    Opalesque Roundtable Series - Gulf (Abu Dhabi) 2012 More informationDownload
    Thu, 03 May 2012
    Opalesque Roundtable Series - France 2012 More informationDownload
    Wed, 04 Apr 2012
    Opalesque Roundtable Series - Brazil 2012 More informationDownload
    Wed, 21 Dec 2011
    Opalesque Roundtable Series - Pfäffikon 2012 More informationDownload
    Fri, 09 Dec 2011
    Opalesque Roundtable Series - South Africa 2012 More informationDownload
    Thu, 24 Nov 2011
    Opalesque Roundtable Series - Netherlands 2011 More informationDownload
    Mon, 14 Nov 2011
    Opalesque Roundtable Series - Texas 2011 More informationDownload
    Mon, 07 Nov 2011
    Opalesque Roundtable Series - Boston 2011 More informationDownload
    Mon, 31 Oct 2011
    Opalesque Roundtable Series - Cayman 2011 More informationDownload
    Mon, 24 Oct 2011
    Opalesque Roundtable Series - Connecticut 2011 More informationDownload
    Thu, 06 Oct 2011
    Opalesque Roundtable Series - New York 2011 More informationDownload
    Wed, 10 Aug 2011
    Opalesque Roundtable Series - France 2011 More informationDownload
    Mon, 01 Aug 2011
    Opalesque Roundtable Series - U.K. 2011 More informationDownload
    Mon, 25 Jul 2011
    Opalesque Roundtable Series - Austria 2011 More informationDownload
    Wed, 29 Jun 2011
    Opalesque Roundtable Series - Frankfurt 2011 More informationDownload
    Thu, 19 May 2011
    Opalesque Roundtable Hong Kong 2011 More informationDownload
    Mon, 02 May 2011
    Opalesque Roundtable Series - Singapore 2011 More informationDownload
    Tue, 26 Apr 2011
    Opalesque Roundtable Series - Australia 2011 More informationDownload
    Sun, 10 Apr 2011
    Opalesque Roundtable Series - New Zealand 2011 More informationDownload
    Sun, 03 Apr 2011
    Opalesque Roundtable Series - West Coast 2011 More informationDownload
    Fri, 25 Mar 2011
    Opalesque Roundtable Series - Colorado 2011 More informationDownload
    Sun, 19 Dec 2010
    Opalesque Roundtable Series - Malta 2011 More informationDownload
    Tue, 14 Dec 2010
    Opalesque Roundtable Series - South Africa 2011 More informationDownload
    Fri, 03 Dec 2010
    Opalesque Roundtable Series - Connecticut 2010 More informationDownload
    Thu, 18 Nov 2010
    Opalesque Roundtable Series - New York 2010 More informationDownload
    Tue, 09 Nov 2010
    Opalesque Roundtable Series - Singapore 2010 More informationDownload
    Thu, 04 Nov 2010
    Opalesque Roundtable Series - Cayman 2010 More informationDownload
    Mon, 25 Oct 2010
    Opalesque Roundtable Series - Hong Kong 2010 More informationDownload
    Mon, 04 Oct 2010
    Opalesque Roundtable Series - Zurich 2010 More informationDownload
    Tue, 20 Jul 2010
    Opalesque Roundtable Series - U.K. 2010 More informationDownload
    Wed, 16 Jun 2010
    Opalesque Roundtable Series - Florida More informationDownload
    Sun, 06 Jun 2010
    Opalesque Roundtable Series - Boston 2010 More informationDownload
    Mon, 24 May 2010
    Opalesque Roundtable Series - West Coast 2010 More informationDownload
    Sat, 08 May 2010
    Opalesque Roundtable Series - Texas 2010 More informationDownload
    Wed, 28 Apr 2010
    Opalesque Roundtable Series - Brazil 2010 More informationDownload
    Mon, 29 Mar 2010
    Opalesque Roundtable Series - New Zealand 2010 More informationDownload
    Thu, 18 Mar 2010
    Opalesque Roundtable Series - Australia 2010 More informationDownload
    Thu, 04 Mar 2010
    Opalesque Roundtable Series - Japan 2010 More informationDownload
    Sat, 09 Jan 2010
    Opalesque Roundtable Series - South Africa 2010 More informationDownload
    Tue, 15 Dec 2009
    Opalesque Roundtable Series - France 2009 More informationDownload
    Tue, 17 Nov 2009
    Opalesque Managed Futures Roundtable - Chicago 2009 More informationDownload
    Mon, 09 Nov 2009
    Opalesque Roundtable Series - Canada 2009 More informationDownload
    Mon, 19 Oct 2009
    Opalesque Roundtable Series - Connecticut 2009 More informationDownload
    Mon, 05 Oct 2009
    Opalesque 2009 - U.K Roundtable 2009 More informationDownload
    Fri, 26 Jun 2009
    Opalesque Roundtable Series - New York 2009 More informationDownload
    Tue, 09 Jun 2009
    Opalesque Roundtable Series - Cayman 2009 More informationDownload
    Fri, 29 May 2009
    Opalesque Roundtable Series - Japan 2009 More informationDownload
    Thu, 21 May 2009
    Opalesque Roundtable Series - U.S. West Coast 2009 More informationDownload
    Wed, 13 May 2009
    Opalesque Roundtable Series - Hong Kong 2009 More informationDownload
    Fri, 24 Apr 2009
    Opalesque Roundtable Series - Singapore 2009 More informationDownload
    Thu, 19 Mar 2009
    Opalesque Roundtable Series - Zurich 2009 More informationDownload
    Fri, 05 Dec 2008
    Opalesque Roundtable Series - South Africa 2008 More informationDownload
    Mon, 17 Nov 2008
    Opalesque Roundtable Series - Brazil 2008 More informationDownload
    Fri, 07 Nov 2008
    Opalesque Roundtable Series - Russia 2008 More informationDownload
    Mon, 20 Oct 2008
    Opalesque Roundtable Series - Nordic Region 2008 More informationDownload
    Wed, 02 Jul 2008
    Opalesque Roundtable Series - London 2008 More informationDownload
    Wed, 11 Jun 2008
    Opalesque Roundtable Series - New York 2008 More informationDownload
    Fri, 23 May 2008
    Opalesque Roundtable Series - Japan 2008 More informationDownload
    Tue, 20 May 2008
    Opalesque Roundtable Series - Hong Kong - Mandarin (Chinese) language More informationDownload
    Wed, 30 Apr 2008
    Opalesque Roundtable Series - Hong Kong 2008 More informationDownload
    Wed, 23 Apr 2008
    Opalesque Roundtable Series - Singapore 2008 More informationDownload
    Tue, 25 Mar 2008
    Opalesque Roundtable Series - Australia 2008 More informationDownload
    Mon, 17 Mar 2008
    Opalesque Roundtable Series - New Zealand 2008 More informationDownload
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Investing - U.S. hedge fund in anonymous bet against Tesco shares, Hedge funds made repeated attempts to invest in Veneto banks, Steve Cohen's Point72 takes stake in struggling electronics retailer Conn's, Hedge fund Excalibur bets Riksbank will tighten by end of year[more]

    U.S. hedge fund in anonymous bet against Tesco shares From FT.com: A $20bn New York hedge fund is using an offshore shell company to anonymously bet against the shares of the UK supermarket Tesco, raising fresh questions over the efficacy of European short selling disclosure rules.

  2. Investing - In Amazon's shadow, hedge funds take aim at Brexit-hit retailers[more]

    From NYTimes.com: Hedge funds have significantly stepped up bets against Britain's traditional high street retailers, as the sector struggles with online competition, worries about a stretched consumer and weakening sales and profits. The risks were on full display on Tuesday when shares in Debenham

  3. ...And Finally - Nighttime barbecue festival in downtown Memphis![more]

    From Newsoftheweird.com: On May 19, Carl Webb and his wife left a nighttime barbecue festival in downtown Memphis and headed home. They drove 14 miles on an interstate highway before a police officer pulled them over to ask if Webb knew there was a body on his trunk. The man was clinging to the lip

  4. Global macro hedge funds lose on sharp drop in oil prices[more]

    Komfie Manalo, Opalesque Asia: Global macro hedge funds suffered losses due to the sharp fall in oil prices and the drop in U.S. and U.K. Treasury yields, Lyxor Asset Management said in its Weekly Briefing. The Lyxor Global Macro Index fell -1.0% from 13 June to 20 June (-3.4% YTD). The Lyxor

  5. State pension plans see liabilities increase in 2016 - Wilshire[more]

    Bailey McCann, Opalesque New York: The funding ratio of state pension plans dropped four percentage points to 69 percent in fiscal year 2016, according to Wilshire Consulting. A year ago, Wilshire Consulting's annual state funding report uncovered a funding ratio of 73 percent. "U.S. stock pe