http://www.opalesque.com Latest updates from Opalesque.com, a premium hedge fund news service en-us Copyright 2006, Opalesque.com knab@opalesque.com (Matthias Knab) knab@opalesque.com (Matthias Knab) Subscription Tue, 09 Feb 2010 17:16:12 +0100 5 http://www.opalesque.com/57096/The_EC_would_like_to_see_global.html Tue, 09 Feb 2010 00:00:00 +0100 Benedicte Gravrand, Opalesque London: At the EDHEC-Risk Alternative Investment conference in London yesterday, a panel of key figures from the regulatory scene and the alternative investment industry discussed the aims and birth-pains of the current regulatory overhaul, especially that of Europe #... http://www.opalesque.com/57097/Regulations_will_benefit_BNY_Mellon_says_QIFs.html Tue, 09 Feb 2010 00:00:00 +0100 Benedicte Gravrand, Opalesque London: Marc Russell-Jones, managing director of the Bank of New York Mellon in London, told Opalesque after the Edhec conference #39;s panel on financial regulations (see above article) that the hedge fund industry itself is changing fundamentally because of politica... http://www.opalesque.com/57098/John_CEO_Bonnin_How_he.html Tue, 09 Feb 2010 00:00:00 +0100 Benedicte Gravrand, Opalesque London. French hedge fund manager Fran&ccedil;ois Bonnin graduated from Paris #39; quot;Grande Ecole quot; ISG (Institut Superieur de Gestion). He was director of convertible trading at RAFE S.A. (AXA Group) before setting up the asset manager CAP STARDEX in 1992... http://www.opalesque.com/57099/Carbon360_releases_Capital_Introduction_Report.html Tue, 09 Feb 2010 00:00:00 +0100 From the Opalesque team: The general consensus for fundraising is that 2010 holds much in the way of promise for hedge funds. Strong performance in 2009 slowed the enormous tide of redemptions, and net inflows finally took hold at year-end. Seed announcements dot the news headlines and new lau... http://www.opalesque.com/57100/Schulte_Roth_After_beefing_up_legal_expertise.html Tue, 09 Feb 2010 00:00:00 +0100 From Kirsten Bischoff, Opalesque New York: After the tumultuous markets of 2008 and 2009, U.S. hedge fund performance reflects how well managers are controlling market risk. However, the one risk that is still is the risk of government action (or inaction for that matter). For hedge funds, ... http://www.opalesque.com/fullarticle/57101/Fund_Launches_GLG_launches_version.html Tue, 09 Feb 2010 00:00:00 +0100 GLG launches currency-hedged Dublin-listed version of Japan CoreAlpha Fund GLG Partners LP, one of Europe #39;s biggest hedge fund firms, has launched the GLG Japan CoreAlpha Equity Fund, a currency-hedged replica of its &pound;698m (US$1bn+) Japan CoreAlpha Fund. Managed by leading Japan equi... http://www.opalesque.com/fullarticle/57102/Indices_Hennessee_Index_shows_hedge_funds_decline.html Tue, 09 Feb 2010 00:00:00 +0100 Hennessee Index shows hedge funds decline -0.50% in January 2010 Hennessee Group LLC, an adviser to hedge fund investors, announced that the Hennessee Hedge Fund Index declined -0.50% in January (-0.50% YTD), while the S P 500 declined -3.70% (-3.70% YTD), the Dow Jones Industrial Average declined ... http://www.opalesque.com/fullarticle/57103/Shaw_keen_to_buy_distressed_assets_from.html Tue, 09 Feb 2010 00:00:00 +0100 From Reuters.com: U.S. hedge fund D.E. Shaw has set up a team to look at buying distressed-asset portfolios held by rival hedge fund firms, the Financial Times said. The world's third-largest hedge fund has established DE Shaw Portfolio Acquisitions Unit, which aims to snap up many illiquid assets t... http://www.opalesque.com/fullarticle/57104/Galleon_Update_executive_Rajiv_Goel_pleads.html Tue, 09 Feb 2010 00:00:00 +0100 Ex-Intel executive Rajiv Goel pleads guilty in NYC to hedge fund insider trading case From Go.com: A former Intel executive pleaded guilty Monday to charges he fed confidential information about the computer-chip maker to wealthy hedge fund manager Raj Rajaratnam, his old friend and central figure ... http://www.opalesque.com/fullarticle/57105/Legal_Hermitage_boss_Bill_Browder_sued_by.html Tue, 09 Feb 2010 00:00:00 +0100 Hermitage boss Bill Browder sued by Russian convict From Telegraph.co.uk: A Russian sawmill foreman convicted of a $230m (&pound;150m) tax fraud is suing his victim, Bill Browder, founder of hedge fund Hermitage Capital Management, for allegedly defaming his &quot;honour and dignity&qu... http://www.opalesque.com/asquare/614/A_SQUARE_Asset_backed_lending_in_the_small.html Fri, 05 Feb 2010 00:00:00 +0100 Asset backed lending in the small business space of the Americas, featuring Savile Finance Group: - Current small business lending environment in the US - Performance during the credit crisis - Risk management philosophy - Outlook... http://www.opalesque.com/asquare/613/A_SQUARE_2010_art_market_outlook.html Fri, 22 Jan 2010 00:00:00 +0100 - Mei Moses All Art Index - Base of high net worth investors - 2010 broad art market outlook - May 2010 contemporary art fund launch &amp;#8211; Anthea I... http://www.opalesque.com/asquare/612/A_SQUARE_Greentech_investments.html Fri, 15 Jan 2010 00:00:00 +0100 - Greentech investments in 2009 &amp; 2010 outlook - Will green energy be the next investment bubble? - Fund Profile: Pluris Sustainable Investments – The Green Fund - Green fund launches in H2 2009... http://www.opalesque.com/asquare/611/A_SQUARE_Investing_in_shipping.html Mon, 21 Dec 2009 00:00:00 +0100 - The impact of the credit crunch and the recession on the shipping industry - Research: Diversification properties of investment in shipping... http://www.opalesque.com/asquare/610/A_SQUARE_The_long_term_impact_of_equity.html Fri, 11 Dec 2009 00:00:00 +0100 - The current market environment &amp;#8211; A surging appetite for investing in art: AMCI performance and a Riflemaker portfolio - Research: The long-term impact of equity prices and top incomes on art prices... http://www.opalesque.com/asquare/609/A_SQUARE_Vintage_Cars.html Thu, 19 Nov 2009 00:00:00 +0100 Collectibles: Vintage cars - Market: Investor base, Liquidity - Interview: Dietrich Hatlapa, founder of Historical Automobile Group... http://www.opalesque.com/asquare/608/A_SQUARE.html Fri, 06 Nov 2009 00:00:00 +0100 Micro-finance: - The current market environment - Risks involved with investing in MIVs - Micro-finance as an asset class? Performance in the credit crisis... http://www.opalesque.com/asquare/607/A_SQUARE_Exotic_ETFs.html Thu, 22 Oct 2009 00:00:00 +0200 Exotic ETFs: - Growing ETF market - Exotic ETF types and specifications - Regulatory update - ETF Brandscape summary... http://www.opalesque.com/asquare/606/A_SQUARE_Art_as_an_asset_class.html Fri, 09 Oct 2009 00:00:00 +0200 Art market: - Is art an investable asset class? - Fund manager profile - Performance... http://www.opalesque.com/asquare/605/A_SQUARE_Developments_in_the_life_settlement_market.html Thu, 01 Oct 2009 00:00:00 +0200 The life settlements market: - Market growth - Regulatory update - Current life settlement climate in the US - Investing in life settlements... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:23:30 +0100 Near Term Trend: Negative Monday’s Close: 1055.90 (- 3.90) UPDATE: We remain short from Thursday, January 21 at 1134.70. Current profit stands at $19,740.00. Tuesday- keep the stop at 1092.50 (close only). The slope of the 21- Day Moving Average line is negative, for the last twelve trading days. O... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:24:22 +0100 Intermediate Trend (3 Months): Neutral / Neg Monday’s Close: $71.89 (+ $ .70 cents) UPDATE: The slope of the M.A. line remains positive / neutral. In light of this, over three weeks ago, when Crude was trading near $80/ barrel, we stated, “A drop in the price of Stocks, could open up the possibilit... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:24:54 +0100 Near Term Trend: Negative Monday’s Close: $1,066.20 (+ $13.40) UPDATE: Take note of the blue downtrend line which we put in place nearly two weeks ago- the market failed in this region last Tuesday/ Wednesday (see chart). In a broader sense, as the market was trading near $1,140.00, we stated, “It ... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:25:28 +0100 Near Term Trend: Positive Monday’s Close: 118’155 (- 12.0) Yield: 3.58% UPDATE: Over two weeks ago we stated, “If the S&amp;P breaks below the trend line (see S&amp;P chart), the 10- Year should trade toward 118’120”. As of Thursday, the market traded up to 118’125. At that point we proceed... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:12:19 +0100 Intermediate Trend (3 months): Positive Friday’s Close: 12366 (+ 29) UPDATE: Since last June, the market defined a trading range within the confines of a broad sideways congestion pattern (defined by our blue horizontal lines). During this entire timeframe, the market has been extremely choppy, how... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:14:03 +0100 Intermediate Trend (3 months): Positive/ Neutral Friday’s Close: 10,235 (- 85) UPDATE: Three months ago, we stated, “The Nikkei could be as low as 9,000 within the next week or two”. Subsequently, three weeks following that statement, the market traded as low as 9,150, and furthermore held support ... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:26:03 +0100 Intermediate Trend (3 months): Negative Monday’s Close: 136’71 (+ 36) UPDATE: Once the market hit a high four weeks ago at 145’75 – just 55 points under our 146’30 region (our resistance level was based on our proprietary blue resistance line), it then proceeded to sell- off sharply. Based on the p... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:26:33 +0100 Near Term Trend: Negative Monday’s Close: $4.84 (+ 10 3/4 cents) UPDATE: Five days ago, we wrote, “At some point near term, I would like to buy into this commodity; however the oscillators are not giving me the opportunity just yet”. As of Monday’s close the Slow Stochastic, our preferred oscillato... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Wed, 23 Dec 2009 10:27:47 +0100 Near Term Trend: Negative Tuesday’s Close: $9.91 (- 10 cents) UPDATE: After calling the recent highs and lows for the past couple of months, the overall pattern for the last four weeks had been one of a broad congestion (an overall range of 40 cents between $10.20, and roughly $10.60), until the en... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:27:34 +0100 Intermediate Term Trend (3 Months): Negative Monday’s Close: 8635 (+ 28) UPDATE: We recommended selling the Aussie $ on Tuesday, January 18, at the opening - the price was 9137. As of Monday, we lower the stop to 8620. Based on that, we booked a profit of $6,288.50. Note: The slope of the weekly mo... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:11:49 +0100 Intermediate Trend (3 months): Neutral / Neg Friday’s Close: 27,420 (- 70) UPDATE: The slope of the 21- week M. A. line has turned neutral for the first time since June 2009. Three weeks ago, the market traded to its highest level (30440) since September 2008, and then proceeded to stall, and withi... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:13:32 +0100 Intermediate Trend (3 months): Positive/ Neutral Friday’s Close: 92280 (+ 130) UPDATE: Months ago, we stated, “FTSE continues to lead global equity markets higher, however, at this juncture has become fairly overbought (based on position of price compared to the position of the M.A. line)”. Subsequ... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:14:33 +0100 Intermediate Trend (3 months): Negative Friday’s Close: 11581 (+ 28) UPDATE: The long term trend, since Gilts posted historical highs, in February, remains bearish, as can be viewed by the Blue Downtrend Line. Near term, following a rally to the price peak last November, Gilts retraced to the 113’0... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Tue, 09 Feb 2010 15:27:06 +0100 Intermediate Trend (3 Months): Negative Monday’s Close: 19565 (+ 50) UPDATE: The slope of the 21- week M.A. line has been flattening, and is actually shifting a bit negative. As of Friday, price action came upon our key proprietary support (blue horizontal line), and based on Monday’s anticipated o... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:11:20 +0100 Intermediate Trend (3 months): Positive Friday’s Close: 13951A (0) UPDATE: Two months ago, the market traded to its highest level since March 2008. In doing so, it broke above the downtrend line, and traded from the 13750 region up toward 14050 within a five week span. However, once the Nikkei bega... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Mon, 01 Feb 2010 08:12:57 +0100 Intermediate Trend (3 months): Neutral Friday’s Close: 55610 (- 215) UPDATE: It has been seven months since we noted the Inverted Head and Shoulders pattern. As of the week of July 20, the upside breakout, above the pattern, confirmed the market had moved well above the neckline. Six months ago, as... http://www.opalesque.com/index.php?act=TRTrial&and=download_file&sFileName=TRB2Jan2008.pdf Fri, 04 Sep 2009 08:11:56 +0200 Long Term Trend (12 Months): Neutral Thursday’s Close: 9060 (+ 18) UPDATE: Late 2002, the market was trading near the 62 region, and subsequently hit a historical high, toward the end of 2007, at the 110 region. Since posting that particular high, against the U.S. Dollar, the market proceeded to se... http://www.opalesque.com/jobboard/index.php?page=view_job&post_id=83 Sun, 19 Jul 2009 19:16:00 +0200 Japan based investment advisory company is seeking to add a hedge fund sales person in its Tokyo office. http://www.opalesque.com/jobboard/index.php?page=view_job&post_id=19 Wed, 22 Jul 2009 00:09:00 +0200 Newly Launching securities company in Tokyo is looking for a compliance officer. http://www.opalesque.com/jobboard/index.php?page=view_job&post_id=15 Wed, 22 Jul 2009 23:36:00 +0200 Insurance service company seeks an IT project manager in its Tokyo office. http://www.opalesque.com/jobboard/index.php?page=view_job&post_id=14 Wed, 22 Jul 2009 23:35:00 +0200 Electronic trading system vendor is seeking an accountant for its Tokyo office. http://www.opalesque.com/jobboard/index.php?page=view_job&post_id=10 Wed, 22 Jul 2009 20:10:00 +0200 Tokyo-based commercial finance company is seeking a skilled legal professional to act as general counsel. http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=225 Mon, 01 Feb 2010 11:59:10 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=224 Mon, 01 Feb 2010 11:55:20 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=223 Mon, 01 Feb 2010 11:50:47 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=222 Mon, 01 Feb 2010 11:45:22 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=221 Mon, 01 Feb 2010 11:43:43 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=220 Mon, 01 Feb 2010 11:40:46 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=219 Mon, 01 Feb 2010 11:33:58 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=218 Mon, 01 Feb 2010 11:32:08 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=217 Mon, 01 Feb 2010 11:28:29 +0100 http://www.opalesque.com/shop/index.php?main_page=product_info&products_id=216 Mon, 01 Feb 2010 11:24:37 +0100 http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=9 Mon, 18 Jan 2010 10:00:00 +0100 A SQUARE, still the world&amp;#39;s only research platform on Alternative Alternatives, is celebrating its third birthday with this A SQUARE Interactive! An outline of the issues discussed will include: Art? Science?: How are liquidity and illiquidity premium being measured - pricing and valuat... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=8 Thu, 06 Aug 2009 10:00:00 +0200 How sustainable has performance been in the wake of for instance: “ … The last-minute demise of a prestige picture is a rare spectacle in Hollywood – one that is painful, expensive and damaging to all involved. … But such disasters may become more common as an increasingly nervous film business com... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=7 Thu, 16 Jul 2009 20:35:26 +0200 Definitions of alpha, beta, “alternative alpha”, alternative beta Strategies associated with alpha, “alt-alpha”; beta, alt.- beta Investment Opportunities Place in a modern portfolio Risks/rewards associated with such strategies... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=6 Wed, 11 Feb 2009 22:00:00 +0100 The experts will share insights and perspectives based on their “hands-on-experience” in this space and will address the following: Carbon emissions - facts, figures, fantasy Carbon sequestration How investible is it as an asset class? Could carbon become the biggest of any derivative product ... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=5 Mon, 11 Aug 2008 16:00:00 +0200 Opalesque presents in this interactive webinar a panel of leading litigation led investing specialists: Peter Koutsoukis, Managing Director, Claims Funding International Plc. Richard Blann, Counsel, Norton Rose LLP Timothy Scrantom, General Counsel, Juridica Capital Management Limited Moderated... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=4 Thu, 10 Jul 2008 22:00:00 +0200 Traditional Ways to Partially Monetize There are five methods to partially monetize interests in a hedge fund management company: (1) a traditional IPO; (2) a reverse merger into a public shell (or SPAC); (3) a listing on AIM, without any capital being raised; (4) selling less than 100% of the e... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=3 Thu, 12 Jun 2008 22:00:00 +0200 Exclusive Webinar for Hedge Fund Founders and Partners only Why Lock-Ups and Closed End Funds don&amp;#39;t work Creating a reinsurer or bank can provide significant amounts of permanent capital without a proportionate increase in risk Proven Models: Learn from the successes of Buffett and ... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=2 Tue, 13 May 2008 16:00:00 +0200 Opalesque, the publisher of A SQUARE, the world&amp;#39;s first publication and independent research platform dedicated to &amp;quot;alternative alternatives&amp;quot;, has drawn leading film financing experts for this interactive webinar: Simon Fawcett, Chief Executive of Aramid Capital... http://www.opalesque.com/index.php?act=WebinarArchive&and=ShowWebinar&id=1 Fri, 07 Mar 2008 16:00:00 +0100 This inter-active webinar has been designed to address investment related issues - in an asset class, that offers uncorrelated market returns. In keeping with A SQUARE&amp;#8217;s endeavour to make sure you stay ahead of the investment curve, our distinguished panel: Karsten Bromann, Managin... http://www.opalesque.com/index.php?act=static&and=RoundtableSouthAfrical2010 Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader,<P> Welcome to our first Opalesque 2010 Roundtable, which has a timely focus on South Africa and the African Continent. <P> South Africa has a small, but <B>well diversified, first-class hedge fund industry</b>. You find the whole spectrum of a fully developed sector, including administrators, prime brokers, law firms, consultants and experienced managers.<P> <B>Foreign investors often don&#39;t understand the South African landscape</b>, the level of skill available, or the mature capital market infrastructure and regulations. For example, having an independent administrator, prime broker, risk manager, auditor and custodian has been the standard for hedge funds from 2004 or 2005 onwards.<P> Since the global markets bottomed in March 2009, South African players have seen increased appetite for risk and the revival of capital flows. These capital flows have increasingly arisen from Asia and will be a significant force for development in Africa.<P> However, as this Roundtable discusses, Africa Investing presents itself with many challenges, including logistics and information flows. It is critical to have teams who have the skills to conduct on the ground research of the underlying investment opportunities. This skill set has grown significantly over the last 15 years, and offers global investors highly attractive opportunities.<P> The Opalesque South Africa Roundtable was sponsored by IDS Group and took place late 2009 in their Cape Town Office with: <B> <ul><LI>Albrecht Gantz, Head of Riscura Analytics <LI>Ian Hamilton, Founder, IDS Group <LI>Marc Cross, Investec Prime Broking <LI>Malungelo Zilimbola, Founder, Mazi Capital <LI>Michael Tostée, Director, Skybound Capital <LI>Nick Middelmann, Founder, Storm Capital <LI>Simone Lowe, Portfolio Manager, Thames River Capital <LI>Tony Christien, Director, Investment Data Services</ul> </b> This Roundtable also discusses in detail the many opportunities and challenges of “Africa” (frontier) investing, including detailed trade examples. <a href='http://www.opalesque.com/files/OpalesqueRoundtableSouthAfrica2010.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableFRANCE Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader, <P> It is time that we turn our attention to France – for many reasons. With over 32 billion EURO, France is the <B>second largest hedge fund center in Europe</B>. Already in the 90s, there was (and still is) a strong CTA community, with some players already reaching one billion assets then.<P> Another peculiarity is the <B>skill factor</B> – France produces some of the best graduates through its universities. Most global banks employ large numbers of French professionals, often in very senior positions. The graduates have a good mathematical and scientific background, which is an excellent base for statistical, systematic trading and risk management. We could almost argue that the French love models and investments based on models, and are less comfortable with discretionary investments. These propensities also determine <B>the make-up of the French asset management industry</B>.<P> But being based in Paris, the City of Lights, can also have a downside. Says one manager: “We are 300 kilometers away from London, but we could be <B>10,000 kilometers away from London</B>. People from Geneva never go to Paris with the exception of a few romantic weekends with their partner or spouse. It is really funny, when you try to set up a meeting with someone, you have to target either Friday or Monday...”<P> But UCITS III (and UCITS IV) have turned things around – substantially. There are over 100 asset management companies active in the country, and many of them report a surge of visitors who come and “shop” for <B>superior UCITS 3 products</B>.<P> The Roundtable also comes with <B>a couple of warnings</B>. A lot of people, especially non Europeans, assume that the UCITS 3 format is homogeneous in Europe, whereas in practice this is not the case. For example, there are huge differences between a Luxembourg or Ireland and a France based UCITS III fund. There were issues for both Luxemburg and Ireland domiciled funds related to Madoff and Lehman, and this Roundtable elaborates on the superior regulation on the manager and the security of the funds and investments within the French framework, which with the new “Fond Contractuel” framework has become flexible and interesting enough to compete even on a global scale.<P> We also examine why the <B>French fund of funds largely outperformed their international peers</B>, the pros and cons of UCITS generally, and <B>what to do with non-UCITsable hedge fund strategies</B>.<P> This Roundtable was sponsored by <B>Gide Loyrette Nouel (<a href=HTTP://www.gide.com target=_blank>www.gide.com</a>)</B> and took place in November 2009 at their Paris office with: <B><UL><LI>Christian Bartholin, Managing Director and Secretary General, HDF Finance <LI>Nathanaël Benzaken, Managing Director, Lyxor <LI>Denis Beaudoin, CEO, Finaltis <LI>Géraud Dambrine, Directeur Général, Lombard Odier France <LI>Laurent Dupeyron, CEO – Président, Olympia Capital Management <LI>Manuel Kalbreier, Partner, Boussard & Gavaudan <LI>Xavier Lépine, Chairman, UFG Group <LI>David Malamed, Partner, Gide Loyrette Nouel <LI>Olivier Neau, Chairman of the Executive Committee, Edmond de Rothschild Investment Managers <LI>Stéphane Puel, Partner, Gide Loyrette Nouel <LI>Sophie van Straelen, Founder and Managing Director, Asterias Ltd <LI>Thaddée Tyl, CEO, Rivoli Fund Management</ul></B> Enjoy “listening in” to the Opalesque France Roundtable!<P> <B>Note: The PDF is already ATTACHED to this email.</b><P> Matthias Knab<BR> Director Opalesque Ltd. <a href='http://www.opalesque.com/files/Opalesque_Roundtable_France.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableGENEVA09 Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader, <p> Welcome to the second Opalesque Geneva Roundtable. On 26 pages, you will find valuable intelligence from some of the leading Swiss hedge fund investors, experts and hedge fund managers on some of the most important developments around hedge funds globally and within Switzerland. <p> Over the last two years, an increasing number of hedge funds started to<b> move their operational base into Switzerland</b>. As we discussed at this Roundtable, the companies involved are not just coming out of the U.K. alone – there are significant moves also from other parts of the world into Switzerland. Swiss-domiciled hedge funds (set up by Swiss) explain some of the<b> little known actual advantages Switzerland offers for hedge funds</b> run from there. <p> The Roundtable highlights some of the drivers and motivations of these firms, but also the hurdles they face. In addition, you will learn about: <p> <ul> <li><b>European Alternative Investment Directive: </b> Opportunities & challenges <li><b>Managed Accounts: </b> Aspects the general discussion has missed so far <li><b>Fees & Valuations: </b> How large investors successfully press hedge funds to revise fees, valuations, corporate governance <li><b>Hedge Fund Replicators: </b> When and why are they actually used? <li><b>Due Diligence: </b> When “yes/no” answers don&#39;t get the point <li><b>Back to normal? </b>- One year ago, some investors used to get up at 3:30 am to see how Asia was doing. But today, some veterans are still worried about stability issues – learn how they position themselves over such concerns. <li><b>Disintermediating banks and prime brokers: </b> How sophisticated hedge fund investors are quietly revolutionizing hedge fund operations </li> </ul> This Roundtable was sponsored by Taussig Capital and took place late October 2009 at the Geneva headquarters of UBP. We thank Taussig Capital, UBP and all participants for their support of this Opalesque Roundtable<p> <ul> <li><b>Bertrand Bricheux</b>, Head of marketing and Business Development, UBP <li><b>Anne Simond</b>, Member of Management, UBP <li><b>Dr. Michel Dominicé</b>, Founder, Dominicé & Co. <li><b>Glen Millar</b>, Director, Kinetic Partners (Switzerland) <li><b>Louis de Pfyffer</b>, Partner, Banque Heritage <li><b>Joe Taussig</b>, Founder, Taussig Capital <li><b>Michael Clark</b>, Head of Hedge Fund Research, Lombard Odier <li><b>Pascal Engel</b>, Director, Templar Group <li><b>Peter Fletcher</b>, Managing Director, Parly Family Office <li><b>Luc Estenne</b>, CEO, Partners Advisors </li> </ul> Enjoy “listening in” to the new Opalesque Geneva Roundtable! <p> Matthias Knab<br> Director Opalesque Ltd.<br> Knab@opalesque.com <a href='http://www.opalesque.com/files/RT-geneva_OpalesqueRoundTable-1.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=ManagedFuturesRoundtableChicago Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader, <P> Our best product ideas are coming from our clients. <P> Our clients – you! – did suggest in early 2008 to start the <B>Opalesque Roundtable Series</b> with the aim of portraying the world&#39;s leading financial or alternative asset management centers. Opalesque Roundtables are actually the only ones that are produced by “real-world” get-togethers of the participants at the respective jurisdiction or region. This personal, on-the-ground meeting and interaction is vital for an authentic discussion and the think-tank like outcomes of our Roundtables. <P> In 2009 we launched the <B>Opalesque Futures Intelligence</b> with the help of Chidem Kurdas, Ph.D. Also this publication was suggested from our readers, as - after the demise of MARHedge - the managed futures and CTA-community was not covered by a professional trade publication. Both our Roundtables and the Opalesque Futures Intelligence have well over 40,000 readers each.<P> Today – and you guessed it: following readers&#39; suggestions – we present you our first <B>Opalesque MANAGED FUTURES Roundtable. </b> <P> As we discovered in this Roundtable, <B>the level of interest in managed futures after 2008 spiked significantly. It is encouraging to see investors that have historically shied away from managed futures taking a thoughtful approach to this strategy. They are not simply chasing the “hot dot” or trying to merely boost returns, but rather taking a much more measured approach.<P> Historically, managed futures were often put into the hedge fund category. But after 2008, this can no longer be intellectually and quantitatively justified. More and more investors have carved out a new investment slice in the pie - managed futures. This is a systemic change going forward, and the participants of this Roundtable believe we won&#39;t go back to the old thinking in that regard.<P></b> This Opalesque Managed Futures Roundtable was sponsored by the CME Group and took place October 20th 2009 at the CME Group office in Chicago with: <UL><LI>Ernest Jaffarian, President and CEO, Efficient Capital Management <LI>Steve Wolf, Co-Chairman of Tradelink and DigiLog Capital <LI>John FitzGibbon, Managing Director, Lighthouse Partners <LI>Aleks Kins, President and CEO, AlphaMetrix Group <LI>Joseph Canepari, President, Rotella Capital Management <LI>Dr. Francisco Vaca, Chairman and CEO, Vaca Capital Management <LI>Brian Proctor, Managing Director, EMC Capital <LI>Rick Redding, Managing Director, CME Group</UL> Enjoy &#39;listening in&#39; to the new Opalesque Managed Futures - Chicago Roundtable!<P> Matthias Knab <a href='http://www.opalesque.com/files/Opalesque_MANAGED_FUTURES_Roundtable_Chicago.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableCanada Thu, 01 Jan 1970 01:00:00 +0100 <B> I have the pleasure to present you the inaugural Opalesque Canada Roundtable.</B><P> While 50% of the world&#39;s mining companies are listed in Canada, you will soon see that Canada is much more than resources. <B>In the last 6 months, the make-up of the Canadian hedge fund industry and the AUM distribution per strategy has markedly changed. Un-levered AUM allocated to fixed income is probably touching 40%, and still increasing.<P></B> But even within the resource sector, there are still abundant and unique opportunities. If you look at the balance sheets of virtually every mining company, there is essentially no or very low debt. Combine that with the fact that the same company has a very low credit rating (as rating agencies focus on historical volatility of commodity prices), you have a fine environment for a range of different strategies.<P> You will read about the maturation of the Canadian marketplace, as well as: <UL><LI>Who are the new players and strategies coming out of Canada? <LI>Opportunities in commodities, credit and energy trusts <LI>How to capture alpha from the resource markets – going beyond commodity beta <LI>Why large global investors have started to think more thematically and tactically – what are some of the emerging new investment structures? <LI>Lessons from 2008 and strategies to understand uncompensated investment risks <LI>A discussion of the validity of both the single manager and the multi-strategy hedge fund approach</UL> This Roundtable was sponsored by TD Securities and took place in their Toronto office on October 1st with:<B> <UL><LI>Abdalla Ruken, Chief Risk Officer, Polar Securities <LI>Aleksander F. Weiler, CFA, External Portfolio Management, Canada Pension Plan Investment Board (CPPIB) <LI>Barry Allan, President, Marret Asset Management <LI>Brian Trenholm, CFA, Managing Director, Salida Capital <LI>Gary K. Ostoich, CAIA, President, Spartan Fund Management and AIMA Canada Chairman <LI>George I. Main, CEO, Diversified Global Asset Management (DGAM) <LI>Jason Marks, CEO and CIO, GMP Investment Management <LI>Lionel deMercado, Managing Director, Global Head of Equity Finance, TD Securities</UL></B> Please find the Roundtabe script attached.<P> All previously published Roundtables can be downloaded here: <BR><a href=http://www.opalesque.com/index.php?act=archiveRT target=_blank>www.opalesque.com/index.php?act=archiveRT</A> <a href='http://www.opalesque.com/files/Opalesque_Canada_Roundtable.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableCT Thu, 01 Jan 1970 01:00:00 +0100 Welcome to our inaugural Opalesque Connecticut Roundtable!<P> Connecticut is the the home of 17 of the world&#39;s top 100 single and multi-strategy hedge funds and has roughly 1/3 of the global hedge fund assets under management. Given the proximity to New York, it could be argued that over half of the world&#39;s hedge fund assets can be reached within an hour&#39;s drive. <P> As a consequence, Connecticut is also the base for some of the world&#39;s most sophisticated hedge fund-of-funds and hedge fund advisers.<P> In this Roundtable, we continue our exploration on how the industry has changed, and is still changing, after the events of 2008. The Roundable was sponsored by Taussig Capital and took place in Greenwich, CT on Sept. 17th with:<b> <UL><LI>Virginia Reynolds Parker, Chief Executive Office, Parker Global Strategies <LI>Michael Kelly, Co-CEO and Chief Investment Office, FrontPoint Partners <LI>David Saunders, Managing Director, K2 Advisors <LI>Brian Lasher, Head of Research, Federal Street Partners <LI>Ron Lake, President, Lake Partners <LI>Ken Shewer, Chairman, Co-CIO and Co-CEO, The Kenmar Group <LI>Daniel Rizzuto, President, DKR Fusion</UL></b> Many of the participants are very confident about the growth prospects of the hedge fund industry. There have been views that with the continued institutionalization, we could even witness the emergence of some major complexes with assets in the order of $50-100 billion AUM.<b> <UL> <LI>How to run a book of matched assets and liabilities <LI>Case study: how a managed account can save you when your administrator is on risk if it is owned by a troubled bank... <LI>What are the latest technological developments for manage account users? <LI>What strategies are attractive at the moment? What alternatives are there to directional risk? <LI>How do hedge fund managers play the gold theme? <LI>What regulatory changes are coming, and which will be the important ones? <LI>How do U.S. based managers and FoFs view the option of taking a hedge fund public? <LI>Did you know that you can now build a hedge fund portfolio with a growing pool of registered U.S. mutual funds? <LI>...see for yourself what else is new in the world of hedge funds!</UL></b> You find the Roundtable script attached. All previously published Roundtables can be downloaded here: <BR><a href=http://www.opalesque.com/index.php?act=archiveRT target=_blank>www.opalesque.com/index.php?act=archiveRT</A> <a href='http://www.opalesque.com/files/Opalesque Connecticut Roundtable.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableUK2009 Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader, <P>When we did our first Opalesque U.K. Roundtable in June of 2008, the hedge fund industry still had the worst storm ahead. Now, one year after the unforgettable events of Q4 2008, the industry is still restructuring, but the survivors move strongly forward.<P> In this new Opalesque Roundtable, you will get the inside track on:<B> <UL><LI>How did some of the largest UK hedge fund operations fare during 2008? <LI> What changes were implemented thereafter? <LI> What are the opportunities hedge funds and their investors are focusing on right now? <LI> How to set up and use managed accounts? <LI> Will investors embrace UCITS 3 funds which are increasingly launched by alternative asset management firms? <LI>The Pros and Cons of being a public hedge fund manager <LI>How do U.K.-based managers react to the AIFM Directive? <LI> With personal income taxes reaching 50%, who will be migrating to Switzerland?</UL></B> The 2009 Opalesque U.K. Roundtable was sponsored by Newedge Prime Brokerage Group (<A HREF=HTTP://www.newedgegroup.com TARGET=_BLANK>www.newedgegroup.com</A>) and took place at their London office on September 8th with:<B><OL><LI> Anthony Ward, Co-Founder of Armajaro and non-executive Chairman of Armajaro Trading Limited <LI>Aref Karim, Founder, Quality Capital Management<LI>Douglas Shaw, Managing Director Proprietary Alpha Strategies, BlackRock <LI> Duncan Crawford, Head of Capital Introductions, Prime Brokerage Group, Newedge Group <LI> Emmanuel Roman, Co-Chief Executive Officer, GLG Partners <LI> Giles White, Partner and CIO, MaxCap Partners <LI>Lawrence Staden, Founder, GLC <LI> Max Gottschalk, Senior Managing Director, Gottex <LI> Oliver Dobbs, CIO of Portfolio Management, CQS</OL></B> Enjoy listening in to our 2009 U.K. Roundtable! <a href='http://www.opalesque.com/files/Opalesque 2009 UK Roundtable.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableNY2009 Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader,<p> New York is still the dominant hedge fund center globally. Therefore we are particularly proud to present you our 2009 Opalesque New York Roundtable, where we have assembled the following round of eminent New York-based hedge fund managers, investors and advisors: <b> <ol><li>Ed Robertiello, Managing Director, head of fund of hedge funds Americas at Credit Suisse <li>Tim Schuler, CFA, Senior Vice President & Investment Strategist, Permal Group <li>Carrie McCabe, CEO and Founder of Lasair Capital <li>Chris Acito, Founder of Acito Advisory Group, former Managing Director and Global Chief Operation Officer for Investcorp&#39;s Hedge Fund Group <li>John M. Bader, Co-Chairman and Chief Investment Officer of Halcyon Asset Management <li>Bill Geisler, Portfolio Manager, Malbec Partners <li>Christopher Pucillo, Chief Investment Officer and Portfolio Manager, Solus Alternative Asset Management <li>Katherine S. Kim, Senior Analyst, Affirmed Capital</ol></b> The Round discusses <b><u>fundamental changes in asset allocation of public and corporate pensions, who have started to allocate to alternatives straight out of their equity portfolio, rather than putting hedge funds into a &quot;5% niche&quot; pocket.</u></b><p> You will learn details:<ul> <b> <li>What macro signals do hedge funds use for their strategic positioning? <li>Challenges for emerging managers: What happened to seeding? <li>New insights on risk and reward of different asset classes and hedge fund strategies <li>What are the &quot;rescue mandates&quot; that Credit Suisse and other notable firms are now getting?<li>What are the huge opportunities investors can pursue in the secondary markets for hedge funds? <li>What new hedge fund compensation models are already now being deployed, but why do hedge fund fees not seem to ever go down? <li>What keeps many hedge funds from participating in TALF and PIPP programs? <li>and much more (33 pages)!</b></ul> The Roundtable took place May 27th 2009 at the New York office of Abernathy MacGregor Group and was sponsored by Taussig Capital. <a href='http://www.opalesque.com/files/Opalesque 2009 New York Roundtable.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableCayman Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader, <p> The Cayman Islands are by far the largest offshore domicile for the establishment and administration of investment funds, the second largest offshore center for captive insurance and a significant banking and structured finance hub. <p> This new Opalesque Roundtable is researching what is behind Cayman&#39;s success story and what the future holds for the jurisdiction. In 1993, Cayman was the first offshore jurisdiction to pass specific hedge fund legislation. The process accelerated when the Cayman Islands Monetary Authority established the Investment and Services Division (ISD) in 1997. Hear from <b>Don Seymour, the previous head and founder of the Investment Services Division and a former Director of CIMA, more details about the innovations Cayman was and is still offering.</b> Why did the global financial markets embrace Cayman funds to the extend that they dominate offshore finance for years now?<p> But Cayman is also facing some <b>headwind</b> at the moment. <b>Are the Cayman really a &quot;tax haven&quot;?</b> Or are certain stances against offshore structuring based on ignorance, if not part of a political agenda? What do people actually find when they come and visit the Cayman Islands, their workforce and regulatory as well as financial infrastructure?<p> This Opalesque Cayman Islands Roundtable was <b>sponsored by KPMG</b> and took place April 30th at their Georgetown, Cayman Islands office. Apart from Don Seymour, who now serves as Managing Director of dms Management Ltd., you will hear from: <b><ul><li>Jennifer Frizzelle, Partner with KPMG <li>Darren Stainrod, Managing Director of UBS and Head of UBS Alternative Fund Services <li>Peter Cockhill, Partner with Ogier</ul></b> about the latest innovations from the Cayman and other essential developments within the alternatives industry: <b><ul><li>True stories and anecdotes from the 2008 hedge fund meltdown and why evaluation can be tricker than you think <li>Why a counterparty quote may not be enough any more to evaluate level 2 or level 3 assets <li>FAS 157 and more: how do auditors and administrators cope with the new accounting and evaluation requirements? <li>What are the latest innovations coming out of Cayman? What are the Sovereign Wealth Funds up to?</ul></b> Enjoy &quot;listening in&quot; to the Opalesque Cayman Roundtable!<p> Matthias Knab <br> Director Opalesque Ltd.<br> Knab@opalesque.com <a href='http://www.opalesque.com/files/Opalesque_Cayman_Roundtable.pdf' >Download</a> http://www.opalesque.com/index.php?act=static&and=RoundtableJapan2009 Thu, 01 Jan 1970 01:00:00 +0100 Dear Reader,<p> Some facts and findings in this new Opalesque Japan Roundtable will surprise many financial professionals. Learn directly from Japan-based investment veterans how the financial crisis has changed investing in Japan and asset raising from Japanese institutions, and what new opportunities are arising.<p> <b>A Reality Check for visiting hedge fund managers</b><p> In their quest to raise assets, considerable numbers of overseas managers are visiting Japanese institutions each month, looking for funding and assuming that the Japanese must be ready to invest money <i>&quot;merely because they have it, whereas it is not there some other places.&quot;</i> However, many allocators in Japan are still in shell shock: Chris Wells from White and Case, who lives and works in Tokyo since 1983, says <b>&quot;it will take time for allocators to realize how much they really have lost. A lot of investment staff aren&#39;t even telling their bosses how bad it is.&quot;</b> <p> <b>Paradigm Change: Brand does not allure Japanese investors any more</b><p> However, more than has been true for a long time, the ability to compete for Japanese assets is much more equal today than before, because with the financial crisis, <b>&quot;the shine has come off of the big name hedge fund managers.&quot; According to Wells, &quot;Japanese allocators, who traditionally tend to be pretty picky consumers concerned with name value, have lost this type of fixation on brands and perceived reputation.</b> While before they may have been blinded by the light of the big famous asset managers or hedge fund names, now it matters less, all names are more equal. The questions for managers will be: how did you do last quarter? Where are you going? How good are you at communicating where you are going? Do we fully understand your strategy?&quot;<p> <b>Japanese assets no more &quot;sticky&quot;</b><p> Rory Kennedy from UMJ adds that historically &quot;you have to put more effort into getting Japanese institutional money. But <b>in return, the consensus was that that Japanese money would therefore be &#39;sticky&#39; and would stay longer in your funds. However, following poor performance across hedge fund strategies over the last two years, it seems that from now on hedge funds will have to put as much effort or more into raising Japanese money, but it will be no more loyal than any other money in the world. In fact, it may be less loyal because they usually insist on liquidity as well.&quot;<p></b> The Opalesque Japan 2009 Roundtable was sponsored by AIMA Japan and took place on April 16th at the Tokyo office of Nikko Citi. I want to thank Ed Rogers from Rogers Investment Advisors and Koichi Shijima from Nikko Citi for helping me to put the following Roundtable together: <b><ol><li>Shinichiro Shiraki, Founding Member, Monex Alternative Investments <li>Chris Wells, Partner, White & Case <li>Koichi Shijima, Director, Nikko Citi <li>Rory Kennedy, COO, United Managers Japan (UMJ) <li>Ed Rogers, CEO, Rogers Investment Advisors <li>Yhu Kuni, Portfolio Manager, Stats Investment Management <li>Shin Matsui, Chief Portfolio Manager, Nissay Asset Management</ol></b> This Roundtable further covers: <b> <ul><li>The evolution of Japanese hedge fund industry - what are the new managers and strategies? <li>What impact does the ailing Japanese real estate market have on the economy? <li>What is the number one mistake when Western firms hire Japanese staff? <li>Why each investor in Asian funds should do significant due diligence on the fund&#39;s ability to manage their foreign exchange exposures.</ul></b> All previously published Opalesque Roundtables can be found in the Roundtable archive on our website (under &quot;Publications&quot;). Enjoy &quot;listening in&quot; to the 2009 Opalesque Japan Roundtable - <b>33 pages</b> of intelligence! <a href='http://www.opalesque.com/files/Opalesque Japan Roundtable 2009.pdf' >Download</a> http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57096 2010-02-09 Benedicte Gravrand, Opalesque London: At the EDHEC-Risk Alternative Investment conference in London yesterday, a panel of key figures from the regulatory scene and the alternative investment industry discussed the aims and birth-pains of the current regulatory overhaul, especially that of Europe&a... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57097 2010-02-09 Benedicte Gravrand, Opalesque London: Marc Russell-Jones, managing director of the Bank of New York Mellon in London, told Opalesque after the Edhec conference&amp;#39;s panel on financial regulations (see above article) that the hedge fund industry itself is changing fundamentally because of ... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57098 2010-02-09 Benedicte Gravrand, Opalesque London. French hedge fund manager Fran&ccedil;ois Bonnin graduated from Paris&amp;#39; &amp;quot;Grande Ecole&amp;quot; ISG (Institut Superieur de Gestion)... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57099 2010-02-09 From the Opalesque team: The general consensus for fundraising is that 2010 holds much in the way of promise for hedge funds. Strong performance in 2009 slowed the enormous tide of redemptions, and net inflows finally took hold at year-end... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57100 2010-02-09 From Kirsten Bischoff, Opalesque New York: After the tumultuous markets of 2008 and 2009, U.S. hedge fund performance reflects how well managers are controlling market risk... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57075 2010-02-08 Benedicte Gravrand, Opalesque London: A roundup of the week&amp;#39;s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments industry. Last week, we heard of fund launches from new firm Castle Hill (flagship); ... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57076 2010-02-08 From the Opalesque team: In its 2010 outlook, Connecticut-based, global placement agent CP Eaton Partners expresses optimism about hedge fund industry performance in 2010. With hedge funds completing an impressive 12-month turnaround that ranged from the massive redemptions and poor performance o... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57077 2010-02-08 From the Opalesque team: New York-based Nautical Capital, which launched in December 2009, has already set the bar high for success, hoping to eventually become the investment name synonymous with commodities investing. &quot;When you think of equities, you think of Fidelity, when you think... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57085 2010-02-08 From Sagar Chakraverty, Opalesque Asia: According to a letter sent by Andrew Jr. Donohue, Director of US&amp;#39; Securities and Exchange Commission (SEC) to Richard G... http://www.opalesque.com/index.php?act=AMBArchive&and=ShowExclusive&nr=57088 2010-02-08 From Sagar Chakraverty, Opalesque Asia: A Global Markets Review issued on 22-Jan by MTS Research, a London-based investment research company specializing in technical analysis, predicts a continued drop in indices across the Asia Pacific markets. Asian Pacific markets see weak corrections As... http://www.opalesque.com/Commodities_Briefing/?p=107548 Tue, 09 Feb 2010 06:21:17 +0100 From AFP: Anglo-Swiss mining group Xstrata on Monday reported a 41 percent drop in its annual profit in 2009 and pinned its hopes on a renewed boom in commodities demand in China and other emerging economies. Xstrata chief Mick Davis predicted that commodities markets would shrug off depressed de... http://www.opalesque.com/Commodities_Briefing/?p=107547 Tue, 09 Feb 2010 06:20:59 +0100 From Businessweek.com: A slump in commodities last week was caused by a strengthening dollar and raw materials remain “hot- ticket” investments for 2010, Morgan Stanley said. The Reuters/Jefferies CRB Index of 19 raw materials fell to the lowest since October last week. The decline is a “buying o... http://www.opalesque.com/Commodities_Briefing/?p=107546 Tue, 09 Feb 2010 06:20:27 +0100 From Bloomberg: Copper, crude oil and sugar are the top picks among commodities, with the three set to gain on increasing emerging-market demand and supply constraints as the global economy recovers, according to Morgan Stanley. Oil is “by far is our biggest bet among commodities,” Hussein Allidi... http://www.opalesque.com/Commodities_Briefing/?p=107545 Tue, 09 Feb 2010 06:20:10 +0100 From Investopedia.com: Ever since the modern-day economy emerged from World War II, predicting commodity cycles has been more art than science. Many economic variables have been tested for their correlative and predictive powers without a consensus over the years. Yet modern studies remain the bes... http://www.opalesque.com/Commodities_Briefing/?p=107544 Tue, 09 Feb 2010 06:19:54 +0100 From WSJ: In a conference call with clients last week, Barclays Capital said commodities had a &amp;quot;shaky&amp;quot; start to the year. That's putting it mildly, with volatile price swings in industrial inputs like copper and oil as well as precious metals -- and all with a broadly downward bias... http://www.opalesque.com/Commodities_Briefing/?p=107543 Tue, 09 Feb 2010 06:19:29 +0100 From Istockanalyst.com: David Rosenberg of Gluskin Sheff offered the following warning today about the future course of the trade-weighted U.S. dollar and its historical relationship with commodity prices. We are still long-term fans of the commodity complex and precious metals but again, the char... http://www.opalesque.com/Commodities_Briefing/?p=107542 Tue, 09 Feb 2010 06:19:07 +0100 From WSJ: It will be 50 years in September since the Organization of Petroleum Exporting Countries was created in Baghdad with five founding member countries. The intervening years have seen it grow to 12 members and evolve from the sharply politicized organization of the 1970s to a broadly econo... http://www.opalesque.com/Commodities_Briefing/?p=107541 Tue, 09 Feb 2010 06:18:46 +0100 From Bloomberg: Crude oil is poised to rise to $75 a barrel, recouping a week’s losses, before the market revisits chart support around $70, said National Australia Bank Ltd. Oil, which has slumped 14 percent in the past four weeks, will gain strength from “a bit of psychology” because the market... http://www.opalesque.com/Commodities_Briefing/?p=107540 Tue, 09 Feb 2010 06:18:26 +0100 From Beforeitsnews.com: European and U.S. stock markets have taken a hit recently as spooked investors from Shanghai to Sao Paolo were fleeing risky assets amid concern that the financial crisis in Portugal and Greece could spread through the euro zone with vast implications for the fate of the frag... http://www.opalesque.com/Commodities_Briefing/?p=107539 Tue, 09 Feb 2010 06:18:07 +0100 From Nytimes.com: Carbon markets have had a rocky ride since trading began five years ago in the European Union. The latest bump came last month, when swindlers used faked e-mail messages to obtain access codes for individual accounts on national registries that make up the bloc’s Emission Trading S... http://www.opalesque.com/Realestate_Briefing/?p=18338 Tue, 09 Feb 2010 03:58:56 +0100 From Ctv.ca: Canadian house prices will hit a record $337,500, on average, this year and sales activity should also burst through an all-time high, a real-estate report predicted Monday. National average home prices are expected to rise 5.4 per cent, with gains in all provinces, the Canadian Real... http://www.opalesque.com/Realestate_Briefing/?p=18337 Tue, 09 Feb 2010 03:58:37 +0100 From Canadianbusiness.com: In mid-December, in an opulent ballroom at Toronto’s Royal York Hotel, Bank of Canada governor Mark Carney had just completed a speech on the hazards of taking on too much debt. Someone asked him whether a housing bust might ensue when interest rates rose. Carney dodged th... http://www.opalesque.com/Realestate_Briefing/?p=18336 Tue, 09 Feb 2010 03:58:04 +0100 From Theglobeandmail.com: The market for new homes is beginning to show the same bounce that led to the remarkable recovery in resales after the slump. Canada Mortgage and Housing Corp. said this morning that housing starts in January jumped 5.8 per cent to a seasonally adjust annual rate of 186,300... http://www.opalesque.com/Realestate_Briefing/?p=18335 Tue, 09 Feb 2010 03:57:42 +0100 From Canadian Press: It's still a seller's market for homeowners, but economists say it's not a real estate &amp;quot;bubble.&amp;quot; Canada's housing market is on the rebound after a decline in 2009 with resales expected to set a new annual record this year and home building is off to a strong st... http://www.opalesque.com/Realestate_Briefing/?p=18334 Tue, 09 Feb 2010 03:57:24 +0100 From BBC: Activity in the UK housing market was frozen by the snowy weather, although prices continued to rise, according to surveyors. Buying and selling activity fell during the month owing to the extreme weather conditions, the Royal Institution of Chartered Surveyors (Rics) said................. http://www.opalesque.com/Realestate_Briefing/?p=18333 Tue, 09 Feb 2010 03:57:04 +0100 From IPE: The latest results from International Property Databank’s (IPD) UK quarterly property index have prompted fund managers to question the sustainability of the market’s recovery. IPD recorded the largest ever quarterly capital growth of 8.1% in the UK during the last three months of 2009,... http://www.opalesque.com/Realestate_Briefing/?p=18332 Tue, 09 Feb 2010 03:56:45 +0100 From Professionalpensions.com: Pension funds have been returning to the UK commercial property market in the wake of improving returns after the asset class lost almost half of its value, industry figures say. According to data released by Association of Real Estate Funds UK unlisted pooled prope... http://www.opalesque.com/Realestate_Briefing/?p=18331 Tue, 09 Feb 2010 03:56:27 +0100 From Bloomberg: Institutional property funds put a record 3.2 billion pounds ($5 billion) into U.K. commercial real estate in the fourth quarter of 2009, according to the Association of Real Estate Funds, the Financial Times reported. U.K. commercial property values have bounced back since last s... http://www.opalesque.com/Realestate_Briefing/?p=18330 Tue, 09 Feb 2010 03:56:13 +0100 From Investorsoffshore.com: Hedge funds are showing renewed interest in London's commercial real estate sector as low interest rates and more confidence among investors over economic prospects fuel demand in the asset class, not just in the UK but globally. Oliver Gilmartin, senior economist at t... http://www.opalesque.com/Realestate_Briefing/?p=18329 Tue, 09 Feb 2010 03:55:45 +0100 From Financierworldwide.com: Private equity investors are well-placed to come to the aid of the banks following the turmoil in the UK commercial property sector, according to a report in The Financial Times. Since the financial crisis broke, the commercial property market has seen billions wiped fro... http://www.opalesque.com/SWF_Briefing/?p=5132 Tue, 09 Feb 2010 06:58:58 +0100 From Reuters: China Investment Corp (CIC) will manage more of its investments in developed markets in house this year, the head of the $300 billion sovereign wealth fund said in remarks carried by official media this morning. Lou Jiwei, the chairman of CIC, said the fund would steadily accelerate i... http://www.opalesque.com/SWF_Briefing/?p=5131 Tue, 09 Feb 2010 06:58:28 +0100 From Nytimes.com: Flush with cash despite the global economic downturn, China’s sovereign wealth fund quietly snapped up more than $9 billion worth of shares last year in some of the biggest American corporations, including Morgan Stanley, Bank of America and Citigroup. Although most of the stake... http://www.opalesque.com/SWF_Briefing/?p=5130 Tue, 09 Feb 2010 06:58:02 +0100 From Reuters: China Investment Corp, the country's $300 billion sovereign wealth fund, has made its biggest U.S. equity bets in natural resources and financial stocks. A filing with the U.S. Securities and Exchange Commission detailed equity holdings in U.S. listed companies and funds worth $9.63... http://www.opalesque.com/SWF_Briefing/?p=5129 Tue, 09 Feb 2010 06:57:45 +0100 From WSj: So much for the big bad wolf. Detailing its U.S. stock holdings, China Investment Corp. has revealed itself to be more like Little Red Riding Hood's grandmother. Much of the $9.6 billion CIC holds in U.S. equities was already well-documented: Stakes in Teck Resources and Morgan Stanley... http://www.opalesque.com/SWF_Briefing/?p=5128 Tue, 09 Feb 2010 06:57:20 +0100 From AFP: State-linked Singapore investment firm Temasek Holdings said Monday it was planning a bond offering worth one billion Singapore dollars (704 million US) as part of its capital-raising programme. The bonds are due in 2020 and will be issued by its wholly-owned subsidiary Temasek Financia... http://www.opalesque.com/SWF_Briefing/?p=5127 Tue, 09 Feb 2010 06:57:05 +0100 From Reuters: Singapore state investor Temasek priced its S$1 billion ($703.7 million) 10-year bond at 40 basis points above the Singapore dollar swap offered rate, confirming an earlier Reuters report. The price, which translates to 3.265 percent per year, was at the tighter end of the initial g... http://www.opalesque.com/SWF_Briefing/?p=5126 Tue, 09 Feb 2010 06:56:36 +0100 From Tradearabia.com: Kingdom Holding Company said Asian investment group Temasek Holdings is set to invest $75 million into Pan-African Investment Partners II Limited (PAIP II), a fund managed by Kingdom Zephyr Africa Management Company (KZAM). KZAM, a leading pan-African private equity firm, is... http://www.opalesque.com/SWF_Briefing/?p=5125 Tue, 09 Feb 2010 06:56:18 +0100 From Reuters: A promoter of Sobha Developers Ltd sold a 4 percent stake via a block deal to Aranda Investments, a unit of Singapore's Temasek Holdings, a top official said. &quot;Aranda Investments, an affiliate of Temasek Holdings, the investment arm of Singapore government, has purchased s... http://www.opalesque.com/SWF_Briefing/?p=5124 Tue, 09 Feb 2010 06:56:00 +0100 From Temasekreview.com: It was mid-December 2007 [A] when the Government of Singapore Investment Corp. (GIC) made a whooping 11 billion Swiss francs (S$13.8 billion) investment in UBS. There was news earlier in the summer of 2007 about how the US housing market was showing signs of slowing down,... http://www.opalesque.com/SWF_Briefing/?p=5123 Tue, 09 Feb 2010 06:55:36 +0100 From Temasekreview.com: Singapore’s sovereign wealth fund Government of Singapore Investment Corporation (GIC) may have suffered a paper loss of more than SGD $10 billion dollars in its investment in Swiss bank UBS as of now. In December 2007, GIC agreed to invest 11 billion francs in mandatory c... http://www.opalesque.com/index.php?act=AMBArchive&and=show_amw_atomic&nr=81 Sat, 06 Feb 2010 00:00:00 +0100 Benedicte Gravrand, Opalesque London: A roundup of the week&amp;#8217;s hedge fund launches, closures, index performance, trends, regulatory, legal and financial events pertaining to the alternative investments industry. Last week, we heard of fund launches from new firm Castle Hill (flagshi... http://www.opalesque.com/IslamicFinance_Briefing/?p=6289 Tue, 09 Feb 2010 03:05:01 +0100 From Forexpros.com: The global financial crisis has intensified a push for Islamic finance to &amp;quot;return to its roots&amp;quot; and move further away from conventional banking, but some warn that more originality could alienate investors. Many bankers fear radical reforms to the industry co... http://www.opalesque.com/IslamicFinance_Briefing/?p=6288 Tue, 09 Feb 2010 03:04:42 +0100 From Gulfnews.com: Sales of Islamic bonds may increase 24 per cent this year, led by Southeast Asia, as the region's expansion helps drag the world out of recession, said CIMB Group Holdings Bhd., the leading arranger of such issuance. Global sales of bonds that comply with the religion's shariah... http://www.opalesque.com/IslamicFinance_Briefing/?p=6287 Tue, 09 Feb 2010 03:04:25 +0100 From Dawn.com: Indonesia has sold more than 850 million dollars worth of Islamic bonds to domestic retail investors, exceeding its target by more than two and half times, officials said Monday. The bonds, or sukuk, will mature in three years and pay 8.7 per cent, finance ministry director for deb... http://www.opalesque.com/IslamicFinance_Briefing/?p=6286 Tue, 09 Feb 2010 03:04:05 +0100 From Alibaba.com: Indonesia raised 8.033 trillion rupiah ($856.3 million) from the sale of a three-year retail sukuk, a finance ministry official said on Monday, more than double the indicative target of 3 trillion rupiah. Indonesia, which has the world's largest Muslim population, has pledged to... http://www.opalesque.com/IslamicFinance_Briefing/?p=6285 Tue, 09 Feb 2010 03:03:52 +0100 From Tradearabia.com: Saudi Arabia's Dar Al-Arkan Real Estate will likely issue a five-year fixed rate Islamic bond worth between $500-750 million by the end of the week, two bankers with knowledge of the deal said on Monday. The Islamic bond, or sukuk, could be priced to yield between 10.5-11... http://www.opalesque.com/IslamicFinance_Briefing/?p=6284 Tue, 09 Feb 2010 03:03:33 +0100 From Theedgemalaysia.com: With the normalisation of external conditions, a steadily recovering domestic economy and expectations that Bank Negara Malaysia (BNM) will keep its benchmark rates intact until the second half of 2010, RAM Ratings Bhd believes that it is an opportune time for corporates to... http://www.opalesque.com/IslamicFinance_Briefing/?p=6283 Tue, 09 Feb 2010 03:03:18 +0100 From Arabianbusiness.com: Consulting giant Deloitte has opted to site its new Islamic Finance Knowledge Centre (IFKC) in Bahrain to take advantage of a sector that has averaged a 15-20 percent annual growth rate over the last five years. “Global Islamic Finance assets are estimated by the IMF (In... http://www.opalesque.com/IslamicFinance_Briefing/?p=6282 Tue, 09 Feb 2010 03:02:59 +0100 From Arabnews.com: A US dollar-denominated, open-ended, Shariah-compliant fund was launched Monday in Riyadh by NCB Capital, the investment banking arm of National Commercial Bank (NCB), the largest commercial bank in the Kingdom. Under the new ‘Sukuk and Murabaha Fund’, NCB Capital will invest i... http://www.opalesque.com/IslamicFinance_Briefing/?p=6281 Tue, 09 Feb 2010 03:02:42 +0100 From Zawya Dow Jones: Dubai-based Tamweel PJSC reported a net profit of 11 million U.A.E dirhams ($3 million) in the fourth quarter, compared with a net loss of AED112.4 million in the year-earlier period, on lower costs of funding. The company posted a full-year net loss for 2009 of AED54 millio... http://www.opalesque.com/IslamicFinance_Briefing/?p=6280 Tue, 09 Feb 2010 03:02:23 +0100 From Reuters: Islamic banks are expected to move more deeply into riskier, equity-based financing as they seek alternatives to controversial debt mechanisms like the tawarruq, a prominent sharia scholar said on Monday. Sharia banks have been reluctant to adopt equity models like the mudaraba to a... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=22 Thu, 04 Feb 2010 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=21 Thu, 07 Jan 2010 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=20 Wed, 02 Dec 2009 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=19 Tue, 03 Nov 2009 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=18 Thu, 15 Oct 2009 00:00:00 +0200 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=17 Tue, 29 Sep 2009 00:00:00 +0200 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=16 Mon, 14 Sep 2009 00:00:00 +0200 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=15 Tue, 11 Aug 2009 00:00:00 +0200 ... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=14 Wed, 15 Jul 2009 00:00:00 +0200 Founding Father Q A: Investor perspective: Ernest Jaffarian of Efficient Capital compares CTAs and hedge fundsFutures Lab: Innovative mainstream products: ETFs and mutual funds may open market to futuresInsider Talk: Arne Hassel of Millennium Global says the UCITS mutual fund format fits a macro str... http://www.opalesque.com/index.php?act=archiveOFI&and=show&iID=13 Tue, 16 Jun 2009 00:00:00 +0200 Founding Father Q A: Investor perspective: Ernest Jaffarian of Efficient Capital compares CTAs and hedge funds Futures Lab: Innovative mainstream products: ETFs and mutual funds may open market to futures Insider Talk: Arne Hassel of Millennium Global says the UCITS mutual fund format fits a macro s... http://www.opalesque.com/index.php?act=archiveOIFI&and=show&iID=7 Tue, 09 Feb 2010 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOIFI&and=show&iID=6 Thu, 17 Dec 2009 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOIFI&and=show&iID=5 Mon, 26 Oct 2009 00:00:00 +0100 ... http://www.opalesque.com/index.php?act=archiveOIFI&and=show&iID=4 Mon, 31 Aug 2009 00:00:00 +0200 ... http://www.opalesque.com/index.php?act=archiveOIFI&and=show&iID=2 Mon, 27 Jul 2009 00:00:00 +0200 ... http://www.opalesque.com/index.php?act=archiveOIFI&and=show&iID=1 Fri, 03 Jul 2009 00:00:00 +0200 Introduction: A Primer on Islamic finance Featured Resource: Islamic Finance Resources blog and online community Featured Structure: Tawarruq: Shariah Risk or Banking Conundrum? Nikan Firoozye, Ph.D. Manager Interview: Brint Firth, Javelin Investment Management Portfolio Interview: Four ...