| Editor's Note | ||
| Dear subscriber, A quick reminder that you can still win “Portfolio Theory and Performance Analysis” by Noël Amenc and Véronique Le Sourd (a $95 value) by recommending Alternative Market Briefing using the “recommend” button (down at the bottom of the newsletter). We thank Wiley & Sons for sponsoring this campaign. Good luck to all participants! Details on the book here. Use (paste) this link in your browser: http://www.opalesque.com/forward_newsletter.php?action=recommend&email= in case the "recommend" link has been disabled due to corporate policy reasons. This campaign will be continued until the end of February. The winner will be anounced March 1st. Wiley is offering all subscribers again 20% rebate on one of their best selling books on hedge funds. Details see below. |
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| Hedge Funds: Definitive Strategies and Techniques | ||
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Hedge Funds: Definitive Strategies and Techniques IMCA, Kenneth S. Phillips, Ronald J. Surz ISBN 0-471-46309-4 August 2003 Hardcover 211 pages Special offer to Opalesque subscribers: save 20%. Order Hedge Funds: Definitive Strategies and Techniques now and save 20%. Pay only £50.36/EUR62.64/US$71.96 plus P&P. Quote promotion code CWD when prompted, or contact cs-books@wiley.co.uk for further details. Link for EU customers here. US customers, please follow this link. Remember to quote CWD for your discount! In recent years, hedge funds have gained enormous popularity among institutional and high-net-worth investors–primarily because many of these investment strategies are now seen as a reliable alternative to an otherwise volatile and directionless group of capital markets. While hedge fund investing can be beneficial, particularly in the context of traditionally allocated portfolios, there are many potential pitfalls. Consultants and investors alike must be prepared for the increasing complexity of strategies and instruments associated with hedge funds, not to mention the increase in the number of managers. Written by a leading team of investment advisors and hedge fund experts, and fully backed by the Investment Management Consultants Association (IMCA), Hedge Funds: Definitive Strategies and Techniques demystifies the subject of hedge fund investing and focuses on the most frequently used investment strategies associated with this alternative investment class. Composed of ten information-packed chapters--each individually written by industry experts--Hedge Funds explores important issues that will allow you to clarify your future investment strategies and portfolio allocations. Editors Kenneth Phillips and Ronald Surz pull together the best minds in the hedge fund business to discuss:
J. Richard Joyner, Partner, Ernst & Young LLP "An excellent resource for the advisor who is interested in hedge funds for his/her clients." Phillip N. Maisano, Chairman and CEO, Evaluation Associates |
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| Close-Up | ||
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| Hedge fund-of-funds explosion belies risks | ||
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Hedge fund investing is becoming more accessible with every passing quarter as the market gets virtually flooded with newly created funds of hedge funds, most of which are aimed squarely at financial advisers and their clients. But according to some advisers and industry consultants, the sudden growth spurt is another reason for the buyer to beware when it comes to these kinds of alternative-investment strategies. “Just because you’re a fund-of-funds manager doesn’t mean you’re any good at it,” said Renata Neufeld, president of StreetSmarts Omnimedia Corp., a Toronto-based hedge fund consulting firm. Funds of hedge funds — multiple single-strategy hedge funds packaged into investible portfolios — increased by more than 120% over the two-year period ended Dec. 31 to about 1,230, according to Hedge Fund Research Inc.
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| PlusFunds Leverages S&P Hedge Fund Index | ||
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PlusFunds Leverages S&P Hedge Fund Index PlusFunds Group, Inc. announced today that it has introduced a new vehicle tracking the S&P Hedge Fund Index. This vehicle seeks to track the performance of the Standard & Poor's Hedge Fund Index on a levered basis, by leveraging the investor's initial equity investment through additional capital, obtained through direct borrowing or the use of derivative transactions. This new vehicle managed by PlusFunds intends to give similar benefits as existing S&P Hedge Fund Index-linked vehicles, namely independent oversight, transparency, liquidity and risk monitoring across institutional quality funds, by virtue of the systematic use of separately managed accounts. Source
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| Refco Launches Public Fund Linked to S&P Index of Managed Futures | ||
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Refco Securities, LLC announced that it has commenced the sale and distribution of the S&P Managed Futures Index Fund, LP (the "Fund"). The Fund is a publicly distributed investment fund linked to the S&P Managed Futures Index. The S&P Managed Futures Index is comprised of 14 accounts maintained by registered commodity trading advisors ("CTAs") that employ a broad range of systematic trading strategies in the futures markets. Source
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| New hedge fund uses PhD-researched theory to help protect investors | ||
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Portfolio-volatility remains low even when disaster strikes. What is believed to be the world's first hedge fund designed to protect investors during times of market distress will be officially launched next week during a reception at the Fields Institute in Toronto. Investments that are minimally affected by market volatility are the focus of the Quadrexx Market Neutral Performance Fund (QMNPF). The QMNPF is a fund of funds whose theory originated from a PhD study at the University of Toronto conducted by both mathematicians and physicists. In some ways, the QMNPF is similar to other fund of hedge funds, diversifying portfolios to protect investors. Quadrexx takes this one step further by focusing on a methodology that consists of mathematical equations and a unique management style which guarantees fund managers are working well as a team. Source
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| Hedge fund legend Michael Steinhardt competes in chicken soup contest | ||
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Judges at Finals Include Brooklyn Borough President Marty Markowitz, Radio Personality Arthur Schwartz, Investing Legend Michael Steinhardt. Who makes the best chicken soup in America? Find out on Feb. 24 at Shabbat Across America's Chicken Soup Challenge. The finals of this national contest will be held at Abigael's restaurant, 1407 Broadway (39th Street), one of New York's premier kosher restaurants. Five finalists will begin slicing and dicing in Abigael's kitchen at 9:00 a.m., with judging at 1:15 p.m. At stake are bragging rights for "the best chicken soup in America" and a grand prize trip for two to Israel. Source
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| NYMEX has Trade Secret | ||
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Located at the western-most end of the World Financial Center, the New York Mercantile Exchange is the least known of the city's financial markets, but it may have become the most successful. Roiling energy markets and China's economic boom have turned the exchange into one of the nation's most profitable financial markets. These days, a whopping $3 billion changes hands each day and its seat prices have risen so much that members are actually happy. Source
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| CTAs amassing assets | ||
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Like its peers in the group of top 10 largest trading advisors, John W. Henry & Co continues to pack on assets in the new year. JWH added $171 million in January across its various product lines, pushing assets under management to nearly $2.4 billion, close to its peak reached in 1998. Source
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| Eurex US still has a mountain to climb | ||
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… One reason why Eurex did not make the inroads that some expected was because the CBOT had, the week before, slashed its trading fees to levels that in some cases are lower than those of Eurex. Separately, on Friday, the CBOT said it would lower electronic fees for US users for the next 18 months if they buy or lease memberships, or seats, by June 30. Last week, a seat on the CBOT sold for $600,000, the highest price for four years. Source
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| 2003 Money Manager League Tables (Ex-U.S.): BGI Leads The Way | ||
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Barclays Global Investors has seized the top spot in GMM's 2003 Money Manager League Table with GBP9.14 billion in net new business. BGI, which came in third in 2002 with GBP4.4 billion in new business, benefited from the trend toward core/satellite investment strategies by winning passive and enhanced-index core mandates. These included last year's largest single mandate, a GBP3 billion global passive balanced brief from the GBP9 billion British Coal Staff Superannuation Scheme. The firm also won several active bond and equity mandates as well as cash business and it has a growing hedge fund operation. At the other end of the league table, SG Asset Management plummeted to last place from 50th last year… Source
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| Mutual and Hedge Fund Managements: A New Chinese Wall? | ||
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The question is not whether the Senate will take up a bill to reform the mutual fund industry this year, but whose bill. One version likely to get a lot of attention in coming weeks is proposed by Sen. Jon S. Corzine (D—N.J.), formerly the chief executive of Goldman Sachs Group Inc. This bill is co-sponsored by both of Connecticut’s Democratic senators, Joseph Lieberman and Christopher Dodd….There are two other bills addressing the issue of mutual fund reform now before the Senate… Source
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| NJ Sues Pimco Funds Over Improper Trading | ||
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New Jersey regulators on Tuesday sued the PIMCO mutual fund group, accusing it of defrauding investors by allowing a hedge fund at the center of an industrywide scandal to improperly trade in PIMCO's funds. The regulators said PIMCO parent Allianz Dresdner Asset Management of America LP and three related companies allowed hedge fund company Canary Capital Partners LLC to improperly trade in PIMCO funds, violating numerous securities laws. Source
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| Fund Firm Says Market Timing Helped Fund Shareholders | ||
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One mutual-fund company says market timing isn't always as bad as you think. PEA Capital LLC, an affiliate of Pimco Funds, said Tuesday that much of the timing activity at the heart of recent charges brought by New Jersey regulators actually helped fund shareholders. PEA said an independent investigation of short-term trading in four funds " concluded that shareholders of three funds had actually benefited from the trading and that returns on the remaining fund had been diluted by less than $ 1.2 million." The company did say it would compensate the one fund for the dilution of its returns, and the firm will also return nearly $440,000 in fees earned from the timing assets. Source
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| CALPERS Puts Franklin on Probation | ||
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The nation's largest public pension plan put Franklin Advisors on probation Tuesday as federal and state regulators investigate improper trading charges against a related mutual fund company. The California Public Employees' Retirement System Board voted to put the firm on its watch list as the Securities and Exchange Commission and federal and state prosecutors probe illegal trading at a subsidiary of Franklin Resources Inc. Source
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| Franklin Answers Mass. Complaint, Says Timing Hurt No One | ||
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Franklin Resources Inc. says the market-timing activity at the center of charges recently filed by Massachusetts regulators harmed no one, and the mutual-fund company has rejected at least $3 billion in market timing assets in recent years. Those comments were part of a response filed Tuesday to a complaint made Feb. 4 by Massachusetts Secretary of State William Galvin. Source
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| Bush Aides Blame Recession on Clinton (Wrong. It’s All Chelsea’s Fault) (JP) | ||
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According to Bloomberg, previewing a possible campaign strategy, members of President George W. Bush's economic team blamed the loss of 2.3 million U.S. jobs since his inauguration on a recession inherited from Bill Clinton, and said tax cuts will soon boost hiring. Traveling by bus around the state of Washington, where unemployment exceeds the national average by a percentage point, Treasury Secretary John Snow, Labor Secretary Elaine Chao, and Commerce Secretary Donald Evans said it's not Bush's fault that he may be the first president since Herbert Hoover to see employment decline during his term. Source
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| NYSE Gets $150MM Black Eye (JP) | ||
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The New York Post reports that the New York Stock Exchange's five leading specialist firms face a deadline at close of business today to settle allegations by the SEC and the NYSE that the firms violated trading rules. The SEC has warned the market makers that if they do not choose to settle today and pay about $150 million, they will face civil charges that they broke trading rules, interfered in trades and disadvantaged investors. One source, who asked not to be named, said the charges against some firms could also include insider trading. Spokesmen for the NYSE and SEC declined to comment. Source
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| No delays in German hedge fund registration | ||
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German regulator BAFIN confirmed yesterday that there are no delays with the admission processes of the first hedge funds. First products should complete registration in March or April Seven German asset management companies have applied. Foreign firms have applied to register two hedge fund of funds. If the products are already registered with an EU regulator, distribution rights can be granted in about four months. The regulator has asked the German asset management union BVI to standardize the application forms. Registration could then take two to three weeks only. In German: Source
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| 7 Arrested in Parmalat Fraud Scandal | ||
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Italian authorities investigating the Parmalat fraud scandal arrested seven people Tuesday, including company founder Calisto Tanzi's son, daughter and brother, police said. An eighth person was placed under house arrest. The new arrests bring the number of people behind bars to 15, including the Parmalat founder. A total of four people are also under house arrest. Source
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| Chairman of Australia`s NAB resigns amid rogue forex trading scandal | ||
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National Australia Bank chairman Charles Allen resigned in the aftermath of a rogue foreign exchange trading scandal which has cost Australia's biggest lender at least 360 million dollars (285 million US). Source
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| Southeast Asia`s economies are falling behind | ||
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Although it offers a market of 560 million people, rich natural resources, and skilled labor, investors increasingly choose to put their money into the large and integrated Chinese market, where labor is often cheaper. Efforts to create a common market under the banner of the Association of Southeast Asian Nations (ASEAN) haven't halted the fragmentation, so different prices, tariffs, and regulations still divide the region into a collection of subscale economies. To restore Southeast Asia's competitiveness, its leaders must improve the productivity of the region's workers and reduce costs across the production value chain. Barriers to free trade should be reduced to create a true single market where companies and consumers alike can benefit from economies of scale. Source
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| Hedge Funds World Germany - 10% discount for all subscribers | ||
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Leverage Germany’s outstanding hedge funds potential at Hedge Funds World Germany 2004!
29 - 31 March 2004, Frankfurt, Germany
Meet the next hedge fund managers and German investors at Hedge Funds World Germany 2004! Top-level speakers include:
Register NOW by calling tel: +44 (0) 20 7242 2324, e-mail: naheed.sharmin@terrapinn.com or register online here. Please state “Opalesque subscriber“ in your correspondence to get your 10% discount.
Hedge Funds World Germany 2004 is sponsored by: |
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| MAR to host Geneva conference for European Hedge fund Community | ||
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MAR's 9th European Conference on Hedge Fund Investments February 23-25, 2004 at the Intercontinental Hotel, Geneva Switzerland will certainly be an informative and insightful event. Over 100 delegates have already registered for the event, which typically attracts the best and brightest from the sector. Full program details here.
Start the conference with skiing in Chamonix:
Keynote and Featured Speakers:
Program Highlights
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| Alternative Investment Summit 2004 - 10% early bird discount | ||
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22-23 MARCH 2004, The Royal Lancaster Hotel, London Sponsored by MAN Investments, NIB Capital and Akin Gump Strauss Hauer & Feld The Alternative Investment Summit is designed to demystify the Private Equity and Hedge Fund industries and to tackle the key issues that investors face when considering investment in these areas. The conference agenda is aimed primarily at institutional investors and attracted over 400 delegates in 2003, making it the UK’s premier Alternative Investment event. OVER 400 DELEGATES IN 2003 Delegates in 2003 included representatives from UK Civil Aviation Authority Pension Scheme, UK Coal Pension Trustees, Danish Pension Fund for Engineers, Devon County Council, Free State Municipal Pension Fund (South Africa), Irish Shell, J Sainsbury plc, Kimberley Clark, Kodak, London Regional Transport, Masterfoods, Mowlem, Pharmacia (Sweden), UK Railways, UK Royal Mail, Sharp Electronics, Shell Canada, Univ of Sussex, Univ of Quebec, West Midlands Pension Fund, Xerox, Barclays Pension Fund and many others...
THE ALTERNATIVE INVESTMENT SUMMIT 2004 features presentations on:
REGISTER NOW and receive a 10% early bird discount by calling Hannah Morgan on +44 (0)1202 201182 or e-mail: HannahMorgan@irc-conferences.com Please state -Opalesque- in your correspondence.
Full programme:
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| Eurekahedge: independent consultancy, advisory and hedge fund data provider | ||
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Eurekahedge are an independent consultancy and advisory body specialising in the Asian and European hedge fund markets. Eurekahedge offers a number of services including:
Hedge fund publications and online databases: Asia and Japan Hedge Fund Directory, Global Fund of Funds Directory, European Hedge Fund Directory, Absolute Return Fund Directory, Japanese Compendium Emerging manager start-up consultancy Start-up consultancy services to entrants to the alternative asset management industry. By teaming up with the leading hedge fund law, tax and accountancy firms, Eurekahedge are able to provide swift and cost effective coordination, advice and support for start-up managers in Asia, Japan and Europe. Due diligence services Eurekahedge offer a spectrum of due diligence products including coordinating specific individual manager background checks as well as arranging full commercial, regulatory and systems due diligence. Investment advice and investor services We believe we are the leading authority on Asian and Japanese hedge funds and to this end we have a database covering over 380 Asian portfolios. The combination of our database and our independent research team enables Eurekahedge to offer unrivalled, on-going and objective investment advice to potential investors in Asian hedge funds. 
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+49-89-512668-68 This newsletter is edited by Matthias Knab (MK) for Opalesque Ltd. For more informations about me and Opalesque Ltd. please use this link. Jeff Posner (JP), a Chicago based PR specialist and free lance writer focussing on the financial industry, is a contributing editor of this newsletter. He can be reached at Geoffp7@juno.com. Did you know? Opalesque is giving you free access to the newsletter archive - use this link. Disclaimer: The information contained in this newsletter
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