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New Managers May 2014

Perspectives: News, views and findings

 

Investing in credit remains strong despite interest rate talks

Despite fears that investors would run from fixed income as interest rates rise, panelists at the SALT Conference in Las Vegas, Nevada are finding a wealth of opportunities in credit. Across several panels, managers agree that several years into the boom for credit funds, there is more to come.

Indeed, even though interest rates in the US are expected to start rising at some point in the next few years, other macro factors like recapitalizations in Europe and a lack of lending are likely to keep asset flows going into credit. The latest asset flows data from eVestment shows that credit fund AUM is at an all-time high. The universe surpassed its pre-crisis peaks back in 2010 and has been in record territory since.

...The changing face of banks was a constant refrain among credit investors. Non-performing loans, and nonbank lending and specialty finance were cited as opportunities by Deepak Narula Founder & Managing Partner, Metacapital Management. "Refinancing is over," he added by way of explaining the slow down in residential mortgage refinancing.

...Other sources noted a spate of new fund launches. "We're seeing a lot of variety in launches," Ingrid Pierce, Global Managing Partner at Walkers tells Opalesque noting that new managers with some kind of support from a platform or a seeder often have better luck raising assets... You can read Bailey McCann's full article here.

Let's Be Clear - transparency is still lacking in alternative investments

Even as investors push more capital into alternative investments, and regulation seeks to improve transparency, work remains according to a new survey from Intralinks and Opalesque. The report, entitled "Let's Be Clear: A Common View on Transparency," s......................

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This article was published in Opalesque's New Managers a top-down monthly analysis, news and research publication on the global emerging manager space.
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