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09 Aug. 2019 Assured Guaranty picks up AMG's stake in BlueMountain Capital Management [more]
Bailey McCann, Opalesque New York: Assured Guaranty has acquired a majority interest BlueMountain Capital Management from Affiliated Managers Group for approximately $160 million. Assured Guaranty will contribute $60 million in working capital to BlueMountain at closing and intends to provide an
08 Aug. 2019 Wharton School research finds a link between ESG performance and credit risk [more]
Laxman Pai, Opalesque Asia: A study by Wharton researchers showed a link between ESG performance and material credit events and credit risk using real-life cases. The study by Witold J. Henisz and James McGlinch of the University of Pennsylvania's Wharton School used data from Truvalue Labs,
08 Aug. 2019 Macro hedge funds lead broad-based July gains [more]
Laxman Pai, Opalesque Asia: As Macro strategies led industry performance driven by the month-end spike in financial volatility on the escalation in trade wars and lower U.S. interest rates, hedge funds posted gains in July, said Hedge Fund Research. The HFRI Fund Weighted Composite Index gai
08 Aug. 2019 Largest hedge fund advisers confident to withstand short-term marketplace cyclicality [more]
Laxman Pai, Opalesque Asia: A study confirms the notion that larger hedge fund advisers are generally much more institutionalized in their approach, and have built their businesses to withstand short-term marketplace cyclicality. The Seward & Kissel 2017/2018 Form ADV Study said that while ma
07 Aug. 2019 Blackstone buys a stake in private equity rival BC Partners [more]
Laxman Pai, Opalesque Asia: The U.S. private equity giant Blackstone Group Inc. is taking a stake in a smaller European rival BC Partners, which has $27bn under management. Blackstone Alternative Asset Management (BAAM)'s Strategic Capital Group is investing $560m in BC Partners for a 10% to
07 Aug. 2019 Crypto Valley blockchain companies worth $40bn: Study [more]
Laxman Pai, Opalesque Asia: The first 50 blockchain companies in the Swiss Crypto Valley have doubled their valuations in the first six months of 2019 alone, from $20bn to $40bn, thus marking the definitive and obvious end of the so-called crypto winter. The Crypto Valley, located in Switzer
07 Aug. 2019 Fintech investment remains strong in the US [more]
Laxman Pai, Opalesque Asia: Following a record year in deal volume and value, overall investment in fintech remained strong in the US during H1 2019, reaching $18.3bn across 470 deals, powered in large part by a strong first quarter to the year. According to the Pulse of Fintech H1 2019, pub
06 Aug. 2019 Low beta hedge fund strategies are set to outperform, says Lyxor [more]
Laxman Pai, Opalesque Asia: Low beta stocks recorded a strong rise as trade tensions escalated at the end of last week, said Lyxor in its Weekly Brief. The defensive risk factor massively outperformed cyclical risk factors such as size and value over the past three months. In the L/S Equi
06 Aug. 2019 UK attracts $3.06bn of new funding into the fintech sector in H1 2019 [more]
Laxman Pai, Opalesque Asia: The UK fintech sector saw a total of $3.9bn of investment activity in H1 2019, accounting for 6 of the top 10 deals in Europe and a staggering 68% of Europe's total venture capital (VC) and private equity (PE) investment. According to the Pulse of Fintech H1 2019,
05 Aug. 2019 Wilshire 5000 sets record highs in July, nets $425bn gain for the month [more]
Opalesque Industry Update - The Wilshire 5000 Total Market Index, the original pure and complete measure of the U.S. stock market, gained 1.49 percent in July and 20.43 percent for the year, closing the month at 30,550.75, according to Wilshire Associates Incorporated. Without dividends reinvest
05 Aug. 2019 Mitsubishi UFJ Trust acquires First State Investments for $2.7bn [more]
Laxman Pai, Opalesque Asia: Japanese financial services company Mitsubishi UFJ Financial Group (MUFG) announced that its subsidiary Mitsubishi UFJ Trust has completed the acquisition of First State Investments (FIS) from Commonwealth Bank of Australia for $2.7bn. FIS, which manages $155.1bn i
05 Aug. 2019 Virtual reality gets a reality check with a significant fall in investment [more]
Laxman Pai, Opalesque Asia: For several years, virtual reality (VR) start-ups were highly desired companies to invest in for future returns. More recently, though, the market has taken a volatile turn. According to Preqin, from 2016 to 2017 the number of venture capital deals completed in V
02 Aug. 2019 71% decrease in private equity secondaries fundraising for H1 seen as cyclical effect [more]
Laxman Pai, Opalesque Asia: Seven private equity secondaries funds secured an aggregate $2.4bn in H1 2019, representing a 71% decrease from H1 2018 when $14bn was raised from 23 secondaries funds. Preqin Secondary Market Update pointed out that although this represents a notable decline, i
01 Aug. 2019 Kraken boosts institutional offerings with the acquisition of Interchange [more]
Laxman Pai, Opalesque Asia: Kraken, one of the world's longest-operating cryptocurrency exchanges, has just acquired Interchange, which offers crypto-asset management solutions for institutional players. According to a press release, the transaction creates the world's first end-to-end cryp
01 Aug. 2019 Deutsche Bank spin-out closes secondaries fund above initial hard cap [more]
Laxman Pai, Opalesque Asia: Glendower Capital, the secondaries specialist spun out of Deutsche Bank, has closed its latest fund above its initial hard cap at $2.7bn. According to a press note from the private equity manager, Glendower Capital Secondary Opportunities Fund IV (SOF IV) is the fi
01 Aug. 2019 BlackRock pulls in $2bn for Global Credit Opportunities Fund [more]
Laxman Pai, Opalesque Asia: BlackRock, the world's largest asset management firm, announced that it has raised $2bn for its flagship opportunistic credit fund, Global Credit Opportunities (GCO). According to BlackRock, which had $6.84tn in assets under management as of June, the opportunistic
01 Aug. 2019 Fed cuts rates for the first time since 2008 [more]
Bailey McCann, Opalesque New York: The US Federal Reserve has cut interest rates for the first time since 2008. In a statement, the Fed said "although growth of household spending has picked up from earlier in the year, growth of business fixed investment has been soft. On a 12-month basis, o
31 Jul. 2019 U.K. hedge fund Man Group posts 5% rise in H1 AUM [more]
Opalesque Industry Update - British hedge fund manager Man Group on Wednesday reported a 5% increase to its assets under management in the first half of 2019. Its funds under management (FUM)1 up 5% to $114.4 billion (31 December 2018: $108.5 billion). Positive investment movement of $6.8 billi
31 Jul. 2019 BDO acquires Loughlin Management Partners & Co. [more]
Opalesque Industry Update - BDO one of the nation's leading accounting and advisory firms, today announced the acquisition of Loughlin Management Partners & Co, Inc., a boutique business advisory firm focused on corporate restructuring and turnaround services, interim management, as well as operatio
31 Jul. 2019 Schroders adds to North American distribution team [more]
Opalesque Industry Update - Schroders today announced two senior hires as it continues to broaden its bench of channel specialists, enhancing their Defined Contribution capabilities and West Coast presence as part of the firm's continued strategy to grow its North American distribution platform. As
31 Jul. 2019 Welsh Carson Anderson & Stowe closes its biggest fund at $4.3bn [more]
Laxman Pai, Opalesque Asia: Private-equity investor Welsh Carson Anderson & Stowe has closed the largest fund in its four-decade history, collecting $4.3bn for its flagship investment vehicle. The fund, WCAS XIII, exceeded its $3.5bn fundraising target and was oversubscribed. Welsh, Carson, A
31 Jul. 2019 Venture capital gains momentum within Denmark [more]
Laxman Pai, Opalesque Asia: The ease of doing business in Denmark's markets has attracted, and will continue to attract, the venture capital and buyout firms from all over the world, says Preqin. According to the Danish Venture Capital and Private Equity Association (DVCA)'s private equity-b
30 Jul. 2019 DFSA fines two Abraaj group companies a total of $315m for deceiving investors and the regulator [more]
Opalesque Industry Update - The Dubai Financial Services Authority (DFSA) has today imposed financial penalties of USD 299,300,000 (AED 1,098,431,000) and USD 15,275,925 (AED 56,062,645) on Abraaj Investment Management Limited (AIML) and Abraaj Capital Limited (ACLD), respectively. The DFSA inv
30 Jul. 2019 CTAs extend winning streak, says Lyxor [more]
Laxman Pai, Opalesque Asia: CTAs outperformed both last week and month-to-date, lifting year-to-date returns above +10% according to estimates by Lyxor. The strategy has benefited from central bank dovishness, which has fueled equity and bonds returns in recent months, said Lyxor in its Week
30 Jul. 2019 International funds dominate Norway's private equity and venture capital market [more]
Laxman Pai, Opalesque Asia: Activity in the private equity & venture capital market in Norway in 2018 was higher than any level recorded before 2016, despite taking a hit in Q4 as a result of the drop in oil prices, Preqin said. The lion's share of deals was made by local players, but in ter
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  1. Other Voices: PFIC: what U.S. investment funds should be particularly aware of and newly proposed regulations[more]

    By: Kris Hatch, Idan Netser, Fenwick & West LLP U.S.-based venture capital and other funds that invest in foreign companies must be careful to avoid the passive foreign investment company (PFIC) rules, which could substantially increase the tax owed on exit for U.S. taxpaying investors. U.S. per

  2. Renaissance employees could face clawbacks over hedge fund's tax maneuver[more]

    Jim Simons's Renaissance Technologies LLC has produced the greatest investment returns of any hedge fund. Now, it also may be facing an unusually painful tax headache. Last week, Renaissance sent a letter to its current and former employees warning that the Internal Revenue Service could force them

  3. D.E. Shaw's Orienteer strategy posts double-digit returns this year, EcoR1 puts up big gains as the hedge fund scoops up biotech, Ex-hedge fund BlueCrest extends winning run with 50% gain[more]

    D.E. Shaw's Orienteer strategy posts double-digit returns this year From Reuters: D.E. Shaw's Orienteer platform, the backbone of the $50 billion investment firm's multi-asset class offerings, posted high double-digit returns this year, the best ever in its six year lifetime. The Orie

  4. PE/VC: Private equity takes a breather from investing in banks, 2019's 10 defining moments in venture capital, Another record year for PE secondaries amid more GP-led transactions, How 2019 became the best year in private equity's history[more]

    Private equity takes a breather from investing in banks From American Banker: FirstCapital Bancshares of Texas has aspirations of going public in the next couple of years and it's counting on the resources and expertise of private-equity backer Castle Creek Capital to help it realize that

  5. BlackRock's flagship hedge fund Obsidian returns more than 13% in 2019 after stumbling in August, Eiad Asbahi's Prescience Point gained more than 100% last year, Ray Dalio's most prominent fund suffers first annual loss since 2000, Sundheim's D1 posts strong gains[more]

    BlackRock's flagship hedge fund Obsidian returns more than 13% in 2019 after stumbling in August From Business Insider: BlackRock's 23-year-old Obsidian hedge fund bested the average hedge fund, returning more than 13% in 2019 even after losing money in August. The fund, manage