Monday 31st August 2015
NEWS: Friday, August 28TH: The Hong Kong Monetary Authority says it has granted a restricted banking licence to Goldman Sachs Asia Pacific Company Limited (GSAPCL) under the Banking Ordinance. GSAPCL, incorporated in Hong Kong, is a wholly-owned banking subsidiary of the Goldman Sachs Group, Inc. The number of restricted licence banks in Hong Kong is now 24 - Apple launched its first Australian dollar corporate bond issue, raising $1.2bn within two hours this morning. Strong demand for the US tech giant’s fixed and floating, four and seven year Kangaroo bonds saw the firm outstrip predictions it would raise between $500m and $1bn. Apple bonds are popular because the AA+ rated company is considered an ultra-safe investment, although yields are correspondingly low — about 3% on four-year bonds and about 3.8% on seven-year bonds - The European Securities and Markets Authority (ESMA) has published the responses received to the Joint Committee Discussion Paper on Key Information Document for PRIIPS. The responses can be downloaded from the regulator's website - Romania’s MV Petrom reportedly is planning a secondary listing on the London Stock Exchange. According to Romanian press reports, the local investment fund Fondul Proprietatea may sell a significant stake in the company via public offering on the Bucharest Stock Exchange and London Stock Exchange. OMV Petrom, with a current market capitalisation of €4.85bn has announced that it will ask its shareholders’ approval for a secondary listing in London. The general shareholders meeting is scheduled for September 22nd. Austrian group OMV, holds 51% of the company’s shares; other shareholders include the Romanian state, via the Energy Ministry, with a 20.6% stake, and investment fund Fondul Proprietatea, which holds 19%. The remaining 9.4% is free-float - Morgan Stanley (NYSE/MS) today announced the launch of a new fund, the IPM Systematic Macro UCITS Fund, under its FundLogic Alternatives plc umbrella. The fund provides exposure to IPM’s Systematic Macro strategy, which is based on IPM’s proprietary investment models that provide unique insights into how fundamental drivers interact with the dynamics of asset price returns. The FundLogic Alternatives Platform currently has more than $2.6bn in assets under management (as of 31 July 2015) and this latest addition expands Morgan Stanley’s offering of global macro strategies - Equities sold off hard this morning as continued pressure on Chinese stocks rippled throughout world markets. Chinese government intervention brought the Shanghai Composite back a positive close; but the question is now, has confidence eroded so much that the market will continue to depend on the government to prop it up? The other key element to consider today is the outcome of the debate in the German parliament on the Greek bailout. Last month, a record 65 lawmakers from the conservative camp broke ranks and refused to back negotiations on the bailout. The daily Bild estimated that up to 120 CDU and CSU members out of 311 might refuse to back the now-agreed deal. However, Chancellor Merkel is looking to secure support from the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens which will likely swing the final decision Greece’s way. However, a rebellion by a large number of her allies would be a blow to the highly popular Chancellor.

Latest Video

Asian hedge funds outperformed regional equity markets

Tuesday, 07 February 2012
Asian hedge funds outperformed regional equity markets Asian hedge funds outperformed volatile regional equity markets in 2011, marking the second consecutive year of such outperformance, according to data released by Hedge Fund Research Inc (HFR).  http://www.ftseglobalmarkets.com/

Asian hedge funds outperformed volatile regional equity markets in 2011, marking the second consecutive year of such outperformance, according to data released by Hedge Fund Research Inc (HFR). 

In a year marked by a difficult cycle of navigating steep equity market declines in Japan and Emerging Asia, the benchmark HFRX Asia with Japan Index posted a narrow gain of +0.4 percent in 4Q11 to end 2011 with a decline of -5.2 percent, mirroring the performance of the broad-based HFRI Fund Weighted Composite Index and topping the Nikkei 225 and the Shanghai Composite Index by 1,200 and nearly 1,700 basis points (bps), respectively. The recently launched HFRX Korea Index posted a gain of +4.8 percent for 4Q11 and, despite declining -7.5 percent for the full calendar year, also topped the benchmark Kospi Index by nearly 350 bps for 2011.

Global investors reduced capital invested in the Asian hedge fund industry by $1.04 billion in 4Q11, the first quarterly net outflow to Asian hedge funds since 1Q10. For the full year 2011, Asian hedge funds experienced a net inflow of $6.6 billion, representing a +7.5 percent increase in total AUM in these funds, bringing total estimated capital in Asian hedge funds to $82.1 billion to conclude the year. Contrary to trends across the global hedge fund industry, two-thirds of the new capital invested in Asian hedge funds in 2011 went to Equity Hedge strategies, with Event Driven and Relative Value Arbitrage also experiencing net increases in capital. While the largest sub-strategy for Asian hedge funds continues to be Equity Hedge: Fundamental Growth, funds executing on Distressed, Market Neutral and Event Driven: Multi-Strategy have experienced capital increases, while AUM dedicated to Macro and Activist funds has declined over the past year.



The total number of Asian hedge funds has also continued to increase, ending 2011 at nearly 1,100 funds, a gain of 4 percent for the year, and growth which has been consistent across both Emerging and Developed Asia. In addition, the number of funds choosing to locate in Asia also increased for the year, with China, Singapore and Australia all showing increases, while the number located in the US declined for the year. The percentage of Asian-focused hedge funds located in China increased to 28.6 percent in the second half of 2011, while the percentage located in the US declined to 26.4 percent.

“2011 was a challenging year for Asian hedge funds not only as a function of complexities associated with Asian inflation, natural disasters and speculation on currency policy, but also as related to assessing the potential impact that the European sovereign debt crisis could have on Asian trade, financial market liquidity and currency levels,” says Kenneth  Heinz, president of HFR. “The increased proliferation of specialised, Asian-located funds executing on uncorrelated, market neutral strategies and the relative performance benefits these offer are likely to attract capital from both Asian and global investors as cyclical risk tolerance increases in 2012.”

Related News

Related Articles

Related Blogs

Related Videos

Current Issue

Tweets by @DataLend

DataLend is a global securities finance market data provider covering 42,000+ unique securities globally with a total on-loan value of more than $1.8 trillion.

What do our tweets mean? See: http://bit.ly/18YlGjP