Wednesday 25th May 2016
NEWS TICKER, WEDNESDAY, MAY 25TH: Investec Bank plc has arranged the long term refinancing of a portfolio of four UK projects totalling 40MW solar portfolio owned by Canadian Solar Inc (NASDAQ: CSIQ. The long term debt was provided by Bayern LB after Investec ran competitive process for Canadian Solar. Investec originally provided a short term bridging facility that funded the portfolio shortly after its connection to the electricity grid - The European Energy Exchange (EEX), in its capacity as the transitional common auction platform acting on behalf of Poland, could not execute today's auction of EU Emission Allowances (EUAs), because it would have cleared below the reference price. The reference price is calculated on the basis of the secondary market price during the bidding window. In accordance with the rules governing the auctions (EU Auctioning Regulation), the auction has been cancelled. The auction volume will now be evenly distributed over the next four scheduled auctions. The auction calendar will be adjusted accordingly and an updated version will be published soon. The European Energy Exchange (EEX) is the leading energy exchange in Europe. It develops, operates and connects secure, liquid and transparent markets for energy and commodity products. At EEX, contracts on Power, Coal and Emission Allowances as well as Freight and Agricultural Products are traded or registered for clearing. Alongside EEX, EPEX SPOT, Powernext, Cleartrade Exchange (CLTX) and Gaspoint Nordic are also part of EEX Group. Clearing and settlement of trading transactions are provided by the clearing house European Commodity Clearing (ECC) - Commercial real estate investor Raven Russia has listed on the Channel Islands Securities Exchange (CISE). The firm is already listed on the LSE. Advisers to the transaction were UK legal advisers Berwin Leighton Paisner, Guernsey legal advisers Carey Olsen, broker N+1 Singer and listing sponsor Ravenscroft. The company has also announced a proposed fundraising of a minimum of £105.5m by way of a placing of new convertible redeemable preference shares with the intention that they will be listed solely on the CISE and traded on the SETSqx platform of the LSE - Allianz Global Investors says that that Deborah Zurkow, CIO and Head of Infrastructure Debt, is to take on a new, broader role, becoming head of the alternatives pillar within its global investment platform. Zurkow will join AllianzGI’s Global Executive Committee, effective June 1st. As head of alternatives, Zurkow will lead the continued build out of AllianzGI’s Alternatives capability, which comprises a diverse mix of both liquid and illiquid alternative investment solutions for clients. Since the creation of AllianzGI’s Alternatives pillar in December 2014, assets under management have doubled, growing from €7.9bn in December 2014 to €15.7bn by the end of Q1 2016. Andreas Utermann, chief executive officer and Global CIO at Allianz Global Investors, says, “Over the last few years, Deborah and her team have helped turn the idea of infrastructure debt as an asset class for institutional investors into a reality. In her new, expanded role, Deborah will be able to put her experience of developing innovative solutions that meet clients’ needs to work across the entire spectrum of Alternatives, one of the fastest growing parts of our investment platform, increasingly attractive to investors looking for alpha in era of financial repression.” In other related moves, Claus Fintzen will become CIO and head of Infrastructure Debt, reporting to Deborah Zurkow, assuming day to day responsibility of AllianzGI’s Infrastructure Debt team with immediate effect. Claus joined AllianzGI in 2012 along with Deborah and three other team members from Trifinium Advisors. As well as being instrumental in helping develop AllianzGI’s infrastructure debt platform, Claus brings 21 years of industry experience to the role – Aquila Capital is providing institutional investors with access to its latest diversified renewable energy portfolio (the Aquila Capital Renewables Fund III) via a bond solution. The securitisation, which already has been given an indicative investment grade rating by an ESMA-recognised rating agency, is targeting an A- rating thanks to the high quality of the underlying portfolio, its efficient structure and very modest structuring costs. Both the securitisation and a direct investment in the Fund provide investors with access to a conservative, broadly diversified portfolio of wind and photovoltaic plants in politically stable countries in Western Europe. The Fund is already invested in 13 operational renewable energy plants in Sweden, Germany, the United Kingdom and France, and benefits from a pipeline of potential investments in excess of €350m. Roman Rosslenbroich, chief executive officer and co-founder of Aquila Capital, says: ”We actively had the securitisation reviewed by a reputable audit firm with respect to its regulatory, legal and tax suitability for the Fund’s anchor investor - a leading German insurance company. Due to significant demand, we are now making this investment opportunity available to additional investors.” - UniCredit is entering into the Swiss ETF market by issuing two ETFs with SIX Swiss Exchange, for which it is also acting as market maker. This increases the number of ETF issuers on SIX Swiss Exchange to an unprecedented 22 and the product range on offer to a new record high of 1,240. The two newly listed ETFs on European convertible bonds offer investors a supplement to the diversification of their portfolios, while offering the advantages of on-exchange trading for what was previously an asset class that was heavily OTC-traded The ETFs are the Swiss franc denominated UC Thomson Rts. Bal. European Convertible Bond UCITS ETF ( LU1199448058) and the UC Thomson Rts. Bal. European Convertible Bond UCITS ETF (LU1372156916) –

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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.”

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