Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
New York (HedgeCo.net)- BNP Paribas is rolling-out a major investment program to expand its hedge fund and fund of hedge fund administration services, for both UCITs and offshore funds.
“As the hedge fund industry becomes more institutional-investor focused, hedge fund managers’ administration requirements will continue to evolve.” Chris Adams, who was recently appointed Head of Hedge Fund Solutions at BNP Paribas Securities Services, said.
Placing transparency, market exposure, liquidity and control at the heart of its hedge fund administration platform, the bank’s program tailors its service to more closely match the key requirements of both start-up and established funds.
Building on existing fund accounting, performance and risk monitoring capabilities, BNP Paribas’ investment program enables it to support hedge fund managers using all current strategies, including those employing high volume trading.
“This investment program, now live, was conceived specifically to meet these requirements by taking a more menu-driven approach — helping managers launch funds quickly, measure counterparty exposure and exert greater control,” continued Adams, who first joined the bank in 2006. It is part of our ongoing commitment towards positioning ourselves as the bank of choice for asset managers,” Adams concluded.
New York (HedgeCo.net) – BNY Mellon’s Alternative Investment Services (AIS) division received top industry recognition at Asian Investor’s 2011 Service Provider Awards last night in Hong Kong, winning the Best Alternatives Administrator Award. Andrew Gordon, Head of Alternative & Broker-Dealer Services – Asia-Pacific at BNY Mellon, was also named Custodian Banker of the Year – Asia-Pacific.
“We value recognition such as this as a strong reflection of our efforts each day to anticipate and deliver what our clients want.” Steve Lackey, Chairman of Asia-Pacific at BNY Mellon, said, “We are delighted that Andrew has won this illustrious award as it is clearly recognition of his respected and influential position within the industry.”
This is the third award BNY Mellon’s Alternatives Investment Services team in Asia has won in 2011. The team scooped the award for Best Fund Administrator for Alternative Products for the second year in Asia Asset Management magazine’s 2010 ‘Best of the Best’ Awards in January 2011. The team was also recognised in The Asset magazine’s Triple A Transaction Banking Awards in March 2011, claiming the Best Fund Administrator – Hedge Funds award for the second year.”
BNY Mellon Alternative Investment Services is a leading servicer of single manager hedge funds, funds of hedge funds, and private equity assets, with more than US$400 billion in assets under administration. It operates globally in Bermuda, the Cayman Islands, Guernsey, Hong Kong, Ireland, Japan, Luxembourg, Poland, Singapore and the U.K., plus six U.S. states. BNY Mellon has $25.9 trillion in assets under custody and administration and $1.2 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day.
New York (HedgeCo.net) – GLG Ore Hill LLC, a credit-focused, event-driven hedge fund and structured product manager based in New York, announced that it has raised $200 million for a large institutional client’s credit mandate.
As of September 1, 2011, GLG Ore Hill has $1.7 billion in funds under management which is comprised of institutional assets. GLG Ore Hill invests across the capital structure of highly leveraged companies using a multi-strategy approach and invests opportunistically in event-driven and special situations in distressed, stressed and non-distressed companies. Ben Nickoll and Frederick “Fritz” Wahl are principal officers and the portfolio managers.
“We believe the conditions for high yield investing have improved significantly,” said Mr. Nickoll. “The recent surge in yields for higher quality, below investment grade bonds and loans, along with the steep drop in treasury yields, puts high yield securities at an unusually large multiple to the risk free rate.” Combined with the benign default scenario for the next two to three years, we believe that high yield bonds and loans begin to look attractive in comparison to many other asset classes.”
Since the completion of Man’s acquisition of the remaining 50% of Ore Hill LLC earlier this year, GLG Ore Hill’s operations have been integrated into and are now managed as part of the GLG Credit Platform. This platform boasts 13 credit products, in both hedge fund strategies and long-only strategies, with AUM approximately $7.4 billion(1). The GLG credit platform covers the spectrum of bond asset classes from sovereign debt through liquid, tradable distressed debt and includes more than 25 investment professionals.
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New York (HedgeCo.net) – Hedge fund brokerage company BGC Partners, Inc., together with capital markets investment bank Cantor Fitzgerald, have raised approximately $12 million globally at their Annual Charity Day on Monday, September 12, 2011.
Guests included former Presidents George W. Bush Bill Clinton in New York and Prince Harry in London. Prince Harry closed a record-breaking trade for 18 billion euros ($24.5 billion) as part of a charity fundraising event.
“Charity Day is always a moving experience, and this year’s has been especially poignant as we have reached the ten year anniversary of 9/11,” said Howard W. Lutnick, Chairman and Chief Executive Officer of BGC Partners. “We are proud to honor our cherished friends and colleagues through aid and support to great causes. It is through generosity and philanthropy that we turn this tragic day into one that is positive and uplifting. I’d like to thank our clients, employees and everyone who joined us in honoring our 658 employees who perished on 9/11 by helping charities around the world.”
At BGC’s New York offices, other guests included: Former New York Governor David Paterson, actors Ben Stiller, Billy Crudup, Daniel Radcliff and Jon Voight, supermodels Petra Nemcova, Carol Alt and Karolina Kurkova, and sports icons Carmelo Anthony, Henrik Lundqvist, Ike Davis, John McEnroe, Eli Manning, Mark Sanchez and Rex Ryan. The Office at Cantor Fitzgerald was joined by former New York City Mayor Rudy Giuliani, actors Mickey Rourke and Michael J. Fox, TV personality Kim Kardashian, supermodel Kate Upton, and sports personality Chris Bosh.
In London, celebrity guests at BGC’s offices included: The Mayor of London Boris Johnson, Princesses Eugenie and Beatrice, TV and radio personality Sir Terry Wogan, model Eva Herzigova as well as renown chef Marcus Wareing and the legendary Rolling Stone Ronnie Wood. Other singing sensations included Duffy, Peter Andre, Sophie Ellis-Bextor and One Direction. Sports icons included Jamie and Harry Redknapp, Damon Hill, A. P. McCoy and Lawrence Dallaglio.
Every year, BGC and Cantor Fitzgerald donate 100% of their global revenues on the day to more than 75 charities around the world by hosting charities and celebrity ambassadors at their offices in commemoration of the 658 employees we lost in the World Trade Center attacks. The guests joined licensed brokers to conduct transactions with BGC and Cantor Fitzgerald clients. Including today, Charity Day has raised approximately $77 million globally.
New York (HedgeCo.net) – Los Angeles-based hedge fund firm, Shinnecock Partners, has been named Best Managed Futures CTA Fund in North America by World Finance magazine as part of its annual Hedge Fund Awards.
“Hedge funds and fund-of-funds alternatives play a critical role in portfolio diversification, and it’s important that investors weigh the considerable value of diversified futures funds of funds that can bring long track records, low volatility, attractive returns and predictability at a time when people need just that,” Alan Snyder, founder and managing partner of Shinnecock Partners, said. “This is an honor to be shared with all of our partners.”
World Finance is a leading financial magazine headquartered in London that reports on capital markets, risk management and corporate governance issues. The magazine polled 40,000 people and institutions for manager recommendations. Then, this group was evaluated by an independent awards panel headed by Editor Alexander Redcliffe.
New York (HedgeCo.net) – Global wealth management giant UBS has appointed John Dyment, president and founder of $9 billion Greenwich hedge fund, Shumway Capital Partners, as UBS’s Global Head of Hedge Fund Distribution.
Based in New York, Dyment will be responsible for the management and development of UBS’s strategically important hedge fund franchise, with global functional responsibility for sales, capital introduction and business consultancy services to the hedge fund community within Global Prime Services and have responsibility for coordinating all hedge fund sales activities across the Investment Bank’s FICC and Equity Divisions.
“The hedge fund business presents a significant opportunity for our global investment banking franchise.” Yassine Bouhara, UBS Co-Head of Global Equities, said, “Dyment comes to UBS with deep knowledge and experience, and we are pleased that he will lead our hedge fund distribution business globally. We are equally pleased to demonstrate continued investment in our senior team in the Americas, which is of critical importance to our global business.”
Prior to the Shumway hedge fund, Dyment was Managing Director at Deutsche Bank, where he managed the Global Hedge Fund Capital Group. Prior to Deutsche Bank, Dyment worked for Goldman Sachs, building the firm’s capital introduction and consulting services businesses.
New York (HedgeCo.net) – Sadis & Goldberg was named the best law firm in the United States at the Hedgeweek USA Awards. The awards were for excellence among hedge fund managers and service providers for the U.S. industry’s best performers and their ability to demonstrate consistency and depth of expertise against the backdrop of a more complex investment climate.
The awards were decided by the votes of Hedgeweek’s 20,000 U.S. based subscribers, which include institutional and high net worth investors, fund administrators, prime brokers, custodians, advisers and other industry professionals. Ron S. Geffner, Partner and Head of the Financial Services Group, stated that, “the Hedgeweek USA Law Awards rank amongst the top global awards and we are honored to be recognized by our industry in this category.”
Sadis & Goldberg is one of New York’s leading law firms, providing legal counsel to several hundred advisers, broker-dealers and commodity pool operators that sponsor, manage and advise hedge funds, private equity funds, venture capital funds and separately managed accounts.
DealBook – Hedge fund managers have been called plenty of names. Now, they can add another: local banker.
When Rentech, a clean energy business in Los Angeles, was rejected by its long-time banker last year, it asked a hedge fund for money instead. “You have to take what’s available at the time,” said D. Hunt Ramsbottom, chief executive of Rentech, which has since borrowed $100 million in this unconventional way.
New York (Hedge Co.net) – Frankfurt-based nanotechnology investment company Nanostart AG reports the biggest profit in its company history. Net income under German GAAP totaled €2.48 million ($3.58 million), up 106 percent on the previous year (2009: €1.2 million ($1.7 millon).
The shares of Nanostart Singapore Early Stage Venture Fund I in the Curiox Biosystems holding were sold in 2010. The transaction proceeds were plowed back into the fund and will be invested in new nanotechnology holdings in Singapore.
Via Nanostart Singapore Early Stage Venture Fund I, a new equity investment was entered into at Singaporean company Microlight Sensors Pte Ltd in 2010. Founded in 2006, the company develops, produces and sells optical high-tech monitoring systems with extremely sensitive sensors. The fund holds around 19 percent of Microlight Sensors. In addition, Nanostart AG increased its stake in German Namos GmbH from 15 to 26 percent and the shareholding of the Singapore fund in Singaporean medical technology company BioMers Pte Ltd from 16 to around 25 percent.
“A further equity investment has been entered into via the Singapore hedge fund in the 2011 fiscal year.” Nanostart said, “The new portfolio company is called Membrane Instruments and Technology Pte Ltd (MINT) and develops membrane-based sensors that monitor water quality in water treatment plants in real time. The fund holds 18 percent of MINT.”
Nanostart will also be entering the Russian market in the current fiscal year. A €50 million ($72 million) fund is being created in conjunction with Russian company RUSNANO and the governor of Perm. It will invest in young nanotechnology companies in the Perm region and will be managed by Nanostart. Nanostart will receive a management fee of 3 percent p.a. on the fund volume for this.
New York (HedgeCo.net) – Hedge fund administrator, Custom House Global Fund Services (“Custom House”) won the “Best Administrator Over $30bn – Client Service” award at the annual HFM 2011 European Hedge Fund Services Awards in May.
“I was delighted to accept this award, because client service is an essential and focal point of our business philosophy and it is the best endorsement of Custom House and its staff, whom I must congratulate on the achievement of this award.” Dermot Butler, Chairman of Custom House Group, said, “Finally, I believe that winning the same award last year confirms a consistency in the standard of Custom House’s service of which I am extremely proud.”
This Client Service Award, which Custom House also won last year, marks the latest award that Custom House has won in a long run of industry nominated success.
In October Custom House’s US operation won The HFMWeek US Service Provider Award for “Best Administrator for Small & Start-Up Hedge Funds”, followed by a win for its European branch at the ICFA European Awards for “Fund Administrator of the Year: Malta” in November 2010, and yet another in March of this year for its Asian subsidiary – The Hedgeweek Awards 2011 “Best Asian Hedge Fund Administrator”.
Custom House Global Fund Services Ltd. (“CHGFS”), which is a member of the Equity Trust group of companies, is the Maltese-based holding company for the Custom House Group of Companies. CHGFS is a Category 4 Licensed Custodian of funds-of-funds and recognised as a full service hedge fund administrator by the Malta Financial Services Authority (“MFSA”).
New York (HedgeCo.net) – In an industry that is perceived as celebrating the accomplishments of males, it is often overlooked how many successful women are working in key roles with funds, investors and service providers.
This survey of 50 Leading Women in Hedge Funds 2011, sponsored by Ernst & Young LLP, shows how women are making an increasing contribution to the industry’s development and success.
This is shown in portfolio management, operations leadership and high quality service provision. Traditionally hedge fund businesses have been male dominated. But for women, the hedge fund industry does offer scope for optimism.Its appetite for innovation and the relative youth of hedge fund employees means change is a constant.
In early 2010 just 3% of global hedge fund assets of $1.5 trillion were estimated to be managed by women. Today we think that estimate greatly understates the true and growing extent of women’s role in hedge funds. Now with assets up to $2 trillion the amount of money women are running is at least $100 billion (including allocators),based solely on the 30 portfolio managers included in the 2011 survey.
Using a wider definition of “running” a hedge fund to include the crucial chief operating officer role, nine COOs identified in the survey have responsibility for over $100 billion of assets. In sum, that means members of 50 Leading Women in Hedge Funds 2011 have responsibility for over $200 billion or 10% of industry assets.
In compiling the survey, data and opinions were gathered from interviews with industry participants, both men and women, based in Asia, the US and Europe.
“The 50 Leading Women in Hedge Funds 2011 survey is not exhaustive but it definitely shows the role of women in hedge funds is expanding,” said Bill McIntosh, Editor of The Hedge Fund Journal.”This is an industry that is innovative and changing rapidly, in short, an ideal environment for talented women to tap new opportunities.”
“We are proud to sponsor the 50 Leading Women in Hedge Funds 2011 survey as it reflects both our commitment to the hedge fund industry and our support for ensuring that women have the opportunity to fulfil their potential.” said Art Tully, partner and Co-leader of Ernst & Young LLP’s Global Hedge Fund Practice.
Michael Serota, partner and Global Hedge Fund Practice Co-leader – Tax, Ernst & Young LLP added, “Ernst & Young LLP is committed to promoting women’s leadership and success. We congratulate the women that made the list this year, and we look forward to working with them and their colleagues for many years to come.”
New York (HedgeCo.net) – Hedge fund service provider, BNY Mellon Alternative Investment Services (AIS), has topped $400 billion in assets under administration, making it the second largest provider of solutions to hedge funds, funds of hedge funds, and private equity investments globally.
“Alternative asset service providers will increasingly be looked upon to provide both the alternative solutions as well as the transparency managers want,” Brian Ruane, BNY Mellon chief executive officer of Alternative and Broker-Dealer Services, said. “Reaching this milestone is an achievement in itself, but the way in which we’ve grown our business globally attests to our ability to meet client needs in an evolutionary phase for the industry.”
BNY Mellon AIS has doubled its alternative assets under administration since 2008, fueled by increased market share and its acquisition of PNC’s Global Investment Servicing business last July. AIS is custodian for more than $120 billion in hedge fund assets, in addition to the over $400 billion it currently administers.
Ruane noted global macro hedge funds and those offering exposure to commodities, distressed debt, or requiring ‘prime custody’ services, are among the fastest growing segments of the global hedge fund services business. “We expect these trends to hold steady in 2011,” he added.
New York (HedgeCo.net)- BNP Paribas is rolling-out a major investment program to expand its hedge fund and fund of hedge fund administration services, for both UCITs and offshore funds.
