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West Palm Beach (HedgeCo.net) – Deutsche Bank’s Alternative Fund Services, part of the bank’s Global Transaction Banking (GTB) division, has ranked second among top administrators in Global Custodian magazine’s 2009 Hedge Fund Administration Survey.
This is the first time Deutsche Bank has participated in the survey, which is published annually and includes responses from 1,370 clients of hedge fund administrators around the globe. It is intended to measure service quality and value in 12 categories including client service, fund accounting and middle office services, across a full range of fund characteristics such as size, strategy and location.
“In our first appearance in the Hedge Fund Administration Survey we are very pleased to have ranked second and scored highly in a range of categories,” said Christopher Nero, Managing Director and co-head of Alternative Fund Services within Global Transaction Banking.
In a write-up accompanying the results, Global Custodian commented, “(GTB) has a long pedigree in hedge fund administration too, with operations scattered across Cayman, Delaware, the Channel Islands, Dublin, Luxembourg, Mauritius and Singapore. But in January last year Deutsche transformed its presence in the industry by the acquisition of California based hedge fund administrator Hedgeworks. With staff in Boston and Cayman as well as the Golden State, Hedgeworks helped Deutsche double the size of its business. As it did for the prime brokerage business, the credit standing of the bank has attracted clients.”
Last month, Deutsche Bank announced that its Global Prime Finance business within its Global Markets division received 127 “Best in Class” and 16 “Top Rated and Commended” awards, the most among all global prime brokerage providers, in the Global Custodian 2009 Prime Brokerage Survey.
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Khaleej Times – Hedge fund assets may be on the rebound after a year of massive redemptions, Goldman Sachs Group Inc Chief Financial Officer David Viniar told analysts on Tuesday, although the prime brokerage business will remain under pressure.
“Assuming (hedge fund) performance stays OK — which it has been through the first half of this year — it feels like we are pretty much through the redemption cycle, and it actually looks like you are going to start to see some money flowing into hedge funds,” he said during a conference call.
The hedge fund business suffered record withdrawals at the end of 2008 as markets imploded, sending the industry’s assets under management down by about 40 percent.
Reuters India – Nomura Holdings plans to launch a global prime brokerage business by September as the financial crisis creates room for new players to offer lucrative services to hedge funds, a senior executive said on Monday.
The move shows how Japan’s biggest investment bank, which scooped the European, Middle Eastern and Asian units of bankrupt Lehman Brothers, is muscling into an industry once dominated by Goldman Sachs and Morgan Stanley.
Reuters – Integrated Asset Management said on Wednesday it is repositioning as a pure play brokerage business after agreeing to sell a 51 percent stake in its French fund of hedge funds business.
The firm, listed on London’s AIM market, is selling the stake in Altigefi to Sal. Oppenheim in a deal which will also see the private banking group exit as Integrated’s major shareholder.
The move is evidence of smaller asset management players being forced to reexamine their business models as the financial crisis changes the market place. A spokesman said Integrated’s decision to concentrate on brokerage came because it had become more and more difficult to achieve the scale thought necessary to successfully run a fund of funds business.
Reuters – Integrated Asset Management said on Wednesday it is repositioning as a pure play brokerage business after agreeing to sell a 51 percent stake in its French fund of hedge funds business.
The firm, listed on London’s AIM market, is selling the stake in Altigefi to Sal. Oppenheim in a deal which will also see the private banking group exit as Integrated’s major shareholder.
The move is evidence of smaller asset management players being forced to reexamine their business models as the financial crisis changes the market place. A spokesman said Integrated’s decision to concentrate on brokerage came because it had become more and more difficult to achieve the scale thought necessary to successfully run a fund of funds business.
Reuters- Melissa Ko, a former star trader at Bear Stearns, has formed a new hedge fund called Covepoint Capital with nearly $1 billion in assets, according to a letter the firm sent to investors on Monday.
Ko ran Bear’s Emerging Markets Macro Fund, which generated returns of more than 25 percent from 2005 to 2007 through currency, sovereign debt, equity and other investing strategies. New York-based Covepoint has assets of about $925 million, mainly from previous investors in the Bear fund.
Covepoint is the latest hedge fund to become independent from the former Bear Stearns Asset Management (BSAM) division, a collection of funds which held about $27 billion in assets when JPMorgan Chase & Co bought the crippled investment bank on May 30.
