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.
ABC News – European stock markets opened higher Tuesday after Japan’s Nikkei index recovered from 26-year lows, with Germany’s DAX further boosted by another steep rise in the value of Volkswagen AG shares.
The FTSE 100 index of leading British shares was 92.62 points, or 2.4 percent, higher at 3,945.21, helped along by a near 6 percent rise in BP PLC’s share price after the oil giant revealed an 83 percent increase in net profit in the three months from July to September to $8.05 billion.
Independent – The FTSE 100 Index tumbled more than 200 points today after a weekend of financial turmoil in Europe.
Investors took scant comfort from Friday’s backing of a US financial rescue to leave the FTSE 100 Index down almost 5 per cent or 240.5 points at 4739.
Banks were under pressure after German mortgage lender Hypo Real Estate became the latest to receive state aid.
Analysts said the impact of the latest crisis crossed all sectors amid fears of slowing demand.
Halifax Bank of Scotland – soon to merge with Lloyds TSB – plunged 15 per cent in the sell-off, while Royal Bank of Scotland suffered a 10 per cent drop.
The market was also hit hard by hefty falls from heavily-weighted mining stocks after experts warned that the sector’s earnings could almost halve this year.
Times Online – Some called it chutzpah. Some were more charitable, describing it as an exercise in putting on a brave face. Whatever it was, Michael Spencer’s claim that it was business as usual at Icap, when that company handles trades between investment banks while those same banks are falling like ninepins, was never going to work.
And so it proved. Icap, his brokerage that has become a barometer for the health of banks, was the biggest blue-chip faller yesterday, losing 89¼p, or 24 per cent, to close at 289¼p.
“Current conditions make forecasting market activity during the balance of the year much more difficult than usual,” he said. He could only say that profits this year would be higher than last. But the financial world has changed for good. Not only have Icap clients such as Lehman Brothers gone bust, but others such as Goldman Sachs and Morgan Stanley are now classified as retail banks and can go direct to the Fed rather than sell securities through Icap.
The FTSE 100 index fell 269.7 points, or 5.3 per cent, to end the day at 4,818.77, dragged down by financials as several European banks were nationalised. One senior trader lamented: “We’re seeing panic selling for the first time in this crisis.”
West Palm Beach (HedgeCo.net)- Global Hedge fund Man Group has increased their assets under management from $74.6 billion at 31 March 2008 to $79.5 billion at 30 June 2008.
"Demand for our fund products has remained strong, both from private investors and institutions, with sales in our first quarter to 30 June 2008 totalling $5.0 billion." Jon Aisbitt, Chairman of Man Group said in a statement, "This success in asset raising reflects the Group’s broad geographic presence and the continued attraction of conservatively structured alternative investment products."
Overall product performance was positive, with AHL, Glenwood, Man Global Strategies, and RMF all showing positive returns. Redemptions for the three months to 30 June 2008 totaled $2.5 billion, of which private investor were $1.5 billion.
Man is one of the worlds largest alternative investment management companies, originaly founded in 1783, Man is now ranked in the top 40 companies of the FTSE 100 Index with a market capitalisation of about $20 billion.
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
