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Hedgewire 21/09/17

Newsletter Items: QuantHouse acquires Victory Networks CFTC appoints Director of Division of Swap Dealer and Intermediary OversightFirst Derivatives launches major machine learning investment in Kx technologyMan Group now Principles for Responsible Investment signatoryBreton Hill Capital team to join Neuberger BermanNEX Markets’ EBS Institutional platform aiming to help clients prepare for increased transparency and MiFID IIPrivate Capital Markets platform Cobalt now integrated with Ipreo's iLEVELPerkins Coie adds to PE practice Washington DCBanner: 188418841884Skyscraper: 1883

QuantHouse acquires Victory Networks

QuantHouse, an independent global provider of end-to-end market data and trading through API based technologies, is to acquire high-speed network provider Victory Networks inc. Victory Networks designs, implements, and manages high-speed networks for bulge-bracket banks, boutique financial firms, and hedge funds across the United States. The acquisition of these assets will expand QuantHouse's market share and coverage in the US by adding many hedge fund clients and business partners.   Pierre Feligioni (pictured), Company Co-Founder and CEO, QuantHouse, says: “Throughout the integration process, both QuantHouse and Victory Networks have worked extremely well together. Indeed, we believe that it is the combination of synergies in terms of product, process and culture that will provide the foundation for a successful future working relationship across both our teams. This transaction signals a considerable stride forward as QuantHouse successfully executes on its acquisition goals, delivering meaningful US expansion along with increased scale, to enhance our competitive position as a global provider of trading solutions."   John Superson, Victory Networks inc CEO, adds: “We are excited to become part of QuantHouse because we are similarly focused on the same goal – delivering the most innovative trading solutions for our customers. Victory Networks has grown rapidly across the US, and by combining our strengths with those of QuantHouse, we can jointly accelerate success for our customers globally.” offDeals and TransactionsAcquisitionsTrading & Execution

Hedgewire 20/09/17

Newsletter Items: No one wants to be a backseat driverHedge funds up 5.12 per cent YTD, says EurekahedgeHedge fund managers face Section 166 investigation nightmare, says insurance specialistWhite paper finds managed futures at all time lowMPI launches new version of Stylus Workspace to streamline fund analysis and monitoring Capital Dynamics launches private credit asset management business Stroock adds partner to Private Funds Group Neuberger Berman implements Hazeltree’s treasury product suiteAcadiaSoft integrates six additional firms into its Margin HubMaltese financial Services sector expecting strong growth, says surveyBanner: 1832183218321832

No one wants to be a backseat driver

There is no doubt that outsourcing, as a concept, has become accepted practice within the hedge fund industry. Not only does it help start-up and emerging managers drive efficiency gains, more importantly it is not viewed negatively by institutional investors. They appreciate that cost controls are crucial to managers in the early years of building their business. But too much outsourcing can be a bad thing, as Devet Capital’s Irene Perdomo (pictured) tells Hedgeweek.  Evidence that outsourcing is being embraced was quite clear in a recent emerging manager survey produced by AIMA, in conjunction with GPP, a London-based boutique prime broker.  To explore this trend in greater detail, Hedgeweek and GPP hosted a breakfast briefing at the Reform Club on 13 September, 2017. The event featured an esteem panel that included: Sean Capstick, Head of Prime Brokerage, GPP; Praveen Joynathsing, Director, European Capital Introduction, Societe Generale; Phillip Chapple, COO, Monterone Partners; Erik Serrano Bernsten, Co-founder and COO, Stable Asset Management and Tushar Patel, CIO and Managing Director, HFIM. There was broad consensus among the panel that more could be done to outsource functions within a hedge fund business, provided managers struck the right balance of maintaining effective oversight with a robust risk management framework, to reassure investors.   The survey itself canvassed the views of 135 global small and emerging managers – defined by AIMA as those with less than USD500 million in AUM – found that legal services is the most popular outsourced function, with 62 per cent confirming the fact. The second and third most popular outsourced roles are the Chief Technology Officer (44 per cent) and Chief Compliance Officer (31 per cent).  The most popular roles that remain in-house are what one might expect: Chief Operating Officer (88 per cent in-house), marketing, investor relations and business development (79 per...

Hedgewire 19/09/17

Newsletter Items: Hedge fund liquidations fall as investor inflows drive capital to record levelsHow can hedge funds benefit by using an IT support partner?Gilt wobbles fuel global macro strategiesSGX Index Edge launches SGX Iron Ore Futures Indices Macro alternative UCITS rebound with strong CTA performance, says LuxHedgeFeedStock appoints fintech research veteran to advisory boardLinedata launches new interface to DTCC’s CTM in support of MiFID II DTCC-Euroclear Global Collateral and Lombard Risk form strategic allianceStreet Diligence launches corporate structure offeringGuernsey funds sector records eight straight quarters of growthSimCorp and TradingScreen form strategic front office allianceDeutsche Börse combines selected Eurex products in low-cost data package for private investorsBVI targeting ‘business as usual’Emergence invests in VIA AMBanner: 18821882188218821882Skyscraper: 18811881

Hedge fund liquidations fall as investor inflows drive capital to record levels

Hedge fund liquidations declined in Q2 2017 as new investor inflows increased total hedge fund industry capital to a record USD3.1 trillion through mid-year, according to the latest HFR Market Microstructure Report. The number of liquidations fell to 222 in Q2 2017, representing a decline from the prior quarter total of 259, as well as a narrow year-over-year decline from the 239 liquidations in Q2 2016.   Meanwhile, hedge fund launches were steady in Q2 2017, with 180 new funds opening as inflows resumed and total industry capital reached a record. The number of Q2 2017 launches was slightly below the 189 launches in Q1 2017 and the 170 launches in Q2 2016.   The HFRI Fund Weighted Composite Index has gained 5.4 YTD though August, with monthly performance gains in nine consecutive months.   Average hedge fund management and incentive fees declined narrowly from Q1 2017 as the average management fee fell by 1 basis point (bp) to 1.46 per cent in Q2, and the average incentive fee fell 10 bps to 17.2 per cent. The average management fee for funds launched in Q2 2017 fell to 1.28 per cent, as compared to 1.4 per cent for Q1 2017 launches, while the average incentive fee for funds launched in Q2 2017 declined to 16.9 per cent, down 21 bps from the prior quarter. HFR estimates that only approximately 30 per cent of all hedge funds currently charge management and incentive fees equal to or greater than two-and-20.   HFRI performance dispersion declined in Q2, as the top decile of hedge funds gained an average of +10.1 per cent, while the bottom decile declined 8.3 per cent (a dispersion of 18.4 per cent), representing a modest decline from +14.12 and -7.0 per cent, respectively, in Q1 2017 (21.1 per...