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Hedgewire 23/06/17

Newsletter Items: Barclay Hedge Fund Index up 0.50 per cent in May
Intralinks LP Survey: Top five takeawaysMTI, Chairman, President and consultant to pay USD5m to settle CFTC chargesTORA partners with LSE Group’s UnaVista for MiFID II transaction reportingSanne appoints new Head of Fund Services for EMEABanner: 18581858Skyscraper: 1859

Barclay Hedge Fund Index up 0.50 per cent in May


Hedge funds gained 0.50 per cent in May according to the Barclay Hedge Fund Index compiled by BarclayHedge. The Index is up 4.13 per cent in 2017. The Barclay Hedge Fund Index has now been profitable for seven months in a row, with a cumulative gain of 6.10 per cent. The Barclay Technology Index has gained 12.27 per cent in the first five months of 2017, its strongest start in 18 years. “Concerns based on weak retail sales, two consecutive monthly declines in consumer confidence, and uncertainty over Trump’s ability to deliver on infrastructure spending and tax cut plans drove investors to the safety of bonds,” says Sol Waksman (pictured), founder and president of BarclayHedge. “Those concerns, however, were not enough to keep the global equity rally from extending into a seventh month of consecutive gains.” Thirteen hedge fund indices had gains in May. The Technology Index jumped 3.14 per cent, European Equities gained 1.74 per cent, Pacific Rim Equities were up 1.07 per cent, Merger Arbitrage gained 0.94 per cent, and the Equity Long/Short Index added 0.93 per cent. “Led by tech stocks, the S&P 500 and NASDAQ made new all-time highs in May,” says Waksman. “Markets in Europe and Asia also moved higher.” Four indices lost ground in May. Healthcare & Biotechnology gave up 1.85 per cent, Equity Market Neutral lost 0.96 per cent, and Distressed Securities were down 0.66 per cent. Year to date, all of Barclay’s 17 hedge fund indices have a positive return in 2017. Following the 12.27 per cent gain by the Technology Index, Emerging Markets are up 8.08 per cent, Healthcare and Biotechnology has gained 6.29 per cent, European Equities are up 6.16 per cent, and Equity Long Bias has gained 4.61 per cent. offIndexes

Hedgewire non-US 21/06/17

Newsletter Items: Hedge funds firmly in positive performance territory in 2017, says eVestmentOne third of alternative investment managers yet to decide on how to pay for researchThe cross-office machine intelligence revolutionAsia-focussed hedge funds offer great opportunities, says Agecroft PartnersSS&C GlobeOp Forward Redemption Indicator at 3.59 per cent for JuneKempen Capital Management appoints new Head of Investment StrategyGPP enhances client offering through Edgefolio’s Cap Intro servicesVelocity Trade opens Johannesburg officeDubai Mercantile Exchange secures CFTC authorisation for direct trading access from the USMelqart Asset Management adopts iRecs reconciliation from Watson WheatleyOpenFin adds to Board of DirectorsCharles River and Luminex partner to improve liquidity access and streamline tradingEze Software launches MiFID II commission management platformSGX welcomes Hua Nan Futures as derivatives Trading Member2017 Guide to setting up an Alternative Investment Fund in EuropeSetting up an AIF in EuropeRaising funds in Europe: Private placement still worksThere’s a place for both RAIFs and SIFs Malta: Europe’s sunshine jurisdictionStanding out from the crowd: The NetherlandsChoosing your prime brokerGetting to grips with regulatory reportingThe ‘Anti-ManCo’ ManCoThe ‘plug and play’ fund solutionLuxembourg has the tools to support global distribution ambitionsBanner: 1771177117711771650650650650650Skyscraper: 17721772651651

Eighty five per cent of asset managers expect to comply with MiFID II in Q4 or later, says RSRCHXchange

A new survey by RSRCHXchange shows a significant slippage in terms of timing for MiFID II compliance, with the vast majority of asset managers leaving this until Q4 or later, despite the regulations coming onto effect in January 2018. In Q2 2016, just over 50 per cent of respondents expected to be MiFID II compliant during the last quarter of 2017 or early 2018. Half-way through 2017, this number has grown, with 85 per cent of respondents, who knew their compliance date, expecting to become compliant by Q4 or later.   That’s not to say that funds haven’t begun the hard work of implementing unbundling. Over 60 per cent of respondents have already set or begun to set their research budgets and decisions are also being made on which payment method to use: transactional RPA, RPA funded by a direct charge to the client, P&L, or a hybrid model.   In Q2 2017, just under 36 per cent of respondents had not decided how they will pay for research, down from 50 per cent in Q4 2016. Opinions are split with the UK, Benelux and Germany preferring payment from firms’ own P&L, while the direct charge to the client was naturally very popular in Scandinavia but also in Spain. The CSA-like model of collecting research payments alongside transactions was only really popular in the UK where CSA penetration has historically been quite high, unlike continental Europe.   Once again, setting and assessing research budgets was seen as a challenge by 40 per cent of respondents, with roughly the same percentage of firms currently engaged in setting a budget. That process is being held back by a lack of information on research pricing. Overall 23 per cent of respondents have not received pricing information from any of their research providers....

One third of alternative investment managers yet to decide on how to pay for research

Six months ahead of the MiFID II implementation deadline, alternative asset managers still face uncertainty, with 34 per cent of firms undecided for example on how to pay for research, according to a survey by the Alternative Investment Management Association (AIMA). Fund managers globally cited as their biggest MiFID challenges uncertainty around what the MiFID II rules mean – both their scope and substance - as well as what they perceived to be a lack of clarity relating to the cost and nature of services provided by brokers.   The AIMA survey showed that, among the two-thirds of alternative asset managers that have made decisions around how to pay for research, 80% plan to charge investors and the remaining 20% intend to absorb the costs themselves.   With MiFID II rules requiring firms to decide how they will report trades to the regulator and the market, the survey found that 75% of firms plan to self-report to their regulator. Meanwhile, 50% intend to delegate some of the responsibility to one or more brokers. The findings indicate that some investment management groups will not necessarily limit themselves to a single reporting mechanism.   When publishing details of executed trades to the market - which helps set market prices - 33% of alternative asset managers plan to self-report, while the remainder plan to have brokers report their trades.   Additionally, half of alternative asset managers with offices outside the EU said they intend to apply MiFID II best execution policies globally. This figure jumps to 90% for alternative asset management firms that delegate portfolio management from the EU to a third country.   AIMA’s CEO Jack Inglis said: “Complying with MiFID II is a significant undertaking and understandably many members are needing to rely on the broker community to provide solutions....

Hedgewire non-US 21/06/17

Newsletter Items: Transparency is key to success for alts investing, says Northern Trust surveyHedgeweek USA Awards 2017 - voting now openHedge funds up 0.33 per cent in May, says EurekaHedgeMan Group appoints Head of Responsible InvestmentQuantave tests first ever trade life-cycle infrastructure for the digital assets marketAxioma partners with Omega Point to enable ‘quantamental’ approach in fundamental investingOdeon Capital adds to equity research teamSanne makes senior appointment in New York officeGFMA appoints new executive directorPSAM makes senior addition to investment team SG CIB completes execution services integrationUK fund transaction fees drop by 20 per cent over last three yearsConvertible arbitrage veteran joins Aegon Asset Management's fixed income teamGroup of Boutique Asset Managers names new chairAwards sponsorshipBanner: 17681768176817681768Skyscraper: 17691769