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Hedge Fund Managers See Opportunities in Europe

La inestabilidad europea hace que los hedge funds apunten a la región — CC-BY-SA-2.0, FlickrPhoto: _TC Photography_ . Hedge Fund Managers See Opportunities in Europe

Preqin’s Q2 update on the hedge fund industry finds that economic uncertainty following the UK vote to leave the EU has created potential opportunities for hedge fund managers and, as a result, many more funds have launched focused on the region. Europe-focused hedge funds saw a large increase in the proportion of overall fund launches, rising from 1% of funds launched in Q1 to 16% of those incepted in Q2.

At the same time, UCITS-compliant funds accounted for 18% of overall fund inceptions through Q2, the highest quarterly proportion tracked by Preqin since the directive came into force. Given that UCITS funds are a key way for non-European firms to raise capital from Europe-based investors, it is a further sign of the growing interest that industry participants are taking in the region.

While long/short equity hedge funds remain the most common hedge fund vehicles in terms of both investor searches and new fund launches, CTA funds are being increasingly sought-after by investors. The proportion of fund searches issued in Q2 that specified CTA or managed futures funds was 22%, twice the proportion of fund searches issued in Q1. Despite this growing appetite among investors for the fund type, just 3% of new hedge fund launches through the quarter were for CTA vehicles, less than the proportion seen for UCITS vehicles (18%) or funds of hedge funds (7%).

Other Key Q2 Hedge Fund Launches and Searches Facts:

Launches by Strategy: Equity strategies remained the most common approach among new funds launched in Q2, representing 53%. The proportion of funds using a credit strategy rose from 10% of Q1 launches to 18% in Q2, while multi-strategy launches fell from 19% to 6% in the same period.
Fund Manager Location: North America-based fund managers launched two-thirds of all new hedge funds in Q2. There was also an increase in the proportion of vehicles launched by Europe-based firms, representing 28% of all launches, while Asia-Pacific-based managers represented 3% of fund launches.
Investor Type: Fund of hedge fund managers issued the largest proportion (18%) of fund searches in Q2, while wealth managers (17%) and private sector pension funds (12%) also accounted for notable proportions. After some high-profile redemptions, public pension funds comprised 6% of fund searches in Q2.
Searches by Region: Geographically, the proportion of fund searches has remained similar to Q1. Investors in the more developed markets of North America (40%) and Europe (45%) represented the majority of fund searches, while Asia-Pacific based investors comprised 7% of searches.

According to Amy Bensted, Head of Hedge Fund Products at Preqin, “the run-up to and aftermath of the UK’s decision to leave the EU caused volatility across several markets within Europe and beyond. Hedge fund managers have seen increased opportunities to capitalise on this turbulence, and more Europe-focused hedge funds have been launched by managers both in and outside the region. Although Europe-focused funds did not make the same gains as North America-or Asia-Pacific-focused vehicles in Q2, the ongoing volatility arising out of the uncertainty within Europe may provide opportunities for hedge funds focusing on the region to deliver some upside gains. More broadly, the appetite among investors for managed futures continues to grow, as investors seek products which can diversify their portfolio and add some downside protection over the coming months. Although these funds have seen some volatility in their returns over recent months, CTAs have performed more consistently in Q2 2016, and fund managers will be keen to show investors that they can offer uncorrelated returns and capital protection.”

You can read the report in the following link.

Hedge Funds and Private Equity Managers Show a Growing Interest in ESG

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Los hedge funds y gestores de private equity incrementan su interés por los factores de responsabilidad social corporativa — CC-BY-SA-2.0, FlickrPhoto: Ainhoa Sanchez . Hedge Funds and Private Equity Managers Show a Growing Interest in ESG

Unigestion, a boutique asset manager with scale that focuses on guiding its clients with risk-managed investment solutions, has again surveyed the hedge fund and private equity managers it invests in to track their attitudes to ESG.

The survey showed that more hedge funds are considering the value of ESG, as last year 60% of hedge fund managers were ‘reluctant’ to consider ESG as part of their strategies, whilst this year only 53% of hedge fund managers were in the ‘no interest’ category1. 30% of hedge funds managers surveyed were actively incorporating ESG into their strategies.

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Whilst there were a number of strategies represented in this sample, the clear leaders in ESG adoption were Arbitrage managers – 67% of which had an active ESG strategy. Tactical traders (including commodities, managed futures and global macro strategies) find it the most difficult to implement ESG into their investment processes because of the nature of the strategy

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One of the managers surveyed, Winton Capital, explained that its approach to ESG encompasses broad initiatives such as sponsoring research prizes. In addition, its headquarters are a certified Low Carbon Workplace, one of only 8 in the UK.

Small and large firms also diverged in their approach to ESG. Whilst the survey showed that large firms are more likely to have in place a formal ESG policy than smaller firms, there are again exceptions. Arrowgrass Capital Partners has USD 5.9bn under management and has a strong ESG policy having partnered with an ESG data provider and a responsible investment consultant, and having its CEO and other members of the senior executive sitting on its ESG committee.

The survey also showed more hedge funds are becoming signatories to the PRI. Last year only 13% of hedge funds surveyed were signed up to the principles, whilst this year 20% had signed up.

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As the practicalities of incorporating ESG into investment strategies is still a stumbling block for many managers, the PRI is spearheading a working group to create a standard ESG due diligence questionnaire for hedge funds.

Private equity managers are on the whole more advanced than their hedge fund counterparts in ESG adoption, and Unigestion has also seen a larger year on year improvement in this asset class. This year, 42% of private equity managers achieved ‘advanced’ or ‘leader’ status (up from 29% last year) and the proportion of ‘reluctant’ managers fell from 27% to 21%.

Eric Cockshutt, Responsible Investment Coordinator at Unigestion, said: “We are still seeing too many hedge fund and private equity managers dismissing ESG as a cost burden, incompatible with their strategies, or a mere marketing exercise. The experience of many managers however is that ESG adoption is both feasible and beneficial to clients and the company’s overall reputation for taking seriously its environmental and social responsibilities.

The survey’s results can be seen here.

Standard Life Investments Launched the Enhanced Diversification Multi-Asset SICAV

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Standard Life Investments lanza una estrategia multiactivo centrada en gestionar los riesgos bajistas — Photo: Mortime, Flickr, Creative Commons. Standard Life Investments Launched the Enhanced Diversification Multi-Asset SICAV

Standard Life Investments launched the Enhanced Diversification Multi-Asset (EDMA) SICAV on July, 20th, 2016 in response to a growing client demand for multi-asset funds that manage downside risk.

According to a press release, “EDMA is part of our multi-asset range for investors who want to balance capital growth against volatility in financial markets. With EDMA, we aim to generate equity-like returns over the medium term with less volatility.” EDMA targets equity-type returns over the market cycle (typically five to seven years in duration) but with only two-thirds of equity market risk.

The Fund differs from many traditional diversified growth approaches. Standard Life Investments holds a range of market return investments (such as equities, bonds and listed real estate), however, they also use enhanced diversification strategies to provide additional sources of return and high levels of portfolio diversification.

“EDMA benefits from the expertise of our established and award-winning multi-asset investing team. By exploiting our resources and capabilities we believe we can offer enhanced, lower-risk performance that is cost-effective for our clients.” They conclude.

David Kowach Named President and Head of Wells Fargo Advisors

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Wells Fargo & Company announced on Thursday that David Kowach has been named president and head of Wells Fargo Advisors (WFA), the company’s national retail brokerage, effective immediately. Kowach will report to David Carroll, senior executive vice president and head of Wells Fargo Wealth and Investment Management (WIM). He succeeds Mary Mack, who was named head of Community Banking for Wells Fargo effective July 31.

Kowach has worked in the financial services industry for 25 years and has been with Wells Fargo and its predecessors for almost his entire career. Since 2012 he has served as head of WFA’s Private Client Group, WFA’s largest business channel with nearly 11,000 financial advisors who serve clients in all 50 states. Kowach will continue to be based in St. Louis and will lead the WFA Operating Committee. The company will address the matter of Kowach’s successor shortly.

“Ever since he began his career as a financial advisor, David Kowach has been focused on what is best for clients,” Carroll said. “David is well known and highly respected for his industry knowledge, deep relationships and proven results. He has a demonstrated track record of creativity and a vision for the evolution of the advisory business that is so important to our future competitiveness.”

Prior to leading the Private Client Group, Kowach led WFA’s Business Development Group where he was responsible for financial advisor recruitment and retention, growth strategies and national sales. He began his career as a financial advisor in the Philadelphia area.

“I’ve always believed that Wells Fargo’s advisors and team members are the best in the industry when it comes to serving clients,” said Kowach. “I’m so proud and honored for the opportunity to work with them and our partners to take care of clients and prepare our business for the future.”

Kowach is a graduate of Villanova University with a degree in finance. He actively supports several St. Louis-area charitable organizations, including the St. Louis Zoo, United Way, Forest Park Forever and Central Institute for the Deaf. Kowach and his wife Kerrin have two daughters.

Bill Miller Leaves Legg Mason Acquiring Legg Mason’s Stake in LMM

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Legg Mason, announced on Thursday that it has reached an agreement with Bill Miller for the acquisition by Miller of all of Legg Mason’s interests in LMM LLC.

Miller will be no longer tied to Legg Mason and as a result of the operation he, together with companies he controls, will own 100% of LMM. The firm provides investment management services to Legg Mason Opportunity Trust, Miller Income Opportunity Trust and related strategies. There will be no changes to the investment team or portfolio management responsibilities as a result of the transaction, company said in a press release.

Bill Miller, Chief Investment Officer of LMM, said: “This transaction affirms my ongoing commitment to managing our funds and to our investors. I am excited about the future of LMM, and our team is dedicated to our long-term, value-driven approach and to true active management. I am thankful to Legg Mason for our 35-year relationship and to the many great people I’ve worked with along the way.”

“Bill has been an important part of the growth and success of Legg Mason over the years and we appreciate his many contributions. We wish Bill and his team continued success in the future. Today’s announcement is consistent with Legg Mason’s strategy of focusing on our nine diverse managers with size and scale that can be leveraged across global distribution,” said Joseph A. Sullivan, Chairman and CEO of Legg Mason.

Terms of the transaction were not disclosed.The transaction is expected to close on or around the calendar year end, subject to customary conditions and regulatory approvals.

LMM LLC is a registered investment advisor founded in 1999. LMM’s long-term, value-driven investment approach produces flexible strategies with high active share. LMM is headquartered in Baltimore, Maryland, and has $1.8 billion in assets under management as of July 31, 2016

The Global Private Credit Market is Flourishing

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The global private credit market, an alternative source of financing for small and medium sized enterprises, is flourishing, with institutional capital supporting increased lending in Europe in particular, according to a report by the Alternative Credit Council (ACC), a private credit industry body affiliated with the Alternative Investment Management Association (AIMA), and Deloitte, the business advisory firm.

The private credit market has grown from $440 billion last year, to $560 billion today. The research, Financing the Economy 2016, found that institutional capital is boosting lending in Europe and much of this growth has been driven by demand from European businesses. However, the US still remains the largest private credit market, both in terms of overall assets under management, and new assets raised in 2015.

The research is based on a survey of alternative lenders, representing assets under management totalling $670 billion, of which $170 billion is allocated to private credit strategies.

Stuart Fiertz, the Chairman of the ACC and President of Cheyne Capital, said: “As the recovery from the financial crisis continues, business innovation and demand for credit shows no signs of slowing. Alternative lenders are primed and ready to continue to fill the lending gap, but this is not necessarily at the expense of the traditional lenders. We see a cooperative relationship occurring between banks and alternative asset managers.”

Floris Hovingh, Head of Alternative Capital Solutions at Deloitte, said: “In the last couple of years, alternative lending has seen huge growth in Europe and is likely to accelerate over the next 24 months as a result of Brexit. As trade negotiations get underway, alternative lenders could be well positioned to navigate the increased risk in the market and price this accordingly.”

87% of global alternative lenders surveyed prior to the UK’s referendum said that the best lending opportunities are currently in the UK. This is followed by France (62%), Germany (54%), Spain (54%) and the US (50%).

Pension funds were cited by 57% of respondents as the biggest investor category, while a further 30% said pension funds were their second biggest source of capital. Insurance companies, endowments, foundations and sovereign wealth funds were other investor types cited as sources of capital for private debt funds.

The research found that most financing is going to businesses with pre-tax profits of $10 million or more. Most loans are greater than $5 million in size and half are in the $25m-$100m range. In comparison, bond market financing, a common form of non-bank finance for larger corporates, is in the $100m-$300m range.

The research also found that most private credit funds use little or no leverage, have low default rates and are structured in a way to prevent liquidity mismatches, bank-style runs and other financial stability problems. Fund managers said growing demand was partly driven by the flexibility, responsiveness and expertise of alternative lenders.

To view the full report, please click here.

Nearly 16,000 Pass the Level III CFA Exam

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Cerca de 16.000 profesionales inician su carrera como gestores de inversiones al superar el Nivel III del Programa CFA — CC-BY-SA-2.0, FlickrPhoto: Foxspain, Flickr, Creative Commons. Nearly 16,000 Pass the Level III CFA Exam

CFA Institute, the global association of investment professionals that sets the highest standards of ethics, education, and professional excellence, announced that of 28,884 candidates who sat for the Level III CFA exam in June 2016, 54 percent passed the third and final exam. Pending experience and membership requirements, these successful candidates will become CFA charterholders starting in early October, and begin their journey as investment management professionals whose mission is to raise standards in the industry.

In addition, of 50,230 candidates who sat for the Level II exam in June 2016, 46 percent were successful and of 58,677 candidates who took the Level I exam, the pass rate was 43 percent. Globally, a total of 64,020 candidates passed Levels I, II and III, with the overall pass rate for all three levels at 46 percent. (View historical pass rates.)

“Congratulations to the successful candidates who have demonstrated their commitment to the highest standard of professional knowledge and ethics,” said Paul Smith, CFA, president and CEO of CFA Institute. “At CFA Institute, we aspire to develop future investment management professionals for the global financial markets. These candidates have taken the first step to earn the CFA designation and to join us in our pursuit to build professionalism, market integrity and a more trustworthy industry that puts clients’ interests above their own interests.”

To earn the CFA charter, candidates must pass all three levels of the exam which is considered to be the most rigorous exam in the investment profession; meet the work experience requirements of four years in the investment industry; sign a commitment to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct; and become a member of CFA Institute.

“We applaud CFA Institute for its continued efforts to strengthen the professional and ethical foundations of our industry by upholding the highest standards in their certification process,” said Ronald P. O’Hanley, President and CEO of State Street Global Advisors, “and we congratulate all successful candidates. As an organization that is proud to partner with CFA Institute, we strongly encourage everyone to avail themselves of the many opportunities it provides for continuing education and certification to improve our industry and the quality of service and engagement for our clients.”

Successful candidates study approximately 1,000 hours on average to master 8,500 pages of curriculum. The CFA curriculum includes ethical and professional standards; financial reporting and analysis; corporate finance; economics; quantitative methods; equity, fixed income, alternative investments; derivatives; portfolio management; and wealth planning. Its depth and breadth provides a strong foundation of advanced investment analysis and practical portfolio management skills, which gives investment professionals a career advantage.

“The CFA designation is widely recognized as the gold standard of professional knowledge and business ethics in the investment industry,” said Yimei Li, CFA, Deputy CEO of China AMC. “We encourage and support our staff to pursue the CFA charter, as it demonstrates our commitment to our clients that we bring in the best talent to serve their needs.”

New candidates entering the CFA Program in this year’s exam cycle grew by 15 percent to 102,514 candidates, which reflects growing interest in building professionalism in the investment management industry. The growth has been strongest in Mainland China where Level I candidate registrations reached a record high of 22,999, surpassing the number of registrations in the United States for the first time.

The June 2016 Level I, II and III exams were administered in 258 test centers in 197 cities across 91 countries worldwide. The top 10 countries and territories with the largest number of candidates tested are the United States (31,501), Mainland China (26,758), India (12,117), Canada (11,136), United Kingdom (9,717), Hong Kong (5,359), Singapore (3,433), Australia (2,915), South Africa (2,006), and France (1,784).

Columbia Threadneedle Complements SICAV Bond Offering With US Investment Grade Corporate Bond Fund

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CC-BY-SA-2.0, FlickrFoto: Hernán Piñeira. Los sectores bursátiles de infraestructuras, seguros o inmobiliario cotizan muy por encima de la media

Columbia Threadneedle Investments announces the introduction of the Threadneedle US Investment Grade Corporate Bond Fund to its SICAV range.

The UCITS fund, co-managed by Minneapolis-based portfolio managers Tom Murphy, CFA and Tim Doubek, CFA, aims to generate a total return from income and capital appreciation by seizing opportunities in the US investment grade corporate bond market, focusing on security selection and industry rotation as the primary sources of value added with a constant focus on downside risk.

The fund mirrors the existing investment grade corporate fixed income strategy managed by the duo for US investors with a strong track record over the last seven years. The fund’s benchmark is the Barclays US Corporate Investment Grade Index and the fund’s performance target is +100 to 150 bps over the index (gross) over a full market cycle of five to seven years.

The fund follows a rigorous, independent, bottom-up fundamental research process resulting in a deep understanding of issuer and industry dynamics. Experienced and dedicated portfolio managers and analysts are full partners in the portfolio construction and monitoring process allowing the team’s best ideas to emerge with a constant focus on maximized return and reduced volatility.

Initially registered in Luxembourg, the fund is intended for distribution across other markets (UK, Austria, Belgium, France, Germany, Italy, the Netherlands, Portugal, Singapore, Spain, Switzerland and Sweden) pending regulatory approval in each country.

Gary Collins, Head of Wholesale Distribution for EMEA and Latin America at Columbia Threadneedle Investments said: “In a low yield environment, exposure to corporate credit can provide an effective way for investors to preserve capital and generate income whilst diversifying their portfolio away from equity markets. Columbia Threadneedle manages c. US$24 billion in US investment grade and we also have successful European and Global investment grade corporate bond strategies available through our SICAV.”

Tom Murphy, CFA, Columbia Threadneedle’s Head of Investment Grade Credit and co-manager of the Fund, said: “Given solid fundamental credit insights, a reasonable time horizon, and the ability to withstand short-term volatility, we believe credit opportunities in the US investment grade corporate bond market can be exploited to achieve attractive risk-adjusted returns. Tim and I have close to 30 years’ experience each and a real focus on finding the best business models with the best management teams that offer solid relative value.”

Paul Quinsee, New Global Head of Equities at JP Morgan Asset Management

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JP Morgan AM nombra a Paul Quinsee responsable global de renta variable — CC-BY-SA-2.0, FlickrPaul Quinsee / JP Morgan AM. Paul Quinsee, New Global Head of Equities at JP Morgan Asset Management

Paul Quinsee, until now managing director and chief investment officer for U.S. equities at JP Morgan Asset Management, will replace Martin Porter as the firm’s global head of equities.

The appointment will be effective in the fourth quarter, after Porter’s retirement. He will split his time between New York and London and report to Chris Willcox, CEO of global investment management.

Quinsee will oversee a team of more than 400 investment professionals and $430 billion in assets under management. As of June 30, JPMAM had $1.693 trillion in assets under management.

Jupiter Hires Magnus Spence for New Alternatives Role

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Jupiter has announced the appointment of Magnus Spence as Head of Investments, Alternatives. In this newly-created position, Magnus, who joins on 30^th August 2016, will be responsible for developing and expanding Jupiter’s capability in this strategically-important asset class.

Magnus will focus initially on the current range of Jupiter long/short equity UCITS products: Sicav funds Jupiter Europa and Jupiter Global Absolute Return, and a UK domiciled absolute return unit trust fund. In the medium term, Magnus’ focus will be on broadening Jupiter’s alternatives product range across asset class, region and country. He will report into Stephen Pearson, Chief Investment Officer, and work closely with James Clunie, Head of Strategy, Absolute Return as well as the rest of the investment team.

Magnus has 15 years’ experience in the alternatives asset management industry. Most recently, he has worked as Head of Product at Fidante Partners (formerly Dexion Capital plc) since early 2015. His role there involved the development of a liquid alternatives investment management platform. Prior to this, Magnus was Chief Executive and Managing Partner of Dalton Strategic Partnership LLP from 2011-2014, a specialist equity firm which he co-founded in 2002. In this position, he was instrumental in the development of the firm’s hedge fund, specialist equity fund and segregated account business aimed at both UK and international clients.

Stephen Pearson, Chief Investment Officer said: “We are very much looking forward to welcoming someone of Magnus’ experience and calibre to the investment management team we are building at Jupiter. Magnus will be working closely with me, James and the fund management team to strengthen and broaden our presence in the alternatives sector. This is an asset class which is highly sought after and important for the future development of our investment proposition’’.

Magnus Spence said: “This is an exciting time to join Jupiter. There is great potential for growth in the alternatives space both domestically and internationally. Jupiter, with its reputation for investment excellence, has the right ingredients to become a leading player in alternatives and I look forward to the opportunity of working with the entire team to meet this objective.