Asset Management category

Spotlight Series: Steve Friedman on Credit strategies and Double Dips

September 24, 2020

Steve Friedman, Managing Partner, EOS PARTNERS was a panellist on Global Economic Strategies entitled “What Strategies & Opportunities Should We Be Pursuing & How Can The Hedge Fund Industry Ensure That It Delivers In All Markets & Conditions?” moderated by Dr Chris Jones, Chief Investment Officer, KEY ASSET MANAGEMENT (UK) LIMITED. He was joined in the debate by Peter Clarke, CEO, MAN GROUP PLC, Bernard Oppetit, Chairman, CENTAURUS CAPITAL, Leda Braga, President, BLUECREST CAPITAL MANAGEMENT, Lee Robinson, Portfolio Manager & Co-Founder, TRAFALGAR ASSET MANAGERS

Speaking to the Spotlight Series, he explained that credit opportunities post crisis mean focusing less on illiquid long term strategies and more on event driven strategies.  While the US economy will grow slowly it should avoid the double dip, Europe may not be so fortunate.

Post Under: Asset Management

Spotlight Series: Anne Sophie D’Andlau of CIAM, Quickfire Showcase winner

September 1, 2020

Anne Sophie D’Andlau, CIAM presented and won a Quickfire Showcase.

In an interview for the Spotlight Series, Anne Sophie announces the new Mergers Arbitrage Fund, CIAM will launch in August 2010 which will focus on officially announced transactions.  The fund will be based in Paris, listed in Luxembourg and denominated in Euros.  However US investors will have a dollar subfund available to them.

When asked how will CAIM hedge Euro exposure, she explained that its isn’t a concern.  They systematically hedge any position as soon as its taken into the portfolio so there is no FX exposure.

Post Under: Asset Management

Spotlight Series: Randall Stewart Khan, APS AM, considers the future growth of Asia.

August 17, 2020

Bloomberg reports that China has overtaken Japan to become the second largest global economy and foreign investment continues to increase month on month.

Foreign direct investment in China climbed in July, highlighting the confidence of companies from Volkswagen AG to Merck & Co. in an economy that surpassed Japan in the second quarter.

Investment rose 29.2 percent to $6.92 billion, the Ministry of Commerce said in Beijing today. It was the 12th monthly gain. Estimates of five economists surveyed by Bloomberg News were for increases ranging from 30 percent to 77 percent.

China may contribute a third of the global economic expansion this year, Byron Wien, a senior managing director at private equity firm Blackstone Group LP, said Aug. 11. The International Monetary Fund last month raised China’s growth forecast to 10.5 percent this year, three times the pace of the U.S., as government policies support consumption and investment…. more here

In an interview for the Spotlight Series, Randall explains how the slowdown in the US and EU markets have not effected the emerging markets of China, Japan and other Asian countries.  This polarisation helps APS AM’s Emerging Markets fund, giving investors a competitive edge. He believes that Asia will continue to grow.  While Japan still looks to external demand, increasingly China is shifting to domestic spend stabilising profit growth.

Randall Stewart Khan of APS Asset Management participated in and won a Quickfire Showcase.

Post Under: Asset Management

Spotlight Series: Hugh Hendry, Eclectica Asset Management speaking at GAIM International 2010

July 29, 2020

Hugh Hendry, CIO & Co-Founder, ECLECTICA ASSET MANAGEMENT went head to head with Mike Novogratz, Principal & Member Of The Board, FORTRESS INVESTMENT GROUP in the THE GAIM INTERNATIONAL 2010 Debate entitled “The Gap In The Curtain – How Great Minds Disagree” which was moderated by Dan Shapiro, Partner, SCHULTE ROTH & ZABEL, Partner, LINCOLN VALE. He announced the launch of the new Eclectica Credit Fund – dubbed the “beat the politicians” fund during the debate with Mike Novogratz.

In an interview for the Spotlight Series, Hugh expressed the view that the route to success was finding assets classes that are priced as non-contentious… but have the potential to be very contentious.   And his USP? He is the least correlated asset in the world; when every other asset manager was disappointing their customers, he made 50% in Oct 2008 and 2% in June 2010.

Post Under: Asset Management

The Spotlight Series with Peter Lupoff, Tiburon Capital Management

July 23, 2020

Peter M. Lupoff, Founder TIBURON CAPITAL MANAGEMENT, chaired at session at GAIM International 2010 entitled Credit/Distressed – “The Best Opportunity of a Lifetime” Redux. He was joined on the panel by

Asset Allocators:

  • Russell E. Lundeberg, Jr, Principal & CIO, BARRETT CAPITAL MANAGEMENT, LLC
  • Ingrid Neitsch, Director, FRM
  • Ernesto Prado, CIO & Managing Partner, AYALTIS AG

.

and Asset Managers:

  • Steve  Moyer, SVP, PIMCO
  • Daniel Capocci, Portfolio Manager, DC ADVISORY
  • Juan Luis Rivera, Partner, Portfolio Manager - LATAM, MONEDA ASSET MANAGEMENT S.A.

.

In an interview with for the Spotlight Series, Peter outlines his own strategies to simultaneously hedge risk, be open to the opportunities of a tumultuous market while remaining agnostic to the broader market.  He also explains why he feels the panelists have a uniformly bearish view to the end of the year.

Post Under: Asset Management, General

Renowned contrarian meets legendary fund manager in gap in the curtain

June 16, 2020

In a characteristically characterful meeting, Hugh Hendry, founder of Eclectica Asset Management andMike Novogratz, principal of Fortress Investment Group discussed gold, the Euro and investing in a deflationary environment.

Hugh Hendry debating at GAIM International 2010, 14 - 17 June in Monaco

Mike Novogratz, Fortress Investment Group, debating at GAIM International 2010, 14 - 17 July in Monaco.

Quoting TS Eliot, Buchan and Tolstoy, Hendry held the cultural high ground declaiming that he had had to face the twin axis of financial evil that is Germany and France, transporting himself across the European Socialist citadel to get to our stage. “The Euro is finished” he said. Novogratz was slightly less cut and dried on the subject, believing that there will be a lot more pain before everyone in Europe holds hands: “In the long run, there will be a bail out” he said. “The Euro will go lower and there will be more European political mishaps before they get bailed out.” Novogratz proposed a long Sterling versus the Euro trade. Both Novogratz and Hendry pronounced themselves impressed with the new administration in the UK, with Hendry calling it a ‘great moment in history’ that should have been done five years ago. On gold, Hendry believes it should represent 10 per cent of one’s assets.

On our current deflationary state in the West, Novogratz believes that we are on a global mega trend of globalisation with the so-called emerging markets coming to the fore. “That force could carry us through” he said. And the gap in the curtain? That is Hendry’s reference to our attempts to see into the future. “How does life play out?” he asked “In our haste to make money, we rush to the end.” And there, we may find, Eliot’s Wilderness of Mirrors.

Post Under: Asset Management

Nimble is good for fixed income funds

June 16, 2020

The expert faculty discussion had a tough time trying to ensure that fixed income is the darling of 2010-2011 at this morning’s opening session. Liquidity in a deflationary environment is the lost piece in the fixed income puzzle. Jeff Kronthal of KLS Diversified says: “We have had a long process of way too much credit so the fiscal restraint needed will be deflationary”. Elias Katz of Premium Point Investments, in the distressed mortgage environment, is continuing with his assumption that house prices will continue to be down: “We have no scenario for home price increases” he says. Dr Rajiv Sobti of Nomura Asset Management sees polarisation across the East West divide with the only location offering inflation trades in Asia. Robert Comizio of Viathon Capital  offers their solution - look to companies who are looking for finance. Kronthal observes that the regulatory changes have made Wall St a little scared. “We see very little liquidity, very little proprietary trading” he says. “The risk police are more actively involved. We envisage a low liquidity environment and going forward, if I were a large fixed income fund I would be very worried about my ability to transact and move positions.”

Post Under: Asset Management

Are fund of funds finished?

June 15, 2020

The expert faculty discussion on the reinvention of the value proposition of funds of funds in a post-Madoff world seemed to conclude that funds of funds are alive, but only gently kicking, after an exhausting round with redemptive investors. Moderator Kenneth Phillips of Hedgemark International reported surprise at the amount of redemptions that came through in the crisis. “What drove them to redeem?” he asked. Nicholas Hannan of Oakley Alternative Investment Management puts it down to a loss of confidence in a business that they thought wouldn’t lose them money in a global crisis. “It was a fundamental disappointment” he said. Stephen Oxley of Paamco found that the largest part of redemptions came from private investors. “We didn’t experience so many redemptions because our institutional investors understood what they were seeing.” Cedric Kohler of Lombard Odier agrees. “Investors who were late to these types of investments had never redeemed or gone through the redemption process before. Amaranth, LTCM were on their minds so there was a big rush to get out.” Stephen Oxley believes funds of funds had essentially been mis-sold and Roberto Guiffrida from Permal pointed out that many private banks had allowed investors leverage on top of hedge fund of fund portfolios and that in addition structured products added to total leverage - all of which exacerbated the final crisis. Going forward, funds of funds are determined to deliver what investors want although they may change their name - manager of managers anyone?

Post Under: Asset Management

Winning business models in difficult times

June 15, 2020

Dan Shapiro, partner at Schulte Roth & Zabel

Rick Sopher, chairman of LCH Investments

Dan Shapiro, partner at Schulte Roth & Zabel, and moderator in the Winning Business Models session this morning reflected that sitting there two years ago no-one could have predicted such a period of extreme volatility and difficulties. Panellist Rick Sopher, chairman of 41 year old LCH Investments and managing director of LCF Edmond de Rothschild Asset Management recounted that over time, the whole single manager universe has raised US$ 444bn for investors but that the management fees have proved larger than performance fees and that 45 per cent of total gains have gone in fees. Byron Wien reported that hedge funds are now a legitimate business with no more signing of papers in dark doorways because hedge funds offer protection from the downside.

Post Under: Asset Management

Industry growth

June 15, 2020

Yariv Itah, Casey Quirk, speaking at GAIM International 2010, 14 - 17 June in Monaco

Speaking at the opening session of GAIM, Yariv Itah, partner at Casey Quirk, predicted growth in the hedge fund industry to US $ 2.8 trillion under management over the next three to five years, half of which would be in funds of funds. Growth is the only opportunity for Itah, while significant challenges lie  in the form of changing investor behaviour, changing distribution dynamics, changing regulation and changing compensation structures.

Post Under: Asset Management


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