Amendments may expand alternative investments' availability in Canada | Hedge funds make monthly gains for first time since January | Alternative UCITS has areas of increasing demand, expert says
May 21, 2018
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Amendments may expand alternative investments' availability in Canada
Claire Van Wyk-Allan, AIMA's head of Canada, said proposed amendments to National Instrument 81-102 - Investment Funds would enable "[a]ll investors in Canada ... to access the diversification, risk-reduction, and non-correlated returns that alternative investments provide." The proposal to create a new asset class would also involve asset-allocation guidelines, risk-rating updates, new product education rules and an increased regulatory focus, Van Wyk-Allan said.
Investment Executive (Canada) (5/16) 
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Hedge funds make monthly gains for first time since January
Hedge funds recorded positive inflows in April with an overall 0.78% gain, according to figures from the Bloomberg Hedge Fund Database, reversing two consecutive months of decline. Strategies tracked by the database saw improvement, with CTA/Managed Futures-type funds performing best with a 2.05% rise, while the Cboe Volatility Index saw its biggest monthly fall since July 2016.
Bloomberg (tiered subscription model) (5/18) 
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Alternative UCITS has areas of increasing demand, expert says
Discretionary global macro is an area of rising demand in alternative UCITS, but relatively few managers are in the space, Moez Bousarsar of Lyxor said. Other strategies showing potential for increasing demand are in risk premia and the equity market neutral space, Bousarsar said.
Citywire (5/21) 
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Hedge funds reduce net-long position on Brent as price rises
Data show hedge funds' net-long position on Brent crude -- which rose above $80 per barrel, a level not reached since 2014 -- declined for the fifth straight week for the week ended May 15. Meanwhile, hedge funds' net-long position for West Texas Intermediate crude experienced its biggest drop in six weeks as WTI and Brent are both up 18% so far in 2018.
BloombergQuint (India) (5/21) 
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Word chart highlights common themes in hedge fund names
Hedge funds' monikers frequently involve nautical terms, New England cities and names of alcoholic drinks, according to a word chart by online investment network SumZero. Commonly used root names include "value," "street," "point" and "river."
Bloomberg (tiered subscription model) (5/16) 
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Regulation and Tax
Calif., N.Y. among states looking to curb carried interest break
Bills that would limit the carried interest tax breaks for hedge fund and private equity managers have emerged in such states as California, New York and Connecticut.
Financial Times (subscription required) (5/21) 
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CFTC proceeds with margin changes for uncleared swaps
The Commodity Futures Trading Commission has approved changes to margin requirements for uncleared swaps to better align the rules with those from other regulators. The changes eliminate "unnecessary red tape that hinders job creation, economic growth and innovation," Chairman J. Christopher Giancarlo says.
Futures & Options World (subscription required) (5/18) 
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SEC creates fake site to expose risks of cryptocurrency investing
The Securities and Exchange Commission has launched HoweyCoins, a bogus website that highlights the risks of being swayed by promises of extraordinarily high returns via cryptocurrency investments. When users select to "buy coins now," they are taken to an official SEC site that notes they could have been duped and lists the warning signs of a fake offer.
CNBC (5/17) 
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Industry leaders outline vision of hedge fund firm of the future in new AIMA paper
Some of the most senior men and women in the global hedge fund industry have put forward their collective vision of the hedge fund firm of the future in a new report published by AIMA. The paper, "Perspectives: Industry Leaders on the Future of the Hedge Fund Industry," is sponsored by Aberdeen Standard Investments, the global investment company. It is based on candid and wide-ranging conversations with 25 of the leading figures in the industry and academia. The paper finds that hedge fund firms are rapidly transforming their product offerings and how they operate in order to meet the changing needs of investors. These changes include adopting artificial intelligence and other disruptive technologies and partnering with clients on responsible investment mandates. The interviewees also discuss, among other themes, fees, succession planning, employee diversity and client solutions based on "alpha," "smart beta" and "alternative beta." Read the paper.
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AIMA position paper examines Brexit's impact on alternative investment industry
AIMA has published a position paper titled "Brexit and Alternative Asset Managers: Managing the Impact." The paper offers a detailed assessment of what will need to be addressed during the transition period that has recently been agreed upon between the UK and the EU. AIMA believes that addressing these points will minimize disruption for UK fund managers and EU investors when the UK leaves the EU. The analysis is based on the assumption that the UK will leave the EU's single market and that many existing cross-border provisions in EU legislation will cease to apply for UK firms. It builds on a 2016 paper, "Brexit and Beyond," jointly published by AIMA and the US-based Managed Funds Association, which recommended an overarching financial-services agreement between the UK and the EU based on the principles of equivalence, reciprocity and nondiscrimination. Read the paper.
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