Bloomberg: First-half hedge fund returns down amid trade concerns | Algorithmic trading to be focus of Oxford course | French regulator urges new impetus for capital markets union
July 19, 2018
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Bloomberg: First-half hedge fund returns down amid trade concerns
The Bloomberg Hedge Fund Database shows hedge fund returns at negative 0.33% for the first half of 2018, after a 0.64% drop in June offset gains in May. Data from Bloomberg and Eurekahedge indicate that CTA/managed futures strategies in particular have been struggling, and Jamie McGeever writes that hedge funds' increased positions that the US yield curve will flatten are more likely to pay off than their positions that the dollar will strengthen.
Bloomberg (tiered subscription model) (7/17),  Reuters (7/17) 
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Algorithmic trading to be focus of Oxford course
A course at the University of Oxford's business school will provide an introduction to algorithmic trading besides its existing advanced courses on machine learning.
Financial Times (subscription required) (7/16) 
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French regulator urges new impetus for capital markets union
Natasha Cazenave, head of policy and international affairs at France's Autorite des Marches Financiers, has called for renewed enthusiasm for a European capital markets union in light of Britain's imminent departure from the EU. Meanwhile, a joint statement from eight countries' finance ministers says the EU should redouble its efforts to create a capital markets union as Brexit and EU elections are on the horizon.
Risk (subscription required) (7/16),  Financial Times (subscription required) (7/18) 
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Investors seek more disclosure in pursuit of ESG strategies
Investors focused on environmental, social and governance strategies want increased disclosure to help them assess the "good" that companies are doing, experts say.
Financial Times (subscription required) (7/16) 
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Regulation and Tax
Regulators discuss post-Brexit access to funds domiciled in Ireland
The UK Financial Conduct Authority and the Central Bank of Ireland are working toward a memorandum of understanding to give UK investors post-Brexit access to funds domiciled in Ireland.
Financial Times (subscription required) (7/15) 
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CFTC issues warning for ICO and cryptocurrency buyers
The Commodity Futures Trading Commission has issued an advisory about the risks involved in initial coin offerings and cryptoassets. The CFTC's advisory says "digital tokens and coins can also be derivatives or commodities, depending on how they are structured."
CoinDesk (UK) (7/16) 
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SEC approves dark pool disclosure rule
The Securities and Exchange Commission on Wednesday gave unanimous approval to a regulation that will require dark pools to increase their disclosure to investors. Starting in January, the rule will require brokers to file Form ATS-N to provide more information about fees, the way they handle orders and any arrangements with high-speed traders.
Markets Media (7/18),  The Wall Street Journal (tiered subscription model) (7/18) 
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Carney warns of big economic impact from no-deal Brexit
Carney warns of big economic impact from no-deal Brexit
Carney (WPA Pool/Getty Images)
Mark Carney, governor of the Bank of England, says a no-deal Brexit would have significant consequences for the British economy and could influence whether the central bank raises interest rates. Wage growth has declined to 2.5%, the weakest level in six months.
Reuters (7/17),  The Guardian (London) (7/17) 
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FSB backs monitoring of cryptoassets
The Financial Stability Board called for "vigilant monitoring" of cryptoassets because of the speed at which developments in the asset class are emerging and the fact that there are "gaps" in data about them. So far, cryptoassets don't present a significant threat to global financial stability, the FSB said.
MLex (subscription required) (7/19) 
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May the Best Financial Instrument Win
The latest Greenwich Associates research found that portfolio managers choose financial products based on past experience instead of analytics. While past knowledge is valuable, a more systematic selection could enhance fund returns. Download the research now.
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AIMA News
AIMA publishes report on responsible investment by hedge funds
Hedge funds globally have allocated at least $59 billion to responsible investment, according to a survey by AIMA and the Cayman Alternative Investment Summit. Around 40% of the respondents said they are already investing using responsible investment principles, with total assets in such investments worth $59 billion -- a little over 10% of the respondents' combined hedge fund assets under management. One in five firms said they are now committing at least 50% of their firms' assets to responsible investment. Moreover, firms said they had seen a roughly 50% increase in demand from either current or prospective investors in the past 12 months. About 40% of firms had either already hired a responsible investment specialist or were planning to do so. The full report is titled "From Niche to Mainstream: Responsible Investment and Hedge Funds." Read more and download the report.
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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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