Q2 had fewest hedge fund closures since 2007, HFR says | Report: Alternative investments see greater allocations by US advisers | Commentary: Hedge funds provide key liquidity amid market shocks
September 24, 2018
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Q2 had fewest hedge fund closures since 2007, HFR says
A report from Hedge Fund Research says the second quarter brought 125 hedge fund closures, the lowest total since Q3 of 2007, although the number of funds opened was the fewest since Q4 of 2008. The second quarter's number of hedge fund openings surpassed the total of liquidations for the fourth consecutive quarter, HFR says.
Pensions & Investments (free access for SmartBrief readers) (9/20),  Institutional Investor online (9/20) 
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Report: Alternative investments see greater allocations by US advisers
Alternative investments accounted for 7.2% of overall assets under management by US advisers in 2017, up from 5.7% the year before, Cerulli Associates said in a report. About 40% of advisers surveyed said they used alternative investments, according to the report.
Institutional Investor online (9/21),  ThinkAdvisor (free registration) (9/21) 
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Commentary: Hedge funds provide key liquidity amid market shocks
A JPMorgan Chase Institute analysis shows that hedge funds more than tripled their daily trading volumes after market shocks in 2015 and 2016, supplying crucial liquidity, Gillian Tett writes.
Financial Times (subscription required) (9/20) 
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Investor demand for European nonperforming loans is rising
Investors are increasingly pursuing the market for nonperforming loans in Italy and throughout Europe, as distressed credit managers have sought to provide attractive returns to the backers of such loans and help banks get rid of the bad assets. Buyers of nonperforming loans, however, can face legal, collateral and leverage risks, experts say.
Investment & Pensions Europe magazine (free registration) (9/2018) 
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Commentary: Shift in lending sources doesn't cancel out risk
The postcrisis regulatory environment has shifted lending risk from banks to nonbanks, including private equity funds, although that might not eliminate the need for bailouts, Mark Vandevelde writes.
Financial Times (subscription required) (9/21) 
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GDPR: which sectors stand to benefit?
The rise of e-regulation is already impacting businesses operating in the European Union. Discover the opportunities GDPR is creating for key sectors, including insurance, software and IT.
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Regulation and Tax
SEC looks to ease accredited-investor limits
The Securities and Exchange Commission is considering changes to accredited-investor limits that could let more small investors take a stake in tech startups. However, a study by The Wall Street Journal shows the number of US households invested in private companies is already 10 times what it was when the SEC adjusted accredited-investor rules in the 1980s.
The Wall Street Journal (tiered subscription model) (9/23) 
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Markets watch for interest-rate signals from BoE
Markets watch for interest-rate signals from BoE
(Daniel Leal-Olivas/AFP/Getty Images)
Markets are tipped to scour remarks from four Bank of England officials as they make the first public appearances by central bank leadership since an interest-rate increase last month. Traders see a 40% chance of a rate increase before Brexit in March and a more than 70% chance of one in May.
Bloomberg (tiered subscription model) (9/23) 
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SEC: Drop in cases, fines doesn't mean lack of enforcement
Just because fines from enforcement activity decreased 7.2% last year and continue to decline this year does not mean the Securities and Exchange Commission is not policing the market, says Stephanie Avakian, co-director of enforcement. "Any assessment that suggests our effectiveness should be measured solely based on the number of cases we bring over any particular period of time is misguided," she says.
The Wall Street Journal (tiered subscription model) (9/20) 
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LCH-Japan Securities Clearing swaps basis drops after Giancarlo speech
A drop in the basis between yen interest-rate swaps cleared at LCH and at Japan Securities Clearing to 4.13 basis points from 7.63 basis points is attributed to a Sept. 4 speech by Commodity Futures Trading Commission Chairman J. Christopher Giancarlo. Giancarlo indicated US clients would be allowed to clear swaps at non-US central counterparties that have "comparable, comprehensive supervision and regulation."
Risk (subscription required) (9/23) 
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UK Labour leader supports 2nd Brexit vote if party does
Jeremy Corbyn, head of the UK Labour Party, said he will support a second Brexit referendum if members of his party vote for one. However, he said a general election would offer a better way to resolve the issue.
Politico (9/24),  The Guardian (London) (9/23) 
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