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News The month’s key industry stories
Emerging Manager Index launched Advisors & Partners LLP (“A&P”), the independent alternative investment specialist and advisor to institutional investors, asset managers and other financial institutions, has launch of the A&P Emerging Manager Index (“APEM Index”). The APEM Index is an equally weighted index of 20 early stage hedge funds. Constituents are selected from a broad universe of hedge funds worldwide covering all investment strategies. Qualification for the index is subject to certain eligibility criteria based on qualitative and quantitative requirements, which includes index members having less than 3 years performance track record and assets under management between $20 million and $500 million.
The APEM index is designed to offer investors, who have a particular interest in early stage hedge fund investing, an effective research and benchmarking tool and to provide better visibility to asset managers who have launched new hedge fund investment products.
Jonathan Cantouris, Managing Partner of Advisors & Partners said, “The first few years of a hedge fund is critical in establishing a basis for strong processes and sustainable performance to drive future growth. Our objective is for the APEM Index to become the global standard for early stage hedge fund investing, performance measurement and to improve visibility of newly launched hedge funds in the marketplace”.
Philippe Teilhard de Chardin, CEO of Advisors & Partners said, “As a business servicing a wide range of asset owners, we need to ensure we identify and promote the next generation of hedge fund leaders, so the industry can retain its vibrancy, allowing high quality differentiated investment choices for Investors.”
Over £125,000 raised for NSPCC The Alternative Investment Management Association (AIMA), the global industry body representing alternative asset managers, has marked its 25th anniversary with a series of events including a charity dinner for member firms that raised over £125,000 for the NSPCC, the children’s charity.
Close to 300 guests attended the AIMA 25th Anniversary Charity Dinner at the Guildhall in London. The funds raised will enable the NSPCC to reach 25,000 more children through its pioneering Schools Service, delivered by trained volunteers who go into primary schools across the UK to talk to children about abuse and how to stay safe. The Charity Dinner, which featured keynote speeches by Manny Roman, the CEO of Man Group, and
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Peter Wanless, the CEO of the NSPCC, was one of a number of events to mark the Association’s anniversary.
AIMA’s 25th Anniversary Annual Conference on 24 September drew 400 attendees to the Guildhall and featured an address by the Rt. Hon. Greg Hands, the UK’s Chief Secretary to the Treasury. The anniversary was also marked by a special one-off publication titled ‘25 Years in Hedge Funds’, which looked back at the last quarter-century for both AIMA and the global hedge fund industry.
AIMA CEO Jack Inglis said: “Raising over £125,000 for the NSPCC was a fitting way to mark our 25th anniversary and underlined the strong charitable and philanthropic tradition in the hedge fund industry.
“We are hugely proud of everything which AIMA and the industry have achieved over the last 25 years, a period for hedge funds marked of course by globalisation, institutionalisation and increased regulation. In that period, from humble beginnings, AIMA has grown into a truly global organisation, with offices in every region of the world and close to 1,600 member firms in 55 countries.
“The international nature of investing, trading and regulation means it has never been more necessary for the hedge fund industry to have a global representative. The next 25 years will doubtless see even more change – but ever present will be AIMA, representing and speaking up for hedge fund firms, large and small, wherever they are based around the world.”
Lazard Asset Management fund launch Lazard Asset Management (LAM) has announced the launch of the Lazard European Alternative Fund. The Lazard European Alternative Fund, which is UCITS compliant, utilises bottom up stock selection and is a liquid portfolio of approximately 60 long and short positions in European large- and mid-cap companies.
The Fund will be managed in London by Leopold Arminjon. Arminjon will be supported by Portfolio Manager/Analyst, Nitin Arora, who recently joined from HSBC, where for the past five years he was a lead equity research analyst covering asset managers, specialist lenders and international dealer brokers as well as European investment banks.
Arminjon joined LAM in June this year from Henderson Global Investors, where he was lead portfolio manager of both the Henderson Horizon Pan-European Alpha Fund and the Alphagen Tucana Fund.
“The nascent European recovery offers an attractive backdrop for investors, but remains complex and volatile as evidenced by the sovereign crises of the past few years,” said Leopold Arminjon, portfolio manager of the Lazard European Alternative Fund. “This strategy can take steps to adapt to these circumstances with a view to protect capital, offering the potential for a lower risk option to access European stock markets.”
LAM offers a range of equity, fixed-income, and alternative investment products worldwide. As of 30 June 2015, LAM and affiliated asset management companies in the Lazard Group managed $203 billion of client assets.
Wheel turns in favour of directional strategies The Lyxor Hedge Fund Index was up +1.1% in October. 8 out of 11 Lyxor Indices ended the month in positive territory. The Lyxor LS Equity Long Bias Index (+4.5%), the Lyxor Special Situations Index (+3.5%) and the Lyxor Global Macro Index (+2.1%) were the best performers. Encouraging October economic releases, speculation about non-US central banks actions, and the re-risking of the smart money helped to fuel a rally. The wheel turned in favour of Event Driven and the longest bias L/S Equity. In contrast, CTAs underperformed, hit on their long bonds exposure. Market Neutral funds also suffered from factor rotations. Within the L/S Equity space, US long bias funds led the group, while pressure fell upon the Market Neutral funds. After weeks of bleeding, the longest bias funds staged a substantial rally, especially in the US. It made up for most of the lost ground since the end of August. Exposures were little altered over the period: this was mainly a beta recovery.
$1.36m raised for 100WHF Foundation 100 Women in Hedge Funds ("100WHF"), a leading global nonprofit organization for investors and professionals in the alternatives industry, announced at its 14th annual New York Gala that the organization has raised $1.36M for 100WHF Foundation to support its Celebrating Education - Investing in the Next Generation initiatives.
At a recent gala, 100WHF welcomed Her Royal Highness The Countess of Wessex, Global Ambassador of 100WHF’s Next Generation initiatives, and recognised the leadership and achievements of five institutional investors for their significant efforts advancing positive corporate governance.
To achieve its goal of investing in the Next Generation, 100WHF will partner with four non- profit organizations—Forté Foundation, CAIA Association, Girls Who Invest, and Smart Woman
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