Lloyds' Private Bank Boots Bonds As It Funnels Wealthy's Cash Into Hedge Fund-type Absolute Return Funds | City A.m.
Lloyds Bank's private banking division, which invests the money of wealthy clients, has said it will start to reduce its exposure to bonds as their value is set to fall. Instead, it will start to increase investment in absolute return funds to provide the steady income which bonds once did. Absolute return funds are liquid vehicles which employ strategies similar to hedge funds, such as short selling and investing in futures, options and unconventional assets, but are generally less risky and expensive.
Sydney-based Morphic Asset Management is launching a new global equity strategy on the Trium UCITS platform, employing ESG factors to generate alpha on both short and long positions. The Trium Morphic ESG L/S Fund launches on 20 February 2018, targeting European investors. It will be managed by experienced portfolio managers Jack Lowenstein (pictured), and Chad Slater. Both managers have a multi-decade track record in successful, sustainable investing and will apply a fundamental equity long/short approach to the fund, targeting absolute returns. Multi-level risk management is at the heart of their approach and the fund will offer investors daily dealing.
Financial services giant BNY Mellon is reportedly closing the liquid alternative version of its BNY Mellon Absolute Insight fund following a significant redemption from a large shareholder. The fund will close on December 1, according to an article in Citywire. It sought the gross return of the 1-month EURIBOR benchmark rate plus 4-6% on a rolling annualized 5-year basis, the article said. It pursued this via a number of strategies, including equity, credit, currency and global macro positions.
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Danske Invest has named head of hedge funds, Michael Petry, as the new lead manager on its Europe-focused absolute return fund, Citywire Selector understands. Petry, who has served in his post at the Nordic group since 2011, was handed the Luxembourg-domiciled Danske Invest Sicav Europe Absolute fund at the start of April. He has replaced co-managers Klaus Röpke and Jens Wiberg Larsson, who had run the fund since it was launched in November 2011. It was not revealed whether the duo would remain with the company in wake of the switch. Danske Invest was approached for comment on the change but...
Broad measures of hedge fund performance stayed in the winning column in March – albeit barely – despite an interest rate hike by the Federal Reserve and mixed performance on global financial markets, according to recent data from Hedge Fund Research. The company’s widely-followed HFRX Global Hedge Fund Index rose +0.03% for the month following a +1.12% gain in February, the company reported. The essentially breakeven result leaves the measure up +1.66% for the year to date. Other broad HFRX indexes also ended March in the green; the HFRX Absolute Return Index rose +0.25% to stand up +0.65% YTD, while...
ML Capital has announced the launch of a new UCITS-compliant convertible absolute return fund on its Montlake platform in partnership with convertibles specialist Quest Global Advisors.
Former Credit Suisse portfolio managers Manfred and Marion Gridl have started a new money management company and will launch a multi-asset fund in the next few months.read more
Funds with exposure to commodities dominate the list of 2016âs best performing Investment Association funds while some of the heaviest losses came from absolute return managers.