Tuesday, 1 December 2015
Last updated 4 hours ago
Mar 21 2013 | 12:24pm ET
Investors filed more redemption notices this month than last, in line with expectations for the end of a quarter. But worries over Cyprus could push withdrawals even higher next month.
The SS&C GlobeOp Forward Redemption Indicator, which measures forward redemption notices received by hedge funds administered on the GlobeOp platform, ticked up to 4.33% this month. It was at 3.96% last month.
"March redemption activity increased slightly from February, reflecting heightened quarter-end activity," SS&C Technologies CEO Bill Stone said.
But the troubles in Cyprus, which this week rejected a European Union bailout deal that would have required a tax on bank deposits, have investors worried, meaning that April could see even bigger outflows.
"There's been volatility in markets, so you're going to see fund redemptions correlated with what's happening there," Stone told Reuters. "Cyprus has had an impact on short-term thinking."
Stone said he expects April's indicator to be higher than March's, with concerns about Cyprus combining with tax day in the U.S.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…