Sunday, 3 May 2015
Last updated 1 day 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.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…