Tuesday, 23 September 2014
Last updated 3 hours ago
Dec 19 2013 | 11:04am ET
The first fund of hedge funds to list on the London Stock Exchange is going out the way it came in: with steady, if unspectacular, returns.
International Asset Management, which is liquidating the 18-year-old Alternative Investments Strategies fund, said its net-asset value rose 6.89% in its most recent—and final full—fiscal year. That tracks with the vehicle's long-term returns; it has posted annualized returns of 6.13% since its inception in 1996.
Most of the year's returns, IAM said, came prior to shareholders June vote to shut the fund down, during a period in which it held all of its high-conviction positions.
IAM's Sean Molony's victory lap had a twinge of melancholy, as he wrote that "the outlook is likely to continue to be constructive for select hedge fund managers, and therefore that further gains will be produced from the remaining assets during the wind-down," set to be completed in May.
"It is therefore with some sadness that I conclude my last investment manager's report for this company as the outlook for risk-adjusted returns provided by the hedge funds formerly held in this portfolio look increasingly attractive compared with other asset classes traditionally sought by risk-aware investors."
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitich, CIO of Petty Endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.