Does loyalty lie with the lawyer or the law firm?
Big changes were afoot in the London hedge fund legal scene last week, after New York-based Akim Gump swooped on Simmons & Simmons
31/03/2010
Listed fund space sees split between haves and have-nots
The listed fund market has divided itself well and truly between those fund managers that consistently outperform for their shareholders and those that don’t.
There was a time when all would fall together and discounts were across the board. However, a sharp dichotomy is now apparent. The leader by a clear distance is the BlueCrest AllBlue fund (the USD version is trading at a 4.7% premium).
The other manager that always tends to be there or there-abouts is Brevan Howard. As it stands, the BH Macro is outperforming its BH Global counterpart, with BH Macro trading at a 1.8% premium, and BH Global at a 1.1% discount. Not a terrible position to be in.
The same can’t be said for the funds trading at over 10% discount. The FRM Credit Alpha fund is out at a 24% discount, Castle Asia Alternative at 17.6% discount and the Signet Global Fixed Income Strategies at more than 20%.
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Editor's view: 8 February 2012
Speculative moves, a perceived landgrab and a potential bidding war in the hedge fund sector have all opened up in recent weeks
Comment: Julian Korek
"Advisers need to be analysing key considerations and determining where they fall in the spectrum of SEC registration; no easy task given the scope of the legislation"
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