Europe’s politicians cannot influence the weather, but their recent decisions on price tariffs and incentives are having some effect on those trying to profit from it by investing in solar and wind renewable energy plants.
Austerity commands an increasingly prominent role among governments struggling to abide by the terms of rescue packages, as well as those under pressure to arrest spiralling deficits and debt-to-GDP ratios.
GLG Partners has signed up to use Calastone’s automated settlement services for its UK range of funds, resulting in improved straight through processing for investment clients.
The European Central Bank could underwrite all existing and future debt of Eurozone sovereigns without creating unacceptable ‘moral hazard’, if it set stringent long-term budget deficit and debt targets per country, according to the co-founder of one of London’s largest hedge funds.
A group of hedge funds, including those run by Odey Asset Management, had a combined $1bn invested in JP Morgan Chase which suffered a near 10% drop in its share price on Friday.
Heavy redemptions by European investors from Man last quarter, plus investment losses over summer, more than reversed buoyant second quarter sales, leaving Man’s total assets down 7.5% at $64.5bn over six months to September.
Man Group bought discretionary hedge fund manager GLG Partners last year as analysts raised concerns it relied too much on its AHL computer-driven strategy for profits.
GLG Partners will close three of its fixed income funds later in the year, it has emerged, following the departure of the funds’ manager.
GLG fixed income and Goldman Sachs European equities managers line up moves to Schroders, former Barclays Wealth directors to join Fleming family office, Carmignac announces Cvetanovski replacement, GKAM adds to advisory board, Skagen appoints for Amsterdam office.
More than half of UK absolute return funds fail to beat inflation
Man Group is to pay $355m to buy the legal claims that products managed by its institutional asset management subsidiary GLG Partners have to the estate of Lehman Brothers, as a result of counterparty exposure the funds had to the now-defunct bank.
Allocators believe that there are not enough experienced local European distressed debt managers to satisfy the investment potential that lies ahead.