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Highly positive September for hedge funds
October 19, 2010--The ebb and flow of the stock market over the past few months continued in September, notably with the S&P 500 index surging (+8.92%) and implied volatility (23.70%) decreasing by 2.35%. With its best return since the rebound of spring 2009, the S&P 500 index managed a profitable year-to-date performance.
On the fixed-income market, risky bonds also benefited from the ambient optimism and managed an outstanding performance (+5.59%) while regular bonds remained stable (-0.01%), like the Lehman Global Bond Index (+0.02%). The commodities market also registered its best performance (+9.40%) over the past sixteen months. The dollar fell sharply (-4.21%).
FTSE and ECPI launch first Responsible Investment Index Series for the Italian market
October 19, 2010--Award-winning Global Index Provider, FTSE Group (‘FTSE’) and leading independent sustainability research and rating provider, ECPI have today launched the first responsible investment index series for the Italian market. The FTSE ECPI Italia SRI Index Series will enable investors to track the performance of companies listed on the Italian Exchange with leading Environmental, Social and Corporate Governance (ESG) practices.
The index series comes at a time when investor interest in Socially Responsible Investing (SRI) is increasing. The new indices build on the existing FTSE Italia Index Series, which FTSE started calculating in 2009, and create further choice and investment opportunities in the thriving domestic retail market. The series currently consists of two indices:
FTSE ECPI Italia SRI Benchmark Index is made up of constituents from the FTSE MIB Index and FTSE Italia Mid-Cap Index that show good ESG practices.
FTSE ECPI Italia SRI Leaders Index is made up of constituents from the FTSE MIB Index and FTSE Italia Mid-Cap Index that demonstrate excellent ESG practices.
Bilateral Memorandum of Understanding Signed Between Capital Markets Board of Turkey and the Emirates Securities and Commodities Authority (ESCA)
October 19, 2010--On October 13, 2010 A Memorandum of Understanding (MoU) was signed between the Capital Markets Board of Turkey (CMB) and the Emirates Securities and Commodities Authority (ESCA).
The MoU which aims which aims to foster the cooperation and exchange of information between the authorities of the aforementioned two countries has been signed by Chairman Prof. Dr. A. Vedat AKGIRAY on behalf of the CMB and Chief Executive Officer Mr. H.E. Abdulla S. Al Turifi on behalf of the Emirates Securities and Commodities Authority.
In his speech at the signing ceremony, CMB Chairman Prof. Dr. Vedat AKG?RAY stated that CMB attaches importance to international relations and increases its efforts of cooperation between other countries. Besides, he stated that the MoU signed with United Arab Emirates is the 27th one made for this purpose and this collaboration will continue in an increasing trend.
Mr. AKGIRAY also drew attention to their activities within the framework of the International Organization of Securities Commissions (IOSCO) and emphasized that CMB is hosting the IOSCO Emerging Markets Committee Meeting and Conference at the same time in Istanbul.
In his speech at the Signing Ceremony, ESCA Chief Executive Officer H.E. Abdulla Al TURIFI stated that the signing of this MoU will enhance the mutual relationship between CMB and ESCA especially in the field of training and exchange of information.
EU Governments Approve New Hedge Fund Rules
October 19, 2010--European Union governments reached agreement Tuesday on new rules for hedge funds and private equity firms, adding small changes to ease French concerns the rules would allow offshore funds to operate in the EU without adequate legal scrutiny.
If approved by the European Parliament, the rules will require hedge funds, private equity firms and other investment vehicles for sophisticated investors to register with national authorities. National regulators and even the European Securities and Markets Authority, the new pan-EU regulator, will have the power to order funds to limit the amount of borrowed money they use to boost returns if a risk to financial markets or the economy is seen.
Twelve UK asset owners sign up to new Stewardship Code
October 19, 2010-Twelve UK pension funds have signed up to the UK’s new Stewardship Code, a set of seven voluntary principles which aim to formalise investor responsibility.
The asset owner signatories are: British Airways Pensions, Environment Agency Active Pension Fund, Equitable Life, Lothian Pension Fund, Merseyside Pension Fund, Northern Ireland Local Government Officers’ Superannuation Committee, Pension Protection Fund, Railpen, The BBC Pension Trust, the BT Pension Scheme, USS and the West Midlands Pension Fund.
Out of the 68 institutions which have signed up, 48 are asset managers and eight are service providers. Mercer is the only investment consultant that has signed up.
U.S. Forestry Firm Launches European Hedge Fund
October 19, 2010--Forestry investment firm Timberland Investment Resources has launched a European timber hedge fund.
Timberland Investment Resources Europe will offer British and other European investors access to the increasingly popular timber asset class.
The new London-based subsidiary is still awaiting Financial Services Authority approval. The fund will invest in timber resources in Europe, the U.S. and Latin America.
3038th ECONOMIC and FINANCIAL AFFAIRS Council meeting (provisional version) - Luxembourg
October 19, 2010--Main results of the Council
The Council reached agreement on a draft directive on the management of hedge funds and other
alternative investment funds, with a view to concluding negotiations with the European Parliament
so as to allow the text to be adopted at first reading.
The draft directive is aimed at establishing EU rules for monitoring and supervising the risks posed
by such funds, whilst allowing fund managers to market their funds, subject to compliance with strict requirements.
Hedge funds: Council sets out its position with a view to concluding negotiations with the Parliament
October 19, 2010--The Council today1 set out its position with a view to concluding negotiations with the
European Parliament on a draft directive introducing harmonised EU rules for entities
engaged in the management of hedge funds and other alternative investment funds.
The draft directive is aimed at:
establishing a harmonised framework for monitoring and supervising the risks that
alternative investment fund managers (AIFM) pose to their investors, to
counterparties, to other market participants and to the stability of the financial
system;
allowing AIFM to provide services and to market funds throughout the EU single
market, subject to compliance with strict requirements.
It is intended to fulfil commitments made by the EU at the G-20, as well as the European Council's pledge to regulate all market operators whose activities might pose a risk to
financial stability.
The negotiations with the Parliament are intended to enable adoption of the directive at first reading. There is a large degree of convergence between the two institutions, and the
Council hopes to be able to conclude the negotiations in the near future, on the basis of the
agreement reached today.
EU curbs trillion-dollar hedge fund industry
October 19, 2010--- European governments sealed a landmark deal Tuesday to bring the trillion-dollar hedge fund industry under EU control, after Britain and France settled a two-year-old conflict.
"We have unanimity," said Belgian Finance Minister Didier Reynders, chairing the talks between his EU counterparts in Luxembourg. "It was very important to complete this before the G20 meetings" upcoming in South Korea.
EU Financial Services Commissioner Michel Barnier said it was "the first time" the sector would be "subject to European regulations."
Amundi ETF significantly reinforces its offer in Switzerland with the listing of 23 additional ETFs on SIX Swiss Exchange
October 19, 2010-Amundi ETF is pursuing its ambitious development by listing 23 additional ETFs on SIX Swiss Exchange bringing the total number of its products available in Switzerland to 43.
This listing, composed of equity and fixed income ETFs, remains consistent with Amundi ETF’s competitive pricing policy and enables Swiss investors to benefit from numerous innovations*.
12 equity ETFs providing exposure to the main developed countries. The series consists of:
Several complementary products for investors looking for an exposure to the US, including 3 ETFs that replicate the NASDAQ-100®, the MSCI USA® and the S&P 500® indices. This last one is offered with an attractive TER (Total Expense Ratio) of only 0.15%. Investors may also choose a leveraged ETF that replicates twice the daily performance of the MSCI USA® index***.
Among the unprecedented ETFs on SIX Swiss Exchange*: an ETF tracks the MSCI WORLD EX EUROPE® index, offering exposure to the world excluding Europe in a single transaction. An additional ETF seeks to replicate the MSCI NORDIC® index, allowing investors to benefit from the performance of the 80 most important stocks on the Nordic market (Denmark, Finland, Norway and Sweden).
3 equity ETFs investing in the largest emerging markets: an ETF offering cost-efficient exposure to China by replicating the MSCI CHINA® index, which is composed of the 50 most important Chinese companies listed in Hong Kong; an ETF tracking the MSCI INDIA® index, providing exposure to 60 stocks on the Indian market; and an ETF tracking the MSCI EASTERN EUROPE EX RUSSIA® index, enabling investors to benefit from an exposure to the 30 largest stocks in Central Europe outside of Russia.
2 unprecedented* sector ETFs tracking the MSCI WORLD ENERGY® and the MSCI WORLD FINANCIALS® indices, allowing investments in two flagship global sectors.
6 ETFs tracking a family of long and short US Treasury bond indices. These ETFs seek to replicate the Markit iBoxx $ Treasuries® indices on maturities ranging from 1 to 10 years. This range includes 3 long ETFs completed by 3 innovative* short ETFs with a daily inverse exposure to these indices.
* Unprecedented on SIX Swiss Exchange as of 19/10/2010
** Compared to the competitors listed on SIX Swiss Exchange as of 19/10/2010
*** Minus borrowing costs
