CTA型ヘッジファンド、依然として投資家に人気

Investors are continuing to flock to 'black box' hedge funds and are willing to pay top-end fees in spite of the poor performance from some big-name funds recently, according to the head of investment firm AlphaMetrix.
Aleks Kins, whose firm gives investors access to these computer-driven funds whilst affording them greater visibility and control over assets, said while recent losses from 'black box' funds had affected investor sentiment, his firm was still seeing net inflows.
Man Group's (EMG.L) flagship AHL Diversified Futures fund has lost 17.2 percent over the past year. The Winton Futures fund lost 4.6 percent in 2009 .
So-called managed futures funds, or CTAs (commodity trading advisers), were the top strategy in a tough 2008 for hedge funds, thanks to gains on equities and oil, but lost 6.6 percent in trendless markets last year while the wider industry posted gains of nearly 19 percent, according to Credit Suisse/Tremont.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

マンAHLの最近の動向は典型的なもの＝メリルリンチ

Merrill Lynch dismissed concerns about its benchmark fund.
The algorithm-powered AHL fund last year registered its first ever annual decline. Merrill argued that investors should be taking a longer view."There is no reason to assume AHL is broken," Merrill told clients. "Our view is that the current behaviour of AHL is relatively typical of the strategy in a trendless market."

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

2009年のファンズ・オブ・ヘッジファンズ（FOHF）は、パフォーマンスが改善したもののの運用資産は10％超減少

Funds of hedge funds continued to shrink last year, losing a tenth of their remaining assets under management, despite improved investment performance.
The average performance of funds of hedge fund groups with more than $1bn (£660m, €727m) under management was up 9.21 per cent by the end of 2009, but combined assets slipped to $625bn from $744bn a year earlier. Figures, from the InvestHedge Billion Dollar Club’s most recent survey are still an improvement on 2008, when assets dropped by a third.
Not everyone suffered equally: Blackstone Alternative Asset Management jumped from fifth to second in the rankings as its assets grew to $27.1bn from $23.65bn a year earlier, while Grosvenor Capital also added assets.UBS continues to head the list, despite a $4.15bn decline, with $29.85bn, but Union Bancaire Privée dropped from second to seventh as its assets were slashed almost in half to $18.8bn.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

政治不安、タイの債券魅力が拡大＝ING

Thailand’s government bonds, the second-best performers in Asia this year, will extend gains as investors seek safety in fixed-income assets amid protests against Prime Minister Abhisit Vejjajiva, said ING Groep NV.
Aberdeen Asset Management Plc, Scotland’s largest money manager overseeing $232 billion globally, said it may buy more bonds should the protests “derail sentiment” on the economy. Supporters of former Prime Minister Thaksin Shinawatra plan to gather around 1 million people in Bangkok this weekend to try and force Abhisit to call national elections.
“Elevated political risk makes Thailand an attractive bond market,” Tim Condon, ING’s chief Asia economist in Singapore at the biggest Dutch financial-services company, said in an interview yesterday. “Political noise will get loud enough to drive investors into safe havens.”

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

フィッチ、ベトナムの格付けを下方修正

Fitch Ratings warned it may cut Vietnam's credit ratings deeper into junk territory, citing weakening domestic confidence in the dong, and said balance-of-payment support is needed before trust can be restored.
Fitch put Vietnam's long-term foreign and local currency ratings of double-B-minus on negative watch. It also put its short-term foreign currency rating and country ceiling of double-B-minus on negative watch.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

ウクライナのCDSが改善、6.5％に

Credit-default swaps on Ukraine government debt fell 2.1 percentage points to 6.5 percent upfront, the lowest since Sept. 26, 2008, according to CMA DataVision.
That means it costs $650,000 in advance to protect against default on $10 million of bonds for five years.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

金鉱山会社、ヘッジ・ポジションを外す動きを活発化

Chief executives of gold producers almost always voice bullish sentiments about the price of the yellow metal, but mining executives lately have backed their conviction with actions.
Most gold miners have eliminated or are in the midst of aggressively closing their hedgebooks.
"You would have to deduce from the actions we have taken in the past year that we are pretty optimistic about where the price of gold is going," said Aaron Regent, CEO of the world's top gold miner Barrick Gold Corp. (ABX.TO), referring to the elimination of its hedgebook ahead of schedule in December.
Mining executives at this week's Reuters Global Mining and Steel Summit expect gold to benefit from a whole host of factors from inflation to currency depreciation, as policy makers use every tool they have to jolt the economy out of the worst crisis since the Great Depression.
Gold companies typically hedge, or agree to sell gold at a future date at a fixed price, to either finance projects or protect against falling bullion prices. Potential for still higher prices provides a major motivation for gold companies to get rid of their hedgebooks.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

ギリシャの債務不履行を容認すれば第二のリーマン・ショックに＝PIMCOのグロス氏

Allowing a Greek debt default "would be like Lehman”, triggering “destabilisation” in the UK and other sovereign markets, Bill Gross, the world's biggest bond investor, has warned
Ruling out purchases of gilts and Greek bonds until real budget cuts were outlined, the Pimco co-founder slammed Europe as being a “dysfunctional” family. Pimco will invest in those countries “where fiscal conservativeness is valued over growing deficit financings”, Gross stressed.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

09年末の世界の年金資産、前年14％増の29.5兆ドル

Global pension assets totalled US$29.5trn at year end 2009, up 14% from the previous year, according to a report by the International Financial Services London.
Assets still remain down from their 2007 levels when pension funds managed US$31.7trn.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi

スイスのプライベートバンク、M&Aの対象に＝アクセンチュア

Swiss private banking will undergo fundamental change during the next five years and banks unable to meet current challenges will be targeted by others, a study from management consultancy Accenture said.
The report, released on Thursday, said that as new competitors enter the market and large universal banks look to re-work business models, there will be more mergers and acquisitions among regional and private banks.
"Foreign banks will try to expand their footprint in the Swiss market. On the private banking side there is a huge interest in buying into Switzerland," said George Schmidt, a financial services partner at Accenture.
"Another reason that mergers and acquisitions activity will increase is that many smaller and regional banks are too small to handle new market challenges," he said.

翻訳は下記をご覧ください

http://www.kaigaitoushi.com/member/magbbs3/magbbs.cgi