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November 2007

2.11.2007 - Tiger Cub Launches Global Macro Hedge Fund
Suranya Capital Partners, a Stamford, Conn.-based global macro shop, has opened its maiden hedge fund, Suranya Global Opportunity Fund, to outside investors. The fund launched with $30 million in proprietary and seed capital.

2.11.2007 - Calif. Asset Manager Opens CTA
Irvine, Calif.-based Compak Asset Management has made the leap into alternatives with the launch of a commodity trading adviser.

2.11.2007 - Canadian dollar hits record high
The Canadian dollar surged to its highest level against the US dollar since the currency was floated half a century ago after surprisingly strong Canadian employment data improved the loonie’s interest rate appeal on Friday.

2.11.2007 - Oil rises, shrugging off Dow fall
Gold surged through the $800 an ounce level on Friday for the first time in 28 years as investors sought refuge from a second wave of credit turbulence. Renewed US dollar weakness and fears about an inflation spike after crude oil prices jumped to more than $95 a barrel also contributed to gold’s strength.

2.11.2007 - Amaranth Bid To Stop FERC Lawsuit Fails
A federal judge yesterday denied an effort by collapsed hedge fund Amaranth Advisors to get one regulator off its back, but cautioned that agency that it would be “prudent” to back off.

7.11.2007 - Florida CTA Fined $20 Million For Fraud
Commodity trading adviser Cromwell Financial Services and its founder have been fined more than $20 million by a Florida Federal Court for fraudulently soliciting customers to purchase options on commodity futures contracts.

8.11.2007 - Man Group profit surges after MF Global spin-off
U.K. hedge fund manager Man Group said Thursday that its net profit for the six months ended Sept. 30 jumped to $2.47 billion from $620 million, largely due to a gain from the initial public offering of its MF Global unit.

8.11.2007 - Investors set for long-term commodity bets
Long-term commodities prices are braced for a wave of investments as two leading banks launch indices that will make it easier for investors to access this increasingly popular asset class.

13.11.2007 - London creates niche for derivative sales
London has become the global leader in developing niche derivatives markets as bankers become more inventive in the way they trade, new research shows.

13.11.2007 - Commodities prices outrun hedge funds
"T. Boone Pickens, the billionaire trader who predicted the rise of crude oil to $100 a barrel, is lagging behind commodity index investors for the first time since 2003. Even California Public Employees' Retirement System, the 75-year-old pension fund that ignored commodities until eight months ago, was beating Pickens. Calpers invested in the Standard & Poor's GSCI index, up 32 percent this year, while Pickens's BP Capital fund rose 22 percent."

14.11.2007 - Gold's haven appeal grows
Gold is likely to see a significant correction before the end of the year but prices are forecast to reach a new record early in 2008, according to the Royal Bank of Canada, which hosts its annual gold conference in London on Thursday.

14.11.2007 - Shelter in the Storm: Gold Demand Soars on Subprime Mess
The third quarter saw another round of strong demand for gold as the subprime credit crunch drove investors to gold exchange traded funds in record numbers. According to the World Gold Council’s (WGC) quarterly “Gold Demand Trends”, gold demand boomed by 30% year-on-year to a record $20.7 billion in the quarter ended 30 September. In terms of tonnage, demand grew by 19% to 947.2 tonnes from 795.5 tonnes in the third quarter last year.

16.11.2007 - Oil stumbles and gold falters in volatile week
Highly volatile trading was a key feature of commodity markets this week, which saw a correction for gold while oil faltered in its challenge for the $100 mark.

16.11.2007 - Investcorp Plants $50M With Goldman Vet’s Global Macro Shop
Investcorp has seeded its second hedge fund in three weeks, investing $50 million in Stoneworks Asset Management, a London-based global macro shop.

19.11.2007 - Hedge Funds Boost FX Market
The foreign exchange market is on its way to becoming a separate asset class, thanks in part to the rising involvement of hedge funds. In a white paper published last month, electronic trading platform FXall notes that hedge funds ?are successfully applying algorithmic strategies to FX trading to generate alpha, using many of the same methods they have applied in the equities market and other asset classes.

19.11.2007 - Specialist currency manager Record plans London Stock Exchange listing
Record, a London-based specialist currency investment manager and provider of currency hedging services for institutional clients, has announced plans for an initial public offering of its ordinary shares, which are to be listed on the London Stock Exchange's main market.

22.11.2007 - Oil: Key players and movements
The rising oil price, which flirted with $100 a barrel this week, risks pushing the global economy, already threatened by the credit squeeze, into a deep and prolonged slowdown.

22.11.2007 - Tchilinguirian of BNP Says $100 Oil Prices `Justified'  Video news
Harry Tchilinguirian, a senior oil market analyst at BNP Paribas, talks with Bloomberg's Nigel Stevenson from London about his forecast for oil prices, today's U.S. weekly inventories report and the outlook for demand. Oil climbed above $99 a barrel for the first time as a slumping U.S. dollar made crude cheaper to foreign buyers.

22.11.2007 - Over-the-counter derivative positions are $516 trillion: BIS
The notional amount of outstanding over-the-counter derivatives -- derivatives that do not trade on an exchange -- were $516 trillion at the end of June, which corresponds to annualized growth of 33%, according to the Bank for International Settlements.

23.11.2007 - Zinc and copper prices start to buckle
Base metals have come under strong selling pressure in recent weeks amid growing concerns over the possibility of a US recession and knock-on effects in the rest of the world. News that the Chinese government plans stricter controls over new investment projects has heightened concerns about further price weakness.

23.11.2007 - Trading in derivatives slows to a trickle
Liquidity in some of the world’s biggest derivatives markets has dried up this week amid increasing fears over the health of the international financial system

23.11.2007 - Oil's surge centers on sliding value of U.S. dollar
The dollar's tailspin since the Federal Reserve began to cut interest rates is giving an updraft to already bullish crude-oil futures, and analysts say that relationship will continue driving oil and the currency both in their current directions.

23.11.2007 - Where next for commodities after price blip?
Faith in the ability of Chinese demand to mitigate the effects of a US slowdown has supported equities and commodities through the credit squeeze. This week that faith was dented.

27.11.2007 - Poland Urged To Open Foreign Investment
Current restrictions on pension funds for investment in foreign equities and the use of derivatives could lead to a crisis on the Warsaw stock exchange, Krzysztof Rybiński, deputy president of the National Bank of Poland, has warned, IPE.com reports.

27.11.2007 - Eurex Adding Bevy of Equity Options
Global derivatives exchange Eurex will expand its product offering by launching new equity options on Austrian and Swiss underlyings and introducing over 100 new single stock futures next month and in January 2008.

27.11.2007 - A New Paradigm in Quantitative Investing
A few weeks after the unusually large drawdowns attracted everyone’s attention to the perils of “quantitative” investing, the popular opinion of what may have happened, has been formed. The answer, apparently, lies in the quantitative space becoming overcrowded, with most models generating similar forecasts and thus similar portfolios. Losses began with the rapid unwind of a large market-neutral equity portfolio and have generated ripples throughout the quant world.

28.11.2007 - Soyabeans to stoke food price inflation
Policymakers already concerned about the relentless rise in global food inflation are facing more bad news in the shape of soaring soyabean prices.

29.11.2007 - Fortress Preps Commodities Hedge Fund
Fortress Investment Group is poised to launch a commodities hedge fund led by new hire William Callanan. The New York-based alternative investments giant said its fourth hedge fund, dubbed the Drawbridge Commodities Fund, will target returns of between 15% and 20%. The fund will invest in energy, metals, agriculture, shipping and carbon emissions futures, as well as commodity- and industrial-related equities, Bloomberg News reports.

29.11.2007 - Cambridge Preps Asian Currency Hedge Fund
Asset management firm The Cambridge Strategy is prepping a currency hedge fund derived from its Asian Emerging Markets Alpha Strategy. The U.K.-based firm is planning to launch the fund on Dec. 15 with $10 million in seed capital.

29.11.2007 - Toronto Firm Rolls Out Energy HF
Full Cycle Energy Investment Management launched its third energy-dedicated hedge fund in mid-October, which the firm will begin marketing in six months. Robert Duncan, director of business development, said the Toronto-based firm seeks to establish a track record for the fund before marketing it to larger institutions. Its goal is to grow assets to $80 million from around $5 million by late 2009. So far, in four weeks of trading, Full Cycle Energy Concentrated has flat returns.

29.11.2007 - Man capitalises on climate change with carbon trading
Hedge fund specialist Man Group, one of the first FTSE 100-listed companies to claim carbon-neutral status, wants to launch a series of products that deal with the climate change threat. Chief executive Peter Clarke also believes that carbon trading will be a big opportunity for managed futures funds, such as Man's AHL.

30.11.2007 - Derivatives Going Green
Green derivatives are increasing in popularity. Trading volumes for global carbon emissions reached 22 billion last year, and are expected to surpass 40 billion by 2012, according to consulting firm Celent.

30.11.2007 - Oil price falls to one-month low
Crude oil prices tumbled $9 during the week to their lowest level in a month.

30.11.2007 - ICE Futures Europe sees record crude trade volume
Exchange operator IntercontinentalExchange said Friday that its ICE Futures Europe subsidiary achieved new volume records, both exchange-wide and in the ICE WTI Crude futures contract. On Thursday, ICE WTI Crude futures established a new daily volume record with 385,502 contracts traded.


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