FUND MANAGEMENT NEWS
HEDGE FUND REVIEW IS LESS THAN ROSY
The Dow Jones Credit Suisse Hedge Fund Index released its first half 2010 industry review yesterday and it was fairly sober reading. The good news was that, so far in 2010, hedge funds have outperformed many global stock indices. However, the returns were far from lacklustre at 0.6 per cent for the year through to 30 June. The top-performing strategies included fixed income arbitrage, global macro and event driven. Overall, hedge funds experienced net outflows of $1.4bn in the first quarter. However strategies with low correlations to traditional markets saw net inflows.
BNY MELLON GETS RUSSIAN APPOINTMENT
The corporate trust of BNY Mellon has been appointed trustee, paying agent, calculation agent and transfer agent for Vnesheconombank’s $30bn Loan Participation Note Programme (the “LPN Programme”). Vnesheconombank, also known as the Bank for Development and Foreign Economic Affairs, was founded in 1924 and is one of Russia’s most established banks. A spokesman for BNY Mellon said that the debt market in Russia had rebounded after a quiet period last year. BNY Mellon will provide all of its debt servicing and maintenance requirements.
MORNINGSTAR RATES NEW FUNDS
The independent fund research firm issued its first fund rating for the Invesco Perpetual Corporate Bond Fund and awarded it the “elite” rating, its top fund rating. Morningstar said it was impressed by the level of experience of its two fund managers Paul Causer and Paul Read. Two new Gartmore European funds received superior ratings from Morningstar last week, while the Goldman Sachs Global Emerging Markets (GEM) Concentrated Equity fund was put under review after the head of the team Maria Gordon, left the firm. Morningstar said it did not think the change was fatal to the fund.