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New long/short fund aims to profit from disruption

Fri, 22 Sep 2017 09:06:18 +0000

Eurof Uppington (pictured) is the manager of disruptive innovation strategy at EUR1.5 billion Quaero Capital. The former long/short technology fund manager is launching a long/short market neutral fund for Quaero, designed to focus on the unexpected pace and impact of radical change. Three areas in particular will benefit from disruption, he believes. Factory automation, pharmacy and the retail sector. “There is a confluence of different trends,” he says. “Technologies are becoming sufficiently cheap and fool proof for them to be used by everybody.” The technologies of computing, connectivity, the internet of things, artificial intelligence and robotics automation are part of a new industrial revolution, Uppington says. “Previous industrial revolutions were about moving heavy objects or creating power or getting goods transferred from A to B. “Then it was about creating the telegraph, the telephone, radio, television and then the internet and what’s really happening is that the internet has made everything step up a gear which affects everything.” For Uppington, these exponential processes are having their effects in the real world. “Airbnb is the largest hotel group but owns no hotel rooms, while the biggest taxi company owns no cars. Every industry has some weird stuff happening and the rapid change in industries creates winners and losers.” The fund will launch with USD7 million under management and has been run as a model portfolio since November last year, returning just over 12 per cent year to date. It’s made money on both the long and short side on the back of capturing strong trends, Uppington reports. As a technology fund manager, Uppington found he was increasingly less interested in looking at the so-called FANG companies of Facebook, Amazon, Netflix and Google, as they dominated technology offering few opportunities for diversification. “However, their technology has disrupted other companies,” he says. “People don’t understand the effect of these technologies in insurance or capital goods or real estate or travel. That’s the road less travelled that we are trying to travel on.” Some of the firms in which Uppington’s model portfolio is invested include Honeywell and Siemens, where he is looking at the opportunities offered by increasing factory automation. Non-industrial companies in his portfolio include Adidas’ Speedfactory and the gap with Nike in producing athletic footwear. Pharmaceutical is another sector attracting his attention with speculation rife that Amazon has ambitions to expand into pharmaceutical through acquisition or organic growth. Uppington is shorting offline retail food chains from the chains themselves to mall owners and REITs. He believes that potentially the most shattering effect could be felt by those who finance the REITs, nearly all of whom are heavily indebted. His first short in this area is BOK Financial, a local US bank with around 15 per cent exposure to mall operators.  inhouse contentInvestmentsLaunches & FundraisingFlag: alphaq[...]



Hedgewire 22/09/17

Fri, 22 Sep 2017 07:29:44 +0000

Newsletter Items: Hedgeweek USA Awards 2017 - The winnersInvestor hedge fund return satisfaction improves in H2 2017 Protos Cryptocurrency Asset Management to raise hedge fund via digital token ICOConsidering cloud?CEGH Czech Gas Market to join PEGAS platform in DecemberEEX to launch Liquid Milk Future in 2018Alter Domus launches new third party AIFM management service offeringSEC discloses 2016 cybersecurity breachAmsterdam Trade Bank and Cegeka use blockchain for commodity trade finance applicationTrade Informatics delivers advanced Peer Analysis solutionDNCA Investments extends its Absolute Return portfolio management team Breton Hill Capital team to join Neuberger BermanMan Group now Principles for Responsible Investment signatoryNEX Markets’ EBS Institutional platform aiming to help clients prepare for increased transparency and MiFID IICFTC appoints Director of Division of Swap Dealer and Intermediary OversightPrivate Capital Markets platform Cobalt now integrated with Ipreo's iLEVELPerkins Coie adds to PE practice Washington DCQuantHouse acquires Victory Networks Banner: 17711771650650Skyscraper: 1772651[...]



Hedgeweek USA Awards 2017 - The winners

Fri, 22 Sep 2017 00:00:00 +0000

The Hedgeweek USA Awards 2017 for excellence among hedge fund managers and service providers celebrate the achievements of firms that contributed to another significant year for the sector. The winners, who were presented with their awards in New York today (21 September), were decided by a poll of Hedgeweek readers, who include both investors and managers as well as other industry professionals at firms including fund administrators, custodians, accountants and auditors, law firms, consultants and fund distributors. The final winners in both the manager and service provider categories were confirmed by the Hedgeweek team. The industry's achievements are reflected in the winners of the Hedgeweek USA Awards 2017, as follows: Best Macro CTA Fund – Aspect CapitalBest Event Driven Value Orientated Fund – WBB Life SciencesBest Event Driven Merger Arbitrage Fund – BCK Capital ManagementBest Event Driven Distressed Fund – Cedarview Capital Management LPBest Convertible Arbitrage Fund – Context Capital ManagementBest Credit Fund – Hollis Park Partners LPBest Fixed Income Credit Strategy Hedge Fund – LMCG Investments LLCBest Statistical Arbitrage Hedge Fund – Magnetar CapitalBest Equity Short Bias Fund – Spruce Point Capital Management LLCBest Equity Market Neutral Fund – Ouroboros Asset ManagementBest Macro Hedge Fund – Hathersage Capital ManagementBest Commodities hedge Fund – NuWave Investment ManagementBest Niche Hedge Fund – Crawford Lake Capital Management LLCBest Fund of Hedge Funds – Titan Advisors LLCBest Diversified Fund of Hedge Funds – P&A Capital AdvisorsBest Specialist Fund of Hedge Funds – Optima Fund Management LLCBest Multi Strategy Fund – CitadelBest Liquid Alternatives ’40 Act’ Fund – Probabilities Fund Management, LLCBest North American Index Provider – HFRBest North American Hedge Fund Administrator – Opus Fund Services Best Offshore Hedge Fund Administrator – MaitlandBest Liquid Alternatives ’40 Act’ Fund Administrator – UMB Fund ServicesBest North American Prime Broker – Cowen Prime Services LLCBest North American Hedge Fund Research Provider – Wedbush PrimeBest Managed Accounts Platform – GeminiBest Seeding Platform – Titan Advisors LLCBest Risk Management Software Firm – AlternativeSoftBest Fund Accounting and Reporting Systems Firm – Fidelity Information Services (FIS)Best Managed Account Platform Technology Firm – Eze Castle Integration IncBest North American Trading Venue – Bats Global MarketsBest North American Accounting Firm – EisnerAmper LLPBest North American Regulatory Advisory Firm – Constellation AdvisersBest Offshore Regulatory Advisory Firm – DMS Governance Best North American Cyber-Security Services Provider – Duff & PhelpsBest North American Cloud Services Provider – Eze Castle Integration IncBest North American Public Relations Firm – Peaks StrategiesBest North American Executive Search Firm – Spencer StuartBest North American Data Visualisation Software Provider – Lightkeeper LLCBest North American Insurance Provider – Iron Cove PartnersBest North American Law Firm – Sadis & Goldberg LLPBest Offshore Law Firm – HarneysBest North American Third Party Marketing Firm – Meyler Capital offEvents[...]



Protos Cryptocurrency Asset Management to raise hedge fund via digital token ICO

Thu, 21 Sep 2017 14:16:41 +0000

Protos Cryptocurrency Asset Management is planning to hold an Initial Coin Offering (ICO) to raise capital for a data-driven crypto hedge fund that will invest solely in cryptocurrencies and tokens. Protos tokens will be a security issued under the exemption from registration with the US Securities and Exchange Commission pursuant to Regulation D.   The founders of Protos – Matthew Shaw (pictured), Philipp Kallerhoff, and Thomas Kineshanko – have significant experience in the funds and cryptocurrency space. They have over a decade of combined experience investing in cryptocurrencies, have managed funds of over USD1 billion and Protos will be their third vehicle investing in cryptocurrencies. They have collectively managed funds/proprietary investments of over USD1 billion, have founded and sold three tech startups for proceeds of USD 400 million and one investment bank at a valuation of more than USD250 million.   “We believe that Protos is taking a unique approach,” says Matthew Shaw, co-founder of Protos. “In addition to investing in new digital tokens as well as cryptocurrencies, we are among the first funds building a robust database of digital token and cryptocurrency market data and using advanced technical trading strategies.”   Protos intends to apply institutional asset management rigour to cryptocurrency and digital token investing and inform its strategy by capturing and analysing the necessary market data. The firm intends to also invest in the digital assets of teams that solve difficult problems with highly technical solutions in defensible and scalable markets, building systems to evaluate the underlying data of these teams and their tokens.   The Protos [Cryptocurrency Asset Management] token will aim to accrue value based on the investment returns that Protos earns through its investments in cryptocurrencies, such as Bitcoin, Ether and Litecoin, as well as existing and new blockchain-based digital tokens.   “We are unlocking the second major investing wave in cryptocurrency and once data on the market exists, we anticipate seeing an explosion in trading strategies similar to that experienced in stock trading,” says Philipp Kallerhoff, co-founder of Protos. “We are driving this second wave with the goal of benefiting our token holders through our crypto trading strategies.”   Protos will invest in the digital assets of the protocols it believes will be the foundational infrastructure and biggest applications in the third major computing revolution.   “The first revolution was the PC, the second was the Internet, and we feel the third is now distributed applications based on Bitcoin-like cryptographic technology,” says Thomas Kineshanko, co-founder of Protos. “To invest in the first two computing revolutions you’re required to buy shares in companies, but to invest in the blockchain revolution, you have to purchase tokens.”   The Protos token, unlike traditional hedge fund and venture capital limited partnership investments, has no lock-up (other than the 12-month holding period for Regulation D purchasers) and will provide liquidity once traded on exchanges. The token’s presale is scheduled for 25 September, 2017 and the public ICO is expected to commence on 17 October, 2017.   The offering is being managed by Argon Investment Management LLC, a unit of the Argon Group, a Los Angeles-based investment bank specialising in the field of cryptocurrencies and the ICO market, under the Regulation D Section 506(c) exemption from registration promulgated by the US Securities and Exchange Commission. offCrypto currencyFundsLaunches & Fundraising[...]






QuantHouse acquires Victory Networks

Thu, 21 Sep 2017 08:27:53 +0000

QuantHouse, an independent global provider of end-to-end market data and trading through API based technologies, is to acquire high-speed network provider Victory Networks inc.

Victory Networks designs, implements, and manages high-speed networks for bulge-bracket banks, boutique financial firms, and hedge funds across the United States. The acquisition of these assets will expand QuantHouse's market share and coverage in the US by adding many hedge fund clients and business partners.
 
Pierre Feligioni (pictured), Company Co-Founder and CEO, QuantHouse, says: “Throughout the integration process, both QuantHouse and Victory Networks have worked extremely well together. Indeed, we believe that it is the combination of synergies in terms of product, process and culture that will provide the foundation for a successful future working relationship across both our teams. This transaction signals a considerable stride forward as QuantHouse successfully executes on its acquisition goals, delivering meaningful US expansion along with increased scale, to enhance our competitive position as a global provider of trading solutions."
 
John Superson, Victory Networks inc CEO, adds: “We are excited to become part of QuantHouse because we are similarly focused on the same goal – delivering the most innovative trading solutions for our customers. Victory Networks has grown rapidly across the US, and by combining our strengths with those of QuantHouse, we can jointly accelerate success for our customers globally.”

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No one wants to be a backseat driver

Wed, 20 Sep 2017 07:03:10 +0000

There is no doubt that outsourcing, as a concept, has become accepted practice within the hedge fund industry. Not only does it help start-up and emerging managers drive efficiency gains, more importantly it is not viewed negatively by institutional investors. They appreciate that cost controls are crucial to managers in the early years of building their business. But too much outsourcing can be a bad thing, as Devet Capital’s Irene Perdomo (pictured) tells Hedgeweek.  Evidence that outsourcing is being embraced was quite clear in a recent emerging manager survey produced by AIMA, in conjunction with GPP, a London-based boutique prime broker.  To explore this trend in greater detail, Hedgeweek and GPP hosted a breakfast briefing at the Reform Club on 13 September, 2017. The event featured an esteem panel that included: Sean Capstick, Head of Prime Brokerage, GPP; Praveen Joynathsing, Director, European Capital Introduction, Societe Generale; Phillip Chapple, COO, Monterone Partners; Erik Serrano Bernsten, Co-founder and COO, Stable Asset Management and Tushar Patel, CIO and Managing Director, HFIM. There was broad consensus among the panel that more could be done to outsource functions within a hedge fund business, provided managers struck the right balance of maintaining effective oversight with a robust risk management framework, to reassure investors.   The survey itself canvassed the views of 135 global small and emerging managers – defined by AIMA as those with less than USD500 million in AUM – found that legal services is the most popular outsourced function, with 62 per cent confirming the fact. The second and third most popular outsourced roles are the Chief Technology Officer (44 per cent) and Chief Compliance Officer (31 per cent).  The most popular roles that remain in-house are what one might expect: Chief Operating Officer (88 per cent in-house), marketing, investor relations and business development (79 per cent in-house) and Chief Risk Officer (15 per cent in-house).  The survey findings suggest that, with respect to the CCO role especially, hedge funds could do more on the outsourcing front. Indeed, when seeking allocators’ thoughts on the whole issue, the survey reveals that the majority (61 per cent) have no problem with a manager outsourcing the CCO role, whilst an overwhelming majority (96 per cent) are happy to see the marketing/capital raising function outsourced.   “Hedge funds of all sizes need to keep a close eye on costs.  This is ever more so for the Emerging manager focused on growing AUM and revenues.  Most allocators in our survey have no issue with outsourcing.  This is a great way for the Emerging Manager to contain costs,” commented Sean Capstick, Director and Head of Prime Brokerage at GPP. However, before getting carried away, it is worth stating that for any serious hedge fund manager, outsourcing can only ever go so far.  Speaking with Hedgeweek, Irene Perdomo (pictured), Principal & Founding Partner of Devet Capital, a London-based market neutral statistical arbitrage asset manager with USD115 million in AUM, agrees that it is important to use outsourcing as a way to keep costs down and to help pay salaries to core staff. “But when it comes to compliance support, we don’t need it 24/7 so we prefer to outsource this function, rather than pay a salary.  “We have outsourced three functions in total: compliance support, legal counsel and accounting,” confirms Perdomo.  She notes that even though Devet Capital outsources, the team always keeps close control to ensure that everything is being done properly. In other words, outsourcing is fine but it absolutely doesn’t mean one outsources responsibility at the same time. “That would never work. We keep a close eye on what is going on, and leave them to foc[...]