Global macro hedge funds underperformed in 2009 despite the market recovery, gaining only 8% compared to the industry average of over 20%. Funds of hedge funds also struggled, up just 9.37% versus the hedge fund average of 21.54%. Several factors contributed to this weak performance, including exposure to illiquid strategies, significant redemptions, and a decline in leverage across various industries. Some managers are refining their risk management practices, such as improving transparency, implementing stress testing, and constructing portfolios with a balance of liquid and illiquid strategies.
The Business of IT - Surviving Budget ChaosPaul Wohlleben
For Federal CIOs, the pending sequestration, if implemented, will cause significant turmoil in funding agency IT operations and programs. But even if the sequestration is avoided, cutting Federal costs will be a key action area in moving towards a more balanced budget and reducing the deficit. How will Federal executives fare as they tackle this issue? Can CIOs effectively position IT as a significant tool for delivering efficiency?
In November 2008, CFO Research conducted a
survey among mid-size companies in the United
States on the actions that senior fi nance executives
are taking to ensure adequate capitalization to support
their companies’ growth over the next year.
We collected 129 responses from qualifi ed senior
fi nance executives.
This document discusses hedging and replicating fixed-income portfolios using derivatives. It examines using derivatives like Treasury futures, Eurodollar futures, and swaps to hedge or replicate the risks of bond indexes in order to achieve similar returns. The document analyzes replicating strategies for several Lehman Brothers bond indexes representing different sectors of the fixed income market. It finds that strategies combining different derivative types like hybrid replication strategies generally have lower tracking errors than those using a single derivative type. Attention to hedging spread risk is also important, especially in high spread volatility environments.
Don’t miss your first chance to hear the new direction in TAV policy!
• Create opportunities for your organization to take part in DoD logistics automation and transformation efforts
• Hear updates from all major services, agencies, and the OSD on current enterprise initiatives
• Discover new technology and trends in AIT and how these will impact the DoD and the defense industry
This document is a filing with the United States Securities and Exchange Commission of a Form 5, the Annual Statement of Changes in Beneficial Ownership of Securities. It was filed by Gregg J. Mollins, President and COO of Reliance Steel & Aluminum Co., to report the changes in his beneficial ownership of Reliance Steel & Aluminum Co. common stock during the fiscal year ending December 31, 2007, including shares acquired and disposed of, as well as shares held at the end of the fiscal year through various trusts and benefit plans. The filing includes tables reporting these non-derivative and derivative security transactions and holdings.
Yes Bank has experienced strong growth since its inception. It aims to continue growing loans and deposits at above industry rates through aggressive branch expansion and increasing penetration in corporate and retail segments. The bank's loan book has grown at a CAGR of 52.9% over the last 5 years, higher than industry average. The analyst expects loans to grow at a CAGR of 28% from FY11-13. However, maintaining high growth rates may require changes to prioritize improving key metrics like cost of funds. Overall, the report is bullish on the bank's business momentum continuing to drive strong performance.
IDGA's Military Logistics Summit 2009 Program AgendaIDGA
The document announces IDGA's 5th annual Military Logistics Summit from June 8-11, 2009 in Vienna, VA. It will feature a new CENTCOM J4 panel on logistics operations in Afghanistan. Attendees will learn about DoD priorities and requirements, plans for increased activity in Afghanistan, and revised acquisition guidelines. Speakers include senior logistics officials from the Air Force, Army, and National Guard. The summit provides networking opportunities for hundreds of logistics professionals from government, military, and industry.
AIG Conference Call Credit Presentation - February 29, 2008finance2
This document provides an outline and overview of AIG Financial Products' "Super Senior" credit default swap business as of December 31, 2007. It discusses the business rationale, portfolio composition, underwriting standards, risk assessment, accounting and valuation. Key points include that AIGFP defines "Super Senior" risk as having no expected loss even under conservative stress scenarios, and takes a more conservative approach to modeling than rating agencies. Summary statistics on the various transaction types are provided showing total gross and net notional exposures.
The Business of IT - Surviving Budget ChaosPaul Wohlleben
For Federal CIOs, the pending sequestration, if implemented, will cause significant turmoil in funding agency IT operations and programs. But even if the sequestration is avoided, cutting Federal costs will be a key action area in moving towards a more balanced budget and reducing the deficit. How will Federal executives fare as they tackle this issue? Can CIOs effectively position IT as a significant tool for delivering efficiency?
In November 2008, CFO Research conducted a
survey among mid-size companies in the United
States on the actions that senior fi nance executives
are taking to ensure adequate capitalization to support
their companies’ growth over the next year.
We collected 129 responses from qualifi ed senior
fi nance executives.
This document discusses hedging and replicating fixed-income portfolios using derivatives. It examines using derivatives like Treasury futures, Eurodollar futures, and swaps to hedge or replicate the risks of bond indexes in order to achieve similar returns. The document analyzes replicating strategies for several Lehman Brothers bond indexes representing different sectors of the fixed income market. It finds that strategies combining different derivative types like hybrid replication strategies generally have lower tracking errors than those using a single derivative type. Attention to hedging spread risk is also important, especially in high spread volatility environments.
Don’t miss your first chance to hear the new direction in TAV policy!
• Create opportunities for your organization to take part in DoD logistics automation and transformation efforts
• Hear updates from all major services, agencies, and the OSD on current enterprise initiatives
• Discover new technology and trends in AIT and how these will impact the DoD and the defense industry
This document is a filing with the United States Securities and Exchange Commission of a Form 5, the Annual Statement of Changes in Beneficial Ownership of Securities. It was filed by Gregg J. Mollins, President and COO of Reliance Steel & Aluminum Co., to report the changes in his beneficial ownership of Reliance Steel & Aluminum Co. common stock during the fiscal year ending December 31, 2007, including shares acquired and disposed of, as well as shares held at the end of the fiscal year through various trusts and benefit plans. The filing includes tables reporting these non-derivative and derivative security transactions and holdings.
Yes Bank has experienced strong growth since its inception. It aims to continue growing loans and deposits at above industry rates through aggressive branch expansion and increasing penetration in corporate and retail segments. The bank's loan book has grown at a CAGR of 52.9% over the last 5 years, higher than industry average. The analyst expects loans to grow at a CAGR of 28% from FY11-13. However, maintaining high growth rates may require changes to prioritize improving key metrics like cost of funds. Overall, the report is bullish on the bank's business momentum continuing to drive strong performance.
IDGA's Military Logistics Summit 2009 Program AgendaIDGA
The document announces IDGA's 5th annual Military Logistics Summit from June 8-11, 2009 in Vienna, VA. It will feature a new CENTCOM J4 panel on logistics operations in Afghanistan. Attendees will learn about DoD priorities and requirements, plans for increased activity in Afghanistan, and revised acquisition guidelines. Speakers include senior logistics officials from the Air Force, Army, and National Guard. The summit provides networking opportunities for hundreds of logistics professionals from government, military, and industry.
AIG Conference Call Credit Presentation - February 29, 2008finance2
This document provides an outline and overview of AIG Financial Products' "Super Senior" credit default swap business as of December 31, 2007. It discusses the business rationale, portfolio composition, underwriting standards, risk assessment, accounting and valuation. Key points include that AIGFP defines "Super Senior" risk as having no expected loss even under conservative stress scenarios, and takes a more conservative approach to modeling than rating agencies. Summary statistics on the various transaction types are provided showing total gross and net notional exposures.
The document is Petrobras' 2011 operational report. It summarizes the company's financial and operational performance in 2011 including oil and gas production levels, reserves, earnings, debt ratios, and investments. It also outlines Petrobras' corporate strategy and business plan for 2011-2015 which prioritizes expanding all business areas with a focus on developing Brazil's pre-salt oil discoveries. The largest investments are allocated to exploration and production (57% of total) and refining, transportation, and marketing (31% of total).
2011 Senior Executive Forum Final Presentationphil_waldeck
The document summarizes key points from a conference on managing employee benefits. It discusses increased focus by finance executives on pension benefits risk management and cost reduction due to challenges posed by healthcare reform and pension regulations. Specific solutions covered for mitigating pension plan risks include liability driven investing, buy-ins where an insurer takes over a portion of liability, and buy-outs where the insurer fully assumes the plan's liability. Developing a long-term strategy to transition pension plans through selective buy-ins or full buy-outs is recommended.
L lrcture1industrial talk risk managementBTEC UTeM
1. The document discusses managing risks in technology-based industries and outlines various types of risks businesses may face including strategic, financial, reputational, and compliance risks.
2. It emphasizes the importance of proactively identifying and managing risks to minimize adverse impacts and achieve business goals.
3. The author recommends establishing a risk management framework that involves understanding risks, designing control processes, monitoring risks, and continually improving the program.
1) DLF's exit to private equity investors, post-merger structure, and high debt levels have strained its balance sheet.
2) Cash generation from core operations will go towards debt servicing, and only divestment of non-core assets will meaningfully reduce debt.
3) DLF's new strategy of focusing on plotted developments is well-suited for the current economic environment and improves the company's financial position, despite generating lower revenues, by reducing costs and inventory risks.
Second Quarter 2003 Earnings Conference Call Transcriptfinance4
Anthem reported record financial and operational results for Q2 2003. Adjusted net income was $1.30 per share, a 31% increase year-over-year. Operating revenue reached $4.1 billion, also an all-time high. Membership increased 10% year-over-year to 11.7 million members due to growth across customer segments. Anthem raised its full-year 2003 adjusted EPS guidance to $5.10-$5.15 per share, representing 24-25% growth.
Allstate performed strongly in 2003, with key financial highlights including:
- Operating income rose 28.3% to a record $2.7 billion.
- Net income per diluted share increased 139.4% to $3.83.
- Return on equity increased to 14.2% from 6.5% in 2002.
Allstate has focused on differentiating itself from competitors by sharpening its pricing, underwriting, and expanding into financial services. This strategy has helped drive strong financial results and total shareholder returns that exceeded industry benchmarks over 11 years. Allstate aims to continue taking advantage of its unique opportunities to deliver sustained returns for investors.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
The document is Petrobras' 2011 operational report. It summarizes the company's financial and operational performance in 2011 including oil and gas production levels, reserves, earnings, debt ratios, and investments. It also outlines Petrobras' corporate strategy and business plan for 2011-2015 which prioritizes expanding all business areas with a focus on developing Brazil's pre-salt oil discoveries. The largest investments are allocated to exploration and production (57% of total) and refining, transportation, and marketing (31% of total).
2011 Senior Executive Forum Final Presentationphil_waldeck
The document summarizes key points from a conference on managing employee benefits. It discusses increased focus by finance executives on pension benefits risk management and cost reduction due to challenges posed by healthcare reform and pension regulations. Specific solutions covered for mitigating pension plan risks include liability driven investing, buy-ins where an insurer takes over a portion of liability, and buy-outs where the insurer fully assumes the plan's liability. Developing a long-term strategy to transition pension plans through selective buy-ins or full buy-outs is recommended.
L lrcture1industrial talk risk managementBTEC UTeM
1. The document discusses managing risks in technology-based industries and outlines various types of risks businesses may face including strategic, financial, reputational, and compliance risks.
2. It emphasizes the importance of proactively identifying and managing risks to minimize adverse impacts and achieve business goals.
3. The author recommends establishing a risk management framework that involves understanding risks, designing control processes, monitoring risks, and continually improving the program.
1) DLF's exit to private equity investors, post-merger structure, and high debt levels have strained its balance sheet.
2) Cash generation from core operations will go towards debt servicing, and only divestment of non-core assets will meaningfully reduce debt.
3) DLF's new strategy of focusing on plotted developments is well-suited for the current economic environment and improves the company's financial position, despite generating lower revenues, by reducing costs and inventory risks.
Second Quarter 2003 Earnings Conference Call Transcriptfinance4
Anthem reported record financial and operational results for Q2 2003. Adjusted net income was $1.30 per share, a 31% increase year-over-year. Operating revenue reached $4.1 billion, also an all-time high. Membership increased 10% year-over-year to 11.7 million members due to growth across customer segments. Anthem raised its full-year 2003 adjusted EPS guidance to $5.10-$5.15 per share, representing 24-25% growth.
Allstate performed strongly in 2003, with key financial highlights including:
- Operating income rose 28.3% to a record $2.7 billion.
- Net income per diluted share increased 139.4% to $3.83.
- Return on equity increased to 14.2% from 6.5% in 2002.
Allstate has focused on differentiating itself from competitors by sharpening its pricing, underwriting, and expanding into financial services. This strategy has helped drive strong financial results and total shareholder returns that exceeded industry benchmarks over 11 years. Allstate aims to continue taking advantage of its unique opportunities to deliver sustained returns for investors.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Walmart Business+ and Spark Good for Nonprofits.pdfTechSoup
"Learn about all the ways Walmart supports nonprofit organizations.
You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
The event will cover the following::
Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
How to Build a Module in Odoo 17 Using the Scaffold Method
Uhlfelder0401
1. FINANCIAL TIMES MONDAY JANUARY 4 2010 7
FTfm
Refining risk could mean healthier
returns for funds of hedge funds
were off only fractionally, more than 8 percentage
Year in review beating the industry aver- points. In 2009, as of
age by more than 20 per- November, the index was
Recovery has not centage points. This year, up 10.72 per cent,
been swift. Will as of November, global
macro has registered gains
outperforming the bench-
mark by 133 basis points.
2010 prove better?, just north of 8 per cent, According to Mr Peres, full
asks Eric Uhlfelder trailing the industry by
13.5 percentage points. The
transparency may not be
driving performance, but he
strategy delivered absolute feels EIM’s ability to dis-
In 2008, the average fund of returns, but in the cern risk has been a con-
hedge funds got walloped, context of the 2009 bull tributing factor.
losing 55 basis points more market its performance After being hurt by its
than the average hedge looked sluggish. exposure to Bernard Mad-
fund, which lost 21.63 per According to Mr Waks- off, which precipitated a
cent, according to industry man, managers were also rapid decline in its world-
tracker BarclayHedge. challenged by the fact that wide assets from $50bn to
In spite of the market 2009 was among the most $23.8bn as of June, Union
recovery in 2009, in relative bifurcated years on record. Bancaire Privée has
terms, funds of funds did In the first quarter stocks responded with a range of
worse still. As of the end of were hit by a relentless sell- risk management improve-
November, the Barclay- off that eroded any remain- ments. They include the
Hedge fund of funds index addition of seasoned leaders
was up 9.37 per cent while from the hedge fund indus-
the average hedge fund was Managers were try, including Dan Kelly
up 21.54 per cent. The S&P also challenged by who was the chief risk
500 equity index did better officer of Harvard’s endow-
still, gaining 24.07 per cent. the fact that 2009 ment fund, to enhance
The promise of greater
security from judiciously
was among the Bernard Madoff (left) outside court in New York. Union Bancaire Privée improved risk
research, strategy and risk
management.
melding funds into a great- most bifurcated management after it was hurt by exposure to Madoff Bloomberg UBP has divided invest-
er composite seems as dubi- ment management, pricing
ous as the notion that
years on record and asset verification, with
hedge funds are a source of Many investors were hurt ers could not be certain To discern aggregate risk all funds required to use
absolute returns, with ing confidence that one because the sudden how aggregate risk was for funds of funds requires third-party administrators.
investors suffering the could, in effect, bottom-fish industry-wide withdrawal of reduced or enhanced by the much of the same analysis It has created a risk man-
added insult of an extra a down market. This was leverage transformed a way in which total expo- needed to assess individual agement group that is inde-
layer of fees. then followed by an extra- patient medium-term strat- sure was blended. hedge funds, says Mr Pap- pendent from portfolio man-
Industry observers sug- ordinary bull market that, egy into something it was Ron Papanek, head of anek, including stress test- agement and one that has
gest several reasons for this to many, appeared to be not – a short-term trade. business strategy at Risk- ing, liquidity assessment, veto power over the entire
substantial underperform- driven more by the depths Without sufficient liquidity Metrics, an aggregator of and historical and condi- investment process. UBP
ance. First, some managers to which securities had to meet redemptions, more portfolio-level data, says tional value at risk. now has greater focus on
have found themselves sunk than the return of than 150 of these funds that “last year demon- According to Paulo Peres, asset-liability matching to
locked into funds that held more promising fundamen- were forced to gate, tempo- strated more clearly than director of risk manage- attempt to ensure custom-
substantial portions of illiq- tals. Managers who had rarily suspend or wind ever the need for fund of ment at EIM – an $8.5bn ised risk and liquidity
uid investments in sidep- already been burned were down their operations. funds managers to have a global manager that cus- through new portfolio con-
ockets. These are places therefore not going to Many of these issues affect- clear understanding of con- tomises multi-hedge fund struction.
where funds can set aside invest aggressively into a ing funds of fund perform- centration and the risks programmes for more than According to Christopher
specific assets from being bear market rally. ance were then com- associated with their com- 100 institutional investors – Ito, managing director of
liquidated to meet redemp- Then there was the issue pounded by insufficient posite portfolios. At the absolute transparency was UBP, the bank is presently
tion requests. Restricted of a significant reduction in transparency. This pre- same time, hedge fund man- just one of five key lessons designing a so-called two-
access to assets prevented leverage, which had been vented many managers agers are increasingly learned from the 2008 melt- pillar approach in portfolio
managers from reallocating vital for helping funds of from truly knowing their aware of the need to make down. Over the past year, construction to offer inves-
into funds and strategies funds generate profits that composite risk in terms of their portfolios transparent the proportion of the com- tors a customised balance
that rebounded in 2009. more than cover their addi- sector, asset class, cur- to pension funds, endow- pany’s underlying funds between liquidity and per-
Funds of funds were also tional layer of expenses. In rency, leverage and related ments, foundations, and providing trade-level data formance.
hit by a massive decline in the arena of asset-backed duration. Moreover, manag- fund of fund managers.” has jumped from 50 per “This would be accom-
assets. According to Sol loans, a traditionally profit- cent to 100 per cent. plished by offering a series
Waksman, founder of Bar- able, low-risk strategy, the BarclayHedge fund indices Independent and full-serv- of short-term liquid strate-
clayHedge, third quarter sudden elimination of lever- YTD Performance ice third-party administra- gies that target modest,
2009 fund of funds assets age effectively froze nearly Number of through Nov 2009 tors are essential to ensur- steady returns and less liq-
funds (%)
were $596bn (£367bn, all funds of funds. ing accurate pricing and uid but longer-term strate-
€414bn) down from their According to Jonathan BarclayHedge Fund Index 2456 21.45 trade information. Mr Peres gies that seek greater gains
2007 peak of nearly Kanterman, managing Convertible Arbitrage Index 34 49.41 believes a fund should not over a longer period,” says
$1,200bn. Mr Waksman says director at Stillwater Capi- Distressed Securities Index 65 26.67 engage in trading, borrow- Mr Ito.
this deterioration in net tal Partners, who runs both Emerging Markets Index 392 39.79 ing or lending with any bro- By means of devising cus-
flows and performance has individual ABL hedge funds ker-dealer that is a related tomised asset allocation,
Equity Long Bias Index 285 25.81
also made it challenging to and fund of funds, several entity. There needs to be coupled with offering
allocate cash into more major banks were forced by Equity Long/Short Index 519 12.70 independent custody to greater access to managed
promising funds. regulators to improve their Equity Market Neutral Index 96 -0.03 ensure legitimacy of assets. accounts, Mr Ito believes
Kristoffer Houlihan, capital ratios. To help do so, Equity Short Bias Index 9 -14.58 And EIM will not invest in UBP will be able to deliver
director of risk manage- they reduced their leverage European Equities Index 168 14.94 funds which in turn invest better asset-liability match-
ment at Pacific Alternative facilities across the board. Event Driven Index 118 26.48 in other funds that do not ing and transparency.
Asset Management Com- ABL funds of funds were permit unrestricted due dili- In addition, UBP is refin-
Fixed Income Arbitrage Index 36 16.93
pany, a fund of funds man- then forced to return hun- gence of their operations ing its special risk manage-
ager with $9bn in assets, dreds of millions of dollars Fund of Funds Index 1405 9.39 and records. ment strategies, applied
also attributes much of the to the banks by redeeming Global Macro Index 138 8.19 Using its Multi-Strategy during periods of extreme
industry’s lacklustre per- shares in underlying funds. Healthcare & Biotechnology Index 31 24.14 Composite Index as a proxy drawdowns. This will in-
formance to a greater aver- This in turn squeezed indi- Merger Arbitrage Index 21 10.69 for two-thirds of its US clude the use of volatility
sion to risk. vidual ABL funds to either Multi Strategy Index 74 24.15
products, EIM’s perform- trading and hedging, and
For example, some man- liquidate positions in a ance suggests it is manag- will complement the bank’s
agers sought refuge in glo- lousy market or lock up Pacific Rim Equities Index 71 13.72 ing risk well. existing opportunistic over-
bal macro, a generally con- capital until they could dis- Technology Index 37 19.01 In 2008, this index lost 14 lay practice that continu-
servative, steady strategy. pose of loans or collateral in per cent, outperforming the ously seeks to deliver alpha,
Source: BarclayHedge.com
In 2008, global macro funds an orderly manner. average fund of fund by or excess returns.
.