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Futures dip; economic data blast awaited for rate-hike clues

Reuters Business News - Fri, 09/15/2017 - 06:44
(Reuters) - U.S. stock index futures were slightly lower on Friday, with investors shrugging off North Korea's latest missile test and instead awaiting a slew of economic data for indicators on when interest rates will next be raised.
Categories: Reuters

Drug industry on tenterhooks as Maryland price-gouging law nears

Reuters Business News - Fri, 09/15/2017 - 06:20
(Reuters) - As U.S. consumer outrage grows over prescription drug prices, state authorities and patient advocates in Maryland are preparing to enforce the nation's first law designed to punish drugmaker price-gouging.
Categories: Reuters

Stocks lure in cash but investors eyeing signs of correction: BAML

Reuters Business News - Fri, 09/15/2017 - 06:14
LONDON (Reuters) - Riskier assets were in vogue this week as investors poured $8.9 billion into equities, but strategists at Bank of America Merrill Lynch said flows data indicated positioning remained shy of peak levels.
Categories: Reuters

North Korea missile test leaves stocks unimpressed; yen wilts

Reuters Business News - Fri, 09/15/2017 - 04:50
LONDON (Reuters) - Traders paid little attention to the latest missile test by North Korea on Friday, with shares and other risk assets barely moving, gold lower and focus rapidly returning to when and where interest rates will go up.
Categories: Reuters

German union attacks Air Berlin administrators for decision delay

Reuters Business News - Fri, 09/15/2017 - 04:06
FRANKFURT (Reuters) - A German union criticized Air Berlin's administrators for delaying a decision on a carve-up of the insolvent airline until after this month's election, saying it was irresponsible to leave thousands of jobs in the balance.
Categories: Reuters

Business interrupted: hurricane-damaged firms dig in for insurance fight

Reuters Business News - Fri, 09/15/2017 - 03:46
NEW YORK (Reuters) - Business owners who are trying to get back on track after hurricanes Harvey and Irma now face a different sort of challenge: trying to recoup lost income from their insurers.
Categories: Reuters

Law reform sparks bidding war for Australia's Ten Network

Reuters Business News - Fri, 09/15/2017 - 03:43
SYDNEY (Reuters) - Media scion Lachlan Murdoch made a revised offer for Ten Network Holdings Ltd on Friday, a day after Australia's senate voted to lift a ban on the ownership of multiple types of media assets, allowing him to challenge U.S. suitor CBS Corp .
Categories: Reuters

China green car pivot will need state support, GM chief says

Reuters Business News - Fri, 09/15/2017 - 03:32
SHANGHAI (Reuters) - China's big push towards new-energy vehicles (NEV) will require government backing to win over consumers, Mary Barra, chief executive of General Motors Co, said on Friday, amid broader industry concerns over tough NEV quotas in the market.
Categories: Reuters

Renault-Nissan seeks to double savings from closer cooperation

Reuters Business News - Fri, 09/15/2017 - 03:00
PARIS (Reuters) - The Renault-Nissan alliance pledged on Friday to double savings from closer integration to 10 billion euros ($11.9 billion) by 2022, thanks in part to increasing cooperation with recently acquired Mitsubishi Motors .
Categories: Reuters

Side letter study shows sharp increase in deals with newer hedge fund managers, says Seward & Kissel

Hedgeweek Special Reports - Fri, 09/15/2017 - 02:43

New research by the law firm Seward & Kissel into the hedge fund industry’s use of side letters – special agreements between hedge funds and their investors – shows a dramatic increase in side letter deals with newer asset managers.

The Seward & Kissel 2016/17 Hedge Fund Side Letter Study reveals a sharp rise in side letters agreed to by hedge fund managers in business for less than two years. That rate nearly doubled from last year, when Seward & Kissel’s inaugural side letter study put it at 13 per cent of all funds within the study.
 
The study also highlighted a growing delta between two investor types most likely to secure side letters: funds of funds accounted for 56 per cent of all side letters (a large leap from last year’s 30 per cent), and wealthy individuals/family offices (17 per cent of side letters) also increased their numbers over last year. All other fund types – endowments, nonprofits, corporate pensions and government plans – collectively accounted for only 27 per cent of all side letters, down from 56 per cent last year.
 
According to the study, fee discounts have replaced most-favoured-nations (MFN) clauses as the most common term used in side letters. Fee discounts appeared in 49 per cent of side letters, while MFN clauses appeared in 47 per cent.
 
The average regulatory assets under management of managers in the study who have been in business for more than two years was USD4.37 billion., while the average dollar amount invested via side letters with new managers (USD53.65 million) was substantially less than that invested with managers having greater experience (USD82.62 million).
 
With a number of investors preferring to invest through separately managed accounts (SMAs) rather than hedge funds, the study also tracked SMAs in 2016-17. As with side letters, SMAs were most likely to be executed with funds of funds (69 per cent) and family offices (23 per cent).
 
“Our second Side Letter Study has again unearthed valuable insights about where hedge funds are and where they are going,” says Steve Nadel (pictured), partner at Seward & Kissel and lead author of the study. “The Seward & Kissel 2016/17 Hedge Fund Side Letter Study paints a picture of an investor base that is sophisticated and that is focused on economics and fair treatment.”

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Side letter study shows sharp increase in deals with newer hedge fund managers, says Seward & Kissel

Hedgeweek News - Fri, 09/15/2017 - 02:43

New research by the law firm Seward & Kissel into the hedge fund industry’s use of side letters – special agreements between hedge funds and their investors – shows a dramatic increase in side letter deals with newer asset managers.

The Seward & Kissel 2016/17 Hedge Fund Side Letter Study reveals a sharp rise in side letters agreed to by hedge fund managers in business for less than two years. That rate nearly doubled from last year, when Seward & Kissel’s inaugural side letter study put it at 13 per cent of all funds within the study.
 
The study also highlighted a growing delta between two investor types most likely to secure side letters: funds of funds accounted for 56 per cent of all side letters (a large leap from last year’s 30 per cent), and wealthy individuals/family offices (17 per cent of side letters) also increased their numbers over last year. All other fund types – endowments, nonprofits, corporate pensions and government plans – collectively accounted for only 27 per cent of all side letters, down from 56 per cent last year.
 
According to the study, fee discounts have replaced most-favoured-nations (MFN) clauses as the most common term used in side letters. Fee discounts appeared in 49 per cent of side letters, while MFN clauses appeared in 47 per cent.
 
The average regulatory assets under management of managers in the study who have been in business for more than two years was USD4.37 billion., while the average dollar amount invested via side letters with new managers (USD53.65 million) was substantially less than that invested with managers having greater experience (USD82.62 million).
 
With a number of investors preferring to invest through separately managed accounts (SMAs) rather than hedge funds, the study also tracked SMAs in 2016-17. As with side letters, SMAs were most likely to be executed with funds of funds (69 per cent) and family offices (23 per cent).
 
“Our second Side Letter Study has again unearthed valuable insights about where hedge funds are and where they are going,” says Steve Nadel (pictured), partner at Seward & Kissel and lead author of the study. “The Seward & Kissel 2016/17 Hedge Fund Side Letter Study paints a picture of an investor base that is sophisticated and that is focused on economics and fair treatment.”

offSurveys & research

Side letter study shows sharp increase in deals with newer hedge fund managers, says Seward & Kissel

Hedgeweek Jobs - Fri, 09/15/2017 - 02:43

New research by the law firm Seward & Kissel into the hedge fund industry’s use of side letters – special agreements between hedge funds and their investors – shows a dramatic increase in side letter deals with newer asset managers.

The Seward & Kissel 2016/17 Hedge Fund Side Letter Study reveals a sharp rise in side letters agreed to by hedge fund managers in business for less than two years. That rate nearly doubled from last year, when Seward & Kissel’s inaugural side letter study put it at 13 per cent of all funds within the study.
 
The study also highlighted a growing delta between two investor types most likely to secure side letters: funds of funds accounted for 56 per cent of all side letters (a large leap from last year’s 30 per cent), and wealthy individuals/family offices (17 per cent of side letters) also increased their numbers over last year. All other fund types – endowments, nonprofits, corporate pensions and government plans – collectively accounted for only 27 per cent of all side letters, down from 56 per cent last year.
 
According to the study, fee discounts have replaced most-favoured-nations (MFN) clauses as the most common term used in side letters. Fee discounts appeared in 49 per cent of side letters, while MFN clauses appeared in 47 per cent.
 
The average regulatory assets under management of managers in the study who have been in business for more than two years was USD4.37 billion., while the average dollar amount invested via side letters with new managers (USD53.65 million) was substantially less than that invested with managers having greater experience (USD82.62 million).
 
With a number of investors preferring to invest through separately managed accounts (SMAs) rather than hedge funds, the study also tracked SMAs in 2016-17. As with side letters, SMAs were most likely to be executed with funds of funds (69 per cent) and family offices (23 per cent).
 
“Our second Side Letter Study has again unearthed valuable insights about where hedge funds are and where they are going,” says Steve Nadel (pictured), partner at Seward & Kissel and lead author of the study. “The Seward & Kissel 2016/17 Hedge Fund Side Letter Study paints a picture of an investor base that is sophisticated and that is focused on economics and fair treatment.”

offSurveys & research

Side letter study shows sharp increase in deals with newer hedge fund managers, says Seward & Kissel

Hedgeweek Interviews - Fri, 09/15/2017 - 02:43

New research by the law firm Seward & Kissel into the hedge fund industry’s use of side letters – special agreements between hedge funds and their investors – shows a dramatic increase in side letter deals with newer asset managers.

The Seward & Kissel 2016/17 Hedge Fund Side Letter Study reveals a sharp rise in side letters agreed to by hedge fund managers in business for less than two years. That rate nearly doubled from last year, when Seward & Kissel’s inaugural side letter study put it at 13 per cent of all funds within the study.
 
The study also highlighted a growing delta between two investor types most likely to secure side letters: funds of funds accounted for 56 per cent of all side letters (a large leap from last year’s 30 per cent), and wealthy individuals/family offices (17 per cent of side letters) also increased their numbers over last year. All other fund types – endowments, nonprofits, corporate pensions and government plans – collectively accounted for only 27 per cent of all side letters, down from 56 per cent last year.
 
According to the study, fee discounts have replaced most-favoured-nations (MFN) clauses as the most common term used in side letters. Fee discounts appeared in 49 per cent of side letters, while MFN clauses appeared in 47 per cent.
 
The average regulatory assets under management of managers in the study who have been in business for more than two years was USD4.37 billion., while the average dollar amount invested via side letters with new managers (USD53.65 million) was substantially less than that invested with managers having greater experience (USD82.62 million).
 
With a number of investors preferring to invest through separately managed accounts (SMAs) rather than hedge funds, the study also tracked SMAs in 2016-17. As with side letters, SMAs were most likely to be executed with funds of funds (69 per cent) and family offices (23 per cent).
 
“Our second Side Letter Study has again unearthed valuable insights about where hedge funds are and where they are going,” says Steve Nadel (pictured), partner at Seward & Kissel and lead author of the study. “The Seward & Kissel 2016/17 Hedge Fund Side Letter Study paints a picture of an investor base that is sophisticated and that is focused on economics and fair treatment.”

offSurveys & research

Side letter study shows sharp increase in deals with newer hedge fund managers, says Seward & Kissel

Hedgeweek Features - Fri, 09/15/2017 - 02:43

New research by the law firm Seward & Kissel into the hedge fund industry’s use of side letters – special agreements between hedge funds and their investors – shows a dramatic increase in side letter deals with newer asset managers.

The Seward & Kissel 2016/17 Hedge Fund Side Letter Study reveals a sharp rise in side letters agreed to by hedge fund managers in business for less than two years. That rate nearly doubled from last year, when Seward & Kissel’s inaugural side letter study put it at 13 per cent of all funds within the study.
 
The study also highlighted a growing delta between two investor types most likely to secure side letters: funds of funds accounted for 56 per cent of all side letters (a large leap from last year’s 30 per cent), and wealthy individuals/family offices (17 per cent of side letters) also increased their numbers over last year. All other fund types – endowments, nonprofits, corporate pensions and government plans – collectively accounted for only 27 per cent of all side letters, down from 56 per cent last year.
 
According to the study, fee discounts have replaced most-favoured-nations (MFN) clauses as the most common term used in side letters. Fee discounts appeared in 49 per cent of side letters, while MFN clauses appeared in 47 per cent.
 
The average regulatory assets under management of managers in the study who have been in business for more than two years was USD4.37 billion., while the average dollar amount invested via side letters with new managers (USD53.65 million) was substantially less than that invested with managers having greater experience (USD82.62 million).
 
With a number of investors preferring to invest through separately managed accounts (SMAs) rather than hedge funds, the study also tracked SMAs in 2016-17. As with side letters, SMAs were most likely to be executed with funds of funds (69 per cent) and family offices (23 per cent).
 
“Our second Side Letter Study has again unearthed valuable insights about where hedge funds are and where they are going,” says Steve Nadel (pictured), partner at Seward & Kissel and lead author of the study. “The Seward & Kissel 2016/17 Hedge Fund Side Letter Study paints a picture of an investor base that is sophisticated and that is focused on economics and fair treatment.”

offSurveys & research

U.S., Asian shares dip after North Korean missile launch

Reuters Business News - Fri, 09/15/2017 - 02:05
TOKYO (Reuters) - U.S. and European stock futures and Asian shares dipped slightly on Friday after North Korea fired another missile over Japan on Friday, demonstrating Pyongyang's defiance against intensifying U.N. sanctions.
Categories: Reuters
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