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Mondelez says cyber-attack affected systems up and running

Reuters Business News - Thu, 07/06/2017 - 17:52
(Reuters) - Mondelez International Inc, the world's second-largest confectionary company, said on Thursday that most of its systems affected by the global cyber attack were up and running.
Categories: Reuters

Wall Street drops on labor market data, North Korea concern

Reuters Business News - Thu, 07/06/2017 - 17:18
(Reuters) - U.S. stocks were sharply lower on Thursday after disappointing labor market data clashed with the possibility of a more hawkish Federal Reserve, while rising tensions in the Korean peninsula providing additional pressure.
Categories: Reuters

Tesla shares drift lower as Model S fails to ace some safety tests

Reuters Business News - Thu, 07/06/2017 - 17:18
(Reuters) - Shares of Tesla Inc fell for the third straight day on Thursday, after its Model S sedan failed to get the top score in some tests conducted by a U.S. safety group and a larger rival secured supplies to power its electric vehicle program.
Categories: Reuters

MetLife seeks new delay in 'too big to fail' case to wait for Trump

Reuters Business News - Thu, 07/06/2017 - 17:17
WASHINGTON (Reuters) - MetLife Inc on Thursday asked for another delay in the long-running case over whether the U.S. government should have labeled it as "too big to fail," warning that the Trump administration may want to withdraw the government's appeal.
Categories: Reuters

Blue Apron options to list on CBOE exchanges on Monday: CBOE

Reuters Business News - Thu, 07/06/2017 - 16:41
NEW YORK (Reuters) - Options contracts on Blue Apron Holdings Inc , the first U.S. meal-kit company to go public, will debut on CBOE Holdings Inc's exchanges on Monday, a CBOE spokeswoman said on Thursday.
Categories: Reuters

JPMorgan CEO meets Irish prime minister on post-Brexit growth

Reuters Business News - Thu, 07/06/2017 - 16:30
DUBLIN (Reuters) - JPMorgan Chase & Co Chief Executive Jamie Dimon met Irish Prime Minister Leo Varadkar in Dublin on Thursday to discuss expansion in the Irish capital two months after the U.S. investment bank bought an office building in the city with room for 1,000 staff.
Categories: Reuters

Starbucks service hurt by understaffing: coworker.org survey

Reuters Business News - Thu, 07/06/2017 - 16:19
(Reuters) - A Starbucks Corp initiative overseen by new Chief Executive Kevin Johnson and designed to improve speed and customer service, has not addressed underlying staffing shortages, according to an outside survey of company workers released on Thursday.
Categories: Reuters

U.S. private payrolls growth slows; jobless claims rise

Reuters Business News - Thu, 07/06/2017 - 15:56
WASHINGTON (Reuters) - U.S. private employers hired fewer workers than expected in June and applications for unemployment benefits last week increased for a third straight week, pointing to some loss of momentum in job growth as the labor market nears full employment.
Categories: Reuters

Airbnb says had proposed alternative to forcing Paris hosts to register rentals

Reuters Business News - Thu, 07/06/2017 - 15:33
PARIS (Reuters) - Short-term rental website Airbnb said on Thursday it had proposed for Paris and other large French cities to create automated limits to ensure its hosts did not rent their property beyond the 120 days a year legal limit for a main residence in France.
Categories: Reuters

BMW looking to cut 1 billion euros in indirect costs

Reuters Business News - Thu, 07/06/2017 - 15:01
BERLIN (Reuters) - German carmaker BMW wants to cut 1 billion euros ($1.14 billion) in indirect procurement costs by 2019, BMW head of production Markus Duesmann told the Handelsblatt daily.
Categories: Reuters

$1 billion headache for Airbus as Qatar cancels four jets

Reuters Business News - Thu, 07/06/2017 - 14:20
PARIS (Reuters) - Qatar Airways has axed orders for four A350s because of delivery delays, Airbus said on Thursday, handing the European planemaker a new headache over what to do with jets worth $1.2 billion at list prices as it tries to close a sales gap with rival Boeing.
Categories: Reuters

Microsoft plans to cut 'thousands' of jobs: source

Reuters Business News - Thu, 07/06/2017 - 13:17
(Reuters) - Microsoft Corp plans to cut "thousands" of jobs, with a majority of them outside the United States, a person familiar with the matter told Reuters.
Categories: Reuters

Dish, Amazon chiefs discuss wireless partnership: WSJ

Reuters Business News - Thu, 07/06/2017 - 13:04
(Reuters) - Dish Network Corp Chief Executive Charlie Ergen and Amazon.com Inc head Jeff Bezos have discussed a partnership to enter the wireless business, the Wall Street Journal reported, citing people familiar with the matter.
Categories: Reuters

Qatar Airways set to start buying shares in American Airlines

Reuters Business News - Thu, 07/06/2017 - 13:00
DUBLIN (Reuters) - Qatar Airways is to press on with plans to build a stake of up to 4.75 percent in American Airlines in the near future, despite the "categorical" opposition of the U.S. company's management, Qatar Chief Executive Akbar al-Baker said on Thursday.
Categories: Reuters

Smaller hedge fund firms building sustainable businesses, says AIMA/GPP survey

Hedgeweek Special Reports - Thu, 07/06/2017 - 12:37

Most alternative investment management firms are able to turn a profit and expand with considerably less than USD100 million in assets, according to a survey of sub-USD500 million firms by the Alternative Investment Management Association (AIMA) and boutique prime broker GPP.

The joint AIMA/GPP survey of 135 alternative asset managers globally found that the average break-even point is around USD86m, while around a third are able to break even with USD50 million in assets or less. Break-even was found to be highest among global macro hedge fund firms that responded to the survey (USD132 million on average) and smallest for alternative credit fund managers (USD77 million).
    
The research shed new light on the impact of broader trends and themes on this segment of the industry, such as fee pressures, the impact of post-crisis regulations, demands for ever greater methods of alignment of interests, and the optimum mix between having dedicated in-house staff and out-sourcing.
 
In terms of management fees, about half said they are charging 1.5 per cent or less. For hedge fund start-up businesses, management fees were found to be around 1.25 per cent on average. In terms of performance fees, about two-thirds of smaller managers said they are charging less than 20 per cent. About three quarters (77 per cent) expect performance fees to remain unchanged over the next year while 11 per cent expect a decrease and 12 per cent expect an increase.
 
Methods of aligning interests between smaller managers and fund investors were found to be growing. Close to 90 per cent of funds said they have a high watermark – a peak value above which performance fees can be charged. Roughly one-in-three have hurdle rates – a further trigger for performance fees agreed between the manager and investor. And while less common, 8 per cent of smaller managers said their flagship fund provides fee clawbacks to investors under certain conditions.
 
More than 80 per cent of respondents said they planned to increase their headcount in the next 12 months.
 
At the same time, the costs of regulation continue to weigh on smaller firms. Almost 90 per cent of respondents said they allocate up to one-fifth of their total expenditure to compliance, with this number expected to increase when firms adhere to MiFID II.
 
Legal services were found to be the most outsourced function among smaller firms, with only 16 per cent filling this role internally. COO, marketing/IR, risk and compliance functions were found to be more likely to be filled by in-house roles.
 
AIMA Chief Executive Jack Inglis (pictured), says: “Our research disproves the notion that only relatively large, institutionalised businesses can succeed in the modern hedge fund industry. We have found that firms can build strong, sustainable and growing businesses with considerably less than USD100m in assets. This is good news not only for the future health and well-being of the sector but for investors too, since smaller managers have often been the source of many of the industry’s greatest innovations.”
    
GPP Director and Head of Prime Brokerage Sean Capstick, says: “We believe this is the first comprehensive survey of the next generation of hedge fund managers. Although this group represents two-thirds of the number of funds in the hedge fund universe, their voice is rarely heard. We are excited to have worked with AIMA to research the opportunities and challenges facing this under-represented group, and to be able to help contribute to their growth. After all, this group is the incubator for tomorrow’s ‘billion-dollar club’ and our findings show them to be in good health, definitely alive and kicking.”

offSurveys & research

Smaller hedge fund firms building sustainable businesses, says AIMA/GPP survey

Hedgeweek News - Thu, 07/06/2017 - 12:37

Most alternative investment management firms are able to turn a profit and expand with considerably less than USD100 million in assets, according to a survey of sub-USD500 million firms by the Alternative Investment Management Association (AIMA) and boutique prime broker GPP.

The joint AIMA/GPP survey of 135 alternative asset managers globally found that the average break-even point is around USD86m, while around a third are able to break even with USD50 million in assets or less. Break-even was found to be highest among global macro hedge fund firms that responded to the survey (USD132 million on average) and smallest for alternative credit fund managers (USD77 million).
    
The research shed new light on the impact of broader trends and themes on this segment of the industry, such as fee pressures, the impact of post-crisis regulations, demands for ever greater methods of alignment of interests, and the optimum mix between having dedicated in-house staff and out-sourcing.
 
In terms of management fees, about half said they are charging 1.5 per cent or less. For hedge fund start-up businesses, management fees were found to be around 1.25 per cent on average. In terms of performance fees, about two-thirds of smaller managers said they are charging less than 20 per cent. About three quarters (77 per cent) expect performance fees to remain unchanged over the next year while 11 per cent expect a decrease and 12 per cent expect an increase.
 
Methods of aligning interests between smaller managers and fund investors were found to be growing. Close to 90 per cent of funds said they have a high watermark – a peak value above which performance fees can be charged. Roughly one-in-three have hurdle rates – a further trigger for performance fees agreed between the manager and investor. And while less common, 8 per cent of smaller managers said their flagship fund provides fee clawbacks to investors under certain conditions.
 
More than 80 per cent of respondents said they planned to increase their headcount in the next 12 months.
 
At the same time, the costs of regulation continue to weigh on smaller firms. Almost 90 per cent of respondents said they allocate up to one-fifth of their total expenditure to compliance, with this number expected to increase when firms adhere to MiFID II.
 
Legal services were found to be the most outsourced function among smaller firms, with only 16 per cent filling this role internally. COO, marketing/IR, risk and compliance functions were found to be more likely to be filled by in-house roles.
 
AIMA Chief Executive Jack Inglis (pictured), says: “Our research disproves the notion that only relatively large, institutionalised businesses can succeed in the modern hedge fund industry. We have found that firms can build strong, sustainable and growing businesses with considerably less than USD100m in assets. This is good news not only for the future health and well-being of the sector but for investors too, since smaller managers have often been the source of many of the industry’s greatest innovations.”
    
GPP Director and Head of Prime Brokerage Sean Capstick, says: “We believe this is the first comprehensive survey of the next generation of hedge fund managers. Although this group represents two-thirds of the number of funds in the hedge fund universe, their voice is rarely heard. We are excited to have worked with AIMA to research the opportunities and challenges facing this under-represented group, and to be able to help contribute to their growth. After all, this group is the incubator for tomorrow’s ‘billion-dollar club’ and our findings show them to be in good health, definitely alive and kicking.”

offSurveys & research

Smaller hedge fund firms building sustainable businesses, says AIMA/GPP survey

Hedgeweek Jobs - Thu, 07/06/2017 - 12:37

Most alternative investment management firms are able to turn a profit and expand with considerably less than USD100 million in assets, according to a survey of sub-USD500 million firms by the Alternative Investment Management Association (AIMA) and boutique prime broker GPP.

The joint AIMA/GPP survey of 135 alternative asset managers globally found that the average break-even point is around USD86m, while around a third are able to break even with USD50 million in assets or less. Break-even was found to be highest among global macro hedge fund firms that responded to the survey (USD132 million on average) and smallest for alternative credit fund managers (USD77 million).
    
The research shed new light on the impact of broader trends and themes on this segment of the industry, such as fee pressures, the impact of post-crisis regulations, demands for ever greater methods of alignment of interests, and the optimum mix between having dedicated in-house staff and out-sourcing.
 
In terms of management fees, about half said they are charging 1.5 per cent or less. For hedge fund start-up businesses, management fees were found to be around 1.25 per cent on average. In terms of performance fees, about two-thirds of smaller managers said they are charging less than 20 per cent. About three quarters (77 per cent) expect performance fees to remain unchanged over the next year while 11 per cent expect a decrease and 12 per cent expect an increase.
 
Methods of aligning interests between smaller managers and fund investors were found to be growing. Close to 90 per cent of funds said they have a high watermark – a peak value above which performance fees can be charged. Roughly one-in-three have hurdle rates – a further trigger for performance fees agreed between the manager and investor. And while less common, 8 per cent of smaller managers said their flagship fund provides fee clawbacks to investors under certain conditions.
 
More than 80 per cent of respondents said they planned to increase their headcount in the next 12 months.
 
At the same time, the costs of regulation continue to weigh on smaller firms. Almost 90 per cent of respondents said they allocate up to one-fifth of their total expenditure to compliance, with this number expected to increase when firms adhere to MiFID II.
 
Legal services were found to be the most outsourced function among smaller firms, with only 16 per cent filling this role internally. COO, marketing/IR, risk and compliance functions were found to be more likely to be filled by in-house roles.
 
AIMA Chief Executive Jack Inglis (pictured), says: “Our research disproves the notion that only relatively large, institutionalised businesses can succeed in the modern hedge fund industry. We have found that firms can build strong, sustainable and growing businesses with considerably less than USD100m in assets. This is good news not only for the future health and well-being of the sector but for investors too, since smaller managers have often been the source of many of the industry’s greatest innovations.”
    
GPP Director and Head of Prime Brokerage Sean Capstick, says: “We believe this is the first comprehensive survey of the next generation of hedge fund managers. Although this group represents two-thirds of the number of funds in the hedge fund universe, their voice is rarely heard. We are excited to have worked with AIMA to research the opportunities and challenges facing this under-represented group, and to be able to help contribute to their growth. After all, this group is the incubator for tomorrow’s ‘billion-dollar club’ and our findings show them to be in good health, definitely alive and kicking.”

offSurveys & research

Smaller hedge fund firms building sustainable businesses, says AIMA/GPP survey

Hedgeweek Interviews - Thu, 07/06/2017 - 12:37

Most alternative investment management firms are able to turn a profit and expand with considerably less than USD100 million in assets, according to a survey of sub-USD500 million firms by the Alternative Investment Management Association (AIMA) and boutique prime broker GPP.

The joint AIMA/GPP survey of 135 alternative asset managers globally found that the average break-even point is around USD86m, while around a third are able to break even with USD50 million in assets or less. Break-even was found to be highest among global macro hedge fund firms that responded to the survey (USD132 million on average) and smallest for alternative credit fund managers (USD77 million).
    
The research shed new light on the impact of broader trends and themes on this segment of the industry, such as fee pressures, the impact of post-crisis regulations, demands for ever greater methods of alignment of interests, and the optimum mix between having dedicated in-house staff and out-sourcing.
 
In terms of management fees, about half said they are charging 1.5 per cent or less. For hedge fund start-up businesses, management fees were found to be around 1.25 per cent on average. In terms of performance fees, about two-thirds of smaller managers said they are charging less than 20 per cent. About three quarters (77 per cent) expect performance fees to remain unchanged over the next year while 11 per cent expect a decrease and 12 per cent expect an increase.
 
Methods of aligning interests between smaller managers and fund investors were found to be growing. Close to 90 per cent of funds said they have a high watermark – a peak value above which performance fees can be charged. Roughly one-in-three have hurdle rates – a further trigger for performance fees agreed between the manager and investor. And while less common, 8 per cent of smaller managers said their flagship fund provides fee clawbacks to investors under certain conditions.
 
More than 80 per cent of respondents said they planned to increase their headcount in the next 12 months.
 
At the same time, the costs of regulation continue to weigh on smaller firms. Almost 90 per cent of respondents said they allocate up to one-fifth of their total expenditure to compliance, with this number expected to increase when firms adhere to MiFID II.
 
Legal services were found to be the most outsourced function among smaller firms, with only 16 per cent filling this role internally. COO, marketing/IR, risk and compliance functions were found to be more likely to be filled by in-house roles.
 
AIMA Chief Executive Jack Inglis (pictured), says: “Our research disproves the notion that only relatively large, institutionalised businesses can succeed in the modern hedge fund industry. We have found that firms can build strong, sustainable and growing businesses with considerably less than USD100m in assets. This is good news not only for the future health and well-being of the sector but for investors too, since smaller managers have often been the source of many of the industry’s greatest innovations.”
    
GPP Director and Head of Prime Brokerage Sean Capstick, says: “We believe this is the first comprehensive survey of the next generation of hedge fund managers. Although this group represents two-thirds of the number of funds in the hedge fund universe, their voice is rarely heard. We are excited to have worked with AIMA to research the opportunities and challenges facing this under-represented group, and to be able to help contribute to their growth. After all, this group is the incubator for tomorrow’s ‘billion-dollar club’ and our findings show them to be in good health, definitely alive and kicking.”

offSurveys & research

Smaller hedge fund firms building sustainable businesses, says AIMA/GPP survey

Hedgeweek Features - Thu, 07/06/2017 - 12:37

Most alternative investment management firms are able to turn a profit and expand with considerably less than USD100 million in assets, according to a survey of sub-USD500 million firms by the Alternative Investment Management Association (AIMA) and boutique prime broker GPP.

The joint AIMA/GPP survey of 135 alternative asset managers globally found that the average break-even point is around USD86m, while around a third are able to break even with USD50 million in assets or less. Break-even was found to be highest among global macro hedge fund firms that responded to the survey (USD132 million on average) and smallest for alternative credit fund managers (USD77 million).
    
The research shed new light on the impact of broader trends and themes on this segment of the industry, such as fee pressures, the impact of post-crisis regulations, demands for ever greater methods of alignment of interests, and the optimum mix between having dedicated in-house staff and out-sourcing.
 
In terms of management fees, about half said they are charging 1.5 per cent or less. For hedge fund start-up businesses, management fees were found to be around 1.25 per cent on average. In terms of performance fees, about two-thirds of smaller managers said they are charging less than 20 per cent. About three quarters (77 per cent) expect performance fees to remain unchanged over the next year while 11 per cent expect a decrease and 12 per cent expect an increase.
 
Methods of aligning interests between smaller managers and fund investors were found to be growing. Close to 90 per cent of funds said they have a high watermark – a peak value above which performance fees can be charged. Roughly one-in-three have hurdle rates – a further trigger for performance fees agreed between the manager and investor. And while less common, 8 per cent of smaller managers said their flagship fund provides fee clawbacks to investors under certain conditions.
 
More than 80 per cent of respondents said they planned to increase their headcount in the next 12 months.
 
At the same time, the costs of regulation continue to weigh on smaller firms. Almost 90 per cent of respondents said they allocate up to one-fifth of their total expenditure to compliance, with this number expected to increase when firms adhere to MiFID II.
 
Legal services were found to be the most outsourced function among smaller firms, with only 16 per cent filling this role internally. COO, marketing/IR, risk and compliance functions were found to be more likely to be filled by in-house roles.
 
AIMA Chief Executive Jack Inglis (pictured), says: “Our research disproves the notion that only relatively large, institutionalised businesses can succeed in the modern hedge fund industry. We have found that firms can build strong, sustainable and growing businesses with considerably less than USD100m in assets. This is good news not only for the future health and well-being of the sector but for investors too, since smaller managers have often been the source of many of the industry’s greatest innovations.”
    
GPP Director and Head of Prime Brokerage Sean Capstick, says: “We believe this is the first comprehensive survey of the next generation of hedge fund managers. Although this group represents two-thirds of the number of funds in the hedge fund universe, their voice is rarely heard. We are excited to have worked with AIMA to research the opportunities and challenges facing this under-represented group, and to be able to help contribute to their growth. After all, this group is the incubator for tomorrow’s ‘billion-dollar club’ and our findings show them to be in good health, definitely alive and kicking.”

offSurveys & research

Airbus says four canceled Qatar A350s to be reallocated

Reuters Business News - Thu, 07/06/2017 - 12:26
PARIS (Reuters) - Qatar Airways has canceled orders for four A350-900 aircraft due to delays in deliveries and they will be "reallocated," Airbus said on Thursday.
Categories: Reuters
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