LONDON, July 20 (Reuters) – Tumbling share prices and
trading suspensions have tempered any early enthusiasm for
mainland Chinese equities among overseas funds, confirming the
cautious approach evident in their limited exposure despite
official attempts to lure them in.
Three government programmes designed to help overseas
investors buy Chinese stocks have had limited takeup and it will
likely take a measure such as inclusion in more mainstream stock
market indexes for that to change dramatically.
LONDON (Reuters) – Britain has reduced its stake in Lloyds Banking Group (LLOY.L: Quote, Profile, Research) to less than 15 percent, moving closer to a full privatisation, having raised 13 billion pounds ($20 billion) so far from the sale of its shares.
Lloyds was rescued during the 2007/09 financial crisis, costing taxpayers 20.5 billion pounds and leaving the government with a 43 percent stake. Britain’s finance ministry began selling its shares in September 2013 and is on track to return the bank to full private ownership next year.
LONDON, July 16 (Reuters) – Britain has reduced its stake in
Lloyds Banking Group to less than 15 percent, moving
closer to a full privatisation, having raised 13 billion pounds
($20 billion) so far from the sale of its shares.
Lloyds was rescued during the 2007/09 financial crisis,
costing taxpayers 20.5 billion pounds and leaving the government
with a 43 percent stake. Britain’s finance ministry began
selling its shares in September 2013 and is on track to return
the bank to full private ownership next year.
LONDON (Reuters) – Hedge fund clients face a nervous wait to see if firms betting on the troubled Chinese and Greek markets can avert emergency measures that give them power to lock away investors’ cash.
Both China and Greece have taken steps in the last month to curb sell-offs in their stock markets by imposing trading restrictions. Hedge funds exposed to the two markets are now finding it tough to value their holdings.
BOSTON/LONDON, July 9 (Reuters) – Hedge funds that make big
bets on currencies, interest rates and commodities were hit hard
in June as a worsening Greek debt crisis, concerns about China
growth and U.S. rate rise uncertainty unsettled markets.
The losses mark a reversal in fortunes for the global macro
and trend-following trading strategies, both of which had
finally appeared to be bouncing back after years of lacklustre
returns. Such funds had gained about 3 percent through May this
year, their best start in six years.
BOSTON/LONDON, July 6 (Reuters) – Jeff Feig, the co-chief
investment officer of hedge fund Fortress Investment Group LLC’s
macro fund is leaving the company after less than a
year, with Michael Novogratz becoming sole CIO, three sources
with knowledge of the changes said.
This marks the second time in roughly six months that the
$70 billion fund company is making changes at its macro fund,
which started the year off with heavy losses after being
wrong-footed on its Swiss franc trade.
LONDON/HONG KONG July 3 (Reuters) – Blackstone Group LP
has hired Liping Zhang as its chairman for Greater China
as private-equity deals boom in the region, the U.S.-based firm
said on Saturday, confirming an earlier Reuters story.
Zhang, who mostly recently served as the co-chief executive
officer for Greater China at Credit Suisse, will help
Blackstone to expand its presence in the region, the statement
LONDON (Reuters) – Fund firms with even token exposure to Greece hope Athens will soon reopen its stock exchange so they can wave goodbye to the ‘guess-work’ of valuing their funds.
The closure of the Athens Stock Exchange .ATG since Monday has made it impossible for managers to ascertain exactly how far the value of shares in bluechip Greek companies such as Alpha Bank (ACBr.AT: Quote, Profile, Research, Stock Buzz) and Hellenic Telecommunications (OTEr.AT: Quote, Profile, Research, Stock Buzz) might have fallen since the country fell deeper into crisis. It is unclear when the bourse will reopen.
BOSTON/LONDON (Reuters) – Hedge funds will likely attract billions of dollars in new money in the next six months after posting solid returns in the first half even as Wall Street’s sell-off, sparked by Greece’s debt drama, took a bite out of some managers’ June returns.
Hedge funds that bet mainly on stocks could take in as much as $14 billion in fresh cash in the second half, roughly double what came in during the first five months of the year, according to forecasts from industry research firm eVestment.
LONDON/BOSTON, June 29 (Reuters) – Greece’s worsening debt
crisis threatens to derail the best start to the year for global
hedge funds since 2009, as a bitter standoff between Athens and
its creditors rattles financial markets.
Hedge funds returned 4.6 percent through the end of May, the
highest during the same period in the last six years, data from
industry tracker Eurekahedge showed. Those focusing on Europe
did better, gaining 6.3 percent.