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Company |
Q3 2009 ($Blns) |
Q1 2009 ( $Blns) |
 % Change |
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1) Citco Fund Services (USA) Inc.* |
$475.00 |
$440.00 |
7.95% |
|
2) State Street |
$303.00 |
$252.30 |
20.10% |
|
3) Fortis Prime Fund Solutions** |
$219.37 |
$200.50 |
9.41% |
|
4) SEI |
$217.90 |
$205.00 |
6.29% |
|
5) The Bank of New York Mellon |
$203.74 |
$199.50 |
2.13% |
|
6) Citi |
$200.00 |
$192.00 |
4.17% |
|
7) HSBC Securities Services |
$176.92 |
$173.49 |
1.98% |
|
8) Goldman Sachs Administration Services |
$163.00 |
$156.70 |
4.02% |
|
9) UBS Global Asset Management Alternative Fund Services |
$158.90 |
$153.90 |
3.25% |
|
10) SS&C Fund Services |
$131.00 |
$110.00 |
19.09% |
|
11) Caceis** |
$124.17 |
$113.49 |
9.41% |
|
12) JPMorgan Hedge Fund Services |
$102.00 |
$96.00 |
6.25% |
|
13) GlobeOp Financial Services |
$100.00 |
$91.00 |
9.89% |
|
14) Northern Trust |
$96.00 |
$84.50 |
13.61% |
|
15) BNP Paribas** |
$90.37 |
$82.60 |
9.41% |
|
16) PNC Global Investment Servicing |
$82.20 |
$75.70 |
8.59% |
|
17) Morgan Stanley |
$75.03 |
$73.00 |
2.78% |
|
18) Butterfield Fulcrum* |
$68.00 |
$75.00 |
-9.33% |
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19) Société Générale Securities Services |
$54.00 |
$54.56 |
-1.03% |
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20) RBC Dexia |
$49.64 |
$35.29 |
40.66% |
|
21) Custom House Global Fund Services Ltd |
$39.60 |
$24.91 |
58.97% |
|
22) NAV Consulting, Inc. |
$39.00 |
$32.00 |
21.88% |
|
23) HedgeServ |
$36.70 |
$25.00 |
46.80% |
|
24) Heritage International** |
$34.92 |
$31.91 |
9.41% |
|
25) Ophedge Investment Services* |
$33.96 |
$32.00 |
6.11% |
|
26) Omnium-Citadel Solutions LLC |
$24.55 |
$19.97 |
22.95% |
|
27) Admiral Adminstration |
$22.00 |
$30.00 |
-26.67% |
|
28) Maples Finance* |
$20.35 |
$20.49 |
-0.68% |
|
29) Spectrum Global Fund Administration** |
$19.15 |
$17.50 |
9.41% |
|
30) Trident Trust |
$18.65 |
$20.04 |
-6.94% |
|
31) Harmonic Fund Services |
$17.60 |
$19.00 |
-7.37% |
|
32) Anson Fund Managers** |
$17.46 |
$15.96 |
9.41% |
|
33) UMB Fund Services |
$17.44 |
$16.69 |
4.48% |
|
34) AIS Fund Administration |
$17.00 |
$15.50 |
9.68% |
|
35) Kaufman Rossin Fund Services, LLC |
$16.50 |
$14.70 |
12.24% |
|
36) Caledonian Global Fund Services** |
$13.90 |
$12.70 |
9.41% |
|
37) CIBC |
$13.70 |
$14.00 |
-2.14% |
|
38) Lacrosse Global Fund Services |
$13.50 |
$11.57 |
16.72% |
|
39) Meridian Fund Services |
$12.50 |
$10.61 |
17.78% |
|
40) Nottingham Investment Administration |
$10.40 |
$10.80 |
-3.70% |
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Total for Top 40 |
$3,529.10 |
$3,259.88 |
8.26% |
|
* Restated Q1 2009 AUAÂ |
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** Estimated |
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Contributing Factors and Market Insight:
Despite record outflows at the beginning of 2009, allocations accelerated during the year as the frequency of new product launches increased. From January until September 2009 it is estimated that hedge funds grew by $33bn.
Â
There was a $270bn growth in assets under adminsitration among the top 40 hedge fund administrators during this time frame. This was due mainly to growth driven by investor demand for third party administrators, by record-breaking performance gains by fund clients, and by new product launches.
Â
Due to multiple ponzi schemes and rising competition for the modest flow of assets back into hedge funds, funds acquiesced to investor demands throughout the year for top of the line infrastructures for their investments. More and more hedge funds are opting for front to back services which are the most expensive.
Â
Smaller and mid-sized firms were positioned to take advantage of many fund launches under $5m, which allowed them to grow faster.  Three mid sized admins had large gains in their asset base between March 2009 and September 2009. The asset base of Custom House Group increased by 58%, HedgeServ by 46% and RBC Dexia by 40%.
Â
-Carbon 360 Research
* If you have any questions on fund administration, Senior Research Analyst Daniel Golyanov is available at 646-432-3331 or
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. The Carbon 360 2009 Fund Administration Fact Book is the preeminent report on fund administration.  You can view free samples and information from the Fact Book here:  http://www.carbon360.com/FAFactBook/home.do.
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Industry’s first Certificate in Hedge Fund Regulation launched
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PRESS RELEASEÂ Â
1 March 2010
Industry’s first Certificate in Hedge Fund Regulation launched The Hedge Fund College has announced the launch of its Certificate in Hedge Fund Regulation, the first regulatory certification in the hedge fund industry. The Certificate in Hedge Fund Regulation provides a broad-based curriculum in hedge fund regulation, delivered online by distance learning. Sponsored by The Hedge Fund Society and its international advisory board of academics and commercial practitioners, the course provides: An introduction to hedge funds, their history and the regulatory issues surrounding them. A review of regulatory theory. An analysis of the regulation of hedge funds, hedge fund managers, hedge fund service providers, hedge fund standards. An analysis of current developments in the UK, EU and US. Never has it been more important for the hedge fund industry to demonstrate a greater regulatory awareness.
The eight mandatory modules of the course are supplemented by a regularly updated resource of press articles and video links. Course registration, including the certificate examination, is accessible at www.hedgefundcollege.com. Thomas Bullman, founder of the Hedge Fund College, said, "
Both European and US regulatory proposals will have far-reaching effects. Everybody within the hedge fund industry has an obligation to ensure that they are sufficiently educated on how these new measures will impact them. The Hedge Fund College aims to provide a broad certification that a candidate has demonstrated an understanding of hedge fund regulation and current issues."
Ends For all media enquiries and requests, please contact: Brian O’Kane, Hedge Fund College Telephone : + 353 (0)21 4313855 Email: Summary for Editors: About the Hedge Fund Society The Hedge Fund Society (www.hedgefundsociety.com) is a global forum founded in 2009 by academic and commercial practitioners to promote, facilitate and enhance the regulatory education of the hedge fund industry through a range of courses, compliance tools, educational resources, and networking forums. With its Academic and Commercial Advisory Boards made up of leading universities and firms within the hedge fund industry across the EU and the US, the Hedge Fund Society is uniquely qualified to deliver the regulatory certification that the hedge fund industry requires. At 1 March 2010, the Society had over 1,050 members in over 40 countries. About the Hedge Fund College Founded in 2010, and sponsored by the Hedge Fund Society, the Hedge Fund College (www.hedgefundcollege.com) offers certification that the holder has mastered the fundamental regulatory concepts, implications, and current developments within the hedge fund industry in both the EU and US. The Hedge Fund College’s approach is to combine academic and commercial disciplines in order to foster the most complete learning experience for all its students. Its objectives are to: Become the hedge fund regulation qualification of choice internationally. Promote the understanding of regulation among all those in the hedge fund industry and those who service it.
Â
Last Updated (Wednesday, 03 March 2010 04:13)
The Market will Rise And They Will Come-Silk Invest Analysis
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Morgan Stanley likes Saudi, Nigeria and Kuwait. At least that is what their research
is saying. We love the sound of it as those markets happen to be some of our
darlings as well.
Those who have been reading our weekly updates for a while have had to put up with
us shouting it out from the rooftops that these markets are very much undervalued.
It was more like a cry in the dark when the crisis was in full swing and it took
some patience, but it has paid off and most of these markets have been outperforming
since the beginning of this year. Now that the big players are also making the case,
we may be in for some real good times!
It is given that the case for Saudi is pretty obvious for the MENA 'insider'(now),
but we must do an extra effort to catch the attention of the Europeans as many still
can't seem to distinguish between the Dubai-related headlines and the vast
opportunities in the wider MENA region. There still is a sort of fear driven
emotional blockage at play and it is blinding the eye of seeing the value.
It is quite amazing how Dubai, with only around 5% of the regional GDP, can act as
such a mighty proxy for the region. It says much about Dubai's PR efforts and how it
has stuck a big marker on the map of the world's audience. Perception is everything
and that is the part they managed to conquer, but where was this amazing PR machine
during the heat of the debt crisis anyway?
I guess, again, the same thing as always will occur: the market will continue to
rise and along with it will the courage of the international investors who will
eventually return. They are very welcome, the local investors are waiting for them.
What is increasingly clear is that the 'MENA insiders' have already moved on, there
is proof of this in the divergence in performance between the regional GCC markets,
even the Abu Dhabi and Dubai markets now seem to be on different tacks.
I thought it might be a good opportunity to provide you with an update of the graph
below. It illustrates that some of the main markets of our focus are still trading
at around only 30% of their 5 year highs. If you put this in contrast with the major
upside the major emerging markets have achieved over the past year, it becomes very
clear that these markets need to catch up.
Thinking conservatively: even if such a 'catch-up move' would bring markets to only
half of the value of the 5 year high, in some cases, we would still be looking at an
appreciation of more than 50%!
[cid:image004.png@01CAB534.7E3B1AD0]
With regards to Silk Invest's portfolios, the current asset allocation is mainly
positioned to capture the upside from the above mentioned 'catch-up' expected in
these undervalued markets.
With regards to the markets that have performed well so far, we are going to be
taking on a more tactical approach. For example, Egypt has been one of the best
performing markets in the past few months and has strongly contributed to our
portfolios performance. At these levels, we feel that playing close to the ball
makes more sense as the market consolidates.
We are increasingly positive on Kuwait, but are aware that the local investor base
is sceptical and negatively biased due to sentiment of impasse in their political
system. Many local investors in Kuwait are also suspicious of Zain's sale of it
African mobile telecom assets. They fear the deal may wind up being cancelled again.
However, the more we look at Zain's transaction, the more we see it as a positive
for both sides as Bharti, the Indian buyer, has proven to be very eager to enter the
African mobile market and for Zain, it is a needed opportunity to crystallize a
profit and reduce its debt outstanding.
With regards to Sub-Saharan Africa, our largest allocations to Nigeria, South Africa
and Kenya continue to power the fund. As always, despite the fact that we like Ghana
and Botswana, its shallow market liquidity limits our exposure.
The African theme seems to be gaining traction. Maybe it is the advent of the World
Cup in South Africa or the realization that things have really changed down there
but more and more investors in Europe are focusing on Africa and our Lions fund has
been getting an increasingly steady stream of inflows.
This week I also wanted to feature a story form Morocco's Addoha, who announced that
they will be building 25.000 social housing units a year for the next four years. In
addition, these units will provide a tax break for their buyers. As a result,
Addoha's main office in Casablanca was stormed by thousands of potential buyers to
the extent that police forces had to be called in to organize the crowd. More than
15.000 units were promised after the first few hours of the sale!
Below is an picture taken from 'La Nouvelle Tribune', the daily Moroccan newspaper.
Does the saying "if you build it, they will come" sound familiar?
[cid:image006.jpg@01CAB534.7E3B1AD0]
What is in this week's updates?
Our weekly updates are attached or can be found on our website on
http://www.silkinvest.com/#/50-ProductsUpdates
Here are some of the headlines of the stories we put in perspective this week:
*Â Â Â Â Â Â Â Â Egypt could grow at 5.5% in 2010 with big plans to double its exports
*Â Â Â Â Â Â Â Â Nigeria continues to rise amid after a smooth transition of power
*Â Â Â Â Â Â Â Â Botswana explores ways of increasing it market liquidity
*Â Â Â Â Â Â Â Â Morocco received further backing by the IMF for its reform and
modernization program
*Â Â Â Â Â Â Â Â Ghana makes progress in taming the Cedi's inflation rate
*Â Â Â Â Â Â Â Â Expectations for higher earnings accross the Maghreb markets
*Â Â Â Â Â Â Â Â Saudi companies continue with regional expansion
*Â Â Â Â Â Â Â Â Saudi Arabia and Oman get a credit rating upgrade while Botswana is
downgraded.
*Â Â Â Â Â Â Â Â Kuwait continues its rebound, mostly on the back of Zain.
*Â Â Â Â Â Â Â Â The IMF praises Qatar's macroeconomic efforts
*Â Â Â Â Â Â Â Â Reduced activity in global frontier debt markets provides opportunities to
invest in local currency debt issues.
Company news
*Â Â Â Â Â Â Â Â Air Arabia post lower earnings but beats all estimates
*Â Â Â Â Â Â Â Â Higher earnings for East African Breweries, Guinness Nigeria.
*Â Â Â Â Â Â Â Â Regional expansion plans for Illovo Sugar (South Africa), El Sewedy Cables
(Egypt), CMT (Morocco)
*Â Â Â Â Â Â Â Â Strong earnings surprise by Attijariwafa Bank (Morocco)
*Â Â Â Â Â Â Â Â Ahli United Bank (Bahrain) obtains approval to acquire 40% of Libya's Bank
for Commerce and Investment
*Â Â Â Â Â Â Â Â Dubai's Drake and scull's net profit rose by 32% despite problems in the
construction sector
*Â Â Â Â Â Â Â Â Kuwait's Zain telecom expects to make returns of up to five billion
dollars from selling its operations in Africa to India's Bharti Airtel for 10.7
billion dollars
*Â Â Â Â Â Â Â Â DP World announced that it is expected to complete the first phase of the
$650mn Vallarpadam port terminal project in Kochi, India by June this year with
operations projected to start by year end.
We look forward to keeping you updated
Kind regards from the Silk Invest Team
For an archive of our past updates, please visit
www.silkinvest.blogspot.com<http://www.silkinvest.blogspot.com>
Baldwin Berges
Managing Director
Silk Invest Limited
4 Lombard Street - London EC3V 9HD - United Kingdom -
+44 7772 460768
www.silkinvest.com<http://www.silkinvest.com/>
Visit the "Silk Invest Updates" blog:
http://silkinvest.blogspot.com<http://silkinvest.blogspot.com/>
EU Still Divided Over Hedge-Fund Rules
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BRUSSELS—Members of the European Union remain divided over planned rules for hedge funds and private-equity firms, according to the Spanish government.
Spain, which currently holds the EU's six-month rotating presidency, said representatives from the bloc's 27 member countries raised three main concerns at a meeting last week: the scope of the regulation, the use of depositaries and rules for funds based outside the EU.
These concerns highlight the bloc's deep ideological divisions about regulating financial markets in the wake of the economic downturn. Officials in Germany, France and Italy are staunch critics of hedge funds and other aspects of financial markets that they say have evolved beyond regulators' understanding and oversight. Read more
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