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Commodity Portfolio Management Research & Reports

Bubble That Everyone Admits is a Bubble

London, 6 November 2013

This is one of the few times where the benefactors or professionals who benefit from the bubbles, in this case created by the Federal Reserve, fully and openly acknowledge that stock prices and certain other asset classes are completely divorced from fundamental valuations.

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Benchmark Pricing – The Impact on the Commodity Markets

London, October 2013

The European Commission (the "Commission") has published its long awaited Proposal for regulation of benchmarks (EC COM(2013)641/3) which are used in setting interest rates, commodity prices and other financial instruments. As Michel Barnier has indicated the purpose of the Proposal is to rebuild trust in benchmarks which has been undermined by scandals and allegations of benchmark manipulation. This comes against a background where the draft proposals for a Market Abuse Regulation make manipulation of benchmarks illegal and the Commission is conducting an anti trust investigation into pricing of oil following a raid on the offices of Platts and the oil majors Shell, BP and Statoil.

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The Unintended Consequences of Banning Derivatives in Asset Management

London, 3 October 2013

A ‘finance-fiction’ study - What would be the consequences of banning derivatives from the asset management industry? In a finance-fiction study called “The Unintended Consequences of Banning Derivatives in Asset Management”, Alessandro Beber, Finance professor at Cass Business School and Christophe Pérignon, Finance Professor at HEC Paris, conduct a what-if analysis of the potential consequences for asset managers and their customers if such a ban were to be enforced. The study describes what an economy without derivatives would look like, with a special emphasis on the asset management industry as it makes use of derivatives instruments for hedging and investment purposes.

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Egypt for Sale

London, 23 September 2013

Three years has seen the overturn of two government, the deaths of thousands of people and the destruction of much of the Egyptian economy. In the end, the mobs have changed nothing, except to make their own lives more miserable.

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Hedge fund launches expand ... slightly

Chicago, 12 September 2013

Hedge fund launches and liquidations both declined modestly in the second quarter, as US regulators eased restrictions on the marketing of hedge funds. A total of 288 new hedge funds launched in 2Q13, a slight decline from the 297 funds launched in 1Q13 but representing a year over year increase from the 245 funds launched in 2Q12, according to the latest HFR Market Microstructure Industry Report, released today by HFR, the established global leader in the indexation, research and analysis of the global hedge fund industry. Total hedge fund launches in the trailing 4 quarters ending 2Q totaled 1144, the highest total since nearly 1200 funds launched in the trailing 4 quarters ending 1Q08.

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Global ETFs and ETPs suffer record outflows

London, 6 September 2013

Global ETFs and ETPs suffered record net outflows of US$16.77 billion in August after gathering near record net inflows of US$45.26 billion in July, according to ETFGI’s Global ETF and ETP industry insights report. ETF and ETP assets have declined from the July record high of US$2.17 trillion to US$2.11 trillion at the end of August 2013. There are now 4,938 ETFs/ETPs, with 9,932 listings, from 211 providers listed on 57 exchanges.

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Assets of top 100 alternative investment managers hit $3 trillion

London, 8 July 2013

Total assets managed by the Top 100 alternative investment managers globally reached $3.1 trillion in 2012, according to research produced by Towers Watson and published in conjunction with the Financial Times. The Global Alternatives Survey, which covers seven asset classes and seven investor types, shows that of the Top 100 alternative investment managers, real estate managers have the largest share of assets (34% and over $1.0 trillion) followed by direct private equity fund managers (23% and $717bn), direct hedge funds (20% and $612bn), private equity funds of funds (PEFoFs) (10% and $315bn), funds of hedge funds (FoHFs) (6% and $176bn), infrastructure (4%) and commodities (4%).

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Issues Arising in Commodity Inventory Finance

London, May 2013

Reed Smith: The knock-on effects of the global economic crisis have influenced the financing of the commodities trading industry. Changes in the regulatory landscape in Europe and the United States have likewise influenced the manner in which finance is being provided to the sector. One manifestation has been an increase in lending conducted through ownership and intermediation structures that interpose the financier as owner of the commodities. Such structures have the advantage that they may, depending on the accounting practices of the bank, be treated as purchases/sales for regulatory capital purposes, meaning the financing that they provide requires less capital than traditional secured loans.

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Singapore: The world’s fastest growing wealth centre

London, 9 April 2013

The strong performance of HNWIs in the Asia-Pacific region will see Singapore’s overtake Switzerland as the largest global offshore private banking market by 2020. With Assets under Management (AuM) of US$550 billion at the end of 2011, new research reveals that Singapore is the fastest growing wealth centre in the world, and will be the largest offshore private banking market by 2020. This reflects the significant disparity in the performance of the HNWI sectors in the Asia-Pacific region and the rest of the world, and suggests a bright future for HNWIs in the region.

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EDHEC European ETF Survey 2012

London, 28 March 2013

EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2012, which represents a comprehensive survey of 212 European ETF investors. The survey was conducted as part of the Amundi ETF research chair at EDHEC-Risk Institute on “Core-Satellite and ETF Investment.”

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