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HSBC Hedge Weekly: Hedge fund returns YTD 2015 week ending October 23, 2015
Hedge Funds
<p>HSBC Hedge Weekly: Hedge Fund Returns for notable names – YTD 2015 Week Ending October 23, 2015</p> <p>This story originally appeared in ValueWalk.<br /> Photo: Allan Ajifo</p>
CFA Institute opens office in Beijing, holds excellence award ceremony in Hong Kong
Lifestyle, 4:01
<p>CFA Institute, the global association of investment professionals that sets the highest standards for education, ethics, and professionalism in a global investment industry, has opened its first office in mainland China, Finbuzz reports.</p> <p>Though the world’s second-largest economy has entered a “new normal” and is no longer a factory of economic growth, China requires world-class financial talents and a mature financial market. With the ongoing internationalization of China’s financial market, the CFA Institute will continue to collaborate closely with Chinese financial authorities and industry professionals to promote the CFA Institute ‘gold standard’ and put it into practice.</p> <p>The CFA Institute Beijing office was formally opened with a ceremony near the office in Oriental Plaza. Speeches were given by members of the CFA Institute global and Chinese leadership teams, financial regulators, and partners.</p> <p>“China is a key growth market for the CFA Institute, driven by the increasing need for talent in the growing financial and asset management industry,” the CFA Institute said in a press statement.</p> <p>Today there are more than 3,000 CFA charter holders in China. Last year alone, there were more than 36,000 CFA exam candidates in China, ranking first in the Asia-Pacific region and second after the United States globally in terms of the number of people taking the exam.</p> <p>“This important milestone in the history of CFA Institute underscores our commitment to China and to the global investment profession,” said Paul Smith, CFA, president and CEO of CFA Institute.</p> <p>A few days earlier the CFA Institute Russia was honored with the 2015 Excellence Award at the Shangri-La Kowloon hotel in Hong Kong. The award recognizes the work and dedication shown by CFA societies and volunteers in several categories. A total of 12 organizations around the world received recognition for their exceptional performance and outstanding innovation. Globally, there are 146 societies in 71 countries. Each society plays a significant role in supporting the CFA Institute mission on a local level by organizing member education, networking opportunities and by building partnerships with universities and companies.</p> <p>About the CFA Institute</p> <p>The CFA charter is one of the most respected professional qualifications in the global investment industry. CFA Institute creates a strong global investment community which raising standards of professional excellence and credentials. The organization is a champion for ethical behavior in investment markets and a respected source of knowledge in the global financial community. The end goal: to create an environment where investors’ interests come first, markets function at their best, and economies grow. CFA Institute is present across the Americas, Europe, the Middle East, Africa, and Asia Pacific. Its global operations center is in Charlottesville, Virginia, and it has additional offices in New York City, London, Brussels, Hong Kong, Beijing, and Mumbai.</p> <p>This story (with pictures) originally appeared in FinBuzz.<br /> Photo: Ade Russell</p>
Daily Scan: Stocks end week on a high note; Hurricane Patricia hurtles toward Mexico
Capital Markets
<p>Updated throughout the day</p> <p>October 23</p> <p>Good evening. Stocks rallied again Friday after some strong earnings reports and possible ECB stimulus coming soon. The Dow gained 0.9% Friday, after steady growth all day. The S&amp;P 500 rose 1.1% and the Nasdaq added 2.3%. The Peoples Bank of  China announced it is lowering its benchmark rate 0.25% to 4.35% --  the sixth such move since November. Stocks took off on the news in Europe. This follows news on Thursday that the European Central Bank was likely to continue its easy money program in December.</p> <p>Here’s what else you need to know:</p> <p>Here comes Patricia. Mexico is battening down the hatches as the strongest hurricane ever recorded heads toward the country's Pacific coast. Winds are reaching 200-mph, making this storm the most dangerous as well. CNN</p> <p>Nigeria bombing kills 37. At least 37 people were killed and more than 100 wounded Friday when bombs went off in mosques. Militant group Boko Haram is suspected to be behind the attack. Reuters</p> <p>Jeb Bush slashes campaign staff pay. Bush's presidential campaign has been floundering, and the staff are feeling the pressure. Besides hefty pay cuts, job functions will change as the campaign shuffles to stay alive. Politico</p> <p>Died: Pimco's Walter Gerken. The 93-year-old Gerken served as chairman and CEO of Pacific Life Insurance from 1975 to 1986. In the 1960s, Gerken helped turn the firm's investment unit into the separate subsidiary that became Pimco in 1971. New York Times</p> <p>That other guy drops out of the Democratic presidential race. Lincoln Chafee, the former governor and senator of Rhode Island that no one really knows, has dropped out of the presidential race. The former Republican and former Independent was a long shot candidate, and never gained real traction with voters. And then there were three... Politico</p> <p>French bus crash leaves 42 dead. A tour bus collided with a truck in southern France Friday, killing at least 42 people. Only eight people "escaped the flames." Most of the bus passengers were elderly people on holiday. The crash was the worst road accident in France since 1982. CNN</p> <p>Google, Amazon in the stratosphere on strong earnings.  It wasn't enough that Google, now a subsidiary of Alphabet, has joined Apple in the $500 billion+ club after blow out earnings.  Plus, the newly restructured company announced a $5.1 billion stock buyout. That is some debut. Meanwhile, Amazon shocked with two consecutive quarters of earnings, pushing its capitalization to more than $300 billion. MarketWatch</p> <p>Google has six properties with more than 1 billion users. That's Facebook times six. Wowser. MarketWatch</p> <p>Microsoft joined the earnings surprise hit p</p>
People Moves: ICG adds to New York team; Northern Trust builds in Canada
Asset Management
<p>Intermediate Capital Group adds to U.S. private debt team. ICG has hired Jeffrey Rabel for the newly created position of managing director for the U.S. private debt investment team. Rabel will be based in New York. He previously worked as a managing director for financial sponsors group at Barclays Capital in New York. Pensions &amp; Investments</p> <p>Northern Trust grows in Canada. Northern Trust Asset Management has hired Tony Politano for the newly created position of senior client investment officer for the multimanager investment outsourcing practice based in Toronto. Politano comes to the firm from Aon Hewitt Investment Consulting where he worked as a senior investment consultant. Pensions &amp; Investments</p> <p>Kames Capital's North American equities head departs. Marcus Chandler will be leaving the UK-based firm to spend more time with his family. Chandler joined the firm in 2012, and managed the Kames American Equity fund, and co-managed the Kames Global Equity Fund. Chandler previously worked as a fund manager at LV Asset Management, Credit Suisse, and Aberdeen Asset Management. CityWire<br /> Photo: ©<br /> &nbsp;</p>
Franklin Templeton looks to acquisitions
Asset Management
<p>Franklin Templeton, which just took a 44% profit hit last quarter, is on an acquisition hunt for alternatives, reports the Financial Times. The company has made a number of acquisitions in the last 10 years, mostly small add-ons to the traditional business. This continued pursuit of alternatives may mean a change to the core of Franklin's business.<br /> Photo: Raúl Hernández González</p>
Twitter reacts to surprise rate cut in China
Capital Markets
<p>#China cuts rates again, but growth is on target… right?<br /> — Pedro da Costa (@pdacosta) October 23, 2015</p> <p>S&amp;P futures after China rate cut</p> <p>— zerohedge (@zerohedge) October 23, 2015</p> <p>To compensate for lost jobs, US cuts rates. To compensate for lost US exports to jobless Americans, China cuts rates. Russia buys Gold.<br /> — Max Keiser (@maxkeiser) October 23, 2015<br /> Photo: © kool99</p>
China cuts interest rate in unexpected move
Capital Markets
<p>From the Guardian:<br /> China’s rate cut is the sixth since last November as the authorities try to kickstart the slowing economy. The People’s Bank of China has lowered its one-year benchmark bank lending rate by a quarter point to 4.35%, effective from 24 October. The one-year benchmark deposit rate was also cut by 25 basis points, to 1.5%.</p> <p>This is China’s most aggressive policy easing cycle since the global financial crisis in 2008/09, Reuters said.<br /> Photo: Michaël Garrigues</p>
70% of bankers see fintech making significant impact on banking
<p>&nbsp;</p> <p> A new survey of bankers and Fintech executives highlighted the impact that Fintech is having on the banking world.</p> <p> Nearly three out of every four bankers foresee some form of major disruption from Fintech.<br /> Fintech executives expect the deposits and small business loan segments to be most impacted.</p> <p>&nbsp;</p> <p>The Fintech revolution has grown rapidly in recent years, and it appears as if it will not be going away anytime soon.</p> <p>How much of a threat does Fintech pose to traditional banks? A new survey of 100 Fintech executives and 100 senior bankers conducted by the Economist Intelligence Unit (EIU) and sponsored by Hewlett Packard Enterprise shed some light on where Fintech is headed and if big banks should be worried.</p> <p>Here’s a look at some of the key findings from the ...</p> <p>Full story available on</p> <p>Photo: FamZoo staff</p>
How to play oil's short-lived rally
Asset Management
<p>There has been plenty of chatter about an alleged oil rebound in recent weeks. If theUnited States Oil Fund (NYSE: USO), which tracks front-month West Texas Intermediate crude futures, being up half a percent over the past month qualifies as a legitimate rebound, so be it.</p> <p>Oil equities have been vastly superior over that period. For instance, the usually volatileSPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE: XOP) is up 10.3 percent over the past 30 days and that is even with the burden of an almost 5.4 percent decline over the past week. Still, there are reasons to be cautious with the oil patch, both futures- and equity-based exchange traded funds.</p> <p>There is political wrangling regarding the US potentially becoming an oil exporter and headlines about Saudi Arabia moving to crush the U.S. shale boom. The Direxion Daily S&amp;P ...</p> <p>Full story available on</p> <p>Photo: Natalie Maynor <br /> &nbsp;</p>
China’s profitable congress
Lifestyle, 4:01
<p>Chinese media called it the “wedding of the century”. Earlier this month, TV star Huang Xiaoming tied the knot with Angelababy, who has been described as “China’s Kim Kardashian”. The nuptials took place at the Shanghai Exhibition Centre, witnessed by more than 2,000 rich or beautiful guests and set the groom back a small fortune.</p> <p>“The centre, which costs half a million yuan a day to rent, was sealed off for several days beforehand for decoration purposes. The South China Morning Post reports that the main hall of the centre was filled with tens of thousands of roses while 200 workers laboured overtime to replicate the bride’s dream of getting married in a castle. There was also a 2.5 metre cake fashioned to look like a carousel, which is said to have taken a month to make,” writes Week in China.</p> <p>“Days before the wedding, the bride also showed off her pear-shaped six-carat diamond Chaumet Josephine engagement ring via her social media account. It is estimated to be worth $1.56 million. During the wedding ceremony, she also wore an antique brooch and a crown that were rented from Chaumet’s own museum.”</p> <p>Yet despite the excess, online advertising and endorsements meant the marriage apparently got off to a lucrative start.</p> <p>&nbsp;<br /> Photo: 路易豪豪</p>