Absolute return duo departs RWC

Absolute return duo departs RWC

 Peter Allwright and Stuart Frost, portfolio managers hired by RWC Partners in 2010 to bolster its absolute return business, have left.

 Both joined the boutique from rival Threadneedle and worked in rates and currencies, managing the RWC Cautious Absolute Rate & Currency fund. They left in March, an RWC spokesman said.
Allwright has joined Nomura, according to the UK’s Financial Services Register, returning to a bank where he previously worked as a proprietary trader. A spokeswoman for Nomura declined to comment.

3i shares hit four-year high

3i shares hit four-year high

3i Group’s shares closed at a four-year high on Wednesday as investors continue to buy into the company’s turnaround plan. The rise came on the same day that Europe's main listed private equity index reached to its highest level since 2007.

Shares in 3i closed the day at 370.9p, their highest level since 2009 at the peak of the credit crisis.

Some analysts pinned the recent gains in 3i’s share price on hopes next week’s first-quarter results will be better than the market expects. The company is also holding its Annual General Meeting on July 18.

The strong performance of 3i’s share has buoyed the listed private sector to a near six-year high.

Stock-picking hedge funds stand out in June

Stock-picking hedge funds stand out in June

Prominent hedge fund managers, whose business is picking the best and worst stocks to invest in, posted gains in June amid the sell-off in global markets.

Blue-chip managers Lansdowne Partners, Egerton Capital, Odey Asset Management, Chilton Investment Company and Horseman Capital Management were among the stock-pickers that made money last month, with many of them profiting from positions in their short book.

A partner at one of the 10 biggest hedge funds in London said: “Managers who are focusing on stock selection seem to be doing pretty well. You’re starting to get good dispersion between stocks.

Global launch of the World Economic Situation and Prospects 2013

Every year some 60 staff members from the UN Department of Economic and Social Affairs (DESA), the UN Conference on Trade and Development (UNCTAD) and the five UN Regional Commissions, as well as most recently the United Nations World Tourism Organization (UNWTO), work together to produce a joint publication of the World Economic Situation and Prospects 2013 (WESP), the report of the United Nations on the state of the world economy.

EUR/USD Extend Drop for Second Session

EUR/USD extended its yesterday’s drop for the second session today as Forex market participants are still tries to swallow the comments of US policy makers. The data was mixed as the robust housing data and the unexpected expansion of manufacturing did not help the leading index to rise much. What is even more important, unemployment claims rose yet again, suggesting that stable employment growth was not reached yet. This means that an end to quantitative easing will likely be postponed.

Forex Brokers Update

This week has brought one new broker:
Alpha Trading — a shady company of obscure origin. The broker offers MetaTrader 4 accounts starting from $1,000 and provides floating spreads that are rather low. Despite the high minimum account size, micro-trading is enabled. Only Forex instruments (and not too many of them) are available with Alpha Trading.

EUR/USD Reverses Drop After ECB Cuts Interest Rates

Today’s trading session was completely unlike yesterday’s one as all data from the United States was better than expected. The most important event happened in Europe though as the European Central Bank announced its monetary policy decision. Analysts have predicted that the central bank would leave interest rates unchanged, but there were more and more speculations about an interest rate cut as time was passing by and economic reports from the eurozone were coming out rather bad. Such talks proved true and the ECB slashed borrowing costs at today’s meeting. (Event A on the chart.)