News round-up: HSBC AM’s head of global hedge fund departs; Alternative asset managers only want necessary CMU reforms; Billionaire preps to launch $100m quant HF

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HSBC AM’s head of global hedge fund departs

Richard Berger has left HSBC Alternatives as global head of hedge funds after almost 3 years. Berger joined HSBC Asset Management’s $53bn alternatives division in December 2018.

Previously, he spent more than 11 years at Pioneer Investments. As Pioneer Investments CIO and head of research, he was responsible for liquid alternatives, and FoHF portfolios. He also oversaw the business’s strategic due diligence and quantitative analysis.

A HSBC AM spokesperson has confirmed his departure.

Berger is the latest of several departures from HSBC AM. Earlier this year the company lost hedge from Alex Gaitan from its London office.

HSBC’s $53bn Alternative’s arm was launched this June and united the firm’s alternative capabilities.

Alternative asset managers call for CMU reforms to be introduced only where necessary

The Alternative Investment Management Association (AIMA) and Alternative Credit Council (ACC) have cautiously welcomed the European Commissions proposed Capital Market Union (CMU) initiatives.

The much-warranted ELTIF reforms, for which both AIMA and the ACC encouraged, support greater investment in the real economy and will provide European SMEs with a new source of long-term growth capital. The proposals on market data transparency and the new European Single Access Point (ESAP) will help to increase market transparency and efficiency which is essential to attract increased investment.

Jack Inglis, the CEO of AIMA, has said: “Today’s package has some solid elements in it. The ELTIF proposal has significant improvements to the existing regime and could really open-up the market to new sources of capital. Similarly, the proposals for the creation of a consolidated tape in the EU are long overdue. And while we remain concerned about parts of the AIFMD proposals regarding loan funds and investor access to third country expertise, we hope to work with the lawmakers to make those workable for the industry and its investors.”

AIFMD is a well-functioning regime and as such should be changed only where absolutely required to preserve stability and certainty. The associations support a targeted approach that should not harm investor access to best-in-class products and global financial centres.

Media and tech billionaire preps to launch $100m quant HF

Swiss–Italian Silvio Scaglia is set to launch a $100m quant hedge fund in the first quarter of 2022. SHS Asset Management will be seeded by around $100m of internal capital and will then open to external investment around 3 months after it begins trading.

The New York based fund will pursue a systematic “knowledge arbitrage” strategy and will trade US equities on the Russell 1000.

“Because of our technology, we will be able to see faster than the market… not information (that) matters within the next 6 months, but in the next 24 to 36 hours” Monica Fuentes, CFO and COO of SHS Asset Management has said.

Scaglia made his fortune founding after founding broadband company, Fastweb, in 1999. After selling his majority stake in the business to Swisscom, he was thought of as one of the richest people in Italy of the time. He bought Elite World Group in 2011 and remains chairman.

In the past, he has also acted as a board member and chairman of AI-driven data company Yewno and Italian fashion house La Perla.

Scaglia founded SHS in 2020.

Carmen Bamford

Head of Event Content, HFM

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