• Asset management is riskier than we thought. A Chinese investor stabbed Wang Jie, the chief executive of Global Wealth Investment, during a meeting with investors after the Beijing-based asset manager failed to meet expectations. The assailant had invested Rmb300,000 ($47,460.84) in Global Wealth’s products.
• Fortress Investment Group became the latest hedge fund sponsor to suffer the humiliation of inadequate performance. It is shutting down its $2bn flagship macro fund. New York-listed Fortress decided to wind down manager Mike Novogratz’s fund after it lost 17.5 per cent this year, according to people familiar with the situation.
• Renaissance Technologies has not waited for its managed futures fund to go so far into the red before closing it down. The Renaissance Institutional Futures fund is to give its $1bn of assets back to investors after losing 1.75 per cent this year, and returning just 2.86 per cent (annualised) in its eight years’ existence.
• BlackRock has completed its acquisition of an infrastructure investment firm in Mexico. Infraestructura Institucional, which has about $750m of invested and committed capital, is small by comparison with BlackRock’s $7.5bn infrastructure platform, but the world’s largest fund manager has ambitions to grow in Latin America’s second-largest economy.
• China plans to issue government debt denominated in renminbi in London, as part of its campaign to make its currency globally popular. The People’s Bank of China will set the scene with launches of short-term debt before Chinese Treasury bonds are issued. The plan is likely to be a key announcement during Chinese president Xi Jinping’s visit to the UK this week.
• The London Stock Exchange Group is entering the European interest rate futures markets dominated by Deutsche Börse and Intercontinental Exchange. The LSE’s CurveGlobal venture is backed by Bank of America Merrill Lynch, Goldman Sachs, Barclays, Citi, JPMorgan and Société Générale and the Chicago Board Options Exchange.
• Assets under management at Ashmore, the emerging markets bond house, fell 13 per cent to $51.1bn in its first quarter to the end of September. China’s slowdown, a strong dollar, weak demand for commodities and worries about US rate rises undermined sentiment in emerging markets. Net outflows of $4bn and negative performance of $3.8bn at Ashmore accounted for the drop.
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