People
Old hands, steady heads
Mustafa Jama joined Morgan Stanley's FoHF team as CIO four years ago – and tells Solomon Teague there are not that many houses whose engagement with hedge funds stretches back 16 years
New seasoned and experienced old hands on the block
After gardening leave, John Godden set about recruiting for IGS Group, a multi-faceted alternatives consultancy, in the word's widest sense. Solomon Teague sat down with him to find out more on what IGS was built to do
Helping to build industry giants
administration
Taking Aim in the heart of London
Whether it's permanent capital you're after, or a way to value more precisely your fund management firm, London has a veritable plethora of exchanges to choose from. David Walker sat down with the great and very good indeed to mull over one of those…
Plain sailing as the GMI ship fund makes some pieces of (very non-correlated) eight
M2M has made quite a splash in its first year with its Global Maritime Investments shipping hedge fund, making 31% and raising $111m in barely 10 months. GMI's Stephen Rodley and Stuart Rae told David Walker how they managed both…
Investing in company directors' insight
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The benefits of 130/30 vision
Equity funds
John Casaudoumecq
Citi's head of global commodities John Casaudoumecq explains to Oliver Holtaway why he switched to the sector after a career in the rate markets – and why he felt relocating to London was crucial to building the business
A climate of change
Proposals for an emissions trading scheme in Australia have met with widespread support from industry. However, some stakeholders are questioning what the impact will be on their business, and some believe an ETS alone may not be enough to meet…
An unfair competition
As one of the largest importers of natural gas in the European Union, Italy is a clear example of why liberalisation is harder in net importing countries. Alberto Cavaliere, professor of public economics at the University of Pavia, looks at the state of…
Subprime hope
As the fallout from the troubled US subprime mortgage market continues to spread, Laurence Neville looks at what the future holds and examines some important factors that must be addressed to ensure its survival
The whole package
Whole loan trading in the UK is blossoming and healthy volumes are expected this year as a host of new entrants increase liquidity in the market. Though US subprime troubles have dented trading volumes, many expect the market to continue to grow. Hardeep…
Running dry
The UK has seen an old-style bank run like those of the nineteenth century. German lenders have struggled to prop up failing conduits. Contagion from the US has reached Europe but not in the way anyone expected. Subprime lenders, in particular, have been…
Exit routes clear
Rob Collins has joined Morgan Stanley's securitisation team from his previous role as chief financial officer for the investment bank's UK mortgage lender - Advantage. His new role will help the firm feed capital markets intelligence into its product…
An elegant charter
Patricia Cook has taken on the role of chief business officer at Freddie Mac as the mortgage agency faces its biggest challenge for the past 15 years, and perhaps its biggest opportunity. Here she talks exclusively about Freddie's strategy in the current…
Opportunity knocks
Property derivatives are already used in the commercial mortgage market, and growth is forecast in this area. However, there's untapped potential in the huge residential mortgage market - so what will it take for lenders to see the benefits of hedging…
Mission critical
Few are the lucky ones in the current market turmoil. But good fortune and good foresight mean Freddie Mac is less vulnerable than private-label peers. The subprime mess might even present a valuable opportunity for the US mortgage agency. By Rob Mannix
Hedging for the duration
As spreads to be earned on other fixed income products have declined, mortgages have become more attractive but investors should know what risks are hedged and why. Mark Raaberg considers the main risk dynamics of hedging mortgages and why duration is a…
A time of strife
Interest rate markets traded as if every day was a big news day during August. Mark Walker of RBS Global Banking & Markets looks back at swap movements and volatility spikes and asks what those meant for mortgage lenders
The true cost of no-cost mortgages
Banks offering no-cost mortgages have been accused of hiding the real cost of the loan from borrowers. But as Andrew Kalotay and Jinghua Qian explain, lenders can also run into problems if they fail to calculate correctly the prepayment behaviour of…