RSR Capital returning money after Asia hedge fund losses
“We are still here. We will trade only for ourselves for few months and resume with the fund once ready,” Delorme, a former head of Japanese over-the-counter multi-products at Newedge Group, told Reuters in an e-mail on Wednesday.
RSR Capital’s volatility hedge fund, Caerus Arbitrage Asia, started trading with $4 million in August last year and managed about $60 million (39 million pounds) in May 2011.
Volatility, the rate of change in the price of an asset, has an inverse relationship with price. Funds such as the one from RSR Capital tend to do well when markets are falling as volatility increases.
The fund was down 7.72 percent in the first ten months of 2011, including its biggest monthly drop of 5.13 percent in September, according to a letter to investors seen by Reuters.
“We will experiment our new strategy from January to June 2012, and if we like the performance, we will accept money from external investors again,” Delorme said.
RSR Capital lengthens the list of hedge funds who have returned external money or closed as investors shy away from allocating fresh capital to the region, given nagging concerns about the global economy and the European debt crisis.
More than 80 hedge funds in Asia have closed down this year, according to Singapore-based industry tracker Eurekahedge.
Asian hedge funds saw net outflows of $2.2 billion in September and October, erasing nearly a third of the inflows in the previous eight months, data from Eurekahedge showed.
(Reporting by Nishant Kumar in HONG KONG; Editing by Chris Lewis)
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Ranbaxy slip after FDA settlement
Ranbaxy, whose shares initially rose 2 percent on the announcement, said it would make a $500 million provision to resolve potential criminal and civil liabilities arising from an investigation by the U.S. Department of Justice.
“This is an incremental negative as the penalty is on the higher end of our expected range of $200 million to $500 million,” Nomura said in a note.
The FDA accused Ranbaxy in 2009 of falsifying data and test results in drug applications, and it halted reviews of drugs made at the company’s plant in northern India.
The FDA banned the import of Ranbaxy’s various generic formulations in 2008, citing compliance issues.
Angel Broking said in a note that while it was unclear whether the deal represented a full and final settlement with the FDA, “it is a positive development towards a resolution.”
Ranbaxy, majority owned by Japan’s Daiichi Sankyo Co (4568.T), said it had committed to further strengthen its procedures and policies to ensure data integrity and to comply with good manufacturing practices.
Daiichi Sankyo, Japan’s No.3 drugmaker, cut its annual net profit forecast by almost half as a result of the settlement.
Other Indian companies including Aurobindo Pharma (ARBN.NS) Sun Pharmaceutical Industries (SUN.NS) and Cadila Healthcare (CADI.NS) have been struggling to get FDA approval for one plant each over compliance issues.
At 10.25 a.m (0455 GMT), Ranbaxy shares were down 3.2 percent at 382 rupees in a Mumbai market that was up 1.65 percent.
(Reporting by Rajesh Kurup; Editing by Ted Kerr)
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Singapore Hot Stocks-NOL rises on shipping alliance
“An alliance prevents the liners from price-cutting to get market share, so it’s positive. I think the trend in the industry will accelerate,” said a local analyst.
The partnership will create a container shipping alliance with more than 90 ships in nine services calling at more than 40 ports in Asia, Europe and the Mediterranean, NOL said in a statement on Tuesday. (Reporting by Eveline Danubrata)
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– GMAC Bank originated the loan receivables that back this German Auto ABS transaction.
Standard & Poor’s Ratings Services today affirmed its credit rating on E-Carat S.A.’s compartment 1 class A notes (see list below).
GMAC Bank GmbH originated the loan receivables that back this asset-backed securities (ABS) transaction. This is the first of three E-Carat transactions securitizing assets originated by GMAC Bank.
Today’s rating action follows our review of the transaction according to our surveillance schedule.
In our view, this transaction has shown good asset performance. The static transaction has a pool factor of 50%. Losses have accumulated to 0.27% since closing, which is low compared with our initial assumption of 0.92%. Also, 90+ day delinquencies are low at 0.18%, as percentage of the closing balance (according to the Oct. 11, 2011 investor report). Furthermore, the level of credit enhancement has increased from 10% at closing to 20% currently, mainly due to the subordination of the class B and C notes to the class A notes, and the sequential pay-down of the notes.
In our opinion, the transaction is performing in line with our expectations at closing, with a pool factor of 50%, no reserve fund draws, low net losses, and 90+ day delinquencies being stable at about 0.20% of the current pool balance.
We have therefore affirmed our rating on the class A notes in this transaction.
STANDARD & POOR’S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a credit rating relating to an asset-backed security as defined in the Rule, to include a description of the representations, warranties and enforcement mechanisms available to investors and a description of how they differ from the representations, warranties and enforcement mechanisms in issuances of similar securities. The Rule applies to in-scope securities initially rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor’s 17g-7 Disclosure Report included in this credit rating report is available at .
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Dish up in aftermath of AT&T/T-Mobile deal death
Dish own a sizable amount of wireless spectrum in the coveted 700 MHz band as well as 2 GHz MSS spectrum which AT&T could be interested in buying at a premium, said several analysts, who value the spectrum anywhere between $5 billion and $9 billion. Dish paid around $3 billion for the spectrum over the last two years.
There was also the possibility that the whole of Dish could even be a target for AT&T, according to analysts at Stifel Nicolaus.
“(Dish Chairman) Charlie Ergen realizes he is unlikely to ever get a better offer than from a moderately desperate AT&T that needs spectrum and needs it quickly, and with the satellite TV industry’s long-term business model being more uncertain than ever, we believe it more likely that AT&T will be forced to buy the entire company,” said Stifel Nicolaus analyst Christopher King in a client note.
In an interview with Reuters last week, Dish Chief Executive Joe Clayton raised the possibility that Dish could partner with T-Mobile USA in the event of the AT&T deal collapsing.
Shares in Dish rose by $2.31 to $27.45 on the Nasdaq in morning trade.
(Reporting By Yinka Adegoke; Editing by Gerald E. McCormick)
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TEXT-Fitch afrms 3 Prime Rate money market funds at ‘AAAmmf’ on Federated acquisition
Prime Rate Cash Management Funds – Prime Rate Sterling Liquidity Fund
Prime Rate Cash Management Funds – Prime Rate US Dollar Liquidity Fund
On 22 December 2011 Federated Investors, Inc. (Federated) announced that it had entered into a definitive purchase agreement to acquire Prime Rate from the Matrix Group (Matrix), subject to FSA approval. Fitch now considers Federated to be the funds’ sponsor and has therefore affirmed these funds’ ratings at ‘AAAmmf’ and removed them from RWN.
Fitch placed these funds on RWN on 5 December 2011, solely reflecting the agency’s view that the financial resources of the funds’ sponsor (which Fitch deemed to be the Matrix Group at that time) were no longer consistent with a ‘AAAmmf’ rating, even after taking into consideration the funds’ conservative investment guidelines (see “Fitch Places Three Prime Rate Money Market Funds on Rating Watch Negative”, dated 7 December 2011 and available at http://www.fitchratings.com).
Fitch views Federated’s financial resources as consistent with a ‘AAAmmf’ rating. Federated is a publicly owned investment manager. It was established in 1955 and as of 30 September 2011 had USD352bn in assets under management, including USD272bn in money market funds, of which around USD6.6bn was held in offshore money market funds.
Fitch maintains ratings on the following money market funds managed by Federated or its affiliates:
Federated Short-Term U.S. Prime Fund (Irish domiciled): ‘AAAmmf’
Federated Government Obligations Fund (US domiciled): ‘AAAmmf’
Federated Municipal Obligations Fund (US domiciled): ‘Ammf’
Federated Prime Cash Obligations Fund (US domiciled): ‘AAAmmf’
Federated Prime Obligations Fund (US domiciled): ‘AAAmmf’
Federated Tax-Free Obligations Fund (US domiciled): ‘AAAmmf’
As of 22 December 2011 the funds complied with Fitch’s global rating criteria for money market funds, save for exposure to issuers rated ‘F1′ following the downgrade of Barclays on 15 December 2011. Fitch expects the exposures to Barclays to be reduced to levels consistent with its rating criteria by end-December 2011.
Fitch expects operational risks related to the acquisition by Federated to be low. Nonetheless the agency will closely monitor the progress of the acquisition and the funds’ portfolios during the transition phase, which Fitch expects to be short.
Fitch has taken this rating action on the assumption that the acquisition of Prime Rate by Federated will complete. Should the acquisition of Prime Rate fail for any reason then Fitch would expect to review the funds’ ratings, the most likely outcome of which would be a downgrade.
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