City Vol Arb Fund Gains Following

A London-based hedge fund firm running a volatility arbitrage fund has passed the USD500 million mark, in spite of it being a less well-known strategy.

  • 28 Apr 2006
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A London-based hedge fund firm running a volatility arbitrage fund has passed the USD500 million mark, in spite of it being a less well-known strategy. David Beddington, coo of Shooter Fund Management, said it is aiming to reach USD800 million by year-end, having hit USD530 since launch at the end of 2004.

The fund trades both over-the-counter and listed options on interest rates, equity and fx, and usually short-dated instruments. A sizeable portion of the portfolio turns over every two months, said Beddington. At the moment, it runs separate books for each asset class, but last year it looked into trading across the three. "We are debating the idea," he noted, adding Shooter will run another research project looking into it this year, to see if it is profitable on a risk-allocation basis. "We are fairly lukewarm about it."

The fund has also considered trading more structured instruments such as variance swaps, but so far has not taken the plunge. "We need liquidity and we like transparent markets and tight prices," said Beddington, who explained the fund's relatively high turnover means slippage is a concern.

  • 28 Apr 2006

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 352,540.12 1323 9.09%
2 Bank of America Merrill Lynch 315,574.44 1093 8.13%
3 JPMorgan 314,826.88 1433 8.11%
4 Goldman Sachs 234,193.07 776 6.04%
5 Barclays 226,473.92 879 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,312.86 161 6.59%
2 Deutsche Bank 34,194.98 116 6.57%
3 Bank of America Merrill Lynch 31,113.25 94 5.98%
4 BNP Paribas 27,479.75 167 5.28%
5 SG Corporate & Investment Banking 23,982.83 136 4.61%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.91%
2 Morgan Stanley 16,323.54 83 7.44%
3 Citi 15,667.80 92 7.14%
4 UBS 15,208.47 58 6.94%
5 Goldman Sachs 13,487.36 72 6.15%