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 JPMorgan 298,323.65 1341 8.59%
2 Citi 269,047.62 1134 7.75%
3 Bank of America Merrill Lynch 232,961.57 951 6.71%
4 Barclays 214,961.76 865 6.19%
5 Goldman Sachs 169,802.27 706 4.89%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 34,500.40 147 7.53%
2 Credit Agricole CIB 33,521.86 144 7.31%
3 JPMorgan 25,404.62 68 5.54%
4 Bank of America Merrill Lynch 23,368.44 65 5.10%
5 SG Corporate & Investment Banking 22,509.71 104 4.91%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 9,273.59 56 10.30%
2 Morgan Stanley 8,122.33 40 9.02%
3 Goldman Sachs 7,738.32 41 8.60%
4 Citi 6,426.54 47 7.14%
5 UBS 4,913.18 26 5.46%