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Global hedge funds have continued to short European stocks for the second consecutive week, particularly targeting financial, materials, energy, and industrial sectors, according to Goldman Sachs data. Notably, Germany, Italy, the Netherlands, Denmark, and the UK saw the most net selling, with a focus on individual stocks rather than broader indices. Key short positions include asset manager Schroders and home improvement company Kingfisher, with significant bets against energy firm Petrofac as well.
JPMorgan Chase & Co's asset management unit, JPMAM, has exited the Net Zero Asset Managers initiative, a significant industry climate coalition. This decision follows the initiative's pause in operations in January, attributed to changes in the regulatory environment and evolving client expectations.
JPMorgan Chase's asset management unit has exited the Net Zero Asset Managers initiative, a significant climate effort that paused operations in January amid political pressure from U.S. Republicans. The decision follows similar withdrawals, including BlackRock's departure, and reflects shifting regulatory and client expectations. The initiative, launched in December 2020, aimed to align the fund management industry with climate goals but has faced accusations of collusion to cut emissions.
Erik Thedeen, chair of the Basel Committee on Banking Supervision, urged nations to finalize the Basel III Endgame capital rules, emphasizing their importance for global financial stability. He criticized bank lobbying against stricter standards, arguing that weaker regulations could lead to long-term economic pain. As U.S. regulators remain divided on implementing these rules, Thedeen called for consistency among countries to avoid a fragmented regulatory landscape.
Hedge funds managing over $5 billion now account for 73% of the industry, a significant increase from 65% in 2018, according to a Bank of America report. This growth has come at the expense of mid-sized firms, which have seen a 6% decline in their share. Investor concerns include crowded trades, inadequate downside protections, and geopolitical risks, with many planning to increase their hedge fund allocations.
Chizu Nomiyama
People
The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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00:45 24.10.2024
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