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Summary
2023 was a significant year for global financial markets. The post COVID recovery led to one of the quickest and most aggressive interest rate tightening cycles in history, which impacted all corners of financial markets, including securities finance. 2023 has proved to be the year of fixed income lending as revenues and average fees have soared. A strong specials market in the United States and a dynamic securities lending market across the APAC region also helped to generate near record revenues for lenders. Despite a vibrant market environment, not all lenders have been able to benefit to the same degree however, as demand has remained concentrated in either specific assets or asset classes.
As we review both 2023 and Q4, as well as look towards what 2024 may bring, to help us in our analysis, we will be welcoming Tom Kehoe, Managing Director, Global Head of Research and Communications at AIMA (Alternative Investment Management Association). Tom will be discussing Hedge Fund performance throughout 2023, reviewing the results of AIMA’s most recent Hedge Fund Confidence Index, and running us through what regulations have the potential to impact Hedge Fund demand during 2024.
Highlights:
- 2023 produces near record level of returns but not for all market participants
- Fixed income assets benefit from interest rate volatility
- APAC equities awaken and prove a dynamic market for lenders
- US equity specials were the story of the year
Speaker
S&P Global Market Intelligence
Matt Chessum
S&P Global Market Intelligence
Executive Director, Equity Analytic Products (EAP)
Matt Chessum is an executive director within the Equity Analytic products team at S&P Global Market Intelligence and is responsible for the EMEA and US Product Specialist teams, market commentary, thought leadership and media relations. Previously, Matt was an Investment Director at aberdeen asset management where his main responsibilities included overseeing the securities lending activity and the management of GBP denominated Money Market mandates.
Matt is a former member of the Bank of England's securities lending committee and a former board member of the International Securities Lending Association (ISLA).
Tom Kehoe
AIMA
Managing Director, Global Head of Research and Communications
Tom joined AIMA as research manager in October 2008 and heads up all research and communications globally for the association.
Tom joined AIMA as research manager in October 2008 and heads up all research and communications globally for the association. In this role Tom is responsible for creating and executing the association’s strategies to develop and maintain strong external stakeholder relationships. In doing so, he constructs the association’s narrative through original research and thought leadership as well as design, implement and promote the association’s communications and brand. In this capacity, he has authored over fifty research and thought leadership pieces, which have been mentioned widely across the trade and business press as well as commented on radio and television.
He has been involved with hedge funds for 15 years. Prior to joining AIMA in October 2008, Tom spent four years working in hedge fund research and due diligence with BNP Paribas in New York and Dublin.
Tom holds a Masters in Finance from the National College of Ireland, a graduate certificate in Investment Management from Dublin City University and is a Chartered Alternative Investment Analyst member (CAIA).
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