ESMA is concerned "Closet indexing" may harm investors as they are not receiving the service or risk/return profile they expect based on the fund's disclosure documents while potentially paying higher fees compared to those typically charged for passive management.

The performance of CTAs during the recent market meltdown is remarkable. It highlights the fact that the power of diversification of the strategy in a portfolio remains intact. Recent developments provide additional evidence that managed futures often outperform traditional long-only investments and hedge fund strategies during market dislocations and macro events.

The California Public Employees' Retirement System (CalPERS) announced that it has endorsed the use of the Institutional Limited Partners Association's (ILPA) new fee reporting template for private equity general partners.

According to Keith Wade, Chief Economist & Strategist at Schroders, despite the market reaction, this move comes out of weakness and also raises the risk that China may retaliate with a further depreciation of its currency. If so, we will have entered a new phase in the currency wars where countries fight over a limited amount of global growth, an outcome which does not bode well for risk assets.

According to Simon Ward, Chief Economist, Henderson Global Investors, the Bank of Japan's surprise decision to introduce a negative interest rate on the top tier of banks' reserve holdings recalls the famous Beyond the Fringe sketch in which Peter Cook's squadron leader character calls for a futile gesture to raise the tone of the war.