Cayman business in brief

Hedge funds end losing streak  

Hedge funds ended a four-month losing streak and were up 1.33 percent in October in line with most major equity markets, data provider Eurekahedge reported. In comparison, the MSCI World Index posted strong gains of 7.22 percent during the month. 

Hedge funds investing in Asia, excluding Japan, were the best performing funds, with Greater China mandated hedge funds gaining 5.49 percent. 

Since the beginning of the year, total hedge fund assets under management have grown by US$100.5 billion, of which $75 billion are investor inflows. 

CTA/managed futures hedge funds have seen their asset base grow by roughly 17 percent for the year to date, on the back of strong investor inflows totaling almost US$30 billion, according to Eurekahedge. 

On a year-to-date basis, gains made earlier in 2015 saw Asia ex-Japan managers leading the tables, up 7.29 percent, followed by Japanese and European managers with increases of 5.84 percent and 4.16 percent, respectively. North American hedge fund managers only saw marginal gains of 0.45 percent in 2015. 

Cable & Wireless and Wikimedia sign partnership deal  

Cable & Wireless has signed a partnership deal with the Wikimedia Foundation, the nonprofit organization that supports Wikipedia and other Wikimedia projects. 

With this partnership, Cable & Wireless’s prepaid mobile subscribers will now have free access to Wikipedia via their handsets. 

Wikipedia searches will be free, meaning there will be no additional cost for surfing the site, regardless of how much time users spend browsing. 

The Wikipedia app will come pre-loaded on all new Android devices and will also be available to postpaid customers in the near future, the company said. 

“Since Cable & Wireless’s successful merger with Columbus International Inc., we have initiated a series of strategic partnerships with innovative technologies and services, as we continue to seek alliances to enrich our customers’ multi-platform experience. We’re excited to partner with the Wikimedia Foundation and offer new ways for our customers to enjoy and use our services,” said John Reid, president, Consumer Group. 

Speaking on the partnership, Sheree Chang, vice president of Strategic Partnerships at the Wikimedia Foundation, said, “The Wikimedia vision is a world in which every single person can freely access the sum of all knowledge. By partnering with Cable & Wireless, we are able to put this knowledge in the hands of more people, for free and without restriction, helping to close the knowledge gap around the world.  

“Today’s announcement will pave the way for C&W to offer all the knowledge that comes with Wikipedia Zero to its users in the Caribbean.”