​Daily Bulletin: Wednesday Jan. 7

Nemours Capital Management, the global event driven investment company founded by Olivier Leherle, David Benayoun and Marc Ohayon, have rebranded Edmond de Rothschild Active Strategies to Nemours Event Driven Strategies. The diversified UCITS fund, which was previously managed by Leherle at Edmond de Rothschild Asset Management, has seen positive performance in recent months due to narrowing discounts in the M&A market and profitable special situation positions. In the U.S., vol is returning to the market, with the VIX term structure flattening, signifying short-term market vol could be here to stay. While short-term vol is expected, one investor opened a new downside position on the VXX today out to 2017 targeting a 15 strike for $3. That’s a big vote for lower vol down the track. In single stock flow, AMD, BAC and AVP all saw large put flow activity.