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Tages Capital, in partnership with Madrid-based Cygnus Asset Management, has launched the Tages Cygnus Europa Event Driven UCITS Fund, the third sub-fund of Tages International Funds SICAV, a UCITS compliant umbrella fund structure. Cygnus Asset Management is an established specialist investment manager founded in 2006, with AUM in excess of USD500 million.    The Tages Cygnus Europa Event Driven UCITS Fund aims to capture liquid investment opportunities relating to corporate activity in Europe, while adhering to UCITS limits and guidelines.   The fund is launching with in excess of USD30 million of institutional capital.   Jose Luis Perez, portfolio manager
Northern Trust to acquire UBS Asset Management's fund administration servicing units in Luxembourg and Switzerland, expanding its presence in the former and gaining local fund administration capabilities in the latter. Following the transaction, which is expected to close in the second half of 2017, subject to applicable regulatory and fund board approvals and other customary closing conditions, Northern Trust will be a leading administrator by assets in the Swiss market.   Upon completion of the transaction, Northern Trust will become the fund administration services provider for funds with approximately CHF420 billion (USD413 billion) in assets, including UBS Asset Management's traditional
Willis Towers Watson has launched The Asset Management Exchange (AMX), an institutional asset management marketplace designed to transform institutional investment for the benefit of the end saver, with USD750 million of delegated hedge fund assets. AMX is a global marketplace where asset owners (the buyers) can invest in external asset managers (the sellers) and where asset managers can access significant capital, cutting overall value leakage as a result.   It will do this through a centralised back office and standardised fund infrastructure that bypasses the investment industry’s significant cost and resource duplication. In addition, it will deliver scale benefits to
The latest Hedge Fund Tracker analysis from S&P Global Market Intelligence shows the top funds managed approximately USD153 billion in equity holdings, an increase from the USD145 billion under management in Q3.  However, because these funds saw a slight drop in the total number of positions to 420 from 424 in Q3, the increase in assets under management is more than likely due to the end-of-year equity market rally. The quarterly S&P Global Market Intelligence Hedge Fund Tracker is an aggregate analysis of hedge fund equity ownership that highlights hedge fund investments in specific stocks and sectors based on a
SoftBank Group (SoftBank or SBG) is to acquire Fortress Investment Group (Fortress) in a cash deal worth approximately USD3.3 billion. Under the terms of the merger agreement, which has been unanimously approved by a Special Committee of Independent Directors of Fortress's Board of Directors and Fortress's full Board of Directors, each Fortress Class A shareholder will receive USD8.08 per share, which represents a premium of 38.6 per cent to the closing price of Fortress Class A common stock on 13 February, 2017, and a premium of 51.2 per cent to Fortress's 3-month volume-weighted average price, excluding dividends. In addition, each Fortress Class A
The NFA's Board of Directors approved the appointment of Carol Wooding as Vice President, General Counsel and Secretary at its 16 February, 2017 meeting in Chicago.  Wooding will assume the General Counsel's duties from Thomas Sexton, who will serve as NFA's President and CEO beginning 1 March, 2017. "Carol has a deep understanding of the regulatory issues facing the derivatives markets," says NFA General Counsel Thomas Sexton (pictured). "She has years of experience developing rules and implementing effective regulatory programs to ensure market integrity and enhance customer protection. With her extensive experience in derivatives regulation and her demonstrated leadership abilities,
CBOE Holdings expects to complete its acquisition of  Bats Global Markets on 28 February, 2017. Earlier this month, CBOE Holdings received its final remaining regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA), meaning that all US and European regulatory clearances and approvals relating to the transaction have been received.  Completion of the transaction remains subject to customary closing conditions.  On 16 February, 2017, the CBOE Holdings Board of Directors appointed three directors currently serving on the Bats Global Markets Board of Directors – Joe Ratterman, Chairman, Bats Global Markets, Inc., Chris Mitchell, Managing Director, Spectrum Equity, and Michael Richter,
Despite hedge funds returning 7.40 per cent over 2016, investors continued to withdraw capital over the year, with the industry seeing overall net asset outflows totalling USD110 billion in 2016.  Preqin’s latest research finds that the rate of redemptions accelerated through the year, from net outflows of USD14 billion in Q1 to USD43 billion in Q4 2016. Every leading hedge fund strategy recorded net outflows for the year: by contrast, CTAs recorded annual net inflows of USD26 billion despite lacklustre performance. Although there have been widespread redemptions across the industry, there is a clear link between past performance and recent
EBS BrokerTec, a NEX Group business that provides electronic trading technology and services to the fixed income and foreign exchange (FX) markets, is to implement Nasdaq’s SMARTS Market Surveillance technology.  SMARTS Market Surveillance will be integrated within the EBS and BrokerTec platforms to monitor the US Treasuries, FX, and US and EU repo markets order submission and trading behaviour. Nasdaq and EBS BrokerTec have been technology partners since 1999. "The EBS and BrokerTec platforms are the industry standards for the markets that we operate in and as such we have an obligation to protect the integrity of the FX and
The Singapore Diamond Investment Exchange (SDiX) and the Multi Commodity Exchange of India (MCX) have formed a strategic alliance to launch spot and derivatives contracts on diamonds in India, including using the SDiX-traded reference prices. The goal of this strategic alliance between SDiX and MCX is to develop, design and launch, with the relevant regulatory approvals, the first diamond derivatives contract of its kind anywhere in the world. The contracts will utilise actual traded spot prices for the daily and final settlement of diamond contracts. The MoU serves as the foundation for both exchanges to collaborate in the areas of

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