Digital Assets Report

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The Cayman Limited Liability Company structure has been up and running since mid-July 2016 and over that short period of time close to 200 LLCs have been registered in the jurisdiction.  One of its leading architects is Jonathan Green (pictured), head of the Cayman Islands Investment Funds team at Maples and Calder. Green was the chairman of the sub-committee that was charged with helping draft the Cayman LLC law but as he explains: "This is something Maples had been working on for more than a decade. As such, a lot of thought had been put into it before we got to
With the introduction of the Cayman LLC, the EU Connected Fund in its final stages of approval and a general drive towards continued regulatory evolution, the Cayman Islands is putting itself just where it needs to be to support global fund managers in today’s regulatory environment.  The sign of any serious fund jurisdiction is its willingness to reflect on what it offers the global investment management community and find ways to evolve and bring new solutions to market. Whether they are regulatory changes, fund product changes or legal structuring developments, anything that demonstrates the willingness of a jurisdiction to respond
Due diligence company Castle Hall Alternatives has opened an office within Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, UAE. The firm also has offices in Montreal and Halifax, Canada; Zurich, Switzerland; and Sydney, Australia.   The Abu Dhabi office is led by managing director and partner, Anne Coady (pictured). Coady has more than two decades of accounting, operational and due diligence experience.   Since joining Castle Hall in 2007, Coady has been responsible for the service delivery of more than 2,000 due diligence reviews, leading the firm’s team of due diligence analysts. Coady has extensive
James R Brown has rejoined law firm’ Ropes & Gray’s tax practice as a partner in New York. Brown (pictured) previously practiced at Ropes & Gray for 15 years. He rejoins the firm from Willkie Farr & Gallagher in New York, where he was a partner and co-chair of the tax department.    Clients will benefit from Brown’s more than 25 years of experience as he provides broad-based tax support for hedge funds, private investment funds, and regulated investment companies. He regularly advises fund sponsors on tax structuring and operational issues relating to these funds, including the taxation of registered
Ramius chief executive officer Michael Singer is leaving the alternative investment manager to pursue new career opportunities. Fred Fraenkel, vice chairman of Cowen, has been named interim head of asset management.   “We thank Michael for his significant contributions to our business and wish him all the best in his future endeavours,” says Tom Strauss, chairman, Ramius and vice chairman, Cowen. “We are also pleased that Fred will lead our asset management business as we undertake a formal search process for a permanent replacement.”   “I thank Peter Cohen, Jeff Solomon and Tom Strauss for the opportunity to lead Ramius
Bricknode has launched a Software as a Service solution for financial brokers and dealers called Bricknode Broker, which allows brokers to launch a complete online brokerage system with a click. Historically, brokerage firms has been forced to integrate numerous software solutions in order to launch an online brokerage service which has led to high implementation costs and overheads.   Bricknode Broker contains a full suite of integrated user interfaces to cover back office, financial advisory and customer portal. Bricknode Broker can be expanded with add-on applications on the go by activating apps through the Bricknode Marketplace.   Brokerage firms can
The majority of global alternative firm SkyBridge Capital has been sold to  RON Transatlantic EG and HNA Capital. Financial terms of the transaction have not been disclosed but at the end of November SkyBridge managed or advised on USD12 billion. SkyBridge also hosts the SALT Conference which will be spun out as a standalone entity with this year’s event scheduled for May in Las Vegas. The announcement states that SkyBridge will continue to be led by its current senior management team and its full investment team will remain intact.  However, SkyBridge founder, Anthony Scaramucci (pictured) – who has been appointed as an adviser to US
Thomson Reuters has completed its acquisition of REDI Holdings, allowing it to incorporate a cross-asset execution management system (EMS) into its buy-side trading capabilities. REDI will now operate as Thomson Reuters REDI.   Thomson Reuters REDI will continue to provide an EMS that offers cross-asset trading functionality, powerful trade allocation, reporting and compliance tools and rich analytics via desktop application, cloud, mobile or API.    In the coming months, Thomson Reuters will begin integrating REDI’s trading capabilities with Eikon, its financial markets desktop, and Elektron, its suite of data and trading propositions, to enable institutional traders to move seamlessly from pre-trade
Fraud, cyber and security incidents are now the “new normal” for financial services companies across the world, according to the executives surveyed in the 2016/17 Kroll Annual Global Fraud and Risk Report. Nearly nine in 10 (89 per cent) executives in the sector reported that their company fell victim to fraud in the past year, highlighting the serious threat to corporate reputation and regulatory compliance.   Theft of physical assets is the most prevalent kind of fraud suffered in the sector, reported by 39 per cent of respondents. This is followed by vendor, supplier or procurement fraud (32 per cent).
Hedge funds saw gains of 4.48 per cent in 2016, posting better performance compared to a modest 1.78 per cent gain during 2015, according to the latest Eurekahedge Report. The asset base for the industry contracted USD12.2 billion in 2016, on the back of steep redemption pressure with net outflows totalling USD42.5 billion for the year.   The asset base for relative value mandated hedge funds meanwhile, expanded 17.28 per cent for the year, growing by USD9.8 billion. Relative value mandated hedge funds gained 6.30 per cent in 2016, with underlying relative value volatility hedge funds up 7.22 per cent

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