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Seven defendants, all formerly affiliated with USD1.7 billion New York-based hedge fund Platinum Partners, have been charged in connection with an alleged USD1 billion investment fraud. The indicted individuals are: Mark Nordlicht, the founder and chief investment officer of Platinum; David Levy, the co-chief investment officer of Platinum; Uri Landesman, the former managing partner and president of Platinum; Joseph SanFilippo, the chief financial officer of Platinum’s signature hedge fund; Joseph Mann, a member of Platinum’s investor relations and finance departments; Daniel Small, a former managing director and co-portfolio manager of Platinum; and Jeffrey Shulse, the former chief executive officer and
Fortress Investment Group is to acquire a significant portion of a EUR17.7 billion portfolio of non-performing Italian loans from UniCredit. At closing, the UniCredit transaction will represent the largest ever non-performing loan (NPL) transaction in Europe.   Fortress began investing in Italian loans and loan servicing in 2000, with its investment in Italfondiario, which was subsequently transformed from a mortgage bank into a specialised loan management company.   Fortress’s other major transactions include its acquisition in 2005 of EUR13 billion in NPLs from Intesa banking group, and in 2015 the acquisition of specialised servicer UniCredit Credit Management Bank (renamed doBank).
Hedge funds recorded gains of 0.63 per cent in November, according to UMass Amherst’s Isenberg School of Management’s Center for International Securities and Derivatives Markets (CISDM) Flash November Equally Weighted Hedge Fund Index. This brings the year-to-date return to 5.43 per cent. The full version of the index will be released on 23 December.   The Morningstar CISDM Database (formerly the MAR Database) is the oldest Hedge Fund and CTA database in the market. Tracking qualitative and quantitative information for more than 5,000 hedge funds, funds of funds and CTAs since 1994, it is the only database associated with a
What are the top challenges facing the hedge fund industry today and in the future? Why do investors continue to invest in hedge funds, despite the negative perceptions and performance issues cited in the media? Where is the upside for hedge funds in this current climate? In a crowded marketplace, how do hedge funds differentiate themselves? These are some of the top questions addressed by new research from FIS and Aranca which asked 258 executives from hedge funds, administrators, prime brokers, custodians, consultants and investors for their perspectives on the challenges facing the hedge fund industry today and in the future. Their answers expose a
The US CFTC has issued time-limited no-action relief to entities submitting swaps for clearing by derivatives clearing organisations (DCOs) operating under CFTC exemptive orders or no-action relief that CFTC staff provided (relief DCOs). The action relieves entities submitting such swaps for clearing (relief DCO counterparties) of obligations to terminate the original “alpha” swap and to report any swaps between the relief DCO counterparties and the relief DCO.    Relief DCOs are required to report such resulting swap data by the terms of their exemptive or no-action relief.   This action also provides relief for counterparties to report certain primary economic
Advisers consider managed futures a critical component of client portfolios, according to an adviser survey commissioned by Altegris Advisers, a provider of alternative investments. Findings of the Altegris Managed Futures Survey, conducted at InvestmentNews' Alternative Investments Conference in November 2016, revealed that almost half of advisers surveyed (46 per cent) currently use managed futures in their client accounts.   More than two in five advisers (41 per cent) plan to increase their current allocation to managed futures in 2017.   One fourth of respondents (25 per cent) indicated they use managed futures primarily to diversify traditional equity and fixed income
Independent trust, fund, real estate and corporate services provider First Names Group has promoted Karen O’Hanlon to managing director of its Singapore business. The appointment is effective immediately.   O’Hanlon will lead the team in Singapore, continuing to build on the foundations developed over her last two years as director with First Names Group.   O’Hanlon has nearly 30 years of global experience providing trust services to corporates and family businesses.   “Karen is a highly experienced professional who I am certain will be an invaluable asset as we continue to attract new business and deepen our footprint in the
ifund and fundinfo have launched Digital-Advisor, a cloud-based system for fund selection. The tool scores active and passive funds based on scientific criteria derived from up-do-date and in-depth research on a wide range of success factors.   It analyses data about fund houses, fund managers and their investment processes, then combines the results with an investor’s preferences and convictions to instantly generate a list of recommended mutual funds and ETFs.   Fund analysts can use Digital-Advisor to obtain a short-list of attractive funds which they can evaluate in greater detail with fund managers. Banks can use the plug-in within their
The Cyprus Investment Funds Association (CIFA), a representative industry body of over 230 members based in Cyprus, has become an associate member of the International Capital Markets Association (ICMA). ICMA, the association for the global sell-side and buy-side industry, will support the development of Cyprus’ position as an emerging European funds jurisdiction.   CIFA’s affiliation with the ICMA follows its upgrade to full member status of the National Association of the European Fund and Asset Management Association (EFAMA), granted in June 2016.   CIFA’s accession to the ICMA follows a number of recent measures that have enhanced the legislative and
Hedge fund managers are feeling the pressure from changing investor demands, with 48 per cent of investors globally expecting to shift their investments from traditional hedge funds to other alternative products over the next three to five years, according to an EY survey. "Hedge funds are experiencing slow growth globally," says Fraser Whale, EY's Canadian alternative funds leader. "With an abundance of low-fee investment options and savvy investors pushing for fee transparency, we're seeing a bit of a fight for growth, in Canada, too. Investors have more options than ever in the alternatives marketplace, and fund managers really need to

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