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As asset managers face a barrage of global regulation and compliance demands, one of the biggest challenges they face is knowing who is responsible for the firm's data and where its source is located.
This requires having a proper data governance framework in place to control how and where data moves from source to a range of various outputs required for regulatory and fund distribution purposes.
Of course, this is easier said than done. Data is like water: one can never control exactly where it is going but one can at least funnel the majority of it and know where
- 07/11/2016
- 07/11/2016
Fund jurisdictions will need to keep their finger on the pulse of digital technology if they are to remain competitive over the coming years. Disruptive players are springing up on a daily basis offering innovative payment solutions, transaction solutions to improve efficiency.
Blockchain technology is set to be widely embraced by financial institutions. Just this week, Reuters reported that the first cross-border transaction between banks using multiple blockchain applications had taken place between Commonwealth Bank of Australia and Wells Fargo & Co.
Luxembourg is well aware of the challenges and opportunities that disruptive technology presents and recognises the key role
- 07/11/2016
The introduction of the Reserved Alternative Investment Fund under the Luxembourg Bill of Law N∞6929 (Bill 6929) this year could be a game changer for the jurisdiction. In short, the RAIF is an investment fund product that removes the double layer of regulation. Rather, the regulation focuses on the AIFM and crucially, gives fund sponsors a quicker time to market.
"I would use two words to describe the RAIF: revolutionary and innovative," says Kavitha Ramachandran, Director of MS Management Services, a Luxembourg-based subsidiary of the Maitland group, a leading global fund administrator. "I say revolutionary because of the move away from direct product regulation and the short turn-around time
- 07/11/2016
- 07/11/2016
CACEIS offers private equity fund managers bridge financing solutions that allow them to delay the process of collecting capital commitments from investors, thereby enhancing the internal rate of return of the fund.
In such an arrangement, CACEIS provides Equity Bridge Financing to the manager – essentially a guaranteed line of credit – whereby the financing arrangement is agreed not on the asset but on the uncalled capital commitment from high quality investors.
"In other words, it is financing on the liability side of the fund rather than the asset side of the fund," comments Nicolas Palate, Head of Private Equity and
- 07/11/2016
At SS&C Advent, an independent unit of SS&C Technologies who collectively support more than 10,000 customers worldwide, there has been, according to Jesper Steiness (pictured), Director of Global Accounts, a clear growth of interest among fund managers and service providers to improve automation with respect to alternative portfolio accounting and reporting.
This is happening at a time when alternative fund managers are converging in terms of the products they offer, with hybrid fund structures becoming a more popular feature of the landscape. But given the complexity of the assets, and the movement of cash flows within these structures, both managers
- 07/11/2016
- 07/11/2016
The recently introduced Reserved Alternative Investment Fund (RAIF) is compelling to fund managers because although it is not subject to direct supervisory authority from the CSSF, it is still a fully AIFMD-compliant product, benefiting from the European passport for marketing to professional investors in Europe.
"The time to introduce an unregulated AIF is a strong message and part of the construction of a new alternative investment fund norm in Europe," says Jean-Florent Richard (pictured), Head of Fund Engineering Services at BNP Paribas Securities Services, Luxembourg branch.
"The RAIF allows the bank to once again position itself as one of the
- 07/11/2016
- 07/11/2016
Luxembourg has deposited a new Bill of Law with the Luxembourg Parliament called the Reserved Alternative Investment Fund (RAIF) Regime. It is a regime that embraces the concept of AIFMD being manager-focused regulation. The RAIF, unlike the heretonow popular SIF, does not need to be under the direct supervision of Luxembourg's regulator, the CSSF. Instead, the RAIF merely needs to appoint an authorised AIFM, based in Luxembourg or any other EU jurisdiction.
This could be a key stage in the future development of Luxembourg as Europe's leading funds centre – and still the second largest fund centre in the world
- 07/11/2016
- 07/11/2016
The Taiwan Futures Exchange (TAIFEX) has launched three new derivative contracts – a Taiwan Dollar (TWD)-denominated Nifty 50 Futures contract, and two FX futures contracts: EUR/USD FX Futures and USD/JPY FX Futures.
Len-Yu Liu (pictured), chairman of the TAIFEX, says: “We are extremely pleased to be launching these new futures contracts. The Nifty 50 contract is the second foreign equity index product to debut on TAIFEX and aligns with our ongoing effort to introduce more overseas products to the Taiwan futures market.
“The EUR/USD FX Futures and USD/JPY FX Futures further expands the range of foreign currency products available on TAIFEX – an asset class that is proving popular with our customers. We look forward to developing more innovative products to help
- 07/11/2016
- 07/11/2016
Andrew Melnick has joined law firm Murphy & McGonigle as a shareholder in the firm’s New York office.
Most recently, Melnick (pictured) served as chief litigation counsel at RCS Capital (now Aretec Group), where he oversaw all litigations, investigations and regulatory inquiries for the firm, which had interests in sponsors and managers of alternative investments, wholesale brokerage distribution, investment banking, transfer agent operations, and the Cetera Financial Group independent broker-dealer network of over 9,100 registered representatives.
Melnick also served as deputy general counsel, head of retail litigation at UBS Financial Services.
"Andy is an excellent lawyer who will
- 07/11/2016
Gottex Fund Management has completed the second tranche of its recapitalisation, with some 20,000,000 newly issued shares now trading on the SIX Swiss Exchange.
Based on the issue price of CHF0.31 per newly issued share, the company expects to receive gross proceeds of CHF6.2 million in cash.
Arpad Busson (pictured), executive chairman, says: “The injection of fresh capital in two separate tranches in the last four months from such a diverse set of investors (institutional and high-net-worth individuals) is a vote of confidence in our vision as we continue positioning our business to meet the evolving needs of our
- 07/11/2016
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