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Salus Alpha RN Special Situations approved for public distribution in Germany

Wed, 07/07/2010 - 10:36

Salus Alpha’s latest product, Salus Alpha RN Special Situations, is registered for public distribution in Germany. Since the launch on 22 March the fund raised USD25m from new investors. The fund was up 3.14 per cent after its first month and has a year-to-date performance of 2.85 per cent. The fund exploits opportunities in special situations, such as merger and acquisitions opportunities, changes in capital structure, management changes, share buy backs, director's dealings, IPOs or capital increases, index changes or profit surprises. »

London Royal Courts of Justice

Dechert boosts London finance and funds capability

Wed, 07/07/2010 - 06:48

Law firm Dechert has hired James Waddington in London as a partner. »

Crystal ball

Hedge fund managers predict more fund launches in 2010

Wed, 07/07/2010 - 06:05

A survey of senior managers at hedge fund firms suggests the industry continues to recover from the global market crisis, as more than 82 per cent of respondents predict that there will be more fund launches this year than in 2009. The survey of 381 managers by professional services firm Rothstein Kass also found that fewer than 20 per cent of survey participants believe that more funds will close this year than in 2009. »

Acquisition

International Assets Holding acquires Hanley Group Capital

Tue, 06/07/2010 - 16:04

International Assets Holding has acquired the Chicago-based Hanley Group of companies, a trading firm and market maker of exchange-traded agricultural options. As a result of the all-cash transaction which is expected to close on 7 July, the companies of Hanley Group Capital will be combined with FCStone's existing OTC trade desk to provide an integrated solution for the INTL/FCStone commercial customer base. »

Gold

LCH.Clearnet to launch clearing for OTC gold market

Tue, 06/07/2010 - 14:51

LCH.Clearnet is set to launch clearing for the over-the-counter wholesale London gold market in a joint initiative with the London Metal Exchange.   This post-trade service, to be introduced in November 2010, will allow bilateral OTC trades to continue to be negotiated and executed as per current market practices. Contracts to be cleared will be captured via LME’s trade capture system, LMEsmart, with matched bilateral trades submitted to LCH.Clearnet for clearing. »

Larry Morgenthal, chief executive of UBP Asset Management

Larry Morgenthal named chief executive of UBP Asset Management

Tue, 06/07/2010 - 14:48

Union Bancaire Privée has appointed Larry Morgenthal as chief executive of UBP Asset Management, the group’s US business. He also assumes the role of chief investment officer of alternatives. Morgenthal will spearhead the renewed activity in the company’s fund of hedge funds platform, following the reinforcement of its investment and risk management teams since 2009. UBP has been investing in hedge funds since 1972. »

ISLA chief executive Kevin McNulty

ICMA and ISLA partner on global master agreements workshops

Tue, 06/07/2010 - 14:18

The International Capital Market Association and the International Securities Lending Association will partner to hold joint public workshops on the Global Master Repurchase Agreement and the Global Master Securities Lending Agreement. The two separate master agreements are the legal underpinnings for repo and securities lending markets respectively. These two close and increasingly integrated areas of collateral management are frequently handled by the same legal teams within a bank.  »

Dominique Cerutti, deputy chief executive officer of NYSE Euronext

NYSE Euronext and Microfis launch market for responsible finance

Tue, 06/07/2010 - 12:07

NYSE Euronext and Microfis plan to set up the first organised market for listing and trading of bonds based on debt from international microfinance institutions and solidarity businesses as defined by the Economic Modernisation Act (LME). The new NYSE Euronext market segment will offer investors a range of products in an environment that is secure and transparent. Microfis will handle origination, analysis and tracking of high-quality assets, as well as their transformation into tradable securities and their syndication. »

Chris Ward, managing director of Appleby Trust (Guernsey)

Appleby Trust (Guernsey) now operational

Tue, 06/07/2010 - 11:08

Following approval by the Guernsey Financial Services Commission, Appleby is now licensed to offer fiduciary services through Appleby Trust (Guernsey). This follows the opening of a Guernsey office in April for the provision of legal services. Chris Ward (pictured) has been appointed as managing director of Appleby Trust (Guernsey) and will oversee the growth of the business. »

Map of the British Virgin Islands

Setting up an alternative investment fund in the British Virgin Islands

Tue, 06/07/2010 - 10:24

 The British Virgin Islands »

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