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Otterbourg has named Daniel Fiorillo as head of the firm’s restructuring practice group as of 1 January 2017.
Jonathan Helfat, who led the group for more than 25 years, will be stepping down from the position but will continue to practice actively with the firm.
Fiorillo (pictured) has a broad practice representing secured and unsecured creditors, hedge funds, private equity groups, corporations, equity holders, investors and advisors that deal with financially distressed businesses both in bankruptcy and in various out of court workout and restructuring arrangements.
He has extensive experience working with creditors and professionals to maximise clients’
- 27/10/2016
City Index has reduced its spreads across a wide range of FX pairs, with AUD/USD, EUR/USD and USD/JPY now to be priced from 0.5 pts and GBP/USD from 0.8 pts.
The move signals a shift from fixed to variable spreads in a change that promises to offer traders better value than ever before.
"Our decision to tighten our spreads on major FX pairs highlights our continuing commitment to delivering the best possible value to our traders," says Samantha Roady, president of retail at Gain Capital, parent company of City Index. "Moving our FX spreads to variable allows us to
- 27/10/2016
- 27/10/2016
The pace of consolidation within the hedge fund administration space shows no let-up, with MUFJ Investor Services, the asset servicing arm of Mitsubishi UFJ Financial Group, having just announced its latest acquisition; Rydex Fund Services, a 1940-Act fund administration business formerly owned by Guggenheim Investments.
One of the reasons fuelling this trend is that hedge fund managers and their end investors are looking for a flight to quality, as well as security (from a size and scale perspective).
"They want administrators with a diverse book that can support a wide range of funds and support them as they continue to
- 26/10/2016
- 26/10/2016
In order for the alternative funds industry to evolve one point that needs to be addressed is that the term 'Hedge Fund Administration' is too narrow. Firstly, one cannot avoid a trend towards convergence within alternatives that has steadily gained traction in recent years as hedge fund managers develop more private equity-like fund strategies, and vice-versa; this has resulted in the term 'hybrid fund' being bandied about.
Secondly, as traditional asset managers and asset allocators move beyond the concept of hedge funds as a distinct asset class and move towards portfolio strategies such as risk factor analysis, engineered beta, and synthetic
- 26/10/2016
Conifer Financial Services is one of the world's leading independent fund administrators. It has more than 200 clients representing more than USD110 billion of combined assets under administration (AuA) and has a strong footprint in both the US and Asia (Singapore) following its successful merger with Vastardis Capital in 2014.
Speaking with Hedgeweek, Jack McDonald (pictured), President and CEO of Conifer Financial Services, says he is not surprised by the recent acquisition activity in the industry. In his view, fund administration is, in many regards, a scale game and consolidation will continue over the near term.
"While bigger isn't necessarily
- 26/10/2016
Athena Systems, provider of the Aura and Spark portfolio management, trading, risk, compliance and reporting platforms, is launching Athena Spark for Family Offices.
The platform aims to better meet the needs and price-point of the family office community.
“At our beta test sites Athena Spark for Family Offices saved an office 40 to 60 hours per week for trade generation and entry, re-keying of data, updating spreadsheets, running reports, manual compliance testing, reconciliations of positions, trades and cash and report generation. That’s a very compelling time savings for offices that are typically only three to five people,” says Stefano
- 26/10/2016
There is plenty of scope for further consolidation in the hedge fund administration space, but only those with a clear strategic vision and a willingness to reinvest in their businesses will likely emerge as tomorrow’s winners.
Consolidation in the hedge fund administration space remains a prominent trend and as investment banks re-assess the profitability of non-core business divisions and small administrators sink or merge in response to market complexity, it is one that is unlikely to end anytime soon.
In the last few years Goldman Sachs has sold its fund administration business, BNP Paribas acquired Credit Suisse's fund administration division,
- 26/10/2016
Datalytyx, a provider of big data engineering, data analytics and cloud solutions in the UK, has signed an agreement with Antuit to create a 100-person offshore delivery and competency centre in Bangalore.
In addition, Datalytyx was named Antuit's exclusive delivery partner for Talend, Cloudera and AWS data engineering services in Europe, the Middle East and Africa (EMEA).
The partnership represents a significant market initiative in EMEA by both organisations, supported by the new offshore centre in India. The centre will focus on data integration, quality, management, engineering and managed services related to data operations, while providing a collaborative workspace for
- 26/10/2016
Objecutive has integrated its Fund-Studio portfolio operations and reporting platform with RiskAPI, the on-demand portfolio risk analysis service provided by PortfolioScience.
"The ability to provide VaR reporting and portfolio risk analysis out-of-the-box is a big step forward for us," says Costas Kellas (pictured), CEO of Objecutive. "Fund-Studio's strength of flexible reporting on top of its solid trade management, position keeping and P&L platform has now been rounded out with the addition of dynamic risk reporting, seamlessly integrated into our product."
"RiskAPI is a perfect fit for Fund-Studio," adds Ittai Korin, PortfolioScience's CEO. "Their reporting tools allow rapid, dynamic queries
- 26/10/2016
An affiliate of private equity firm Sequoia Capital China is to make a RMB348 million (USD51.7 million) investment in Noah Holdings’ asset management business by acquiring equity interests Noah’s affiliate, Gopher Asset Management.
Gopher was founded in March 2010 and specialises in fund-of-funds management in the private equity, real estate, hedge funds, credit products and family office businesses.
As of 30 June 2016, Gopher's total assets under management reached RMB101.2 billion.
"Sequoia has been an important existing shareholder and business partner of Noah. We are excited about its decision to participate in our fast-growing asset management business. We
- 26/10/2016
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