Latest News
Advantage Futures, a Chicago-based futures commission merchant (FCM), the firm’s CEO Joseph Guinan and former chief risk officer William Steele are to jointly pay USD1.5 million to settle CFTC charges over supervision and risk management failures, and making inaccurate statements in CFTC fillings.
The CFTC charges cover failure to diligently supervise the handling of certain commodity interest accounts, for deficient risk management and credit risk practices, and for knowingly making inaccurate statements to the CFTC through the submission of required risk manuals and the Annual Chief Compliance Officer’s Report.
The CFTC order also charges Guinan and Steele with failing
- 23/09/2016
IHS Markit is teaming up with AITEC and the Alternative Investment Management Association (AIMA) to strengthen its Know Your Third Party (KY3P) platform.
The relationship brings together KY3P’s private cloud, one-to-many platform with the AITEC-AIMA Illustrative Questionnaire for Due Diligence of Vendor Cyber Security.
The new questionnaire available on KY3P enables AITEC and AIMA member firms to centralise their approach for vendor outreach and establish a workflow and governance process to promote timelier, efficient and quality responses. Member firms also have the flexibility to add their own supplemental questions for vendor response.
“AIMA is delighted that, as a
- 23/09/2016
IKONIC Fund Services, a provider of fund administration services including accounting, investor services and corporate governance to alternative funds, has been awarded the Best Offshore Fund Administrator by Hedgeweek for the 2016 US Awards.
The Hedgeweek awards are based on peer reviews whereby Hedgeweek’s readers – comprised of institutional investors and fund managers – elect a ‘best-in-class’ provider in various categories through an online survey.
“We are extremely proud to win this Hedgeweek award and are very grateful to our clients and other service providers we work closely with who have voted for us,” says Brian Desmond, head of
- 23/09/2016
Thomson Reuters has signed a definitive agreement to acquire REDI Holdings, a trading technology pioneer whose flagship REDIPlus execution management system (EMS) provides advanced cross-asset class trading capabilities to the buy-side.
The acquisition is expected to close by the end of Q4 subject to customary closing conditions including regulatory approvals.
The REDI acquisition is intended to help Thomson Reuters deliver an integrated workflow solution to the buy-side trading community. By incorporating REDI’s trading capabilities into Eikon, Thomson Reuters next-generation financial markets desktop, and Elektron, its suite of data and trading propositions, Thomson Reuters will enable institutional traders to move seamlessly from
- 23/09/2016
The Securities and Exchange Commission (SEC) has charged hedge fund manager Leon G Cooperman and his firm Omega Advisors with insider trading based on material non-public information he learned in confidence from a corporate executive.
The SEC alleges that Cooperman generated substantial illicit profits by purchasing securities in Atlas Pipeline Partners (APL) in advance of the sale of its natural gas processing facility in Elk City, Oklahoma.
Cooperman allegedly used his status as one of APL’s largest shareholders to gain access to the executive and obtain confidential details about the sale of this substantial company asset.
Cooperman and
- 23/09/2016
Lower recent performance, high-profile redemptions and increased concern from investors on the issue of fees have influenced many hedge fund managers to bring their management and performance charges below the “2 and 20” industry standard.
That’s according to the latest research from Preqin which reveals that just 35 per cent of hedge funds tracked by the company currently charge both a 2 per cent management fee and a 20 per cent performance fee, and average fees have fallen over recent years.
In 2016, the mean management fee is 1.57 per cent, while the mean performance fee is 19.29 per
- 23/09/2016
The Maltese Notified Alternative Investment Fund (NAIF) fills a gap in Europe's fund market. According to Dr Stefania Grech, Financial Services Associate, Chetcuti Cauchi Advocates, an unregulated fund was the one product missing in the Maltese Fund Industry. "Now, from a European perspective, there is no discrimination when it comes to the creation of an unregulated vehicle, offshore versus onshore.
"The NAIF regime could create an opportunity for investment managers to set up an onshore European structure to market to European investors. This could be done pari passu to the offshore fund, creating the possibility for fund managers to have
- 22/09/2016
Malta has been quite innovative in providing certain infrastructure for the securitisation cell company (SCC) and securitisation in general. According to the MFSA, 30 securitisation vehicles have launched so far this year, and Sparkasse Bank Malta, plc. has been a beneficiary of this phenomenon.
As Paul Mifsud, Managing Director at Sparkasse Bank confirms: "We are seeing a good level of uptake in this area and the bank is well positioned to add value to this structure by being able to give the debt security within a segregated cell a degree of transferability and mobility by having it dematerialised and held
- 22/09/2016
- 22/09/2016
On 10 June 2016, Malta burnished its reputation when the Malta Financial Services Authority (MFSA) launched the Notified Alternative Investment Fund (NAIF) regime through the publication of the Investment Services Act (List of Notified AIFs) Regulations in the Malta Government Gazette.
This sets the scene for fund promoters to launch AIFs through Malta by means of a light touch notification process without having to go through a full licensing process with the MFSA. Rather, the NAIF may be launched by full-scope AIFMs authorised by the MFSA under the Investment Services Act, who will shoulder the responsibility of oversight and compliance.
- 22/09/2016
- 22/09/2016
Circle Partners (Circle) is an independent fund administrator with offices across the EU, the Americas and Hong Kong. Circle has the ability to set up sub-funds on its Luxembourg SICAV and guide start-up managers through the whole process of bringing a new fund to market in all major fund jurisdictions.
By extension, Circle has a large network of local counterparties based in Malta and as Peter Jakubicka (pictured), Business Development Manager at Circle explains: "We can offer a `one-stop shop' solution from the set-up phase through to launch including brokers, custodians, auditors; basically all of the functions that are required
- 22/09/2016
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