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US Federal prosecutors have charged San Francisco hedge fund manager Nicholas Mitsakos with fraud, alleging that he schemed to raise money for his fund by falsely representing past performance and overstating the value of assets under management.
Preet Bharara, the US Attorney for the Southern District of New York, announced charges of securities and wire fraud against Mitsakos alleging that from at least May 2014 through August 2016, he fraudulently solicited investments in a hedge fund that he had founded, Matrix Capital, by distributing marketing materials claiming that Matrix had millions of dollars under management and had achieved outsized returns
- 15/08/2016
- 15/08/2016
Bats Global Markets is to acquire Javelin SEF, a swap execution facility (SEF).
The deal is intended to accelerate Bats’ plans to offer trading of non-deliverable forwards (NDFs) for the foreign exchange market.
Javelin currently offers trade execution for swaps through a combination of an anonymous limit order book and a request for quote model.
Dodd Frank provisions mandate that certain market participants trade NDFs on SEFs. The market is regulated by the Commodities Futures Trading Commission (CFTC).
“Our acquisition of Javelin underlines our commitment to the FX market and is an acceleration of our FX product
- 12/08/2016
Intercontinental Exchange’s ICE Clear Credit has surpassed USD100 billion year to date in gross notional cleared for client accounts for single name credit default swaps (CDS).
ICE Clear Credit is a global clearing house for credit derivatives clearing.
ICE Clear Credit launched client clearing for single name CDS in June 2013. Since launch, the number of clients actively clearing these instruments has grown consistently and is now over 100, with 90 per cent of client volume occurring since the start of 2015.
Year to date, over USD100 billion notional in single name CDS has been cleared at ICE
- 12/08/2016
Global law firm Ropes & Gray has appointed Amanda Persaud as a partner in the funds practice in the firm’s 300-lawyer New York office.
Persaud’s practice focuses on the formation, fundraising and operation of private investment funds, including private equity funds, hedge funds, credit funds and other types of alternative asset funds.
She regularly provides counsel on a wide range of governance, operational and regulatory matters affecting sponsor clients. She frequently advises on significant business transactions such as purchases and sales of asset management businesses, spinouts and key person separations.
Persaud joins Ropes & Gray from Wachtell, Lipton, Rosen
- 12/08/2016
Alternative asset manager Mariner Investment Group has closed a USD503 million collateralised loan obligation (CLO), the third such transaction by Mariner's leveraged credit team.
Mariner has now closed approximately USD1.5 billion in CLOs in the past two years.
"We are pleased at the continued success our team has achieved with its first three CLO's, and with our ability to capitalise on the current market environment," says David Martin, co-head of Mariner's leveraged credit team. "Our success reflects the strength and talent of our growing team, as well as ORIX's continued support of the Mariner platform."
Mariner's leveraged
- 12/08/2016
- 12/08/2016
John Frishkopf, head of the asset management and treasury group at New Star Financial, is to retire from the company on 30 September 2016.
Frishkopf was a founding member of the firm and has served in his current role since NewStar’s inception in 2004.
He will remain involved with the company as an external advisor to provide decision support to the management committee and to advise the risk committee of the board of directors as needed on strategic funding matters.
Frishkopf will be succeeded as treasurer by Michael Eisenstein, a managing director in the treasury group. Eisenstein joined
- 11/08/2016
- 11/08/2016
Hedge funds advanced 1.83 per cent in July, according to the gross return of the SS&C GlobeOp Hedge Fund Performance Index.
Hedge fund flows, meanwhile, as measured by the SS&C GlobeOp Capital Movement Index, advanced 0.69 per cent in August.
"SS&C GlobeOp's Capital Movement Index rose 0.69 per cent for August, a result in line with seasonal patterns and almost identical to the year ago figure of 0.71 per cent reported for August of 2015," says Bill Stone (pictured), chairman and chief executive officer, SS&C Technologies. "The 0.69 per cent gain reported this month was the net of both slightly
- 11/08/2016
Percentile, a provider of technology for risk management and regulatory compliance, has appointed John Barker as non-executive director and adviser to the board, Brian Miranda as sales director and Lavinia Constantin as product manager.
It says the team expansion reflects increasing demand from both buy-side and sell-side for technology that provides a firm-wide view of risk exposures and enables compliance with regulatory and internal stress testing requirements under the Fundamental Review of the Trading Book (FRTB) rules.
MiFID II shifts the focus towards the buy-side, expecting hedge funds and asset managers to take more ownership of their risk management
- 11/08/2016
The Wilshire Liquid Alternative Index, which provides a representative baseline for how the broad liquid alternative investment category performs, returned 1.17 per cent in July, underperforming the HFRX Global Hedge Fund Index’s 1.45 per cent return by 28 basis points.
The Wilshire Liquid Alternative Multi-Strategy Index, which includes both single and multi-manager funds, ended the month on a positive note, returning 1.31 per cent in July.
The Wilshire Liquid Alternative Index family is a joint offering between Wilshire Funds Management, the global investment management business unit of Wilshire Associates Incorporated, and Wilshire Analytics, creator of the Wilshire 5000 Total Market
- 11/08/2016
EEX Group has reported significant growth in during the first six months of 2016, with sales revenue up by 34 per cent compared with the same period in 2015 to a total of EUR117.5 million.
In the first half of the year, earnings before taxes (EBT) were EUR45.8 million as against EUR79.7 million during the reference period in 2015. However, after adjustment for special effects from the full consolidation of EPEX SPOT in 2015, the operating result has grown by 53 per cent from EUR29.9 million.
The Power Derivatives Market accounted for the biggest contribution to revenue in the
- 11/08/2016
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