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Irving H Picard, Securities Investor Protection Act (SIPA) trustee for the liquidation of Bernard L Madoff Investment Securities (BLMIS), says the seventh pro rata interim distribution from the Customer Fund to eligible BLMIS customers commenced on 30 June 2016.
The SIPA trustee is distributing approximately USD190.247 million on a pro rata basis to BLMIS account holders with allowed claims, bringing the aggregate amount distributed to eligible claimants to approximately USD9.47 billion. This includes approximately USD836.6 million in committed advances from the Securities Investor Protection Corporation (SIPC).
The seventh distribution represents 1.305 per cent of each claim dollar and will be
- 01/07/2016
BarclayHedge has ranked Elberon Investment Fund as one of the world's top-performing "long bias" equity funds for the three-year period ending on 31 March 2016.
Elberon, which is managed by Bruce Salomon, ranked number eight globally and number two in the US among more than 230 long-biased funds.
All funds ranked had at least USD10 million in assets under management and an average net exposure greater than 35 per cent. Elberon is the only Texas-based fund that finished in the top ten.
“It’s a tremendous honour to be singled out as a fund that uniquely compounds capital over
- 01/07/2016
Northern Energy Capital (NEC) and Roundtable Capital Partners have completed the initial closing of NEC Fund I Canadian at approximately USD45 million.
The fund will be wholly focused on investing in oilfield services and related industrial businesses in Canada.
With a pool of almost 5,000 investable oilfield services businesses in both the private and public arenas of the sector, the opportunities are substantial with valuations at 30-year lows.
The oilfield services sector is struggling through one of the most significant downturns in its history, and the financial and operating capabilities of many of the participants have been severely
- 01/07/2016
The European Securities and Markets Authority (ESMA) has published a peer review on the efficiency and effectiveness of European Union (EU) national securities markets regulators’ approval of prospectuses, the disclosure documents prepared by issuers when they want to market their securities to EU investors.
Overall, ESMA found that, while national regulators were in general sufficiently resourced and approved prospectuses within legal deadlines, there were differences in national practices which would benefit from greater convergence.
Steven Maijoor (pictured), ESMA chair, says: “The Prospectus Directive is an important pillar of the single financial market: it helps firms access capital markets across
- 01/07/2016
In the wake of last week’s referendum result, there are obviously a number of questions regarding regulation and passporting. Bobby Johal, Managing Consultant, Cordium, comments…
UCITS funds will still be distributed across Europe, but not in quite so straightforward a manner as is the case presently. UK UCITS will lose their status (under the UCITS directive) and most likely become alternative investment funds (AIFs).
If we assume the UK is to be a ‘third country’ (the so-called WTO option: a big assumption, subject to much debate over the coming months), this will result in the loss of passporting rights and
- 30/06/2016
- 30/06/2016
FIX Trading Community has released Simple Binary Encoding (SBE) version 1.0 Draft Standard to support high performance demands in transactions and/or data feeds.
Recent improvements in the speed of hardware, software and network connections have prompted the High Performance Working Group to examine the current version of the FIX Protocol to address how the requirements for new financial applications such as high-frequency trading and market data can be met. The challenge was to produce a standard, non-proprietary binary message encoding which is intended to work independently or in conjunction with other high performance FIX standards.
Simple Binary Encoding is
- 30/06/2016
Brinker Capital, an investment management firm focused on multi-asset class investing, has appointed Jason Moore, formerly Managing Director at Morgan Stanley Wealth Management, as its Chief Administrative Officer and member of the firm’s executive committee.
In this newly-created position, Moore will work with the investment team and the sales and distribution teams to apply Brinker Capital’s highly-strategic, disciplined multi-asset class investment philosophy to build solutions for financial advisors and their clients. Moore brings more than 20 years of experience to Brinker Capital in portfolio management, product development and advisory business management for the managed account industry.
Moore jointly reports to
- 30/06/2016
Alternative investment manager CVC Credit Partners has held the final closing of its Global Special Situations Fund, which is focused on stressed and distressed corporate credit predominantly across Europe.
The CVC Credit Partners Global Special Situations Fund received strong backing from both new and existing investors, exceeding its EUR600 million fund target with total commitments secured of approximately EUR650 million. The Fund received commitments from investors in North America, Latin America, Asia, Europe and the Middle East. With over EUR1.86 billion already committed to the strategy via Separately Managed Accounts and our Credit Opportunities vehicles, CVC Credit Partners’ Credit Opportunities
- 30/06/2016
According to TABB Group, block trading volume for asset managers rose to 19 per cent in 2015, surpassing levels last seen in 2009 due to changes in investment strategies, access to new liquidity sources and new block trading methodologies.
The ability to trade blocks is a critical part of trading strategies and leveraging an integrated workflow through an execution management system (EMS) and order management system (OMS) is essential for the buy-side. Part two of TABB Group’s 12th annual benchmark study, “US Institutional Equity Trading 2016: Blocks & Trading Tackle (Part 2 of 3),” examines trends related to block trading,
- 30/06/2016
CTA managers posted positive performance in the two full days of trading after the referendum results – Friday 24 June and Monday 27 June – according to Societe Generale Prime Services’ CTA Indices.
In the immediate aftermath of the result on Friday, when falling markets were causing concern for many investors, 90 per cent of the programs tracked by the SG CTA Index had posted positive returns by the end of the day, and 80 per cent of Short Term Traders were positive. The strong performance continued into this week, with 75 per cent of SG CTA Index constituents and
- 29/06/2016
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