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Irving H Picard, Securities Investor Protection Act (SIPA) Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), has filed a motion in the United States Bankruptcy Court for the Southern District of New York seeking approval for an allocation of recoveries to the BLMIS Customer Fund and an authorisation for a seventh pro rata interim distribution from the Customer Fund to BLMIS customers with allowed claims.
A hearing has been scheduled for Wednesday, 15 June, 2016, at 10:00 am EDT.
Plans for a seventh interim pro rata distribution may now be made, as a result of the
- 26/05/2016
STOXX Ltd, operator of Deutsche Boerse Group’s index business, and a global provider of tradable index concepts, has extended the STOXX Select and STOXX Diversification Select index families that were introduced in October 2015.
The newly launched indices combine investment themes such as Low Carbon and ESG with low volatility, high dividend and low correlation screens, thus creating hybrid index concepts.
The STOXX Select and STOXX Diversification Select index families are specifically designed as liquid underlyings for financial products such as structured products and exchange traded-funds. The combination of the screens in the index methodology sets an attractive pricing framework
- 26/05/2016
- 26/05/2016
Bloomberg has launched the Entity Exchange platform, a web-based, centralised and secure solution that enables buy-side firms to provide entity data and documentation to their trading counterparties. Entity Exchange eases the process of opening new trade accounts for the buy-side, while also helping brokers satisfy Know-Your-Customer (KYC) compliance requirements.
David Sharpe, Director of Operations at Fortress Investment Group, says: "An investment firm of our size with a diverse portfolio needs to establish relationships with new trading partners quickly and securely so that we can effectively manage our operations." Sharpe further explains, "The exchange of official information and documentation with our
- 26/05/2016
Colin W McLean, FSIP, has been elected the new Vice Chair of the Board of Governors of CFA Institute, the global association of investment management professionals.
Effective 1 September, McLean succeeds Frederic P Lebel, CFA, who becomes the newly elected Chair of the Board. The new board line-up was elected by the membership at the 69th CFA Institute Annual Conference, held in Montreal earlier this month. McLean is the first non-Charterholder to hold this role.
McLean is CEO of SVM Asset Management Ltd, an independent fund management group based in Edinburgh, UK, which he founded in 1990. SVM specialises
- 26/05/2016
Neptune, the open standards network utility for pre-trade indications in bond markets, has completed connectivity to Fidessa's buy-side OMS platform to distribute high quality pre-trade data to assist the buy-side with liquidity and price discovery utilising their existing workflows.
With 17 dealers committed to the platform and over USD60 billion of gross notional and twelve thousand line items, referencing over eight thousand ISIN’s across IG/HY/EM and Covered bonds and 20 CCY’s, Neptune is fast expanding from its initial focus of purely European IG/HY corporate bonds, to a portfolio which also reflects the global nature and reach of its user base.
- 26/05/2016
American Century Investments has expanded its liquid alternatives offering with the launch of the AC Alternatives Long Short Fund, the second multi-manager fund to be launched under the firm's AC Alternatives brand.
The new fund uses an open architecture subadvisor approach to access experienced, specialised managers who employ differentiated approaches to long/short equity investing. Long/short equity strategies seek to take long positions (buys) in undervalued equities and short overvalued positions in equities issued by companies across all market cap and geographies.
"The addition of AC Alternatives Long Short to our suite of liquid alternatives solutions reflects our commitment to meeting
- 26/05/2016
The US CFTC has ordered Citibank to pay a USD250 million civil monetary penalty to settle charges that it attempted to manipulate, and made false reports concerning, the US Dollar International Swaps and Derivatives Association Fix (USD ISDAFIX), a global benchmark for interest rate products.
In accition, Citibank is required take specified steps to implement and strengthen its internal controls and procedures, including measures to detect and deter trading potentially intended to manipulate swap rates such as USD ISDAFIX and to ensure the integrity of interest-rate swap benchmarks.
“The CFTC’s order demonstrates that we will vigorously continue to investigate any
- 26/05/2016
While investors redeemed just under USD1.9 billion from hedge funds in April, performance gains helped boost assets by USD6.86 billion, bringing total hedge fund industry assets to USD2.986 trillion, according to eVestment’s latest Hedge Fund Flows report.
According to report author Peter Laurelli, eVestment vice president and global head of research, negative investor sentiment seems aimed primarily at funds that underperformed in 2015. In spite of several high-profile announcements about institutional investors getting out of hedge funds, investors continue to allocate money to funds that performed well in 2015 while pulling money from funds that performed poorly last year.
- 26/05/2016
- 26/05/2016
Allianz Global Investors (AllianzGI) CIO and Head of Infrastructure Debthas appointed Deborah Zurkow (pictured) is to take on a new, broader role, becoming head of the Alternatives pillar within the firm’s global investment platform.
Zurkow will join AllianzGI’s Global Executive Committee, effective 1 June 2016.
As Head of Alternatives, Zurkow will lead the continued build out of AllianzGI’s Alternatives capability, which comprises a diverse mix of both liquid and illiquid alternative investment solutions for clients. Since the creation of AllianzGI’s Alternatives pillar in December 2014, Assets Under Management have doubled, growing from EUR7.9 billion in December 2014 to EUR15.7 billion
- 25/05/2016
Malta has addressed one of the biggest issues in European fund management – the speed to market – with its new Notified Alternative Investment Funds (NAIF) framework, according to Jeremy Leach, Chief Executive Officer of the Managing Partners Group (MPG).
Malta, together with Luxembourg, is one of the first two jurisdictions in Europe to adopt the new framework and the move is likely to expand its share of the alternative investment funds (AIF) market, marking yet another step in the country’s move to becoming a leading financial centre, Jeremy Leach says.
Under the NAIF framework, product providers are directly regulated
- 25/05/2016
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