Digital Assets Report

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Independent institutional and private client service provider JTC has extended the capabilities of its Cayman Islands office to offer a broad range of fund administration services, following the completion of its acquisition of GAM’s Cayman Islands fund administration business. Having announced the acquisition in October and with full regulatory approvals from the Cayman Islands Monetary Authority now granted, JTC believes it is strongly positioned to provide a full spectrum of fund administration services, adding to the private client services it already offers from the jurisdiction, where it has had a presence since 2013.  With all 14 staff in the Cayman
Accenture is to acquire Formicary, a provider of consulting and systems integration services for trading platforms in the UK and North America. Accenture believes the acquisition will further strengthen its capabilities in helping banks, asset managers, hedge funds and clearing organisations transform their trading technology platforms, enabling them to quickly and cost-efficiently adapt to market and regulatory change. Terms of the transaction were not disclosed.   Formicary specialises in financial trading systems consulting, systems integration and migration, and IT services and software for over-the-counter (OTC) clearing, which includes implementations of industry-leading trading platforms such as Murex, Calypso and Misys Summit.
Prophet Capital Asset Management, a USD2.3 billion structured credit hedge fund, has adopted Broadridge Financial Solutions’ integrated trading, portfolio management and operating platform. “An established structured credit fund like ours, with a two-decade growth trajectory and an increasingly sophisticated investor base, requires scalable, institutional-quality infrastructure,” says Kurt Rechner, COO of Prophet Capital Asset Management. “The Broadridge solution offered out-of-the-box functionality as well as the option for customisation to support trading of complex securities – which was key for us – all through a single platform.”   Broadridge Investment Management Solutions, which includes the award-winning Portfolio Master operating platform, now supports
Millennium Trust Company has launched the Millennium Alternative Investment Network (MAIN), a centralised online service dedicated to simplifying the custody of alternative investments. MAIN aims to deliver an efficient end-to-end solution for individuals and advisors looking to hold alternative investments within either IRAs or taxable custody accounts. Through MAIN, investors can link to the growing number of investment platforms offering access to an increasing range of alternative investments. After completing their research and selecting an investment via a platform, investors can complete Millennium's required documents to open and fund an account and direct their investments entirely online.   Further, MAIN
ChartIQ, a specialist in HTML5 financial charting for capital markets, has launched a fully integrated app in Thomson Reuters Eikon, a platform for consuming real-time and historical data, and connecting the financial markets community. App Studio in Eikon allows third parties to build their own apps that sit within the Eikon desktop, powered by Thomson Reuters and other data, and to make them available to Eikon users.   ChartIQ is focused on building HTML5 financial charting and data visualisation tools for capital markets applications. Owing to the flexibility of its technology and the open capabilities of Thomson Reuters Eikon, users
FORT Management, a 23-year-old hedge fund firm led by two economists – Yves Balcer and Sanjiv Kumar – who formerly ran the investment division at the World Bank – has sold a 10 per cent stake to Goldman Sachs via its Petershill II fund. Based in New York and Chevy Chase, Md, FORT manages around USD1.6 billion and deploys systematic strategies that invest in multiple asset classes globally. The firm’s Contrarian and Diversified strategies have consistently beaten benchmark indices since inception.  FORT stands for Financial Opportunities in Research in Trading.   The firm, which was established in 1993 has seen assets double in
GSX, the Gibraltar Stock Exchange has expanded its services to include the listing of Debt Securities and Closed-ended Funds, having received approval from its regulator, the Gibraltar Financial Services Commission. The expansion is a key element of GSX’s strategy in complementing Gibraltar’s unique position within the EU and providing financing solutions to its clients seeking a gateway to Europe, particularly through the securitisation area.     “We have seen strong demand for debt-related financing solutions in a number of sectors including SME’s using the mini-bond market to raise capital in the EU Capital Markets and diversify funding sources; (re)insurance companies
Keen to grow your business? The big question is can you do it profitably, without suffering significant increases in staff and costs? Asset growth is no longer a surefire route to boosting profitability. Industry-wide performance for 2015 is in the doldrums – for instance, the HFRX Global Hedge Fund Index is down 1.63per cent  year-to-date, while many firms are struggling to reach their high water marks. Poor performance is also adding weight to the debate on fees. The era of ‘2 & 20’ may not be quite over, but it is disappearing. At the same time, cost pressures are on
CTA strategies posted negative returns across the board in December to end a volatile year ccording to data released by Societe Generale, with the firm’s headline SG CTA index down 1.29 per cent for the month resulting in a flat performance for the year. The Newedge Indices have now been rebranded to the SG Prime Services Indices, effective immediately. This is part of the integration of Newedge into Societe Generale’s Global Markets division, following the acquisition of Newedge by Societe Generale in May 2014. Given the close alignment of the businesses, the industry-leading benchmarks will now operate under SG Prime
London-based Nevsky Capital is closing its USD1.5 billion hedge fund, citing the rise of algo trading and bear market fears as reasons for the closure. The Nevsky fund is expected to liquidate its portfolio and move into cash by the end of this month. In a statement to investors CIO Martin Taylor (pictured) says: “After 15 years of managing the Nevsky fund, we have come regretfully to the conclusion that the current algorithmically driven market environment is one which is increasingly incompatible with our fundamental, research orientated, investment process.”   Taylor adds: “The bear market in emerging market equities, which began

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