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By Geoff Ruddick – There has been an extraordinary focus on and trend towards `split boards' in the last few years. For most people the accepted definition of a 'split board' is having independent directors from different fiduciary firms. It is considered by some to be the best way to construct a board. In reality this is an overly simplistic definition and assessment of how to recruit and construct an effective and diverse board. So how did this readily accepted definition come to be? In some respects there is merit and in other respects it is simply a sales pitch.
- 26/01/2016
By Chris Humpries (pictured), Stuarts Walker Hersant Humphries – The Cayman Islands is the principle offshore jurisdiction for hedge funds and mutual funds and seeks to retain its status by implementing an innovative legislative and regulatory regime and by continuing to have an absence of taxation. Hedgeweek Global Awards 2015 declared The Cayman Islands the best hedge fund services jurisdiction. Given the historic success of the Cayman Islands as a fund domicile, it also boasts the presence of sophisticated and professional service providers who are knowledgeable in the nuances of the fund industry.
Some of the core changes to the funds industry
- 26/01/2016
- 26/01/2016
It’s safe to say that the Cayman Island Government’s in-tray is probably rather full at the turn of the year. Two major developments are in train, both of which are set to further enhance the jurisdiction’s reputation. The first of these developments is the impending introduction of a new legal vehicle – the Cayman Islands limited liability company (“LLC”), which is expected to be brought into force in early 2016 (likely March or April).
The second development is the introduction of an AIFMD opt-in regime, with the hope that come the end of 2016, Cayman will be on ESMA’s Third
- 26/01/2016
Neonet, an independent agency broker and execution specialist, has joined AIM Italia, Borsa Italiana’s marketplace for SMEs, as a member firm.
“As an independent agency brokerage, we constantly review our access to all available European liquidity. Recent customer demand for access to Italy’s SMEs lead to our decision to become a member of AIM Italia,” says Tim Wildenberg, Chief Executive Officer of Neonet. “We are delighted to offer our clients access to SMEs listed on AIM Italia.”
“I am delighted to welcome Neonet on AIM Italia. This new membership expands opportunities for Italian SMEs and will further boost liquidity
- 26/01/2016
- 26/01/2016
Mirabaud Securities is developing its electronic trading capabilities with the appointment of Jason Rand to the newly created role of head of global electronic trading.
Rand will be tasked with the development and expansion of Mirabaud’s electronic trading capabilities across EMEA, Asia, and the Americas. His appointment emphasises the scale of Mirabaud’s ambitions to build on their existing services to institutional clients.
Nicolas Tissot, chief executive officer of Mirabaud Securities, says: “We are delighted to welcome such a high calibre specialist to spearhead the growth of our global electronic trading proposition. Jason has an exceptional track record and a proven ability
- 26/01/2016
GLAS, an independent provider of finance administration services, has launched in the US, with Daniel R Fisher appointed to the helm of its New York-based office.
The move is designed to capitalise on the new opportunities arising in the US and reflects demand for efficient, cost-effective services as traditional providers withdraw from the market. Across the Atlantic, GLAS’ organic growth continues with three new hires in London.
GLAS was established in 2011. It offers a wide range of administration services to lenders, borrowers, issuers and advisers across the loan and debt markets, specialising in complex deals including loan and
- 26/01/2016
Large institutional investors expect to embrace active management in 2016 to combat macro-economic trends, anticipated market volatility and divergent monetary policy, a new BlackRock survey has found.
During December 2015, BlackRock polled over 170 of the firm’s largest institutional clients, representing USD6.6 trillion in AUM, about potential changes to their asset allocations in 2016. The findings also indicated investors are increasingly embracing illiquid assets, including private credit and real assets, as a way to meet their long-dated liabilities.
“Recent market volatility is driving a repricing of assets globally. The ripple effect from recent events is causing investors to actively
- 26/01/2016
Managed futures traders lost 1.19 per cent in December according to the Barclay CTA Index compiled by BarclayHedge. The Index was down 1.43 per cent in 2015.
“European Central Bank easing in December fell short of investor expectations, and markets promptly registered disappointment with sharp trend reversals in European equities, interest rates, and the Euro,” says Sol Waksman, founder and president of BarclayHedge.
Five of Barclay’s eight CTA indices lost ground in December. The Financial/Metals Traders Index was down 1.68 per cent, Diversified Traders lost 1.52 per cent, and Systematic Traders were down 1.47 per cent.
“CTAs lost
- 26/01/2016
The SS&C GlobeOp Forward Redemption Indicator for January 2016 measured 2.31 per cent, down from 4.98 per cent in December.
"SS&C GlobeOp's Forward Redemption Indicator came in at 2.31 per cent for January 2016, down from 4.98 per cent for December 2015 and also down year-over-year compared to 2.49 per cent for January 2015," says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies. "It's noteworthy that on a year-over-year basis, the Forward Redemption Indicator has fallen seven of the past eight months, including the most recent four months consecutively. This continuing pattern is consistent with other data we track, indicating
- 25/01/2016
Hedge funds finished last year up 2.42 per cent, beating equities and bonds on an absolute and risk-adjusted basis, according to an analysis of performance data by the Alternative Investment Management Association (AIMA).
AIMA says the analysis, based on returns reported to HedgeFund Intelligence (HFI) by funds with total assets under management (AUM) of roughly USD1.1 trillion, represents one of the most comprehensive assessments of the global hedge fund industry’s performance last year.
The analysis includes the first measurement of the industry’s risk-adjusted performance in 2015. Risk-adjusted returns are closely watched by institutional investors such as pensions and endowments
- 25/01/2016
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