Latest News
dopay has secured USD2 million in seed funding from ACE & Company, Techstars Ventures and a syndicate of angel investors working for leading banks, private equity funds and hedge funds.
The funds will further the launch of the company’s services in Egypt and help drive expansion into new markets in the Middle East, Africa and India.
Currently, two billion people worldwide have jobs but no bank account. This means they are cut off from even the most basic financial services. Companies that employ these people feel this acutely, they have to manage huge amounts of cash, which is costly and
- 01/05/2015
- 01/05/2015
Fund Recs has launched Velocity, platform designed to facilitate the streamlined collection and reconciliation of data on funds serviced by administrators.
Fund Recs was founded in 2013 to fix broken reconciliations, solving for the first time a significant pain point for the Global Funds Industry. Velocity allows administrators to automate trade capture, cash and position reconciliations, improving efficiency and reducing the operational risk of manual error. Velocity provides a live overview of operational progress, identifies break risks as well as the automatic collection of key performance indicators.
Velocity is fully user configurable, reducing the need for support by clients internal
- 01/05/2015
Citi has hired Murray Roos as Global Head of Sales for its Equities and Prime Finance divisions.
In this newly created role, Roos will be responsible for developing and leading a unified and global sales strategy across the full range of equity and prime finance products offered to Citi’s clients. He will be based in London and report to Derek Bandeen, Global Head of Equities, Okan Pekin, Global Head of Investor Services and Jim O’Donnell, Global Head of Investor Sales.
Roos brings more than 18 years of industry experience to this new role. He joins Citi from Deutsche Bank
- 01/05/2015
Convergex, an agency-focused global brokerage and trading related services provider, has just completed its best-ever quarter of growth for its prime services business.
From January to March of 2015, Convergex Prime Services added more assets under management from new clients than in any previous quarter since the founding of its predecessor company in 2006.
“We’re seeing unprecedented growth as new clients come onboard and existing clients expand their relationships with us,” says Doug Nelson, Convergex executive managing director and head of global clearing and prime services. “Our flexible, multi-custodian model is striking a chord with funds that are being
- 01/05/2015
The Alternative Investment Management Association (AIMA), the global hedge fund association, has published an updated Fund Directors’ Guide, which is designed to be used by investment managers, fund promoters and existing and prospective fund directors.
The Guide, last published in 2008, takes account of regulatory and tax reforms since the financial crisis, such as the Alternative Investment Fund Managers Directive (AIFMD) and the Foreign Account Tax Compliance Act (FATCA), which have brought significant changes to the role and responsibilities of fund directors and boards.
New sections have been added covering, among other topics, the general approach to fund governance,
- 01/05/2015
Global advisory, fund administration and fiduciary services firm Maitland has hired Scott Price to spearhead its ambitious growth aims in the US market. Price will be joining the firm as Head of Business Development and Client Management for North America.
The announcement comes during a period of rapid global growth for Maitland, following hot on the heels of its expansion into the UK market via the acquisition of Phoenix Fund Services.
Price will be responsible for leading sales and client management efforts across the continent. The hire also coincides with Maitland’s rebranding of its US operations (previously known under the
- 30/04/2015
Burren Capital Advisors has launched Global Arbitrage equities fund on the MontLake UCITS platform, an independent platform providing investors with access to a range of liquid, transparent and regulated investment products domiciled in Dublin.
The MontLake Burren Global Arbitrage UCITS Fund will be managed in line with the core fund which has approximately five years track record but with a modest amount more leverage and will specialise in Pure Arbitrage, Tender Arbitrage, Merger Arbitrage and Relative Value investing. The strategies seek to take advantage of a broad investment spectrum providing multiple sources of alpha throughout the economic cycle.
The strategy
- 30/04/2015
- 30/04/2015
Private equity fundraising through the first quarter is examined in this extract from the Preqin Quarterly Update: Private Equity, Q1 2015.
Q1 2015 has seen a marked drop in the number of private equity funds closed, down from 324 in Q4 2014 to just 166 in the first quarter of the new year (Fig. 1). When compared with Q1 2014, the same downward trend is apparent, with 263 vehicles closed in the first quarter of 2014. However, despite a decline in number of funds, the level of aggregate capital raised has not fallen proportionally. Private equity vehicles closed in
- 30/04/2015
The Cyprus Investment Funds Association (CIFA) has formed a strategic partnership with law firm, King & Wood Mallesons (KWM) to develop the legal and regulatory framework for investment funds in Cyprus.
KWM will conduct a comprehensive review of the Cypriot investment funds framework, including corporate tax arrangements and registration laws, to enhance Cyprus’ position as an international jurisdiction for the domiciliation and management of funds.
The findings of the consultative review are expected to be published later in 2015 whereupon KWM will work with CIFA to promote Cyprus as a gateway to Europe for regional fund managers, particularly in
- 30/04/2015
BNY Mellon has been appointed trustee and paying agent for Bosphorus CLO I Limited. It is Commerzbank’s first European CLO and is being managed by the bank’s Debt Fund Management division.
The EUR233.4 million collateralised loan obligation (CLO) will securitise a portfolio of senior secured loans and bonds granted to European companies. Sterne Agee & Leach, Inc is acting as arranger and also making its debut in the European CLO market.
CLO issuance in Europe in 2014 reached EUR14.29 billion, which was double the issuance of the previous year. BNY Mellon acted as either paying agent or trustee on more
- 30/04/2015
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