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In the last full trading week of the year, the closing of the books was crudely interrupted by a crossover from chaos in the energy markets, accompanied by a total collapse in the Russian Rouble, says Tim Edwards, Index Investment Strategy, S&P Dow Jones Indices…
The VIX closed on 17 December at 19.4, helped on its way down (from Tuesday’s high of 24) by the measured and patient comments issued yesterday by the US Federal Reserve.
All of our global equity volatility measures are up, but their increases pale in comparison to their equivalents in the oil markets. At
- 22/12/2014
- 22/12/2014
HS Group has made its second investment, in a hedge fund to be founded by Christopher Lee and Burke Lau.
Lee was previously Head of BlackRock's Scientific Active Equity department in Hong Kong and serves on the Investment Board of BlackRock's award nominated Pan Asia Opportunities Fund, while Lau, was formerly Head of Asia & Japan Quant Research at Macquarie Securities.
The duo will be joined by a team of research and programming professionals with several decades of combined systematic investment experience in Asia, and on the business side will be led by Michael Friedlander who was formerly Head of
- 22/12/2014
There will winners and losers in 2015 as the wealth and asset management tackles regulatory change and a number of other challenges, says Ernst & Young (EY).
According to the firm’s outlook for next year, regulatory-driven change will see remuneration bite the hedge fund industry, while asset managers will need to learn to deal with unfixed product profiles as annuities change the model.
In addition, EY believes that 2015 will see a new wave of technology spend on the front office as asset managers compete to chase growth.
Gill Lofts, UK Head of Wealth and Asset Management at EY says:
- 22/12/2014
The Royal Bank of Canada (RBC) is to pay a USD35 million penalty for engaging in more than 1,000 illegal wash sales, fictitious sales, and noncompetitive transactions over a three-year period.
US Commodity Futures Trading Commission (CFTC) Director of Enforcement Aitan Goelman says: “Illegal wash trades may seem innocuous. They are not. They provide misleading signals to the market and are thus prohibited, whether their purpose is to lessen a foreign tax bill or another reason. This matter clearly demonstrates that the CFTC will vigorously enforce this prohibition to protect the integrity of our markets.”
The CFTC originally filed
- 22/12/2014
The SS&C GlobeOp Forward Redemption Indicator for December 2014 measured 5.87%, up from 5.05% in November.
“In line with other year-end averages, December forward redemptions represented a 12 month-high, with the bulk of activity falling in the under 1 month category,” says Bill Stone, Chairman and Chief Executive Officer, SS&C Technologies.
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the SS&C GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the SS&C GlobeOp
- 19/12/2014
By Chris Humphries, Managing Director, Stuarts Walker Hersant, Attorneys-at-Law – The Cayman Islands continues to be the leading offshore jurisdiction for mutual funds and hedge funds. Its position as the premier jurisdiction is as a result of innovative legislation and the absence of taxation together with the presence of sophisticated and professional service providers and a favourable regulatory environment.
The Cayman Islands offers:
• A straightforward fund registration procedure.
• A flexible investment fund regime within a clear and effective regulatory environment.
• Experienced legal, administrative and accounting service providers.
• No requirement to have Cayman Islands based directors or
- 19/12/2014
- 19/12/2014
In 2011, ahead of the introduction of the AIFMD in Europe, an article entitled “A foot in both camps”, was written by Derek Delaney, Managing Director of DMS Offshore Investment Services (Europe) Limited. In it, Delaney (pictured) wrote: “There is an enduring perception that the established European domiciles such as Ireland and Luxembourg are in direct competition with the leading offshore domiciles such as Cayman. This perception has transcended reality to the extent that leading participants in both camps deem it necessary to fight their corner.”
With over 225 staff, DMS is the world’s largest provider of fund governance services
- 19/12/2014
- 19/12/2014
UBS Fund Services has had one of its strongest years in terms of winning new clients according to Monette Windsor (pictured), who heads up the Cayman Islands business.
“We’ve invested heavily in our business development team this year and we’ve had to beef up our client onboarding team. We have 165 staff now; we’re the largest administrator on the island,” says Windsor.
Not only has the firm seen client numbers rise, it has also seen a good number of existing managers launch new products. Interestingly, Windsor notes that many of them are not commingled funds but rather products for single
- 19/12/2014
- 19/12/2014
Derek Adler (pictured) ACSI is a director and founder member of International Financial Administration Group (‘Ifina’), which has now been around for 17 years providing fund administration services to small and emerging fund managers as well as large institutional clients. Over the last three years, Ifina has been successfully running a turnkey fund solution in Cayman for managers keen to avoid the cost and time to market to launch a standalone fund.
The umbrella fund structure, known as the Primary Development Fund, provides a segregated sub-fund arrangement and in Adler’s words, acts as a useful “stepping stone” for managers to
- 19/12/2014
- 19/12/2014
Gemini Alternative Funds has launched the Galaxy Plus Fund, a Delaware series limited liability company offering qualified investors access to a select group of commodity trading advisors.
The new platform reflects the continuing growth of Gemini Alt's comprehensive line of investment vehicles designed to meet the evolving needs of advisors and high-net-worth clients.
The Galaxy Plus Fund enables qualified investors to access multiple underlying trading advisors, through a centralized platform that offers a fixed fee structure, frequent liquidity, enhanced transparency, leverage and financing options and risk management. Investors in the Galaxy Plus Fund also benefit from Gemini Alt's operational
- 19/12/2014
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