Latest News
Phoenix Fund Services (UK) has received Financial Conduct Authority (FCA) approval to act as Alternative Investment Fund Manager (AIFM) for alternative investment funds (AIFs) under the new AIFMD legislation.
Phoenix Fund Services (UK) has been appointed as the AIFM for nine separate AIFs effective from 22 July 2014, including UK OEIC, unit trust and investment trust structures and three non-EU AIFs.
Phoenix Fund Services provides fund management, fund administration and fiduciary oversight for over GBP6.0 billion of assets.
- 25/07/2014
The London Metal Exchange (LME) is working with Colt Technology Services to launch LMEnet, a dedicated network providing a fast and secure connection to the exchange’s electronic systems, including LME Clear.
LMEnet will be underpinned by Colt’s dedicated trading network service, PrizmNet, and will support three tiers of connectivity options for LME users according to their performance and latency requirements.
LMEnet also features Colt’s new service-management tool, which enables users to monitor latency and bandwidth use with significantly increased granularity.
“In partnership with Colt, we are delighted to be able to offer LME market participants enhanced performance and
- 25/07/2014
- 25/07/2014
China’s burgeoning hedge fund industry has the potential to rival that of the US and become one of the world’s largest, according to the regional head of the CFA Institute.
AAM reports that Paul Smith, managing director of CFA Institute’s Asia-Pacific operation, said that the Chinese hedge fund market has been valued at about US$40 billion, making it the largest in Asia. While the MSCI China Index remained flat last year, hedge funds investing in Greater China gained an average of 20%.
“It’s growing very rapidly, although not many people focus on it because it’s entirely domestic at the
- 24/07/2014
The Securities and Exchange Commission has adopted amendments to the rules that govern money market mutual funds (MMFs), making structural and operational reforms to address investor risk while preserving the benefits of the funds.
The rules build upon the reforms adopted by the commission in March 2010 that were designed to reduce the interest rate, credit and liquidity risks of money market fund portfolios.
When the commission adopted the 2010 amendments, it recognised that the 2008 financial crisis raised questions of whether more fundamental changes to money market funds might be warranted.
The new rules require a floating
- 24/07/2014
- 24/07/2014
The Prytania Group has appointed Jim Irvine, formerly head of fixed income at Henderson Global Investors, as chief executive officer with effect from 1 September 2014.
Irvine will be responsible for Prytania Investment Advisors’ asset management and investment advisory activities and Prytania Solutions’ valuations, modelling and analytical services.
Joe Cook, retiring chief executive who will remain on the board of Prytania as a director, says: "We are delighted to have Jim join us as chief executive. Jim’s wealth of experience and in-depth knowledge of structured finance and the wider credit markets will be of great service to Prytania and
- 24/07/2014
The US Commodity Futures Trading Commission (CFTC) has issued a no-action letter that provides additional time for reporting parties to comply with certain reporting requirements of the ownership and control final rule (OCR Final Rule).
The OCR Final Rule, which was published in the Federal Register on 18 November 2013, requires the electronic submission of trader identification and market participant data on new and updated reporting forms.
These reporting forms collect new information to better identity participants in futures and swaps markets.
The OCR Final Rule requires reporting parties to begin submitting the forms electronically by 15 August
- 24/07/2014
FIX Trading Community, the non-profit financial trading standards body, has extended the Trading Enablement Standard Initiative (TESI) to include foreign exchange (FX) client enablement.
TESI uses FIX protocols to achieve more efficient and standardised communication for trading enablements.
Last year TESI designed and implemented the FIX standard to manage the complex process of enabling clients on fixed income trading platforms. As a result of close collaboration with the FX community, TESI is now available to clients using FX execution platforms for FX spot, forwards, swaps, FX options, NDFs and precious metals trading.
TESI helps reduce errors and improve
- 24/07/2014
Natixis Global Asset Management (NGAM) has launched a core global tactical asset allocation fund that invests in stocks, bonds and volatility as an asset class.
The Seeyond Multi-Asset Allocation Fund offers the potential benefit of greater diversification by integrating equity volatility as an asset class along with traditional asset classes.
In the fund, equity volatility can be used to manage risk or to seek returns in different types of environments. This ability can be especially valuable to investors during market downturns.
“The Seeyond Multi-Asset Allocation Fund can provide investors with a range of benefits. The fund can be
- 24/07/2014
Abbey Capital has been authorised as an Alternative Investment Fund Manager (AIFM) under the Alternative Investment Fund Management Directive (AIFMD) by the Central Bank of Ireland.
The AIFMD is a regulatory framework initiated by the European Commission to supervise AIFMs.
The purpose of the AIFMD is to better regulate investment practices, increase transparency in operations and reporting in order to protect investors.
Tony Gannon, Abbey Capital’s CEO, says: “Abbey Capital is pleased that our consistency of investment approach and risk management has ensured the stringent criteria for authorisation set out by the AIFMD were met by Abbey Capital.
- 24/07/2014
- 24/07/2014
Luxembourg financial services regulator CSSF has received a total number of 773 AIFM-related applications – 215 requests for authorisation and 558 requests for registration.
Following the processing of the 215 requests for authorisation, 151 entities have been approved as AIFM by the CSSF as at 22 July 2014.
Among these 151 approved entities, 74 entities are on the official list of authorised AIFMs.
The CSSF says a certain number of those applications for authorisation, where the approval process is still ongoing, are linked to entities which were not active in the field of alternative investment funds before the
- 24/07/2014
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