“The introduction of the Variable Capital Company (VCC) structure earlier this year has been the latest in a number of initiatives undertaken by the Singapore government to grow the city state’s fund management industry and achieve its ambition of being the gateway to asset management opportunities in Asia”, says Allard de Jong, Head of the Fund Administration, Corporate Trust and Custody team of the Portcullis Group.
Legal & Regulation
The outlook for the penetration of the Variable Capital Company legislation as a fund structure is upbeat as it soldiers on against the unfortunate timing of its launch, amid a global pandemic. More importantly, in practice the legislation works well and the fund launches have been successful.
With the profound impacts of Covid-19 continuing to reverberate around the world, it is notable how robust the funds industry has been during the last six months. In Ireland, like elsewhere, significant redemptions were registered in March as investors sought to reduce risk and increase liquidity.
The Irish funds industry may have some catching up to do in the private funds space, but as the government gears up to introduce a refreshed Investment Limited Partnerships Act, the jurisdiction is expected to see an influx of managers from the UK, the US and further afield choosing to set up their private funds in Ireland.
The hedge fund industry has welcomed a decision by the European Union to remove the Cayman Islands – a major offshore domicile for the global hedge fund industry – from a tax haven blacklist.
The CFTC has ordered JPMorgan to pay a record USD920.2 million, the largest amount of monetary relief ever imposed by the CFTC, to settle charges of manipulative and deceptive conduct and spoofing.
Man AHL, the pioneering quantitative investment unit of London-listed global hedge fund giant Man Group, has been given the green light for a qualified foreign institutional investor license in China.
The Securities and Exchange Commission (SEC) has announced its 100th whistleblower award since the creation of the SEC Whistleblower Program as part of the Dodd Frank Act in 2010.
The Alternative Investment Management Association (AIMA) and Alternative Credit Council (ACC) have welcomed the publication by the European Commission (EC) of the Capital Markets Union for people and businesses-new action plan (the CMU Action Plan).
Blaine Bortnick, managing partner of the New York office for Rasco Klock, along with James Halter, special counsel to the firm, have won a case on a motion to dismiss a USD1 billion lawsuit brought by New York-based hedge fund Kingstown Capital Management LP and its affiliates.