Funds
Asset management firms are still using too much jargon in their Key Investor Information Documents (KIIDs) and not enough plain language, as indeed they are required to do.
A survey of 110 advisers at the end of 2013 by Kii Hub found that 67 per cent of advisers believe most or all KIIDs continue to use jargon. They did, however, agree that the documents are clearer and “more concise” than other fund documents.
It has been 18 months now since asset managers were required to offer KIIDs to investors in every share class of UCITS funds offered to European investors.
JTC Group, an independent provider of private client, fund and corporate services, has acquired a substantial book of private client business from Herald Trust Company Limited, which is no longer part of the Herald Group.
In addition to purchasing the client book, 27 Herald directors and staff based in Jersey have transferred to JTC Group’s St Helier offices, ensuring continuity of service for clients and securing a significant number of local jobs as part of the growth of the wider JTC Group.
Nigel Le Quesne (pictured), group chairman and CEO of JTC Group, says: “The purchase of this book
Hedge funds in the US, UK and Singapore have signed agreements with Aztec Exchange to purchase invoices from suppliers in emerging markets and credit-constrained developed markets.
Through the agreement, these funds will buy the receivables from a variety of regions with short-term maturities (45-90 days), with average annualised yields around 20 per cent.
“Trade receivables are a unique investment proposition for fund managers as they can offer superior yields over other short-maturity assets. More importantly, our platform facilitates a ‘true sale’ of the invoices, which means the credit exposure is not with the supplier in the emerging market but
Brooks Macdonald Funds Ltd (BMF) this week announced the imminent launch of the IFSL North Row Liquid Property Fund, believed to be the UK’s first actively managed UCITS core property fund. The fund is expected to launch in February and will be managed by Steven Grahame. He will be supported by Dr. Niall O’Connor as deputy fund manager.
The IFSL North Row Liquid Property Fund will offer investors liquid exposure to the global real estate markets by investing mainly in property derivatives, as well as property equity and debt, to gain exposure to direct property markets. The open-ended fund will
Elliott Management Corporation has sent a letter to the board of directors of Riverbed Technology offering to acquire all of the firm’s outstanding shares of common stock at USD19.00 per share in cash.
Elliott, affiliates of which collectively own or have economic exposure to approximately 10.5 per cent of the common stock and equivalents of Riverbed Technology, is a multi-strategy investment firm with deep experience investing in public and private companies.
According Elliot, the offer represents a significant 29 per cent premium over Riverbed Technology’s unaffected price of USD14.70.
BNY Mellon has been appointed as depositary for a significant proportion of the alternative investment holdings of Alceda Asset Management GmbH in Germany and Alceda Fund Management SA in Luxembourg.
The mandate also covers assets held in alternative investment funds issued by Aquila Capital, an investment company for alternative investments and investments in real assets.
Both Aquila Capital and Alceda are part of the Aquila Group, which currently has over 250 staff and EUR7.2bn assets under management.
The new partnership sees BNY Mellon for the first time providing depositary and related services in Germany for closed alternative investment
JP Morgan Asset Management is believed to be preparing to liquidate its JPM Highbridge Diversified Commodities fund as a result of declining assets under management reported Citywire Global this week.
The alternative UCITS fund is due to close on 7th February according to a letter sent out to shareholders. Highbridge Capital, who manage the Luxembourg-domiciled fund, is a hedge fund owned by the US investment bank. Mark Nodelman and Sassan Alizade are lead managers of the fund.
The letter, which was sent on 23rd December, reportedly said: “We have recently been considering the future of this sub-fund in light
Guillaume Rambourg’s investment boutique, Paris-based Verrazzano Capital, has launched the Verrazzano Advantage European Fund. The UCITS-compliant fund, established in Luxembourg as a SICAV, aims to achieve long-term capital growth by investing at least 80 per cent of its assets in the shares of companies listed in Continental Europe. This is the first long-only fund available to Verrazzano’s investors following the launch of two equity long/short strategies last year.
Rambourg was quoted as saying: “We’re delighted to launch our first long-only fund and make it available to a broad investment audience. It is an important milestone for Verrazzano Capital, which has
Two law firms in the Cayman Islands have agreed to merge early in the new year forming one of the strongest and most experienced practices in the Caribbean.
Travers Thorp Alberga and Paget-Brown will continue as Travers Thorp Alberga with Ian Paget-Brown QC assuming the role of counsel in the new company.
Paget-Brown says: “The growth of my practice over the last 40 years has been a source of immense pride to me but I feel the time is now right for my clients to benefit from the specialised legal expertise available at Travers Thorp Alberga.
“I would like
Ingenious, the UK alternative investment and advisory group, has strengthened its clean energy division with five new appointments, including Helen Wade as a senior investment director.
In addition, the firm has appointed one investment director, one investment manager and two investment associates. The appointments bring Ingenious Clean Energy’s team of investment professionals to 12, with over 50 years’ renewables and energy efficiency experience between them.
Ingenious is one of the fastest growing companies in the UK, having raised and deployed over GBP8bn in alternative investment sectors since 1998.
Ingenious Clean Energy was established in 2010 to enable Ingenious clients
