Funds
ACAS CLO 2013-1, an affiliate of American Capital, has closed on the sale of USD414m of collateralised loan obligation bonds. The transaction was arranged by Deutsche Bank Securities.
The CLO is externally managed by American Capital Leveraged Finance Management, a subsidiary of American Capital Asset Management, a wholly-owned portfolio company of American Capital, for an annual management fee of 50 basis points of total assets.
The CLO has primarily invested the proceeds of the bonds in broadly syndicated senior secured loans purchased in the primary and secondary markets.
"We are pleased that we materially improved pricing on the financing
Aquiline Capital Partners, a New York-based private equity firm investing in the financial services sector, and Genstar Capital, a middle market private equity firm based in San Francisco, are to acquire Genworth Wealth Management from Genworth Financial for USD412.5m.
The sale by Genworth includes both of Genworth Wealth Management’s businesses: Genworth Financial Wealth Management (GFWM), an investment management and consulting platform, and Altegris, a provider of premier alternative investments.
GFWM primarily provides a growing universe of independent financial advisors with comprehensive support across every phase of their practice, helping them to meet clients’ wealth management and investment needs.
The Association of the Luxembourg Fund Industry (ALFI) has this week published a comprehensive 46-page report on Liquidity Guidelines
UCITS funds could potentially end their securities lending programmes in response to complex regulations reported IndexUniverse.eu this week, based on the comments of one of the panellists at Markit’s recent Securities Finance forum in London.
John Arnesen, global head of agency lending at BNP Paribas Securities Services, reportedly said that new regulatory requirements for UCITS may force fund managers to rethink their involvement in securities lending altogether. Arnesen was quoted as saying: “For year agent lenders have struggled to convince portfolio managers that securities lending might make sense. They’re going to see even less benefit now that the share
Lyxor Asset Management is launching a new UCITS-compliant fund which aims to replicate Winton Capital Management’s Diversified Program.
This bespoke UCITS-compliant strategy is designed to give access to a direct and genuine exposure to Winton’s management expertise through direct investments in UCITS eligible assets.
Winton is an investment manager with approximately USD26bn in AuM and employs over 275 staff, close to half of whom are directly involved in research. The Winton trading strategy is focused on scientific research into financial markets which is led by its founder, David Harding (pictured), one of the pioneers of systematic trading in
Gottex Fund Management has reached agreement on the acquisition of a majority interest in Frontier Investment Management, a multi-asset investment management firm in the UK.
Michael Azlen, founder and CEO/CIO of Frontier, will retain a substantial equity interest in Frontier, as well as continuing to lead the Frontier business, and join Gottex as a senior executive in its multi-asset business.
Gottex has agreed to acquire the majority share capital of Frontier, a profitable multi-asset investment manager with USD 5501m of assets under management across a range of liquid low cost multi-asset products. The consideration involves a combination of
These are potentially worrying times for Europe’s fund managers with the threat of a bonus cap hanging over their
MSCI has entered into a definitive agreement to sell its CFRA business, a provider of forensic accounting research, to a private investor for an undisclosed purchase price.
The transaction is expected to close within the next two months, subject to customary closing conditions.
CFRA is included within MSCI’s governance business segment for financial reporting purposes.
The transaction is not expected to have a material impact on MSCI’s results of operations.
Davis Polk & Wardwell acted as legal advisers to MSCI.
Kinetic Partners’ application to become a fund management company (MANCO) in Luxembourg has been approved by the Luxembourg Financial Authority (CSSF).
The issuance of the licence will enable Kinetic Partners (Luxembourg) to host third party Undertakings for Collective Investment in Transferable Securities (Ucits) funds – and in the future Alternative Investment Funds (AIFs) – to ensure adequate risk oversight, corporate governance and compliance of fund structures with local and international laws and best practices.
The successful application follows the introduction of the “Kinetic Passport” service, launched in Q4 2012. The service provides support in the registration, maintenance and overview
Geneva-based Alix Capital, provider of the UCITS Alternatives Index, this week published its latest UCITS Alternative Index Trends survey. The survey found that 38 per cent of respondent believe that investment consultants are “behind the curve” when it comes to advising their clients on UCITS-compliant hedge funds.
And in a sign that suggests improved risk appetite for 2013, the survey found that for the first time since the summer of 2011, respondents plan to increase their allocation to equity long/short strategies, and reduce their holdings in fixed income; some 48 per cent plan on increasing their equity long/short strategy exposure,
