Funds
Leucadia National Corporation (NYSE: LUK) and Jefferies Group have approved a definitive merger agreement under which Jefferies’ shareholders (other than Leucadia, which currently owns approximately 28.6% of the Jefferies outstanding shares) will receive 0.81 of a share of Leucadia common stock for each share of Jefferies common stock they hold.
This exchange is intended to be tax-free to Jefferies’ shareholders.
The merger, which is expected to close during the first quarter of 2013, is subject to customary closing conditions, including approval to effect the merger by both Leucadia and Jefferies shareholders.
In order to avert the possibility that the transaction
Single manager alternative UCITS attracted EUR746million in net inflows in Q3 according to the latest quarterly compiled by MondoAlternative.
Interestingly, despite weekly liquidity funds only representing 21.7 per cent of the fund universe monitored by the firm, they attracted the most assets: EUR573million. This compares to just EUR24million for fortnightly funds. As to who was attracting the majority of Q3 inflows, the report shows that global asset managers – which they define as companies managing hedge funds and other investment vehicles – far outstripped smaller boutique hedge funds, attracting over EUR1billion in inflows.
Stefano Gaspari, CEO at MondoAlternative, was
Maitland, a provider of fund administration, multi-jurisdictional legal, tax, fiduciary and investment advisory services, has acquired Admiral Administration.
Admiral is a hedge fund administrator with offices in the Cayman Islands; Dublin, Ireland; Halifax, Nova Scotia; and Richmond, Virginia.
It combines best of breed technology including Advent Geneva, Advent Partner and Paladyne with qualified staff to provide clients with a customised solution to meet the specific needs of the alternative investments industry including hedge funds, private equity funds, Ucits and other regulated funds.
The acquisition of Admiral supports Maitland’s strategy of targeted growth, expanded global reach and leadership in the fund
Investcorp, a provider and manager of alternative investment products, is to acquire Scandinavia’s luxury retailer Georg Jensen for USD140m from private equity group Axcel Capital Partners.
As part of this transaction, Investcorp has teamed up with David Chu, the luxury brand entrepreneur and founder of Nautica, who will join the company on closing as chief creative director and co-chairman of the board.
Also joining the board on closing will be Guy Leymarie, former chief executive officer of DeBeers Diamond Jewellers, Cartier International and Dunhill.
Georg Jensen designs, manufactures and distributes jewellery, watches, fine silverware and high-end homeware.
Hazem Ben-Gacem, head
Franklin Resources, which operates as Franklin Templeton Investments, has completed the acquisition of a majority stake in fund of hedge funds manager K2 Advisors Holdings LLC.
The proceeds of this transaction by Franklin Templeton will be used by K2 to purchase all of the equity currently held by TA Associates and to retire all of K2’s debt obligations. The current management of K2 has not sold any of its interests and has not received any up-front consideration in this transaction. Franklin Templeton will acquire the remainder of K2 over a multi-year period.
William Yun, CFA, executive vice president, Franklin
TT International, one of Europe’s oldest hedge fund management companies, has teamed up with Deutsche Bank to launch the UCITS-compliant DB Platinum TT International Fund.
The fund is managed by Tim Tacchi, who founded the firm way back in 1988. It follows a global macro mandate, combining investments in a portfolio of largely European equities with a macro overlay of fixed income securities and FX positions.
Tarun Nagpal, Deutsche Bank’s European Head of Fund Derivatives, commented that Tacchi’s twenty years’ plus experience managing global macro strategies was an “invaluable addition to our UCITS platform that aims to provide UCITS strategies
MarketAxess Holdings has agreed to acquire Xtrakter Limited, a provider of regulatory transaction reporting, financial market data and trade matching services to the European securities markets for GBP26 million. Xtrakter is a wholly owned subsidiary of Euroclear SA/NV.
Rick McVey, Chief Executive Officer of MarketAxess, says: “Xtrakter is a strong fit with our business and provides MarketAxess with an expanded set of services that are highly complementary to our core strengths in electronic trading, market data and straight-through processing solutions for the global credit markets. Xtrakter is a leading provider of regulatory trade reporting to the UK Financial Services Authority
The latest statistics released by the Malta Financial Services Authority show that the number of funds domiciled in Malta have continued to register steady growth.
In fact, over the first six months of 2012, the industry has registered a four per cent increase in the number of funds authorised by the Malta Financial Services Authority. the first half of 2012. This increase compares very strongly with that registered in other EU jurisdictions which in some cases have experienced negative growth whilst in others, the growth rates have been limited to a maximum of 2% for the same period under review.
The Ucits compliant DB Platinum TT International fund has launched on Deutsche Bank’s Ucits platform.
The fund is managed by Tim Tacchi who founded TT in 1988, making him one of the first hedge fund managers in Europe.
The fund employs a global macro strategy by combining investments in a portfolio of equities, expected to be predominantly European, with a global macro portfolio of fixed income securities and foreign exchange positions. The fund uses fundamental research to generate investment ideas implemented using highly liquid instruments in equities, currencies and interest rates portfolios.
Tarun Nagpal, Deutsche Bank’s European head of fund
The Central Bank of Ireland is to initiate a consultation on the Irish regulatory regime for non-Ucits funds.
The consultation will outline the changes to be introduced in connection with the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in July 2013.
The AIFMD has presented the Central Bank with an opportunity to redesign the framework for the regulation of non-Ucits funds. The Central Bank is proposing an approach to non-Ucits regulation which aims to turn the Irish regulations into a proportionate investment funds framework which accommodates investors across a wide spectrum of capability and sophistication.
Following detailed preliminary
