Chris Rexworthy, head of supervision of wholesale investment firms at Financial Services Authority, and three of his colleagues from the UK financial regulator have joined IMS Consulting,
Chris Rexworthy, head of supervision of wholesale investment firms at Financial Services Authority, and three of his colleagues from the UK financial regulator have joined IMS Consulting, an independent consultancy to asset management and securities firms. Rexworthy, who set up the FSA’s hedge fund unit, has been appointed IMS’s director of institutional business, advising the firm’s large hedge fund and institutional investor clients.
Also joining IMS are Alison Wheeler, who was a manager in the FSA’s enforcement division and will lead a client services team, Martin Weir, also from the enforcement division, as a senior consultant, and Kevin Quinlan, who spent seven years with the forensic investigations enforcement division, also as a senior consultant. The departures from the FSA come less than two months after Andrew Shrimpton, the regulator’s former head of alternative investments, joined another consultancy, Kinetic Partners, as a senior adviser at the beginning of May.
Daniel Hunter has joined Schulte Roth & Zabel as special counsel in the New York-based law firm’s investment management group. Hunter, whose practice focuses on designing and structuring hedge funds and funds of hedge funds and providing advice on the regulation of such funds, was previously a partner in the financial services group at Katten Muchin Rosenman.
Hunter has experience with a range of funds, from commodity pools, PIPE funds, multimanager platforms, European feeder funds, asset-backed lending funds and hybrid funds that combine the benefits of hedge funds with the features of private equity funds to more specialist investment vehicles such as insurance-dedicated funds, bank-owned life insurance funds, and funds that hold hard-to-value assets such as music rights.
Perry D. Keck has joined fund of hedge funds manager Torrey Associates as director of institutional sales, having previously been managing director for institutional sales and marketing at New York-based Proctor Investment Managers. He had earlier been senior vice-president for institutional sales at Delaware Investments in Philadelphia and vice-president and director of institutional sales and marketing at Murray Johnstone International in Chicago and Glasgow.
According to Ricardo Cortez, president of Torrey’s private client group, Keck will lead efforts to develop strategic partnerships with the private wealth management groups at global financial institutions and offer the firm’s investment management services to pension funds, endowments, foundations and other institutions. Torrey has more than USD1bn in assets under management, mostly invested with equity long/short hedge fund managers throughout the world.
The US National Futures Association has taken emergency enforcement actions against Chicago-based commodity pool operator and commodity trading advisor Lake Shore Asset Management and one of its principals, Laurence M. Rosenberg. The moves prohibit Lake Shore and Rosenberg from soliciting or accepting any customer or pool participant funds or placing trades for any pools except for the liquidation of existing positions, and bar any transfer of funds from Lake Shore accounts without the NFA’s prior approval.
According to the association, Lake Shore and Rosenberg have failed to co-operate in an investigation by failing to produce books and records and other information required for the NFA to determine the nature of the firm’s business, verify the identities of its customers and pool participants and the value of their investments, the amount and location of assets under management, and the accuracy of performance information on Lake Shore’s web site.