Dalton Strategic Partnership LLP (DSP) is closing two funds within its Melchior range of UK OEIC Funds. The move has been made in order to focus its efforts on a smaller number of funds.   The Melchior Japan Opportunities Fund and the Melchior UK Opportunities Fund will be closed once permission has been received from the Financial Services Authority (FSA). Both funds enjoyed considerable success in the past, although in recent years they have struggled to attract clients and have become uneconomic vehicles for investors. Glen Pratt, the Portfolio Manager of the Melchior UK Opportunities Fund, will remain at DSP as a

The British Columbia Securities Commission has settled with two men who admitted to participating in an alleged market manipulation involving a US over-the-counter issuer. In two separate settlement agreements with BCSC staff, BC residents Malkeet Singh Bains and Narvinder Singh Patric Virk each admitted that he reasonably should have known that his actions led to a misleading appearance of trading activity in or an artificial price for Sungro Minerals Inc shares. Sungro, a Nevada corporation that originally had its head office in Surrey, BC, is quoted on the US over-the-counter bulletin board. Bains specialises in insurance broker services and was

Macquarie Group Ltd (Macquarie) is acquiring a 42.5% stake in sugar and ethanol advisory, supply chain management and trading firm C Czarnikow Ltd from Wilmar International Ltd, which will cease to be a shareholder. Bringing significant expertise in agricultural risk management, Macquarie will work alongside co-shareholders, Associated British Sugar and Czarnikow management, to support the company’s growth and future development.   This revised structure has no impact on Czarnikow Group Ltd’s day-to-day operations.   Robin Cave, CEO of Czarnikow Group Ltd, says: “We have achieved a balanced shareholding structure with the necessary expertise and flexibility to help us achieve future

Man Group is to acquire London-based hedge fund research and investment specialist Financial Risk Management (FRM) in a deal worth up to USD82.8million. Once the acquisition is completed, which is expected to be before the end of Q3 2012, FRM will be incorporated into Man’s existing Multi-Manager business leaving the new combined business with USD19 billion assets under management. The FRM brand will be maintained, but according to a statement released by Man, the company expects to make savings of up USD45 million a year from ‘operational synergies’. No consideration will be paid up front. The contingent consideration which will

The Reserve Bank of India’s (RBI) guidelines on securitisation transactions could promote the long-term growth of the Indian securitisation market, pending clarity on the tax treatment of Pass-Through-Certificates (PTCs), Fitch Ratings says. Fitch believes that the requirement for a minimum holding period for each loan before it becomes eligible for securitisation would be a credit positive, as this would eliminate first-payment default risk. The requirement to hold between 5%-10% of the issuance may not represent a dramatic shift for Indian originators who have in any case provided the first-loss credit enhancement in most transactions. But it is likely to result