Managers
Kinetic Partners has opened a new office Jersey, the firm’s first presence in the Channel Islands.
The new Channel Islands office will support global financial services organisations and local firms, with a focus on regulatory, compliance, due diligence, tax and forensic and dispute advisory services and will be headed by Malin Nilsson, Director at Kinetic Partners. Nillson has been with the Firm since 2007 and specialises in regulatory compliance, concentrating on governance, systems and controls, risk management and suitability, KYC and AML, as well as forensic investigations.
Kinetic Partners marked the opening of the new office with an event in
On the 23 April 2012, Germany and Luxembourg signed a new Double Tax Treaty ("the Treaty") which is to replace the previous treaty dating back to 1958. And according to Dechert, the new Treaty may impact on many US, UK and other non-German investors as Luxembourg is often used as a tax efficient jurisdiction for German inbound investments (particularly used by funds, private equity and real estate investors).
The main changes include:
Explicit Treaty access for funds – Luxembourg investment funds in the legal form of a SICAV, SIVAF or SICAR are to be able to claim Treaty benefits in
Alternative UCITS funds continued to pare back gains made in the first two months of the year.
The newly launched EMERGENCE seeding platform, created in early 2012 with the backing of seven major French institutional investors and managed by internationally recognised seeder NewAlpha Asset Management, has announced its first seeding partnership with Eiffel Investment Group, through its compartment Emergence Performance Absolute.
After a rigorous selection process, driven by NewAlpha and closely associating investors, EMERGENCE will invest approximately USD40 million in the Eiffel Credit Opportunities Fund, a discretionary long short European credit fund managed by Eiffel Investment Group. This will bring the fund’s assets close to USD100 million, a critical size requested by many institutional investors before considering
Deutsche Börse Group has completed its full acquisition of Eurex Zürich AG. Representatives of SIX Swiss Exchange/SIX Group AG and Deutsche Börse AG jointly finalised the transaction in Zurich and signed the corresponding closing documents. Deutsche Börse is to pay EUR295 million and transfer approx. 5.3 million Deutsche Börse AG shares to the SIX Group.
This gives the SIX Group a stake of around 2.7 per cent in Deutsche Börse AG. In return, Deutsche Börse has acquired the SIX Group’s share in the Eurex Group, the derivatives market provider that was previously under joint operation. The transaction was agreed on
Man saw net outflows of USD1.0 billion in the first quarter of 2012, reflecting sales of USD3.1 billion and reduced redemptions of USD4.1 billion, according to the group’s interim management statement for the three months ended 31 March 2102. There was a net outflow from alternative funds of USD1.4 billion and a net inflow of USD0.4 billion into long only styles.
The guaranteed product outflow of USD0.4 billion was identical to the previous quarter. The key drivers of the overall reduction in guaranteed product FUM are negative AHL performance and the resulting product degear.
Sales of open-ended alternatives were
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UCITS hedge fund assets under management increased in Q1 from EUR113 billion to EUR120 biillion (+6.2%), according to Alix Capital’s latest quarterly research on the industry.
AUM has almost quadrupled in the last three years from just EUR32 billion in June 2009. Around 72% of the increase in Q1 2012 is due to investor inflows, and 28% is due to fund performance.
Alix’s report provides in-depth information on 764 single manager alternative UCITs funds and 76 alternative UCITs fund of funds, covering strategy breakdown, fund and advisor location, liquidity, asset flows, assets under management (AUM) and performance.
Louis
PineBridge Investments, the global multi-asset class investment manager, has successfully closed its latest collateralised loan obligation (CLO), Galaxy XII CLO, Ltd.
The issuance was comprised of approximately USD412.5 million of notes and closed on 24 April, 2012. The notes are secured by broadly syndicated first-lien senior secured corporate loans and other corporate notes and bonds, and the entire offering was fully or over-subscribed.
This is the fifteenth CLO that PineBridge has brought to market, taking the firm’s total leveraged finance assets under management to USD7.8 billion.
“The closing of Galaxy XII marks another successful investment and asset raise for PineBridge,
Global asset managers looking to distribute UCITS funds in Asia should focus their attentions on Hong Kong, Singapore and Taiwan.
