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There is never an easy time to launch a hedge fund. With a raft of regulatory compliance considerations, the latest – and potentially most ominous – being MiFID 2 when it comes into effect on 3 January, costs are rising. And at the same time, investors continue to apply fee pressures.
Factor in that the markets themselves have not been easy in recent times, making the search for alpha a constant challenge, and there is little wonder that fund jurisdictions have seen a slowdown in fund growth.
“It is really the result of a plethora of issues that managers must
Q&A with Joseph Camilleri, Executive Head, Business Development & Corporate Services at BOV Fund Services Ltd
Within the context of a highly regulated fund industry, how is Malta coping to ensure it keeps pace with bigger fund domiciles?
Most people would agree that the fund industry is increasingly becoming overcrowded with regulation, well intended as that may be. This poses challenges to all stakeholders; be they investors, investment managers, service providers, or fund domiciles.
Malta is in no way an exception to thisº The challenges may seem somewhat bigger and more difficult to address if the domicile is a
Blockchain has the potential to revolutionise the financial industry by removing reliance on intermediaries to clear and settle accounts and introduce significant cost savings. One survey, by Bain & Co, estimates that total savings to global financial markets could reach anywhere from USD15 billion to USD35 billion.
To underscore just how much excitement there has been since bitcoin – the cryptocurrency developed by Satoshi Nakamoto (a pseudonym) that uses blockchain technology – first emerged in 2009, firms that have engaged in research and development of this technology have raised more than USD1.55 billion in venture capital since 2012, according to CB Insights.
Circle Partners (Circle) is an independent fund administrator with offices across the EU, the Americas and Hong Kong. Circle has the ability to advise on set ups of funds and guide start-up and emerging managers through the whole process of bringing a new fund to market in all major fund jurisdictions.
By extension, Circle has a large network of local counter-parties based in Malta and as Peter Jakubicka (pictured), Business Development Manager at Circle explains: “We can offer a ‘one-stop shop’ solution from the set-up phase through to launch including brokers, custodians, auditors; basically all of the functions that are
Key to the success of any fund jurisdiction is a commitment to constant innovation and in that respect Malta, a tiny island nestled in the Mediterranean, has much to be excited about. Whether it is the streamlining of regulation, the introduction of innovative manager-led products in the form of the Notified AIF, a commitment to becoming Europe’s leading securitisation market, or indeed Europe’s leading hub for blockchain technology, Malta continues to push the boundaries.
A recent survey of professionals working in Malta’s financial services industry conducted by Managing Partners Group (MPG) underscored the collective sense of optimism. Currently, the industry
In a complete reversal of the previous administration’s hardline approach to algo trading, the CFTC has revealed it will review and simplify its oversight, calling the previous approach “a top-level disregard for the enormity of the trading method spectrum, and, therefore, a disregard for the proper assessment of market risk posed throughout that broad spectrum.”
CFTC Commissioner Brian Quintenz (pictured), who is also the sponsor of its Technology Advisory Committee (TAC), has called the Commission’s attempt to regulate automated trading last December a “lame-duck re-proposal of Regulated Automated Trading (that) attempted to address the breadth of the AT person definition
SEI has appointed David Hintz, CFA, as US Equity Portfolio Manager. In this role, Hintz will be responsible for the management of all US large-cap equity strategies and report to Jason Collins, Global Head of Equity Portfolio Management in the Investment Management Unit at SEI.
“David demonstrates an investment philosophy and approach that closely align with ours,” says Kevin Barr (pictured), Executive Vice President and Head of the Investment Management Unit at SEI. “His investment experience strengthens our portfolio management team and reinforces our dedication to offering competitive products and services.”
With nearly 30 years of experience in the
PortfolioScience, a provider of on-demand risk management systems, has released a new set of analytics aimed at energy derivatives. Working with Stamford, CT-based Harbour Square Capital Management, a hedge fund focusing on natural gas trading, PortfolioScience has developed Volatility-Adjusted Futures, a new set of quantitative analytics enabling traders to more accurately forecast the exposure of positions and portfolios.
“Our risk management system incorporates the Volatility-Adjusted Historical Simulation VaR developed by PortfolioScience with the assistance of Harbour Square. The tool has helped to streamline our risk management solutions and to provide greater depth to our reporting capabilities,” says Tom Capoccia, COO
Cayman based corporate governance firm, Five Continents Partners, has added a highly-experienced hedge fund Chief Operating Officer (COO) to its growing team.
Richard Muckle (pictured), has joined Five Continents Partners this month as a director. Although new to Five Continents, he has a long association with the Cayman Islands having conducted business in the jurisdiction for many years. Muckle has also been registered as a director with CIMA since January 2014.
Glen Wigney, director of Five Continents, says: “Richard has held various C-level positions in the alternative investment sector covering the UK, Asia, New York and Luxembourg. His experience
Charles River Development and Trax, a subsidiary of MarketAxess Holdings, have agreed to integrate Trax’s MiFID II Trade and Transaction reporting solutions into the Charles River Investment Management Solution (Charles River IMS).
Mutual clients of both firms will now be able to use the Trax Approved Publication Arrangement (APA) to publish trade reports and Approved Reporting Mechanism (ARM) to transaction report trades to National Competent Authorities (NCAs) for all required asset classes.
MiFID II requires investment firms to publish trade reports of qualifying trades in near real-time via an APA for the purpose of market transparency. MiFID II also
