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Boutique asset manager Unigestion is to pay for all investment research on behalf of its clients, in line with the upcoming Markets in Financial Instruments Directive (MiFID) II.
MiFID II, which comes into effect on 3 January 2018 for all asset managers operating in the European Union, brings about important changes to the regulation of investment research. The Directive’s rules essentially lay out three options for how firms can account for the payment of investment research, ranging from paying for it from their own Profit and Loss (P&L) to charging clients directly through a Research Payment Account (RPA).
Unigestion
The FCA expects the number of managers that can be held personally responsible for misconduct will reach 72,000 after the extension of the Senior Managers’ and Certification Regime (SMCR), according to data provided to financial services law firm Cleveland & Co.
Cleveland & Co says that this represents a dramatic increase in the 3,159 managers that the SMCR was applicable to in 2016.
The FCA recently confirmed proposals to extend the SMCR to all sectors of the financial services industry, namely to all firms who are regulated by the FCA, and it expects to do this by 2018.
Asian hedge fund platform OP Investment Management (OPIM) has partnered with Global Traveller Asset Management Company to launch an equity long-biased, Cayman-domiciled hedge fund for professional investors.
The fund, managed by Portfolio Manager and CEO Zheng Wang, utilises thematic macro strategies, as well as fundamental analysis to build on a large cap portfolio. The strategy leverages on both macroeconomic and cyclical industry analysis whilst leveraging on big data and quantitative fundamentals to discover opportunities in the US, Hong Kong, and China A-share markets. The portfolio positions can range from high tech and new economy sectors to traditional cyclical industries.
By Andrew Pullinger (pictured), Partner, Shaun Tracey, Senior Associate, and Hamid Khanbhai, Senior Associate, Campbells – In a landmark judgment of the Grand Court of the Cayman Islands delivered on 23 August 2017 in Primeo Fund (in Official Liquidation) (Primeo) v Bank of Bermuda (Cayman) Ltd (BBCL) and HSBC Securities Services (Luxembourg) SA (HSSL),[1] Mr Justice Jones QC dismissed the claim brought by Primeo, a Madoff feeder fund, against its custodian and administrator seeking damages of approximately USD2 billion.
Following a twelve-week trial, the Judge found that Primeo was “to a very substantial degree the author of its own misfortune”.
Jaisal Pastakia, Investment Manager at Heartwood Investment Management comments on sterling’s fall to an eight-year low…
The single currency’s strength this year is a far cry from the days when investors feared its demise. Year-to-date the euro is up 8 per cent against sterling and 12 per cent against the US dollar.
The euro’s resurgence this year has come on the back of an improving growth backdrop – note yesterday’s flash PMI reading for August – together with receding political risks, following the market favourable election results in the Netherlands and France. At this point, the upcoming German election
Amenity Analytics has raised USD7.6 million in a Series A round of funding led by an investment from State of Mind Ventures.
Additionally, Yuval Baharav (pictured), managing partner of State of Mind Ventures, has joined the company’s board of directors. The funding will be used to accelerate product development and to scale sales and marketing.
Amenity Analytics’ platform uses self-correcting artificial intelligence to unlock insights in any kind of text. Their highly-accurate natural language processing requires minimal coding or special information technology support – a significant hidden cost in other AI approaches. Clients have used Amenity’s platform to identify
Charles River Development has formalised a partnership agreement with TRADEcho to automate Trade reporting under the European Union’s Markets in Financial Directive II (MiFID II), which goes into effect in January of 2018.
Under the partnership, firms with the Charles River Investment Management Solution (Charles River IMS) are able to use TRADEcho as an Approved Publication Arrangement (APA) to report trades to the public and access TRADEcho’s unique Smart Report Router (SRR) to determine trade reporting eligibility.
TRADEcho’s SRR helps firms determine if a trade report is required. Where there is a requirement to report, the SRR sends
Boutique alternative investment consultant Atrato Advisors has hired Julie Mauser (pictured), to lead the firm’s business development efforts.
Mauser had previously been Vice President of Marketing at Par Four Investment Management, a credit-focused hedge fund. Prior to joining Par Four, she was a member of the Capital Introduction team at Jefferies & Company.
Atrato, led by partners Brian Reich and Janna Sobolev, has added capabilities in private credit over the past year, and has been increasingly busy in the private equity space as it advises its family office and institutional clients.
“We’re extremely excited to have Julie join our
Coinsilium Group Limited (NEX: COIN), an investor financing and managing the development of early-stage blockchain technology companies, has formed Terrastream, a wholly-owned subsidiary which is aiming to build an enterprise standard blockchain-powered platform for the generation of token-based alternative funding solutions.
The Platform will be designed to work in compliance with Gibraltar’s proposed forthcoming Distributed Ledger Technology (DLT) Regulatory Framework.
Terrastream will provide alternative funding solutions across multiple industry sectors, including precious metals and natural resources extractive industries. Development of the platform is to be funded by current cash reserves and non-dilutive token sale.
Gibraltar is expected to
Muzinich & Co has expanded the responsibilities of Josh Hughes (pictured), formerly Managing Director of Marketing and Client Relations, promoting him to Head of Global Distribution with a focus on key international accounts.
Hughes will co-ordinate with the firm’s regional European offices to support and develop business with the company’s leading partners. He will also continue to maintain his UK and regional responsibilities as well nurturing his ongoing close relationships with many of the firm’s longstanding clients.
“This is an important development in the strategic growth of Muzinich,” says Hughes. “I’m looking forward to strengthening our client relationships and
