Latest News
Convergex, an agency-focused global brokerage and trading related services provider, has just completed its best-ever quarter of growth for its prime services business.
From January to March of 2015, Convergex Prime Services added more assets under management from new clients than in any previous quarter since the founding of its predecessor company in 2006.
“We’re seeing unprecedented growth as new clients come onboard and existing clients expand their relationships with us,” says Doug Nelson, Convergex executive managing director and head of global clearing and prime services. “Our flexible, multi-custodian model is striking a chord with funds that are being
- 01/05/2015
The Alternative Investment Management Association (AIMA), the global hedge fund association, has published an updated Fund Directors’ Guide, which is designed to be used by investment managers, fund promoters and existing and prospective fund directors.
The Guide, last published in 2008, takes account of regulatory and tax reforms since the financial crisis, such as the Alternative Investment Fund Managers Directive (AIFMD) and the Foreign Account Tax Compliance Act (FATCA), which have brought significant changes to the role and responsibilities of fund directors and boards.
New sections have been added covering, among other topics, the general approach to fund governance,
- 01/05/2015
Global advisory, fund administration and fiduciary services firm Maitland has hired Scott Price to spearhead its ambitious growth aims in the US market. Price will be joining the firm as Head of Business Development and Client Management for North America.
The announcement comes during a period of rapid global growth for Maitland, following hot on the heels of its expansion into the UK market via the acquisition of Phoenix Fund Services.
Price will be responsible for leading sales and client management efforts across the continent. The hire also coincides with Maitland’s rebranding of its US operations (previously known under the
- 30/04/2015
Burren Capital Advisors has launched Global Arbitrage equities fund on the MontLake UCITS platform, an independent platform providing investors with access to a range of liquid, transparent and regulated investment products domiciled in Dublin.
The MontLake Burren Global Arbitrage UCITS Fund will be managed in line with the core fund which has approximately five years track record but with a modest amount more leverage and will specialise in Pure Arbitrage, Tender Arbitrage, Merger Arbitrage and Relative Value investing. The strategies seek to take advantage of a broad investment spectrum providing multiple sources of alpha throughout the economic cycle.
The strategy
- 30/04/2015
- 30/04/2015
Private equity fundraising through the first quarter is examined in this extract from the Preqin Quarterly Update: Private Equity, Q1 2015.
Q1 2015 has seen a marked drop in the number of private equity funds closed, down from 324 in Q4 2014 to just 166 in the first quarter of the new year (Fig. 1). When compared with Q1 2014, the same downward trend is apparent, with 263 vehicles closed in the first quarter of 2014. However, despite a decline in number of funds, the level of aggregate capital raised has not fallen proportionally. Private equity vehicles closed in
- 30/04/2015
The Cyprus Investment Funds Association (CIFA) has formed a strategic partnership with law firm, King & Wood Mallesons (KWM) to develop the legal and regulatory framework for investment funds in Cyprus.
KWM will conduct a comprehensive review of the Cypriot investment funds framework, including corporate tax arrangements and registration laws, to enhance Cyprus’ position as an international jurisdiction for the domiciliation and management of funds.
The findings of the consultative review are expected to be published later in 2015 whereupon KWM will work with CIFA to promote Cyprus as a gateway to Europe for regional fund managers, particularly in
- 30/04/2015
BNY Mellon has been appointed trustee and paying agent for Bosphorus CLO I Limited. It is Commerzbank’s first European CLO and is being managed by the bank’s Debt Fund Management division.
The EUR233.4 million collateralised loan obligation (CLO) will securitise a portfolio of senior secured loans and bonds granted to European companies. Sterne Agee & Leach, Inc is acting as arranger and also making its debut in the European CLO market.
CLO issuance in Europe in 2014 reached EUR14.29 billion, which was double the issuance of the previous year. BNY Mellon acted as either paying agent or trustee on more
- 30/04/2015
Northern Trust Hedge Fund Services has launched its Portfolio Analytics and Compliance (PAC) service, a guideline testing and portfolio metrics service for hedge fund managers, managed account platform sponsors.
The PAC service allows clients on Northern Trust’s Omnium technology platform to monitor characteristics and guidelines at every level of their portfolios.
Using a proprietary reporting engine fully integrated into Northern Trust Hedge Fund Services’ platform, PAC can produce reports with custom metrics and calculations based on virtually any data element maintained by the system. Examples include, but are not limited to:
• Daily investment guideline testing against investment restrictions such
- 30/04/2015
In the Bain & Co Global Healthcare Private Equity Report 2015, the prominence of early stage investments in the healthcare sector is a recurring theme, detailing how larger funds are continuing the trend of investing down market. Preqin’s Funds in Market online service tracks 99 early stage venture capital vehicles currently in market with a focus on the healthcare industry, either solely or as part of a wider industry focus; these funds are collectively targeting USD7 billion in commitments.
Early stage healthcare venture capital fundraising has undoubtedly been strong in recent years: 2014 saw the highest ever amount of capital
- 29/04/2015
Following on from last week’s article, which identified groups that found success through the first three months of 2015, this extract from the Preqin Quarterly Update: Hedge Funds, Q1 2015 looks at which funds and strategies struggled to perform in Q1.
Discretionary CTAs
CTAs experienced a revival in the latter half of 2014 following several years of subdued performance. Trend followers in particular continue to benefit from reduced levels of correlation between markets; systematic CTAs tracked by Preqin’s Hedge Fund Analyst have returned on average 17.18 per cent over the last 12 months. This contrasts markedly with the performance
- 29/04/2015
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