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Ultimus Fund Solutions has expanded its fund administration team with the appointment of former Securities and Exchange Commission (SEC) and fund company attorney Bo Howel.
Howell will join industry veterans Wade Bridge and Tina Bloom at the firm as a vice president, director of fund administration.
Howell’s experience includes an extended stay with the SEC’s division of investment management where he served first as a staff attorney in the office of enforcement liaison, before becoming a senior attorney in the office of disclosure and review.
Most recently he served as counsel – securities and mutual funds at Western
- 02/10/2014
Max Nardulli has joined Dexion Capital, the alternatives investment bank, as head of international sales.
He will be responsible for Dexion Capital’s growing distribution strategy and investor network across a number of different regions globally.
Nardulli was previously head of international sales and distribution at Cheyne Capital where he was in charge for business development globally ex-UK. Prior to this, he was managing director, head of alternative capital markets at Goldman Sachs International, for EMEA and Asia ex-Japan. Before that, he had a number of roles within GSAM business development team focusing on Southern Europe and Latin America.
- 02/10/2014
Global bitcoin-gold platform DigitalTangible has expanded its offerings into Asia with new partner Melotic, allowing customers to trade their bitcoin and gold on the new Chinese crypto-gold trading platform.
DigitalTangible offers the fine 1 oz Pamp Suisse physical Gold bars for trading on Melotic’s commodities markets.
DigitalTangible allows investors to convert all their gold holdings into digital money for global transmission and redemption anywhere bitcoin is accepted and used.
Customers can use Melotic’s interface to deliver new liquidity options. DigitalTangible customers trading on Melotic will pay transactions fees ranging from 0.05 per cent to 0.25 per cent, a
- 02/10/2014
Global capital markets trading is being re-architected, led by a cost-conscious mix of hardware, software, data and fewer people, according to research by TABB Group.
Driving this change are regulation-induced automation, particularly in fixed income and interest rate derivatives trading, new governance, risk and compliance (GRC) requirements and disruptive technical innovation.
“Nowhere in the global capital markets ecosystem can this transformation be seen as vividly than in data-centres,” says Paul Rowady, a TABB principal, director of data and analytics (DnA) research and author of “Capital Markets Datacenter Topology: Velvet Rope and the Boneyard,” which details which data centres are
- 02/10/2014
Goldman Sachs Asset Management (GSAM) has launched the Goldman Sachs Long Short Fund, which pursues high conviction investment ideas in global equity markets through a fundamental, bottom-up approach.
The new fund expands GSAM’s liquid alternatives platform to seven funds.
“We seek to identify secular changes in industries, markets and consumer behaviour that will positively or negatively impact companies. We are typically looking for investment opportunities with asymmetric risk/return profiles and identifiable catalysts,” say Raanan Agus and Kenneth Eberts, co-heads of the Goldman Sachs Investment Strategies (GSIS) portfolio management team. “We strive to build a hedged portfolio with the flexibility
- 02/10/2014
- 02/10/2014
Tim Edwards, director, index investment strategy at S&P Dow Jones Indices comments on European market performance for September…
The British equity market began the month poorly as polls suggested a potential “yes” vote in Scotland’s referendum; sentiment did not recover with the “no” vote. Instead, Bank of England Governor Mark Carney's statement that a rate increase was “getting closer” and an increasingly unfavourable geopolitical environment pushed the S&P United Kingdom index to a 2.8% loss for September.
The S&P Europe 350 eked out a small gain for the month. While the UK is nearing an exit from its program
- 02/10/2014
Societe Generale Securities Services (SGSS) is to widen the scope of its implementation of direct connectivity to the Target-2 Securities (T2S) platform.
T2S will provide participating central securities depositories with a single platform to which they may opt to outsource their securities settlement and position-keeping.
It will operate under a single set of harmonised operating rules and business processes aimed at bringing down barriers to cross-border post-trade activities in Europe.
When the first wave of T2S is launched in Italy and Switzerland in June 2015, SGSS, which has a long-standing presence in the major markets of the future
- 02/10/2014
Makor Group, a brokerage serving hedge funds and institutional clients from offices in five financial centres, has placed a five-year corporate bond listed on the Frankfurt Stock Exchange.
The financing will underpin further expansion for Makor, following its recent acquisition of New York brokerage Oscar Gruss and Son and senior hires including Nicolas Marmurek, Ian Brenner and Mark Edwards to London cash equity sales.
The bond has a maturity of five years with a yield of 7.5 per cent, due semi-annually. The placing was oversubscribed, with investors drawn from a range of institutional and private clients.
Makor Group’s
- 02/10/2014
- 02/10/2014
The SEC has charged two individuals with insider trading on a hedge fund manager’s announcement that his fund had formed a negative view of Herbalife Ltd and taken a USD1 billion short position in its securities.
The SEC’s orders find that Filip Szymik of New York City and Jordan Peixoto of Toronto engaged in insider trading in Herbalife securities in advance of hedge fund manager William Ackman’s 20 December 2012 announcement of the views of his hedge fund, Pershing Square Management.
According to the SEC’s orders, Szymik learned from his roommate, then a Pershing analyst, that Pershing planned to publicly
- 02/10/2014
While there has been both confusion and frustration with the implementation of the AIFM Directive, Lyxor Asset Management believes the Directive holds out new opportunities for hedge fund investing and managed accounts alike.​
Our view of the Directive is positive. Having a dedicated regulatory framework for alternative funds which focuses on investor protection is a very good thing for the hedge fund industry in general.
It will open up many opportunities, making Europe an attractive jurisdiction for both investors and fund managers. The European industry will see many hedge funds coming onshore.
AIFMD will eventually bring greater protection and security
- 01/10/2014
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