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BGC Partners, and its majority-owned division, GFI Group – a provider of trading technologies and support services to the global OTC and listed markets – are to sell GFI’s Trayport business to Intercontinental Exchange for USD650 million.
Howard W Lutnick (pictured), Chairman and Chief Executive Officer of BGC, says: "The agreement to sell Trayport for USD650 million clearly demonstrates the value that this leading platform provides to the global energy and commodities markets. This is a business that has counted both BGC and GFI as customers for many years, and we expect to continue to use it for the foreseeable
US bank-owned prime brokerages are reasserting their influence and stealing a march on their European competitors as the financial industry adjusts to regulatory demands; in particular Basel 3 regulation, which introduces rules on capital ratios and is scheduled to come into effect in 2019.
Basel 3 will require banks to progressively reach a minimum Tier 1 capital ratio of 7 per cent by 2019. But whilst US banks appear well positioned – Goldman Sachs now has a 9.6 per cent leverage ratio – European banks such as Credit Suisse and Deutsche Bank still only have leverage ratios of 3.7 per
Hedge fund diversification and the particular benefits that hedge funds offer to a variety of investors is highlighted in a new report by the Alternative Investment Management Association (AIMA) and the CAIA Association.
The paper, titled ‘Portfolio Transformers: Examining the Role of Hedge Funds as Substitutes and Diversifiers in an Investor Portfolio’, details the specific qualities that different types of hedge funds offer to institutional investors, the main source of capital managed by the hedge fund industry today.
The research is based on a “cluster” analysis of the risk and return characteristics of the main hedge fund investment strategies.
EBS BrokerTec, ICAP's market-leading electronic foreign exchange (FX) and fixed income business, has appointed Tim Cartledge as Chief Strategy Officer.
Cartledge will report to Gil Mandelzis, CEO and join both the EBS BrokerTec Executive Management Team and the ICAP Global Executive Management Group. Tim will be based in London.
Cartledge was formerly at Barclays Bank where he was Head of Global Fixed Income Currencies and Commodities (FICC) Electronic Trading from 2014 until May 2015. Between 2004 and 2014, he held various positions as Managing Director at Barclays Capital where he was responsible for building Barclays’ highly successful electronic FX
Osaka-based asset manager, Nippon Capital Asset Management J-LLC is moving onto the international stage with the opening of a new office in China.
Nippon Capital provides customised portfolio management services covering equities, fixed income, hedge funds and private equity.
The news comes just days after China’s securities regulator moved closer to a normalisation of market functions when it announced it was removing the ban on new IPOs it had imposed four months ago at the height of this summer’s stock market collapse.
Nippon Capital provides customised portfolio management services covering equities, fixed income, hedge funds and private equity.
Capital markets consulting firm GreySpark Partners has opened a new office in New York, its first significant presence in the United States.
Founded in 2009, GreySpark has rapidly expanded its reach globally and it has now over 85 consultants delivering projects in multiple countries, with New York being the newest hub after Hong Kong, Sydney and Edinburgh. This move gives GreySpark a firm footing in the region, as the US market continues to generate interesting opportunities but is also going through new challenges posed by regulators and the increased competition.
GreySpark Partners works with investment banks, hedge funds and
Sussex Partners, an independent specialist advisory firm focused on single manager hedge funds and founds of funds, has appointed Filippo Montalbano as Managing Director of the firm’s office in Zurich.
Montalbano has joined from Credit Suisse Private Bank where he was one of the earliest members of the Bank’s Alternatives Investment group, joining in 2008 and subsequently helping to grow the Bank’s advisory business from three to 50 staff, and from zero to CHF10 billion of assets during his eight years with the bank.
Since 2010, Montalbano’s focus has been advising clients on single manager hedge funds, funds of
Tokyo-based hedge fund manager Sparx Group has launched the Sparx OneAsia Long Short UCITS Fund, a Pan-Asia market neutral strategy, on the MontLake UCITS Platform.
A subsidiary of the long established Sparx Group, Sparx Asia Investment Advisors is based in Honk Kong, and manages and promotes its own funds which invest in securities in the Asian region. The Sparx Group was founded by President and CEO Shuhei Abe in 1989, with a mission to be the most trusted and respected investment company in the world. Sparx Group AUM currently stands at more than USD 8 billion, and boasts a globally
Just Fair & Direct (JFD) Group, a provider of electronic trading, prime brokerage and wealth management solutions, has opened an additional international office in Sophia-Antipolis, France.
“Since its inception, JFD has secured a predominant position in Europe, notably across French and German-speaking markets”, says Cyril Tabet, Partner & CEO of JFD Group. “With this new office, we establish a presence in the heart of the largest European technology center to further enhance our state-of-the-art, cost-effective and risk-balanced algorithmic trading solutions powered by JFD Wealth, while moving closer to our European distributors and customers providing them with increased levels of support”.
100 Women in Hedge Funds (100WHF), a nonprofit organisation for investors and professionals in the alternatives industry, has raised USD1.36 million for 100WHF Foundation to support its Celebrating Education – Investing in the Next Generation initiatives.
The announcement was made at the 14th annual 100WHF gala in New York, which was attended by The Countess of Wessex, Global Ambassador of 100WHF’s Next Generation initiatives.
To achieve its goal of investing in the Next Generation, 100WHF will partner with four non-profit organisations – Forté Foundation, CAIA Association, Girls Who Invest, and Smart Woman Securities – in 2016 and 2017 to encourage
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