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Paraic Cosgrave (pictured) has joined BNP Paribas Securities Services as head of sales and relationship management for the firm’s alternative fund administration business.
Cosgrave brings twenty-five years of experience in international capital markets. Most recently, he was Head of EMEA alternatives business development at SSC GlobeOp. Previously, he held leadership and sales positions at International Financial Systems and Integral Development Corporation, both providers of sophisticated software to financial intermediaries and asset managers.
José Placido, global head of client development and strategy at BNP Paribas Securities Services, says: “I am delighted to welcome Paraic to the team. His deep client
Managed futures traders lost 1.71 per cent in June according to the Barclay CTA Index compiled by BarclayHedge. The Index remains up 0.05 per cent year to date.
“Trend reversals in equities, energy, and the US Dollar resulted in losses for 72 percent of the funds that have reported a June return as of today,” says Sol Waksman, founder and president of BarclayHedge.
Seven of Barclay’s eight CTA indices had losses in June. The Diversified Traders Index dropped 2.48 per cent, Systematic Traders lost 2.07 per cent, Financial/Metals Traders were down 0.99 per cent, and Currency Traders gave up
The hedge fund industry has posted average returns of -0.75 per cent for June, the first month this year of negative performance. Despite this, the benchmark has still returned 4.50 per cent year-to-date.
Single-manager hedge funds were not the only fund structures which fared poorly in June; UCITS posted returns of -1.76 per cent, and CTAs made losses of – 2.66 per cent, their worst monthly performance since July 2008. The only leading strategy with positive performance for the month was relative value, which posted a return of 0.17 per cent. Relative value strategy funds have seen only two months
Hedge funds produced an aggregate return of -0.93 per cent in June, just over 100 basis points ahead of the S&P 500 which fell -1.94 per cent during the month. according to eVestment’s latest Hedge Fund Industry Performance Summary.
The industry’s Q2 2015 return of +0.65 per cent also outperformed the S&P (+0.28 per cent) and a balanced index of 60 per cent MSCI World/40 per cent Citi WGBI (-0.42 per cent).
June proved another difficult month for managed futures hedge funds. The strategy declined an additional -2.64 per cent during the month, the universe’s third consecutive monthly decline.
The National Futures Association (NFA) has barred Wealth Creation Investments, an NFA Member introducing broker, and Fox Financial Group, an NFA Member commodity trading advisor, from NFA membership.
The firms' sole principal and associated person (AP), Marcy F Javor has also been ordered to withdraw from NFA associate membership and not to register as an AP or act as a principal of an NFA Member for four years.
The Decision, issued by an NFA Hearing Panel, is based on a Complaint authorised by NFA's Business Conduct Committee on 3 September, 2014, and settlement offer submitted by Wealth Creation, Fox
Following a good start to the year, ALTIN’s NAV performed well during the first two months of the second quarter (+0.34% MTD as 30.04.2015, +0.79% MTD as 31.05.2015) and suffered in June (-1.94% MTD, estimate) as global financial markets declined dramatically and volatility increased towards month-end over the escalating uncertainty over a possible Grexit.
While the months of April and May were relatively benign, June was a different story. Nonetheless, ALTIN’s portfolio outperformed traditional asset classes over a month that was characterised by a positive correlation of bonds and equities, as illustrated by the MSCI World being down -2.5% in
Pacific Fund Systems Limited (PFS), a provider of fully integrated fund accounting and administration software via the PFS-PAXUS application, has appointed Paul Kneen (pictured) as Chief Operating Officer (COO) with effect from 15 July, 2015.
Kneen has gained over 25 years’ experience in the banking and financial services industry specialising in the fund and fiduciary sectors. Prior to joining PFS Paul was Chief Executive Officer of the Abacus Financial Services Group (AFSG) where he had overall responsibility for AFSG’s international operations across its regulated group companies. Kneen has previously held management positions with HSBC, Fortis and the Bank of Bermuda
The European Power Exchange EPEX SPOT, together with its clearing house European Commodity Clearing (ECC), have successfully reduced the lead time on all intraday markets. Trading now continues until 30 minutes before delivery in Germany, France and Austria.
In Switzerland and across borders, trading will continue up to 60 minutes before delivery. In the past, lead time varied between 45 minutes and 75 minutes depending on the country and the crossborder gate closure time determined by the transmission system operators (TSOs).
“This is another milestone on our trail towards efficiency,” says Jean-François Conil-Lacoste (pictured), Chairman of the Management Board of
CHAPS, the UK’s same day electronic payment system, has added BNP Paribas as a Direct Participant. BNP Paribas can now directly send and receive irrevocable, guaranteed sterling payments with same day finality, rather than through a third-party.
Its customers will also benefit from enhanced payment security and mitigation of settlement risk.
Mark Hale, Acting CEO of CHAPS, says: “We are delighted to welcome BNP Paribas as a Direct Participant within the CHAPS system. BNP Paribas is a leader in banking and financial services in Europe, with an international presence in 75 countries. The Direct Participation of BNP Paribas in CHAPS
Nasdaq Futures, Inc (NFX), the exchange group's US-based energy futures market, has approved 16 Futures Commission Merchants (FCMs) as new members.
Some of the new members include: ABN AMRO Group, ADM Investor Services, Advantage Futures, Citigroup Global Markets, ED&F Man Capital Markets, Goldman Sachs, INTL FCStone, J.P. Morgan, Merrill Lynch, Mizuho Securities USA, Phillip Capital, Rosenthal Collins Group, Societe Generale and Wedbush Futures.
"Nasdaq's new initiative dramatically reduces clearing and exchange fees," says Joseph M Guinan, Jr, Chief Executive Officer, Advantage Futures. "Competition improves markets. NFX benefits clients and Advantage Futures enthusiastically supports this launch."
"We provide our customers financial
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