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Man Group is to acquire the investment management contracts from Merrill Lynch Alternative Investments to manage a portfolio of multi-strategy and strategy-focused fund of hedge funds with total AUM of USD1.2 billion.
The acquisition is expected to complete in the second quarter of 2015, subject to certain approvals and consents, including approval of the board of managers and investors of a US registered investment company.
Man Group’s fund of hedge fund arm, FRM, has been selected to manage the Portfolio following a due diligence process which assessed its investment expertise, quality of personnel, investment process and ability to service
AFEX a provider of solutions for hedge funds and private equity houses to manage currency risk and international cash flows has joined the California Hedge Fund Association (CHFA) as a premier Founders’ Club member.
The CHFA is a non-profit, member based organisation founded to foster the growth and development of the hedge fund community in California through advocacy of sound business practices, events, resources and educational programs.
“We’re pleased to have AFEX as a Founders’ Club member and see them as thought leaders for the hedge fund community, helping managers realize greater efficiencies on foreign exchange rates and fees,” says Jason
The Alternative Investment Management Association (AIMA), the global hedge fund industry association, has published an updated guide for hedge fund managers to use when selecting a prime broker.
AIMA’s Guide to Sound Practices for Selecting a Prime Broker incorporates changes to the regulatory framework that affects the relationship between managers and prime brokers, including reporting requirements and other new measures introduced under the Dodd-Frank Act in the US and Europe’s Alternative Investment Fund Managers Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR).
The Guide, which was drafted by a working group of AIMA members, also reflects the greater
RFA (Richard Fleishman & Associates) has appointed George Ralph as Managing Director of RFA UK. The firm has also announced it's intention to open two new data centres in January.
They will help the firm to provide its full portfolio of services to the UK and European asset management community, including RFA Cloud, disaster recovery, and outsourced IT, design, and implementation services. The expansion of the UK office represents RFA's continued progress from an industry pioneer to a leading global firm.
Prior to joining RFA, George founded and grew three separate technology companies (one of which provided advice and service improvement
Carne Group has made two hires in its Irish office to support the increasing demand for its AIFMD management company services, including its independent ‘mancos’ in Ireland, Luxembourg and the Channel Islands.
Neil Clifford joins Carne from Irish Life Investment Managers where he was Head of Alternatives and oversaw an external hedge funds portfolio. He has also supervised ILIM’s illiquid investments in private equity and infrastructure, including acting as an independent director on a number of investee companies. Neil is a former equity fund manager and a qualified risk management professional.
Martin Anderson also joins Carne, having previously held
The Foreign Exchange Professionals Association (FXPA) has added of five institutional members – Bloomberg Tradebook Services, Cürex, FastMatch, Nasdaq and Singapore Exchange (SGX).
All have joined FXPA’s Founders’ Council and become members of the initial Board of Directors.
With the five new additions, FXPA’s membership has grown to 15 member firms, including the 10 initial founders: The Bank of New York Mellon, CalPERS, Campbell & Company, Citadel LLC, CME Group, GFI Group, LCH.Clearnet, LMAX Exchange, Traiana and Virtu Financial.
FXPA, which launched on 25 September, 2014, is a trade body uniquely comprised of a cross-section of FX industry participants. Based
The latest figures for Jersey’s finance industry reflect a particularly strong performance for the funds sector, with the value of funds business in the island reaching the highest level in five years.
The statistics highlight that the net asset value (NAV) of regulated funds increased by GBP5 billion in the third quarter of 2014, and by around 5.5% year-on-year, to reach just over GBP205 billion, the highest figure since March 2009. In addition, the total number of regulated funds rose by 21 during the quarter.
This was led by another strong performance in the alternative asset classes, with private equity
Macro hedge funds and, more specifically, CTA strategies employing quantitative, trend-following strategies, posted strong gains in November as oil prices plummeted, according to HFR.
The HFRI Macro Index gained +2.6 per cent in November, powered by a gain of +4.6 per cent for the HFRI Macro: Systematic Diversified/CTA Index; both the Macro and CTA Index gains were the strongest since December 2010. The HFRI Fund Weighted Composite Index gained +1.2 per cent for the month, reversing a two-month decline for the broad-based Index, bringing year-to-date (YTD) performance through November to +3.7 per cent. All four main strategy areas tracked by
Concept Capital’s Jack Seibald (pictured) discusses the risks of ’40 Act liquid alternatives, the potential mismatch between managers and investors, fund investor alienation, and why prime brokers might raise their costs to support the ‘short’ side of these funds.
HW: The rise of the ’40 Act alternative mutual fund has attracted a lot of headlines this year as assets climb north of USD300bn. How do you feel about this?
JS: I’ve been in this business a long time. Every time I see everyone running towards a new product I get concerned. The last big product evolution was ETFs. There’s an
Eight months after announcing their plans to develop a new asset servicing model for TARGET2-Securities (T2S), Clearstream and BNP Paribas Securities Services have signed a partnership agreement.
Both companies are now well underway towards a timely T2S readiness and in a pioneer position when it comes to presenting a tangible asset servicing model for the market environment with T2S.
In this new model Clearstream will connect via its German central securities depository to the T2S platform, hence attracting settlement flows, while custodian bank partners will handle asset servicing at a domestic market level, bringing strong local market expertise to the
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