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Societe Generale Securities Services (SGSS) has appointed David Painter as head of trustee and depositary services in the UK.
Based in London, he reports to Bertrand Blanchard, SGSS’ country manager in the UK, and to Michèle Besse, global head of depositary control.
Painter will play a key role in launching and managing trustee and depositary services in the UK for a broad range of investment funds, including UCITS and alternative funds, and actively help develop a range of integrated client solutions.
SGSS’ full range of trustee and depositary services will include asset safekeeping, cash monitoring and oversight duties.
Arnaud Claudon, head of depositary banking, BNP Paribas Securities Services, says AIFMD will bring ‘greater stability’ to European alternatives market…
We have everything in place for the transition to AIFMD and welcome the new regulation coming into effect. We have our depositary licences where needed for example in the UK, and our operations are prepared and ready to go across our depositary network in Europe.
The regulation brings greater stability to the European alternatives market and further protection for end investors. We are pleased to be able to serve new and existing customers from around the world under the
There is a compliance shortfall among alternative investment funds (AIFs) on the eve of the deadline for Alternative Investment Fund Managers Directive (AIFMD) authorisation, according to research by BNY Mellon.
While 82 per cent of managers canvassed confirmed the required AIFM structure has been established to meet tomorrow’s July 22 deadline, 44 per cent will not have received authorisation from their local regulator by that date.
The survey highlights that a significant proportion of managers will have work left to complete in respect of key elements of the AIFMD regulations. For example, 31 per cent still need to implement
The National Futures Association (NFA) has ordered Forex Capital Markets (FXCM), a registered retail foreign exchange dealer located in New York City, to pay a USD200,000 fine.
NFA issued the fine to FXCM for conducting business with an unregistered entity that was required to be registered with the CFTC as a commodity pool operator (CPO) and an NFA member, and for failing to submit trade data to NFA through NFA's Forex Transaction Reporting Execution Surveillance System (FORTRESS).
The Decision, issued by NFA's Business Conduct Committee, is based on a complaint and a settlement offer submitted by FXCM.
The
Two thirds (64 per cent) of funds are ready for the deadline for implementation of the Alternative Investment Fund Managers Directive (AIFMD) on 22 July, according to a global survey of alternative investment fund managers.
Only one in six (15 per cent) admitted they were not ready, with the remainder (20 per cent) planning other routes including phasing in compliance by 2018.
According to the survey, commissioned by Hassans International and Deloitte Gibraltar, more than half of the fund managers surveyed (55 per cent) said that the ability to continue to market funds in Europe over the next three
Pershing Advisor Solutions has been selected as a custodian for HedgeCoVest, a hedge fund alternative investment platform.
HedgeCoVest is scheduled for Beta launch in August 2014.
It is designed to revolutionise the way institutional and retail clients allocate to fund manager strategies through its proprietary technology called the Replicazor. The Replicazor will allow clients to replicate the strategy of hedge fund managers and unlike traditional hedge funds, will allow clients to retain control of investment capital in their brokerage account.
“Our strategic partnership with Pershing Advisor Solutions is a perfect fit and a testament to the ground breaking
UBS Asset Management has added its Xtra Yield strategy to the firm’s Luxembourg-domiciled SICAV by a launching a UCITS compliant version of the fund reported Citywire Global this week.
Investors can choose from four different strategies in the UBS Strategy Xtra Fund range: Fixed Income, Yield, Balanced, Growth. In addition to fixed income and equities, the Xtras also invest in hedge funds to enhance diversification and broaden the set of investment opportunities. The UBS (Lux) Strategy Xtra Yield (Ucits) fund will be run by Robert Hellstrand who manages the existing UBS (Lux) Strategy Xtra SICAV – Yield fund, which launched
Hedge funds gained 1.41 per cent in June, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
The index is now up 3.76 per cent in 2014.
“As investor’s shrugged off a downward revision of first quarter GDP and focused instead on the positive economic news coming out of the US, equity markets rallied to new all-time highs in June,” says Sol Waksman, founder and president of BarclayHedge. “Equity prices in emerging markets and Japan posted strong gains as well."
All but two of Barclay’s 18 hedge fund indices gained ground in June. The Barclay Healthcare &
Interactive Data, a provider of independent evaluated pricing and reference data services, has introduced a solution to help financial institutions address the Alternative Investment Fund Managers Directive (AIFMD).
The solution can help alternative investment fund managers and their service providers successfully manage the transition to AIFMD and maintain ongoing compliance with it.
The new due diligence, transparency and reporting requirements of the Directive present a range of data and valuation challenges, especially for those firms that have not previously managed or operated these functions.
Interactive Data can help clients to identify and address their AIFMD needs. For example,
Thomas Murray Data Services has launched a suite of products and has been working with a number of depositary banks to provide a total risk solution to ensure depositary bank compliance with the Alternative Investment Fund Managers Directive (AIFMD).
"Thomas Murray Data Services already delivers post-trade risk monitoring for over 65 global banking groups, more than 25 of which act as depositary banks," says Simon Thomas, chief executive of Thomas Murray Data Services. "We are in ongoing discussions with many more throughout Europe, each one obliged under AIFMD to monitor its own post-trade infrastructures and counterparty exposures in accordance with
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