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Following Argentina's agreement to resolve its USD9.7 billion in debts to Paris Club member nations within five years, American Task Force Argentina co-chairs Robert Shapiro and Ambassador Nancy Soderberg have declared their support for Argentina's pledge to act responsibly and encouraged the Argentine government to go further.
"The ultimate path to normalisation must also include negotiating Argentina's longstanding debts with its private creditors as well," says Soderberg. "Engaging private creditors is the next, necessary step to unlocking the Argentine government's remaining barriers to foreign capital markets. Taking that step will create tremendous and immediate benefits for the Argentine people."
The Securities and Exchange Commission (SEC) has issued fraud charges and an asset freeze against an investment fund manager accused of stealing money from investors to pay personal and business expenses.
The SEC alleges that Neal V Goyal told investors that the private funds he managed would invest in securities following a “long-short” trading strategy.
However, Goyal actually did little trading and simply operated a Ponzi scheme that used new investor funds to pay redemptions to existing investors and fund his own lavish lifestyle.
Goyal concealed the poor results of the few investments he did make by sending
North Street Global Fund Services, an alternative asset administrator, has closed on its acquisition of Los Angeles-based hedge fund administrator Hedge Solutions.
North Street Global Fund Services chief operating officer Joseph Musto, who co-headed the acquisition team, says: “Hedge Solutions is a great fit into the North Street Global family and further acts as a clear indication of our commitment to growing our resources to better serve our clients.”
This acquisition by North Street is its second such transaction in the last 12 months and additionally expanded the firm geographically to the west coast.
North Street will keep
Nathan Gibbs, Japanese Equities Fund Manager at Schroders, comments on the impact of recent Japanese retail sales and inflation data for the country's economy…
Data released over the past two days in Japan showed April retail sales dropped 13.7% from the previous month while inflation over the same period rose 3.2% from a year earlier. Although a slightly worse decline than consensus expectations, we do not believe these numbers have come as any great surprise.
Following the 1 April consumption tax hike, that saw a 3% increase from 5% to 8%, sluggish April numbers were to be expected – particularly
UK-based hedge fund manager Man Group has confirmed that it is in talks to acquire Boston-based fund management group Numeric Investors.
According to a short statement on the group’s website, the company says that it: “notes the recent press speculation and confirms that it is in discussions concerning the possible acquisition of Numeric Holdings LLC. These discussions are ongoing and may or may not lead to a transaction. Further announcements will be made if and when appropriate.”
Numeric, which currently has approximately USD14 billion in assets under management, focuses mainly on quantitative investment strategies.
The hedge fund industry has survived the global financial crisis, diversified its offerings beyond its traditional investor bases, and is currently in a phase of optimising its business operations and offerings.
That’s according to Citi Investor Services’ fifth Annual Industry Evolution survey.
By all metrics, the industry is thriving, with assets continuing to grow to new record highs. Citi sees the total pool of capital being advised by hedge fund managers doubling from USD2.9 trillion in 2013 to USD5.8 trillion in 2018.
In addition to offering more access to retail investors and creating customized solutions for institutional investors,
Chicago-based investment manager Emil van Essen has launched the EvE Multi-Strategy Programme (EvE MS).
EvE MS is a 50-50 combination of the firm’s flagship EvE Spread Trading Programme (EvE STP) and the EvE Long-Short Commodity Programme (EvE LSCP).
“We are very proud of EvE STP and EvE LSCP and are excited to offer these programmes in combination,” says Emil van Essen, chief executive. “We believe the MS will provide risk-adjusted returns that are superior to the individual programmes while maintaining their non-correlation and diversification benefits from other CTA programmes.”
Chicago Board Options Exchange (CBOE) plans to introduce PM-settled, end-of-month options series (EOM) – with expiration dates falling on the last business day of the month – for its S&P 500 Index (SPX) options.
CBOE is adding SPX EOM options to its SPX options product line in response to requests from asset managers who want to more precisely match SPX option expirations to end-of-month fund cycles and fund performance periods.
"End-of-month options represent another dimension to our extensive S&P 500 Index options complex, which includes our flagship SPX contract, SPX end-of-week, SPX end-of-quarter and SPX LEAPS contracts. Each of
Fund servicing specialist Atlantic Fund Services in now operating in eight markets around the world following the opening of the firm’s new London office.
The UK office will focus on business development.
“London is a city of decision makers and a true centre for asset managers. We just have to be present here,” says Roman Lewszyk, CEO of Atlantic’s European business.
The new office is headed by Julian Naylor, a financial services IT executive. For the past 25 years Naylor has specialised in information technology and asset servicing. Prior to joining Atlantic, Naylor was managing director of confluence,
As much as USD70 billion is up for grabs for global hedge funds looking to raise money in Asia over the next few years, according to a Barclays survey.
Vast private wealth in the region and the rise of several large sovereign-wealth funds has long been an opportunity for global hedge fund managers. Asian investors, though, continue to account for a small portion of industry assets and have proven notoriously hard to win over.
Investors in the region currently account for around USD150 billion invested in global hedge funds, Barclays said, a sliver of the roughly USD2.5 trillion managed by the
