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Societe Generale Securities Services (SGSS) Ireland has launched a “Depositary Lite” service offering to support European and non-European asset managers in meeting the requirements of the AIFMD.
The AIFMD sets out a number of regulatory requirements which need to be met by alternative investment funds marketed in the European Economic Area (EEA).
All EEA alternative investment fund managers that market non-EEA alternative investment funds to professional investors in EEA countries using national private placement regimes, must comply with “Depositary Lite”, which requires that one or more external entities are appointed to carry out cash flow monitoring, safekeeping of assets
Monday 28 April saw CME Group open the doors to its new London-based exchange: CME Europe. In conjunction with CME Clearing Europe, European traders are set to benefit from improved portfolio margining efficiencies by availing of the same clearing and exchange infrastructure that has served CME Group so well from its headquarters in Chicago.
“Customers understand that their world is changing, not because of the clearing mandate under Dodd-Frank or EMIR but because the capital charges associated with bilateral OTC transactions are becoming much more expensive. Over the last three years we’ve seen a steady shift in clients adding exchange-listed
SYZ Asset Management, the institutional asset management arm of Swiss banking Group SYZ & CO, has appointed Derek Borthwick as business development director for Scotland, the North of England and Northern Ireland.
Borthwick will promote SYZ Asset Management’s capabilities, including the SYZ AM and OYSTER funds.
He joins SYZ Asset Management from JP Morgan Asset Management, where he was responsible for leading fund distribution to clients in the northern region of the UK.
Borthwick will be responsible for promoting the full range of SYZ Asset Management’s capabilities in the northern region of the UK market, including segregated mandates
Accounting firm Tunney & Associates (T&A) and owner Michael Tunney are to pay a USD100,000 civil monetary penalty for violating CFTC Regulations when conducting audits for The Linn Group (TLG).
TLG is a CFTC-registered Futures Commission Merchant (FCM).
The order, entered on 28 April by Judge Sharon Johnson Coleman of the US District Court, Northern District of Illinois, also permanently prohibits T&A and Tunney from practicing or appearing before the CFTC and from violating the provisions of the CFTC’s Regulations related to independent auditors, as charged.
The order stems from a CFTC complaint filed on 18 April 2013
Global currency overlay and currency alpha manager Millennium Global has appointed Hai Xin as managing director responsible for business development in Asia (ex-Japan) and Australasia.
Previously Xin held a similar position at Overlay Asset Management for seven years (2005-2012) where he was a member of the firm’s executive and research committees.
Before that, he worked for UBS Investment Bank in a variety of positions within its foreign exchange and equity capital markets divisions.
Since 2010, Xin has been an adjunct associate professor lecturing on statistics for risk management and investment banking at Hong Kong University of Science and
Schroders is to launch another externally-managed fund on its GAIA platform, Schroder GAIA Paulson Merger Arbitrage, subject to regulatory approval.
As it’s name suggests, the fund’s strategy is fundamental merger arbitrage, investing mainly in US, Western European and Canadian large cap public equities currently or potentially involved in mergers and other corporate events, including but not limited to exchange offers, bankruptcy reorganisations or liquidations.
The fund will be managed by John Paulson of Paulson & Co, which runs USD7.6bn in the merger strategy. The Schroder GAIA fund will be based (minimum 85% overlap anticipated) on the Paulson International Limited fund (“Paulson hedge
Northern Trust’s hedge fund administration business will provide local market expertise and solutions to hedge fund clients as they participate in the Shanghai Qualified Domestic Limited Partner (QDLP) programme.
This specialist fund administration capability will be offered from Northern Trust’s Beijing office.
The Shanghai QDLP programme allows foreign hedge fund managers to raise funds onshore and invest them abroad. This will contribute to the growing hedge fund industry in China, paving the way for an established alternatives industry in the country.
“Asia is an attractive market for foreign hedge funds which are attracted by the region’s large pools
Singapore-based global macro hedge fund manager Kris Capital has selected Wells Fargo Global Fund Services to provide daily fund administration and an outsourced middle and back office operations solution.
“Wells Fargo Global Fund Services is well known for its hedge fund administration expertise. Engaging the Wells Fargo team provides an extra level of operational security for our investors by offering an independent and transparent service,” says Kris Capital executive director Bhavani Krishnamurthy.
"Kris Capital’s decision to award us this new mandate demonstrates our strength in the global marketplace and our dedication to supporting client requirements with tailored middle and
Algomi, a provider of information-matching solutions for the optimisation of fixed income liquidity, has named Hugh Willis as a strategic advisor.
Willis (pictured), who is also an investor in the firm, is the co-founder of BlueBay Asset Management, a specialist fixed income credit manager with USD62.5 billion of assets under management.
He served as BlueBay’s chief executive from inception in 2001 until the end of 2013, a period which included the sale of the firm to the Royal Bank of Canada for USD1.6 billion in December 2010. He is currently BlueBay’s executive chairman.
“Hugh joins us at a
Euronext has signed a tripartite agreement with grain storage specialist Sénalia and LCH.Clearnet SA.
Euronext’s relationship with storage silos operated by Socomac and Sica Nord-Céréales will be harmonised under the agreement.
With 750,000 tonnes of milling wheat storage capacity in Rouen, Sénalia remains Euronext’s partner of reference, as it has been since the flagship contract was launched in 1998.
Euronext’s technical specification rules for its milling wheat futures contract and options contract now include this contractual agreement with Sénalia as well as its extension to the new silo delivery partners.
While the contract’s qualitative specifications remain the
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