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The European Court of Justice (ECJ) has delivered a landmark ruling that will open the doors for investment funds based outside of the EU to reclaim billions of withholding tax levied by EU governments.
The decision – Emerging Markets Series of DFA Investment Trust Company v Dyrektor Izby Skarbowej w Bydgoszcy – delivered on the 10 April 2014 relates to the Polish withholding tax regime.
It follows a number of cases where the ECJ has ruled that funds from one EU member state can claim back withholding tax levied in another member state.
Simon Newsham, a tax partner
Funds under management (FUM) at Man Group IMS totalled USD55 billion at 31 March 2014, up from USD54.1 billion at the end of December 2013, according to the company’s latest interim management statement.
Net inflows in the quarter totalled USD2.0 billion, comprising sales of USD6.5 billion and redemptions of USD4.5 billion with net inflows into GLG alternatives and long only funds being partially offset by net outflows from FRM funds and guaranteed products.
The group’s AHL Diversified programme was down 2.2 per cent in the quarter which was the main driver of the negative investment movement of USD0.3 billion
Charles River has enhanced electronic trading support for swap instruments by integrating workflows from Swap Execution Facilities (SEF) in the Charles River Investment Management Solution (IMS).
This integration helps clients comply with mandatory Dodd-Frank requirements to trade eligible OTC derivatives on SEFs.
Charles River recently completed its first client SEF trade with Tradeweb.
Charles River IMS streamlines SEF trading by supporting pre-trade allocations, execution and clearing. Clients can raise orders for interest rate and credit default index swaps and send them directly from the Charles River IMS blotter to SEFs for execution.
“We’ll continue to expand our
Ken Goodreau has joined FlowPoint Capital Partners as chief investment officer and portfolio manager.
FlowPoint has also hired Nick Trotman as chief operating officer and portfolio manager.
Goodreau will be responsible for leading the FlowPoint investment strategy as well as consultant relations and marketing. He brings 20 years of experience in investment management to the firm.
"I enjoyed getting to know Ken as a client, and look forward even more to working with him," says Charles Trafton, lead portfolio manager and managing partner of FlowPoint.
Before joining FlowPoint, Goodreau was chief investment officer at Tiedemann Investment Group,
New York City-based alternative asset manager Courant Capital Management has secured an asset allocation from an affiliate of a Bermuda-based reinsurance and diversified investment firm.
The firm has also acquired a minority equity interest in Courant.
Courant, which was formed in 2009, is now offering its products to outside investors including its flagship US Large-Cap Equity Market Neutral Fund, which trades only in large-cap US equities.
The firm’s other offerings include the US Market Neutral Natural Resources Fund and the CCM US Market Neutral Consumer Businesses Fund.
The US Commodity Futures Trading Commission’s (CFTC) Division of Clearing and Risk (DCR) has issued a time-limited no-action letter for OTC Clearing Hong Kong Limited.
The letter states that DCR will not recommend that the Commission take enforcement action against OTC Clearing Hong Kong Limited for failing to register as a derivatives clearing organisation (DCO) or US clearing participants of OTC Clear for failure to clear certain interest rate swaps and certain non-deliverable forwards through a registered DCO.
The no-action relief is effective until the earlier of 31 December 2014 or the date upon which the Commission either registers
The Market Vectors Hedge Fund Beta Indices experienced mixed results in April with two of the six indices seeing positive returns, one remaining flat and the other three ending the month in negative territory.
The MV Western Europe L/S Equity Hedge Fund Beta Index was the top performer with a return of 1.20 per cent while the MV Global L/S Equity Hedge Fund Beta Index returned 0.35 per cent and the MV Asia (Developed) L/S Equity Hedge Fund Beta Index remained static.
The MV North America L/S Equity Hedge Fund Beta Index, MV Global Event L/S Equity Hedge Fund
IntercontinentalExchange Group is to introduce 64 new energy futures and options contracts on 12 May, subject to the completion of necessary regulatory and governance processes.
The new contracts, which will be available for trading at either ICE Futures Europe or ICE Futures US and cleared at ICE Clear Europe, include crude oil, gasoline, middle distillate, fuel oil, power, biofuel, naphtha, natural gas liquid, petrochemical and environmental futures and options contracts.
The following contracts will be available for trading on ICE Futures Europe:
Crude Futures
TMX SW 1a Index Future
Argus WTI Midland vs WTI 1st Line Future
Argus WTS
City Financial’s Asia Macro hedge fund, Counterpoint, has launched with over USD120m in assets, making it one of the largest Asian hedge funds – and the largest Asian macro fund – to launch in the last 12 months.
The Counterpoint Asian Macro Fund is managed by Geoffrey Barker with City Financial Investment Company (Hong Kong) Limited.
There was no seed investor and capital came from a combination of investors in Barker’s previous fund and from new investors.
The fund is a discretionary macro strategy focused on investment opportunities driven by the markets and economies of Asia-Pacific. Its investment
John Riley, the legislative affairs director at the Commodity Futures Trading Commission, is leaving the agency this month after a 30-year career in Federal service.
Riley, a former Capitol Hill staffer, has led the Office of Legislative Affairs while Congress debated and passed landmark financial reform legislation and as the CFTC implemented its key provisions.
“During his 30 year career in public service, John has contributed his knowledge and experience to the benefit of this agency, to the Congress, and to the citizens we serve,” says acting chairman Mark P Wetjen. “His understanding of the legislative process helped the
