Latest News
Patrick Cole and his company, Global Strategic Marketing (GSM), are to pay over USD2.2m in a CFTC enforcement action over a multi-million dollar off-exchange foreign currency (forex) Ponzi scheme.
A court order, issued 26 February 2014, imposes disgorgement of USD1,146,399 and also requires Cole and GSM to pay civil monetary penalties of USD1,146,399.
The order further imposes permanent trading and registration bans on Cole and GSM, and prohibits them from violating the anti-fraud provisions of the Commodity Exchange Act, as charged.
Specifically, the court’s order finds that in marketing a fraudulent forex investment programme offered by another defendant,
Electronic order books (EOBs) continue to dominate the Nasdaq market for covered shares, a report by Celent has found.
Their cumulative share has grown from 76 per cent in September 2013 to 78 per cent.
That of market-makers has declined from 23 per cent to 21 per cent.
The report, Execution Quality in the Nasdaq Market, analyses over 16 billion orders over the period of 1 October 2013 to 31 December 2013. In total, the report measures and ranks 140 market participants according to their execution speed and prices obtained for incoming orders.
BATS Exchange, NYSE Arca,
Standard Life Investments combines micro and macro capabilities to launch new fund… BNY Mellon closes two sub-funds…
BNY Mellon has taken the decision to close two of its funds on the back of falling assets. As reported this week by Citywire Global, the two funds in question are: BNY Mellon Evolution Global Alpha and BNY Mellon Latin America Infrastructure.
The former launched in 2006 as a multi-asset absolute return strategy and closed with less than EUR7.1mn of assets. The latter launched more recently, in 2010, to give investors exposure to companies involved in Latin American infrastructure projects. Over the
The SS&C GlobeOp Forward Redemption Indicator for March 2014 measured 3.81 per cent, up from 3.38 per cent in February.
"As we approach the end of the first quarter of 2014, forward redemption requests remain slightly lower than this time last year,” says Bill Stone, chairman and chief executive officer, SS&C Technologies.
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the GlobeOp platform, divided by the AuA at the beginning of the month for SS&C GlobeOp fund administration clients on the GlobeOp platform.
The value of assets under custody held by Clearstream on behalf of customers registered an increase of six per cent to EUR12.1trn in February 2014 compared to EUR11.4trn in February 2013.
Securities held under custody in Clearstream’s international business as international central securities depository (ICSD) increased by five per cent from EUR6.1trn in February 2013 to EUR6.4trn in February 2014, while domestic German securities held under custody in the German central securities depository (CSD) increased by seven per cent from EUR5.4trn in February 2013 to EUR5.7trn in February 2014.
In February 2014, 3.7 million international settlement transactions were processed,
Marc Spilker is to step down as president of alternative investment manager Apollo Global Management and as a member of the firm’s executive committee.
Apollo’s executive committee will continue to manage the firm and will rely upon the firm’s management committee of senior executives from the firm’s investment and infrastructure functions to assist in implementing the firm’s growth initiatives and manage day to day operations.
Members of Apollo’s executive committee are Leon Black, chairman and chief executive officer; Josh Harris, senior managing director; and Marc Rowan, senior managing director.
Spilker (pictured) will stay on as a senior advisor
The Neuberger Berman Absolute Return Multi-Manager Fund, which offers investors access to hedge fund managers at lower fees and account minimums, has exceeded USD1bn in assets under management.
Launched on 15 May 2012, the fund is managed by members of the Neuberger Berman hedge fund solutions team, which has significant experience managing fund-of-hedge fund strategies. The team allocates fund assets to multiple hedge fund advisers that employ distinct alternative investment strategies.
The fund is available to retail investors, does not charge performance-based management fees, offers daily liquidity, has lower investment minimums than typical hedge funds and full transparency of
TABB Group estimates buy-side firms need to deposit approximately USD2trn in cash and other eligible assets at central counterparty clearinghouses (CCPs) to comply with the new clearing requirement for swaps.
“Capital is a scarce resource that cannot be squandered by overestimating a margin call,” says Will Rhode, director of fixed income research at TABB, who co-wrote “Margin Call: New Risk Tools for the Buy Side,” with contributing analyst Sol Steinberg. “Efficient collateral usage will become an integral, growing factor in a firm’s investment and hedging strategy as improved risk analytics come of age.”
Across 50 one-to-one conversations with US-based asset managers, hedge funds, banks
Bonaire, a Broadridge Financial Solutions company, has migrated its Software as a Service (SaaS) solution to the Broadridge hosting environment.
Bonaire offers its customers three distribution models: in-house installation, SaaS and business process outsourcing.
Since 2008, Broadridge has maintained an ISO 27001 Certification for the facility and the Tier III plus data centres through which the SaaS services will be provided to help ensure the security of client data.
Gerard Scavelli, president, mutual funds and retirement solutions group, Broadridge, says: "We are pleased to bring our Bonaire revenue and expense management capabilities to the middle market on a managed
Robeco Group is planning to focus on growth in the coming years having finalised a revised strategy for the 2014-2018 period.
Robeco been working on developing this revised strategy since the acquisition of a 90 per cent stake in the group by ORIX Corporation in July 2013.
Robeco’s strategy 2014-2018 will further build on the foundations laid in the previous strategy period. During that period Robeco’s assets under management have grown from EUR132bn at the start of 2010 to EUR205bn at the end of 2013, of which 47 per cent are institutional. The EBIT has increased by 84 per
