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With Guernsey’s new opt-in AIFMD equivalent regime effective from 2 January 2014, Fiona Le Poidevin, chief executive of Guernsey Finance, explores how the island offers optionality and substance to fund managers.
There is no escaping from the fact that the EU’s AIFMD presents one of the biggest regulatory challenges the European orientated investment management community has seen in recent times.
Indeed, the upcoming 12 to 18 months will prove pivotal in determining the implementation of the AIFMD and the implications for investment houses and their client bases, particularly as European Economic Area (EEA) member states begin to interpret the
Guillaume Rambourg’s investment boutique, Paris-based Verrazzano Capital, has launched the Verrazzano Advantage European Fund. The UCITS-compliant fund, established in Luxembourg as a SICAV, aims to achieve long-term capital growth by investing at least 80 per cent of its assets in the shares of companies listed in Continental Europe. This is the first long-only fund available to Verrazzano’s investors following the launch of two equity long/short strategies last year.
Rambourg was quoted as saying: “We’re delighted to launch our first long-only fund and make it available to a broad investment audience. It is an important milestone for Verrazzano Capital, which has
The SS&C GlobeOp Forward Redemption Indicator for December 2013 measured 5.90 per cent, up from 5.09 per cent in November.
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.
Forward redemptions as a percentage of SS&C GlobeOp's assets under administration on the GlobeOp platform have trended significantly lower since reaching a high of 19.27 per cent in November 2008. The next
Neuberger Berman Group has launched the Neuberger Berman Long Short Multi-Manager Fund.
The fund seeks long-term capital appreciation with a secondary objective of principal preservation by allocating its assets to a select group of external hedge fund advisers that employ distinct long short strategies investing primarily in equity securities of companies throughout the world.
Unlike traditional hedge funds, the fund provides daily liquidity, lower investment minimums (USD1,000 for Class A and C shares), and 1099s for shareholders, while offering full transparency of portfolio holdings without a performance-based management fee. It employs the risk management and monitoring, mix of managers
Alternative investment management firm Eclipse Capital Management has appointed Nigel Ekern as managing director to lead the firm’s business development efforts.
Eclipse Capital's chief executive and founder Tom Moller says: "This is an exciting time for Eclipse Capital with the addition of Nigel to our senior management team. Nigel's breadth of experience delivering investment solutions to institutional clients is a key element of Eclipse Capital's business development plans. We are very optimistic about the growth of Eclipse Capital in the coming years and are looking to build upon our core strengths to expand our investor base and grow assets."
The Securities and Exchange Commission has filed fraud charges against three brokerage subsidiaries and two former employees of a global trading services provider.
According to the charges, many institutional clients subsequently paid substantially higher amounts than disclosed for the execution of trading orders.
These subsidiaries of ConvergEx Group agreed to pay more than USD107m and admit wrongdoing to settle the SEC’s charges. The former employees, Jonathan Daspin and Thomas Lekargeren, also agreed to admit and settle the charges against them.
In a parallel action, the Department of Justice announced criminal charges against ConvergEx Group, a brokerage subsidiary, and
David M Nunn has been fined USD600,000 for entering into fictitious sales, engaging in illegal non-competitive and fictitious trades in coffee futures contracts over a two-year period, and making false statements to representatives of ICE Futures US.
Nunn is a Vermont resident and a former ICE floor broker.
The consent order of permanent injunction, entered on 18 December 2013, requires Nunn to pay a USD600,000 civil monetary penalty and, among other sanctions, permanently bans Nunn from trading on a registered entity, soliciting or receiving funds for trading on a registered entity, applying for registration or claiming exemption from registration
Important concessions by the UK Treasury in relation to the Alternative Investment Fund Managers Directive (AIFMD) have been announced, according to specialist financial services regulatory consultancy Bovill.
Deadlines surrounding AIFMD will be relaxed, following concerns by the financial services sector that many fund managers would need to shut up shop if they did not file their AIFMD application by 22 January.
The concession announced today will mean that if an AIFM’s application for authorisation or registration is filed after 22 January they can still trade. However, the 22 July deadline for authorisation or registration still remains in place.
Hedge funds gained 0.71 per cent in November, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
The index is up 9.84 per cent year to date.
“A rate cut in Europe, far-reaching reforms announced in China, and generally positive economic data contributed to a third month of rising equity prices," says Sol Waksman, founder and president of BarclayHedge.
Sixteen of Barclay’s 18 hedge fund indices had gains in November. The Barclay Healthcare & Biotechnology Index jumped 3.05 per cent, Distressed Securities gained 1.71 per cent, Global Macro added 1.68 per cent, Equity Long Bias was up
Two law firms in the Cayman Islands have agreed to merge early in the new year forming one of the strongest and most experienced practices in the Caribbean.
Travers Thorp Alberga and Paget-Brown will continue as Travers Thorp Alberga with Ian Paget-Brown QC assuming the role of counsel in the new company.
Paget-Brown says: “The growth of my practice over the last 40 years has been a source of immense pride to me but I feel the time is now right for my clients to benefit from the specialised legal expertise available at Travers Thorp Alberga.
“I would like
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