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Russian investors and brokers will be able to issue and cancel depositary receipts (DRs) in Russian companies thanks to an agreement between National Settlement Depositary (NSD) and BNY Mellon.
The two companies have developed a structure by which DRs, issued by BNY Mellon on shares of Russian companies, can be converted into a share or vice versa in Russia within one business day; this process currently takes between two and three business days.
The structure will allow DRs to trade on the secondary market, settle and be used as collateral in repurchase agreements (repos) by Russian market participants in their
Hong Kong Exchanges and Clearing (HKEx) and the London Metal Exchange (LME) have formed the board of LME Clear, the LME's self-clearing platform currently in development.
LME Clear is on track to launch, as planned, on 22 September 2014.
The board will be comprised of five independent non-executive directors and four executive board members.
The independent non-executive directors will be Richard Thornhill, chairman; John Harrison; Marye Humphery; Nat le Roux; and Marco Strimer.
The executive directors will be Trevor Spanner, chief executive of LME Clear; Gerald Greiner, HKEx head of global clearing; Garry Jones, chief executive of
There’s plenty of value to be found in European microcap shares for investors in 2014, according to veteran European small cap investors Philip Best (pictured) and Marc St John Webb at Geneva-based Argos Investment Managers.
Despite an outstanding 2013 for the duo’s Argonaut fund, which has risen by 39.2% since 1 January, they believe that many European stocks in their universe remain significantly undervalued.
“While 2013 has been a good year for Argonaut, our numerous ‘boots on the ground’ trips into the heartlands of industrial Europe still reveal plenty of deeply undervalued quality small businesses whose prices have yet to
The Credit Suisse Hedge Fund Index finished up 1.31 per cent for the month of November, with all but two of the 10 sub-strategies recording positive gains.
Top of the pile was Equity Market Neutral with a return of 2.59 per cent followed by Managed Futures (2.09 per cent), Long/Short Equity (1.85 per cent) and Event Driven (1.68 per cent).
Dedicated Short Bias and Convertible Arbitrage were the two sub strategies to finish the month in negative territory with returns of -1.49 per cent and -0.20 per cent respectively.
The following funds were dropped from the Credit Suisse
Michael Stapleton of the Industrial Development Agency and Kieran Fox (pictured) of the Irish Funds Industry Association discuss the ongoing attraction of Ireland as Europe’s leading hedge fund centre and how their joint promotion work is helping attract ongoing FDI opportunities…
HW: Can you provide a quick introduction on the roles of the IDA and the IFIA?
MS: The IDA is a government agency at the front end of Ireland’s inward foreign direct investment program. We are interested in the substance of FDI; the investment itself and the jobs that are created, both directly and indirectly, from a given sector.
Athena Systems has released the latest 64-bit version of its “Aura” software.
Aura delivers fully customisable hedge fund management and analytics software.
The newest version of the Athena Aura gives users a series of important advantages in the capital markets.
Older 32-bit applications run up against a built-in memory limitation of 2 GB, which means data sets larger than 200 MB cannot be manipulated in real-time. A 64-bit application, like the new release of Aura, is not subject to the same memory limitation.
“There are specific types of funds that require this additional performance,” says Luis Otero,
Carne Group has named Michelle Wilson-Clarke as the latest addition to its team of Cayman Islands fund directors.
Carne’s Cayman Islands office now has seven independent fund directors.
Wilson-Clarke joins Carne from Intertrust Fund Services (Cayman) Limited.
Prior to that she was with Walkers Fund Services (WFS), a division of offshore law firm Walkers, which was acquired in 2012 by the Intertrust Group, where she was instrumental in the growth and development of the fiduciary services team. She began her financial services career with Wellington Management Company n Boston, Massachusetts.
At Wellington, Wilson-Clarke was vice president and relationship
Verrazzano Capital, the European equity specialist investment boutique founded by Guillaume Rambourg, has launched the Verrazzano Advantage European Fund.
The fund, a UCITS-compliant Luxembourg SICAV structure, 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.
The fund is Verrazzano’s first long-only product offered to external investors, following the 2012 launch of two European equity long-short strategies to qualifying investors.
Rambourg says: “We’re delighted to launch our first long-only fund and make it available to a broad investment audience. It is an important
LCH.Clearnet has expanded its credit default swap clearing (CDS) service, CDSClear, to offer single-name CDS clearing.
The expansion provides the broadest European CDS portfolio coverage of any clearing house globally.
European members and clients can benefit from significant capital efficiencies through risk offsets between 187 single- names and existing index products through Monte Carlo Simulation VaR based portfolio margining.
Gavin Wells, chief executive of CDSClear, says: “With the addition of these 187 index constituents we believe the market will benefit from significant efficiencies. As regulations and clearing commitments evolve, we will continue to work collaboratively with market participants to
Six alternative funds are being offered the chance to pitch to more than 200 institutional investors, funds of funds and high net worth individuals at the third Amsterdam Investors Forum (AIF), organised by ABN AMRO Clearing on 12 February 2014.
The AIF Factor was first launched last year and over 100 funds entered the competition. It is open to all funds regardless of size, location, investment targets or style – active or prospective.
Participants are required to register a submission via the event website http://www.aif.events.abnamro.nl/aif-factor by 15 January 2014. Shortlisted funds will make a three minute pitch at the
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