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BNY Mellon has been appointed trustee and portfolio administrator on Avoca Capital CLO X, a EUR311m collateralised loan obligation (CLO).
The facility is managed by Avoca Capital and arranged by Credit Suisse. Avoca Capital and BNY Mellon have worked together on a number of previous deals which include managed accounts, a CLO and a private equity structure.
BNY Mellon was the largest corporate trust provider by deal count for CLOs and collateralised debt obligations (CDOs) issued worldwide in the first nine months of this year, acting on 47 of the 156 deals to market.
“The European CLO market
Liquid Holdings Group has launched a new "simulator" programme that allows emerging hedge fund managers to beta test their strategies on the Liquid OERMS platform.
In Liquid's new corporate headquarters in midtown Manhattan, the client service centre was built in part to provide emerging hedge funds with an opportunity to test drive their investment strategies on the Liquid platform.
The programme was initiated to help fund managers who are registering or launching to simulate portfolio management tasks in today's market on Liquid's institutional-quality order, execution and risk management platform.
Powered by the cloud, managers would see and actively
By Vincent Reilly, Audit Partner, Head of Alternative Investments (KPMG in Ireland) and Jorge Fernandez Revilla, Director (KPMG in Ireland)
Altegris, a provider of alternative investments, has named Jack L Rivkin as chief investment officer.
Rivkin will oversee the firm's research and investments group and will be a member of the Altegris investment committee.
He will also have overall responsibility for identifying, selecting and monitoring fund managers across multiple investment disciplines and will oversee asset allocation and research for Altegris products. He will be a key representative of Altegris in the investment community.
Rivkin has held senior roles in the investment industry with Neuberger Berman, Citigroup Investments, and PaineWebber, among others. His managerial achievements have been featured in
PineBridge Investments has closed a EUR335m collateralised loan obligation (CLO) fund.
Euro-Galaxy III CLO BV will invest primarily in European senior secured loans. Barclays Bank PLC arranged the transaction.
The transaction features a variable funding note (VFN) that provides enhanced flexibility and efficient cash management during the ramp-up phase. It is the first European CLO to include a VFN since the 2008 financial crisis.
Adeel Shafiqullah, managing director of European leveraged finance at PineBridge, says: "We are very pleased to announce the completion of Euro-Galaxy III and to be a part of the re-opening of the European CLO
The Hedge Fund Association (HFA) has appointed Christina Bodden and Colin Nicholson as co-directors of the association’s Cayman Islands Chapter.
These hedge fund industry professionals have been selected to direct the HFA’s local member events and educational programmes, and to contribute to the organisation’s global mission of increasing transparency, accelerating business and professional development, and fostering greater trust in alternative investments.


Bodden is a partner in the investment funds group of international law firm Maples and Calder. She specialises in the structuring of private equity funds and advising on the related downstream transactions. Bodden also works extensively with major
European Commodity Clearing (ECC) is to offer reporting of transaction data – so-called trade reporting – in the framework of the European Market Infrastructure Regulation (EMIR).
According to Article 9 of EMIR, all market participants are obliged to forward transaction data regarding concluded derivatives transactions to a trade repository as of 12 February 2014.
These trade repositories are in charge of data collection and control as well as the forwarding of data to the national and European supervisory authorities. The EMIR reporting requirement applies to both trading transactions concluded on exchanges and to over-the-counter transactions.
In its capacity
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
