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The Securities and Exchange Commission (SEC) has recently unleashed a powerful new screening tool, Aberrational Performance Inquiry (API), to identify possible fraudulent valuations and misreported returns by hedge fund managers reporting above benchmark returns. Axiom Valuation’s AIRAS capability can protect hedge funds from a possible SEC API by demonstrating through a quantitatively robust and empirically defensible report that the fund’s self-reported returns match the fund’s strategies.
Last week’s SEC announcement of enforcement actions against three hedge funds and six individuals for misconduct including improper use of fund assets, fraudulent valuations, and misrepresenting fund returns, demonstrated a ground-breaking shift in the
- 08/12/2011
The Depository Trust & Clearing Corporation (DTCC) has launched a global, over-the-counter (OTC) interest rates derivatives trade repository.
DTCC’s Global Trade Repository for Interest Rates for this USD553.8 trillion market (approximately EUR414 trillion or GBP356 trillion) will be based in London. Data from 15 of the largest global dealers is now being submitted into the repository.
Today’s announcement represents the latest development in DTCC’s drive to bring greater transparency across different OTC derivative asset classes, helping to reduce operational and systemic risk. DTCC already operates global trade repositories for OTC credit derivatives (principally credit default swaps) and for OTC equity
- 08/12/2011
Merrill Lynch Commodities, has agreed to pay a USD350,000 civil monetary penalty to settle CFTC charges that it exceeded speculative position limits in Cotton No2 futures contracts in trading on the IntercontinentalExchange U.S. (ICE). MLCI also agreed to cease and desist from further such violations of Section 4a(b)(2) of the Commodity Exchange Act (CEA).
According to the CFTC order, MLCI held net futures equivalent positions in Cotton No2 futures contracts in excess of CFTC speculative position limits on ICE over four consecutive days from 31 January, 2011, through 3 February, 2011. These MLCI positions exceeded the CFTC’s speculative position limit
- 08/12/2011
The California State Teachers’ Retirement System (CalSTRS) has selected Lyxor Asset Management as its advisor in the development of a new global macro hedge fund strategy.
The selection of Lyxor concludes a 15-month selection process for a consultant to help CalSTRS investment staff initiate, monitor and assess its global macro hedge fund strategy.
The new strategy is part of the CalSTRS Innovation Portfolio and will be implemented on a trial basis for up to a three-year period to determine its value to the larger CalSTRS investment portfolio.
“In these times of economic volatility and uncertainty, it’s important to diversify the
- 08/12/2011
Paul McLaughlin has been appointed as head of operations for State Street’s Alternative Investment Solutions team in Guernsey.
McLaughlin, who has more than 15 years of experience in the alternative investment industry, joins State Street to help further build its alternative investment servicing business in Europe, Middle East and Africa (EMEA) with a particular focus on the private equity and real estate funds sectors.
McLaughlin joins from BNY Mellon in Dublin where he worked for 11 years, most recently as head of alternative investment servicing fund of funds and private equity for EMEA. He also gained experience with the
- 08/12/2011
Chilton Trust Management, in affiliation with Chilton Private Clients, has hired Timothy Horan from Morgan Stanley Smith Barney as Executive Vice President and Chief Investment Officer – Fixed Income.
Horan, currently Managing Director and Chief Investment Officer at MSSB Fixed Income Investment Advisors, will join CPC on 3 January, 2012. In his new role, he will work closely with Richard L Chilton, Jr, Chairman of Chilton Trust and CPC and who will continue to serve as Chief Investment Officer – Equities.
Joining Horan will be four experienced fixed income investment professionals, Debra Crovicz, William McNaught and Nicholas Rafferty –
- 08/12/2011
Cutler Capital Management, LLC today announced that Robert Butman and Paul Bucci have joined Cutler Capital as Managing Directors and Portfolio Managers, adding to the firm’s expertise in convertible securities.
Butman and Bucci were previously at Second Moment Capital Management, LLC, a firm they co-founded in New Canaan, Conn. They have 18 years of experience working together.
“Bob and Paul bring a combined 40 years of experience investing in convertible securities to Cutler’s investment team,” says President David Grenier. “Their addition lays the groundwork for Cutler to expand its convertible products and makes Cutler more attractive than ever to both
- 07/12/2011
Galbraith Capital has listed its Global Strategies Fund on the AlphaMetrix Global Marketplace (AGM).
"Galbraith Capital is excited to participate in listing our fund on AGM. We have long believed that it is of paramount importance to provide investors with transparency into our trading and stringent risk management," says Matt Aptman, Senior Vice President at Galbraith Capital. "The thoroughness with which AlphaMetrix has conducted their diligence substantiates their commitment to make AGM the premier marketplace for investors to evaluate funds. Galbraith Capital expects that by listing on the platform, potential investors will have better insight into our fund which will
- 07/12/2011
The leading Asian economies have been quite active in their quest for more centralised clearing in the over-the-counter (OTC) derivatives markets. Japan and Singapore have taken the lead in setting up clearinghouses to deal with OTC derivatives such as credit default swaps and interest rate swaps, according to a new report, OTC Derivatives Reforms in Asia: Challenging for the Buy Side, from Celent, a Boston-based financial research and consulting firm.


The Asian central clearing model is going to be slightly different from that expected in the US and Europe. In those markets, there are norms for the trading of standardised
- 07/12/2011
PerTrac has launched a new service that offers hedge fund administrators the ability to deliver performance tear sheets to their hedge fund clients, including how well the funds performed relative to benchmarks. Hedge fund managers can offer these alternative tear sheets to investors as independent, third-party verification of their hedge fund performance.
The new solution, called PerTrac Reporting-as–a-Service (RaaS), debuts at a time when institutional investors are demanding more transparency and independent verification of performance results from hedge funds.
"Transparency, governance and independence in the assessment and reporting of all performance related measurements and processes continue to be the main
- 07/12/2011
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