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Brownstone Investment Group, a fixed income investment firm, has expanded its municipal trading and electronic market making units with the hiring of Matthew Martines as managing director.
Martines joins Paul Sitarz, a seasoned muni expert with more than 30 years of experience, who came to Brownstone last year to launch its municipal bond business. Brownstone trader Josh Rosenblum rounds out the muni team.
Martines comes to Brownstone from Morgan Stanley, where he spent more than 15 years in various leadership roles within fixed income trading and electronic market making.
“Brownstone has an impressive track record and a top-notch
Billionaire hedge fund manager Steve Cohen’s SAC Capital has agreed to plead guilty to criminal insider trading charges and pay a USD1.8bn fine, according to a statement released by US federal prosecutors.
SAC’s investment advisory business will close as a result of the settlement and will no longer manage money for outside investors. It will, however, still be able to operate as a family office investing on behalf of Cohen and other associates at SAC.
Under the agreement announced by Preet Bharara, the US Attorney for the Southern District of New York, and George Venizelos, the assistant director in
Aquis Exchange, the proposed pan-European trading exchange, has received approval from the UK’s Financial Conduct Authority (FCA) to begin trading as a multilateral trading facility (MTF).
Aquis Exchange chief executive Alasdair Haynes says: “We are very pleased to have received the green light from the FCA just a year after announcing the creation of Aquis Exchange. We can now forge ahead with the introduction of subscription pricing to the European cash equities market.”
Aquis Exchange was established in October 2012. Currently, over 90 per cent of European equity trading in each individual country takes place on only two exchanges.
The Credit Suisse Liquid Alternative Beta (LAB) Index was up 1.65 per cent in October, according to Jordan Drachman, head of alternative beta strategies at Credit Suisse.
The event driven strategy was the strongest performer for the month, finishing up 2.42 per cent in October, and the strongest performing strategy year-to-date, returning 9.12 per cent year-to-date in 2013.
Topturn Capital, a boutique investment management firm, is teaming up with professional surfer Joe Curren in a bid to take advantage of the SEC's ratification of the JOBS Act and new marketing opportunities it presents.
"The SECs recent ratification of the Jobs Act has dramatically changed everything," says Dan Darchuck, Top Turn Capital's co-founder and managing director. "When our industry leverages the ability to outwardly market alternative investments, things are going to get very competitive very quickly. We just happen to be leading the industry."
In the surfing lexicon, a top turn refers to a surfer's ability to reposition himself back
Charles Hepworth (pictured), the investment director responsible for GAM’s DFM business, shares his insights into the various asset classes to love and leave…
Cantor Fitzgerald Europe has expanded its credit fixed income sales and trading team with the appointment of Jose Contreras and David Coffey in London.
Contreras will focus on high yield, distressed and asset-backed securities in Spain and Portugal and Coffey will focus on sales and sourcing for investment grade, high yield, leveraged, distressed and aircraft bonds and loans.
"One of our top priorities is to aggressively grow our fixed income business and global distribution platform in key markets. We continually evaluate opportunities to build out our team to expand our service offering to clients and drive growth of our
October trading volume in VIX futures totalled 4.19 million contracts, a 72 per cent increase from October 2012 and a 42 per cent increase from the previous month, according to figures released by the CBOE Futures Exchange.
October was the second most-active month all-time for VIX futures trading, trailing only the 4.21 million total contracts traded in June 2013. Average daily volume in VIX futures during October was 182,257 contracts, a 57 per cent increase from October 2012 and a 23 per cent increase from September.
October exchange-wide trading volume at CFE totalled 4.21 million contracts, a 72 per
Noonday Asset Management will now operate under the name Farallon Capital.
The name change unites Farallon Capital Management's global offices under a single name, effective 1 November 2013.
"Over the years, our partners at Noonday have played an increasingly greater role in the firm and have become a critical part of who we are and how our business is run," says Andrew Spokes, Farallon's managing partner. "While we have largely been known as Noonday in Europe and Asia for some time now, operating under a single name will better serve our overseas teams in every market."
"We have
Neuberger Berman, one of the world’s leading asset managers, this week announced the launch of the Neuberger Berman Absolute Return Multi-Strategy Fund (ARMS), following the rapid success of the US regulated version of the same strategy, launched in May 2012.
The multi-manager product targets positive absolute returns with low market exposure through diversified allocations to proven hedge fund strategies. At the same time, it addresses the structural drawbacks of hedge fund investing through a client-friendly UCITS vehicle. The structure offers investors key features such as daily dealing, no performance fees at any level, a capped total expense ratio, high levels
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