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Integrated Asset Management is to sell its wholly-owned subsidiary, BluMont Capital, to Arrow Capital Management.
The closing of the transaction is subject to, among other things, receipt of all necessary approvals of applicable securities regulatory authorities. Pending approvals, the parties expect the transaction to close in the last calendar quarter of 2013.
The proposed sale of BluMont to Arrow will allow IAM to focus exclusively on its growing institutional business, which comprises approximately 85 per cent of IAM’s current assets under management, while complementing Arrow’s existing line-up of investment solutions to both Canadian and international clients. IAM intends
TeraExchange has received temporary registration from the Commodity Futures Trading Commission (CFTC) to operate a multi-asset class swap execution facility (SEF).
As a swap execution facility, TeraExchange will empower market participants to execute a wide variety of financial instruments including interest rate swaps, CDS indices and FX: non-deliverable forwards.
“The launch of SEFs is bringing transparency and new opportunities for efficient hedging and alpha creation to the swaps market,” says Christian Martin, chief executive and co-founder of TeraExchange. “With our temporary registration in hand we can now deliver market participants the most efficient and robust offering in the
First Derivatives is teaming up with NYSE Technologies to create a suite of historical data “as a service” solutions for NYX clients using First Derivatives’ Delta product suite.
Combining NYSE Technologies’ historical and real-time data expertise covering cash, options, futures and corporate actions with First Derivatives’ products and market expertise, the Tick as a Service offering will build into a suite of market services for clients to gain access to large data stores for analytical back testing and compliance
“By integrating First Derivatives’ suite of services with our diverse portfolio of technology solutions, including our consolidated feed service, we can offer comprehensive data collection, storage, and analysis ‘as a service’ to our
The Securities and Exchange Commission has charged JPMorgan Chase & Co with misstating financial results and lacking effective internal controls to detect and prevent its traders from fraudulently overvaluing investments to conceal hundreds of millions of dollars in trading losses.
The SEC previously charged two former JPMorgan traders with committing fraud to hide the massive losses in one of the trading portfolios in the firm’s chief investment office (CIO). The SEC’s subsequent action against JPMorgan faults its internal controls for failing to ensure that the traders were properly valuing the portfolio, and its senior management for failing to inform
Advent Software has released the results of a survey on how investors select hedge funds titled, “Pitch Perfect, How Investors Choose Funds.”
The survey was designed to determine not only what investors look for when making new hedge fund investments, but also the potential stumbling blocks fund managers should take pains to avoid when making their pitch.
The overall findings from Advent’s investor survey determined that, in a competitive market, hedge funds are in need of a compelling, strategic edge to help acquire and retain clients.
Seventy-five per cent of investors surveyed said they wanted to see
Bedrock Valuation Advisors (BVA) has launched a price adjustment verification service in response to recent enforcement actions by US financial services regulators that have levied fines of up to USD200m against buy-side institutions.
At the core of these enforcement actions were stale security prices or prices dictated by portfolio managers ("price adjustments" or "overridden prices") that resulted in misstated fund net asset value.
To mitigate the risk of misstatement and reduce the cost of multiple pricing sources, Bedrock’s price adjustment verification service tracks adjusted prices at the fund level and compares adjustment behaviour to other funds that hold
Goldman Sachs Investment Partners and Cong Li, the former chief investment officer of Mirae Asset Global Investment (Hong Kong), are preparing to start separate Asian hedge funds as fund launches gather pace in the second half of the year in the region.
As reported by Reuters, Goldman is raising money for Oryza Capital, an Asia-focused long/short equities hedge fund it set up this month, according to a document seen by Reuters. The fund has initial capital of USD80 million, the document showed.
Oryza’s 14-member team is led by Goldman partners Hideki Kinuhata in Tokyo and Hong Kong-based Ryan Thall who will
KPMG has hired three industry veterans to augment its rapidly growing alternative investments (AI) team, focusing on hedge funds, private equity firms and real estate funds.
Camille Asaro, Jay Freedman and Linda Grogan have recently joined KPMG’s AI team in New York.
Asaro has been hired as an audit partner in the New York financial services practice. Asaro has more than 23 years’ experience in asset management, audit, accounting, strategic planning, hedge funds, and private equity funds.
Prior to joining KPMG, Asaro served as an audit partner at a leading national professional services firm that focuses on
In much the same way that hedge fund managers need sufficient ‘skin in the game’ to attract investors, capital introduction is a serious financial and reputational commitment for prime brokerage firms.
Some have invested heavily, perhaps too quickly, and fallen by the wayside. At Concept Capital, though, the firm has taken a prudent approach. Although it has been running a third party marketing model for more than a decade, and has raised large sums of institutional capital for selective investment managers, it wasn’t until two years ago that it decided to make an initial foray into cap intro.
“Our rationale
By Ras Sipko, Chief Operating Officer of Koger, Inc – Common feedback from private equity funds when questioned about running profit/performance allocations is that they have a process that works, mainly driven by the use of spreadsheets. While it is certainly easy to build out the required accounting methodologies on an Excel spreadsheet is it the best way to handle this work?
When pressed further on the topic the overwhelming refrain is complex calculations like private equity waterfalls cannot be easily automated and it must be an expensive proposition to not only build these but provide ongoing support.
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