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TPG Credit Management has changed its name to Castlelake.
The firm was founded in 2005 by Rory O’Neill (pictured), in an alliance with TPG Capital as a silent minority partner.
O’Neill, the company’s managing partner and chief executive, says that over the past eight years the firm has grown and evolved to the point where management believes the timing is right to create an identity that better represents the firm’s distinct culture and investment strategies.
Castlelake currently manages several funds with an aggregate of USD2.4bn of assets under management and employs 53 professionals in its Minneapolis and
ACOLIN Fund Services, legal representative and service provider for international fund providers, is expanding its business to Western Switzerland and opening a branch office in Geneva.
Financial services specialist Eric Micheloud is heading the new office.
ACOLIN Fund Services, headquartered in Zurich, opens a branch in Geneva, in addition to its offices in Lugano, Luxemburg, London and Madrid, so as to serve the French-speaking clients and professional investors locally. As a consequence of the revised Collective Investment Schemes Act, demand for legal representation and distribution to qualified and non-qualified investors from financial intermediaries based in Western Switzerland is
A concerning number of buy-side firms still rely on legacy systems even as they seek to generate alpha through alternative investment strategies, according to research carried out by SimCorp.
When asked if their firms need to create workarounds to support derivatives in current middle- and back-office operations, 82 per cent of respondents said yes. Additionally, over one-third of respondents admitted that the accuracy of client reports is compromised due to the need for extensive workarounds.
Buy-side respondents admitted that legacy systems hamper new product time-to-market, compromising competitive advantage. Fifty-three per cent revealed that their systems require at least
As China’s economic growth decelerates and some industry sectors face growing oversupply issues, the risks from China’s recent credit boom appear to be rising to the surface for the country’s banks.
That is according to Standard & Poor’s Ratings Services’ recently published annual survey on China’s top banks, titled "China Credit Spotlight: Diverging Credit Quality Could Result In Varying Degrees Of Resilience For The Top 50 Banks."
The survey examines the credit profiles of China’s top 50 banks by asset size, and assesses the credit outlook for China’s banking sector.
"Rising credit costs, compressing interest margins, and
Turmoil in emerging market currency markets has clearly reflected in hedge fund performance. The latest data from eVestment shows a mixed reaction to the tightening of monetary policy by the US Federal Reserve.
Flows into emerging market funds were at their most negative in July compared with the previous year. The surge in redemptions ends what was seen as a mini-rebound of investor interest towards emerging market hedge funds.
Hedge Fund Research also emphasises the attraction of Asian hedge funds within the emerging markets category in its July data. It reports new inflows in July were concentrated in equity
FundAssist, an international service provider to the asset manager industry covering hedge funds, exchange-traded funds and UCITS funds, has added to its team with two management appointments.
Philip McKee, product development manager, has joined the senior management team focusing on software development and Tanya Merrigan, client reporting manager, has come on board to head up the Key Investor Information Document (KIID) and Factsheet business teams.
Managing director Jim O’Reilly says: “As the business grows we are always looking for dynamic and ambitious people to join our team. Philip and Tanya are the exact calibre of people we need
To mark the third anniversary of the Eurex/KRX Link, Eurex Exchange is waiving trading fees for the Eurex KOSPI Product for the month of September.
In addition, all Eurex members located in Korea also qualify with immediate effect for the special incentive programme for Asian participants. The programme grants volume-related discounts and reduced network connection costs to directly connected exchange members. Additionally, Eurex and the area Market Data + Services of Deutsche Börse work closely together to ensure an optimal distribution of Eurex KOSPI Product data.
“Trading volume continued to develop very positively in the third year of
The further deterioration in the Syrian situation adds to the upside risk for oil prices, says Gary Dugan, Chief Investment Officer, Asia and Middle East at Coutts…
Increasingly vocal international allegations that the Syrian government has used chemical weapons, and the start of UN inspections on Monday, may foreshadow a potential international military intervention.
The US had previously cited the use of chemical weapons as a “red line” that, if crossed, would draw a far more robust response from the international community (notably the US, UK and France). If the US were to intervene, it would likely lead to a
London-based consulting and outsourcing firm HedgeStart has questioned the readiness of hedge and private equity fund managers for the proposed changes to the taxation of limited liability partnerships.
In May, HMRC issued a consultation document aimed at curbing, as they saw it, the tax reduction schemes used by alternative asset managers. This practice took two forms: disguising what would otherwise be employment relationships through limited liability partnerships; and the manipulation of profit and loss allocations to achieve tax advantages. The vast majority of UK LLPs and partnerships in the hedge fund and private equity sectors may be impacted.
Laurence Parry
Bob Devine has joined regulatory incubator Sturgeon Ventures as a portfolio manager.
London-based Sturgeon’s client list includes a number of hedge, venture capital and private equity fund management companies.
Devine has more than 40 years’ experience in fixed income markets. He was previously a fixed interest asset manager and macro-economic strategist with EPIC Asset Management and Ashcourt Rowan Asset Management. He is a former European director of capital markets with Nat West Markets and BZW (now Barclays Capital), and a former head of business development at Oxford Economics.
Devine started his career on the London Stock Exchange
