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Andrew Morris (pictured), managing director of Signature, the arm of Rowan Dartington dedicated to supporting investment professionals and their clients, comments on the Eurozone crisis and the threat it poses to the UK…
Is it true that the UK is seen a “safe haven” as George Osborne claims? Or is it merely not quite as shambolic as Eurozone?
In the current environment there are few places that can be termed genuine safe havens. Currency movements are a measure of confidence in an economy. Of the major currencies, the pound is the second worst performing currency after the USD over
- 19/07/2011
Hedge fund performance was down for the second month in a row, with a 1.04% loss in June according to the Barclay Hedge Fund Index compiled by BarclayHedge. Year-to-date the Index is up just 1.02%.
“After eight straight months of gains going back to September of 2010, hedge funds have lost ground for two months in a row, giving up most of their 2011 profits,” says Sol Waksman (pictured), founder and president of BarclayHedge.
Overall, 14 of Barclay’s 18 hedge fund indices lost ground in June. The Equity Long Bias Index was down 1.84%, the Event Driven Index lost
- 19/07/2011
- 19/07/2011
Guernsey’s engagement with Washington has resulted in Democrat Senator Carl Levin removing the Island from his “blacklist”. Guernsey’s Chief Minister Lyndon Trott (pictured) this week met with officials in Washington. The meetings continued a dialogue started nearly a decade ago to strengthen ties between the Guernsey and US governments and reinforced Guernsey’s reputation as a leader in tax transparency, information exchange and international co-operation.
This has led to a number of positive outcomes, with the latest example being Senator Levin this week unveiling a modified bill that no longer mistakenly lists the Island as an “offshore secrecy jurisdiction.” The Chief
- 19/07/2011
- 19/07/2011
On July 14, 2011, the Securities and Exchange Commission filed a settled civil action in the United States District Court for the Eastern District of New York against James M Peister and Northstar International Group, Inc (Northstar).
The Commission’s complaint alleges that, from 2003 through 2009, Peister and Northstar intentionally overstated the assets of the North American Globex Fund, LP (“Globex Fund”) and in so doing they: (1) provided investors and prospective investors with materially false and misleading sales materials claiming an improbable track record of consistent positive monthly returns; (2) issued materially false and misleading account statements to
- 19/07/2011
The Securities and Exchange Commission has filed fraud charges against the CEO of a purported foreign currency trading firm, alleging he scammed hundreds of investors with false promises of high, fixed-rate returns while secretly using their money to fund his start-up alternative newspaper.
First Capital Savings & Loan Ltd Chief Executive Jeffery A Lowrance, who had fled to Peru and was arrested there earlier this year, was arraigned today on criminal fraud charges in a 2010 indictment filed by the United States Attorney’s Office for the Northern District of Illinois. In addition, the Commodity Futures Trading Commission filed fraud charges
- 18/07/2011
John Donohoe, CEO of Carne Financial Services Group, has been named as an independent director to the board of the brand new Oddo Asset Management fund, called Orsay Merger Arbitrage.
The fund, which has been domiciled in Dublin as a QIF (Qualifying Investor Fund), will follow an M&A arbitrage strategy, and will be managed by fund manager Christian Fleury, who headed the merger arbitrage team at Banque d’Orsay. It will be promoted by Oddo Asset Management and managed by a team of nine in Paris, an investment management unit that has been working together for 13 years.
The fund was
- 18/07/2011
Regulation must be ‘targeted, appropriate and relevant’, says Dermot Butler, chairman of Custom House Global Fund Services Ltd and Custom House Group…
Despite numerous statements to the contrary, there are apparently many who believe that I am against regulation in our industry – this is not true. I am totally in favour of regulation that is targeted, appropriate and relevant. What I am against is regulation for regulations’ sake, badly written and ill thought through regulation and “blanket regulation”, originally targeted at one specific problem, but which is written in such a way as to take out everything and everybody
- 18/07/2011
- 18/07/2011
The Honorable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, has entered a Final Judgment as to Danielle Chiesi on July 12, 2011, in the SEC’s insider trading case, SEC v Galleon Management, LP, et al., 09-CV-8811 (SDNY) (JSR). The SEC filed its action on October 16, 2009, against Raj Rajaratnam, Galleon Management, LP, Danielle Chiesi and others, alleging a widespread insider trading scheme involving hedge funds, industry professionals, and corporate insiders.
At the time of the alleged conduct, Chiesi was a consultant and portfolio manager at New Castle Funds
- 18/07/2011
The Alternative Investment Management Association (AIMA), the global hedge fund association, has created the AIMA Smaller Managers’ Group. The members of the group comprise AIMA manager member firms in Europe with USD250 million or less in assets under management.
The group is expected to meet on a regular basis to discuss issues of common concern including regulatory matters; sound practices; due diligence; interactions with service providers; and business pressures.
The founding AIMA Smaller Managers’ Group held its first meeting earlier this month and appointed Jim Kandunias, Principal of Esemplia Emerging Markets, as its Chair.
Andrew Baker (pictured),
- 18/07/2011
- 18/07/2011
NYSE Liffe, the global derivatives business of NYSE Euronext, has gained the first broker headquartered in the People’s Republic of China through its Hong Kong subsidiary. GF Futures (Hong Kong) Co Ltd became a trading member of NYSE Liffe on 14 July 2011.
Dr XIAO Cheng, the General Manager of GF Futures, says: “We are honoured to be the first Chinese broker to become a member of NYSE Liffe. This will give us a better understanding of the European market. Being a member of NYSE Liffe offers our customers the access to international market as well as being a
- 18/07/2011
- 18/07/2011
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