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By Dillon Eustace – 1. What, if any, are the investor restrictions
Irish Funds are not required to have a minimum number of investors, however, certain Irish regulated funds must, depending on the category of fund, and the specific wording of the legislation, invest capital raised from “the public” (UCITS), raise capital by providing facilities for “direct or indirect participation by the public” (Non-UCITS investment companies) or must constitute an arrangement made for the purpose, or having the effect, of providing facilities for the participation by “the public” (non-UCITS unit trusts).
It is expected that the legislation requiring direct or
By Volaw Trust & Corporate Services Limited – The island of Jersey has been a key player in the international investment funds market for over forty years and has continually adapted its regulatory regime to facilitate the establishment and administration of alternative investment funds. Expert Funds were introduced in 2004, which provided a streamlined regulated product for funds targeting expert investors.
The Unregulated Fund product was launched in February 2008, whilst in November 2007 changes were made to the regulation of Jersey fund functionaries (local entities providing services to funds, for example, administrators and custodians) to improve the efficiency of
By the Malta Financial Services Authority – Investment services regulation
The Investment Services Act (the “ISA”) provides for the authorisation of investment services providers and for collective investment schemes operating in or from Malta.
In considering an application for a licence, the MFSA will, amongst others, have regard to:
investor protection and the protection of the general public
the protection to the reputation of Malta taking into account Malta’s international commitments
the promotion of competition and choice
(in the case of a scheme) the reputation and suitability of the applicant and all other parties connected with the scheme
The ISA
Mitsubishi UFJ Trust and Banking Corporation (MUTB) is to acquire alternative fund administrator Butterfield Fulcrum. Established in 1927, MUTB is a wholly owned subsidiary of Mitsubishi UFJ Financial Group (‘MUFG’), the fifth largest global bank holding company ranked by assets.
“We are delighted and honoured to become part of the MUFG family of financial companies,” says Glenn Henderson, CEO of Butterfield Fulcrum Group. “This acquisition will reinforce our ability to deliver the highest quality fund services to our clients, while significantly increasing our breadth of products and services, our geographic reach and our financial strength."
Butterfield Fulcrum will become
Traiana, a provider of post-trade solutions, is to launch direct connectivity between Traiana’s Harmony CCP Connect and LCH.Clearnet’s foreign exchange clearing service, ForexClear, for non-deliverable forwards (NDFs) clearing.
Traiana’s Harmony CCP Connect provides a workflow solution via the Harmony network for both interdealer and client clearing, including CCP connectivity, trade routing, affirmation, matching, allocation, and reporting for OTC foreign exchange options and NDFs. Market participants looking to clear foreign exchange trades under the new Dodd-Frank and EMIR regulations can leverage their existing foreign exchange prime broker connectivity together with Harmony CCP Connect’s matching and affirmation capabilities to get direct access
Credit-based hedge fund strategies could well see increased investor demand as Asia’s credit markets continue to mature. In a recent blog on Preqin, Ivan Jincheng Han wrote that corporate credit and high yield are expected to remain high and are expected to be “the next growth engine of a deepening Asia-Pacific credit market”.
Indeed, Asia’s hedge fund industry has long been dominated by equity-focused strategies. The more it is able to diversify into credit, the better choice and opportunity for investors. Although as Han noted, 89 per cent of investors prefer to have a global outlook when investing in credit
ICAP, a markets operator and provider of post trade risk mitigation and information services, has made an investment in Enso Financial Management (EFM), an early-stage firm providing hedge funds and asset managers with portfolio reporting and data analytics services.
Based in New York, EFM reports on more than USD100bn in global assets under management. The company will use the funding to drive continued product innovation and expand geographically to support its growing client base.
Demand for services has increased significantly as buy side firms using multiple prime brokers, custodians and swap dealers increasingly require flexible reporting and analytics
Hedge funds are well known for developing advanced technology solutions that meet exacting standards and demanding requirements. Now, as their sophisticated investment strategies enter the mainstream, there is also a need for technology solutions to become more mainstream.
Two decades ago, when derivatives trading was still rare, hedge funds needed accounting systems that could help them understand their notional exposures, monitor leverage and liquidity, manage collateral and counterparty risks, and value complex instruments.
At the time, package software solutions that could address such needs were exceedingly rare. For many, manual workarounds evolved – such as using spread sheets to track
By James Williams – On Monday 10 June 2013, phase two of OTC clearing for interest rate swaps and credit default swaps began under the Dodd-Frank Act. For the buy-side community, collateral management is set to become a more complex, far-reaching exercise involving higher volumes of collateral, increased margin calls, and more counterparties to deal with.
Market reforms will see clearing houses become the de facto central counterparty (CCP), into which both managers and their clearing brokers will have to post margin. Quite what the final number of CCPs operating in this new market structure will be is unknown. What
The issue of credit risk under OTC clearing is putting pressure on technology providers to develop cutting edge solutions. Misys has long been aware of this and has moved quickly to enhance the capabilities within its integrated platform offering, Sophis VALUE, to support not only its buy-side, but sell-side clients.
As a result of the synergies that Misys has across its capital markets solutions such as Summit FT, Kondor+ and Sophis, its product management teams are able to work collaboratively to design and build products that cater to both buy-side and sell-side firms in response to current market challenges.
One risk-dedicated
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