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TwentyFour Asset Management has selected Northern Trust to provide custody, fund accounting, financial reporting, compliance and company secretarial services to a new asset-backed securities fund domiciled in Guernsey.
An asset backed security is one that derives its value and income payments from and collateralised by a specified pool of underlying assets, typically unable to be sold individually. By pooling assets into financial instruments, the risk of investing in the underlying assets is diversified.
"This new asset-backed securities fund is just one of the many kinds of innovative fund structures suited to Guernsey’s flexible and pragmatic approach to financial
Mary Jo White, who became chairman of the US Securities and Exchange Commission on 10 April, is pushing to adopt the JOBS ACT without major changes and potentially adding additional investor protections at a later date.
Don Steinbrugge (pictured) of Agecroft Partners says that while this new legislation would for the first time allow general solicitations and advertising to the US general public by hedge funds, hedge funds will still only be able to accept investments from accredited investors.
This legislation has been strongly contested by consumer advocates that remain concerned that hedge funds are risky and that
Sterling Trust, a custodian of alternative assets, has completed a name change to Equity Institutional, a Division of Equity Trust Company.
As a result of growth and the 2009 acquisition of Sterling Trust, Equity Trust Company has more than doubled in size in the last few years and now services more than 10,000 financial professionals, 130,000 clients and hold more than USD12bn in assets under custody.
Equity Trust made the commitment to accommodate future growth and to provide exceptional value to its Institutional clients. This commitment began with massive system conversions, technology enhancements, and servicing improvements to retain
A white paper produced by the Hedge Fund Operational Peer Group, a group of hedge fund CFOs and COOs and service providers, provides a blueprint for managers to think about when working with service providers.
The paper is entitled Service Provider Selection and Co-Sourcing: The Keys to Establishing a Cost Efficient and Institutional Quality Hedge Fund Infrastructure.
It includes a series of articles from a range of firms spanning legal, accounting, prime brokerage, compliance, administration, technology, the aim being to provide managers with a working solution for how to develop an institutional infrastructure in a cost-effective way.
April trading volume for options contracts on Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2SM) and futures contracts on CBOE Futures Exchange (CFE) totalled 102.70 million contracts.
Average daily volume (ADV) in April was 4.67 million contracts, up four per cent from 4.49 million contracts in March 2013 and up one per cent from 4.63 million contracts in April 2012.
Also in April, futures on the CBOE Volatility Index (VIX Index), traded on CFE, posted their busiest month ever, and C2 set all-time monthly total volume, average daily volume and market share records.
CBOE ADV
Hong Kong-based Richland Capital Management Ltd is shutting down its hedge fund operation, as reported to Reuters on Tuesday 30th April according to Chief Investment Officer Alex Au. The decision to close down is unexpected, as Richland has outperformed industry peers in the Asian hedge fund industry since it was launched in 2006.
Richland, one of the best known in the region, manages assets worth USD100 million between two hedge funds. Richland made money for its Asia Absolute Return Fund each year since its launch, including a 5.3 per cent gain in 2008, when the global financial crisis unfolded.
Typically,
Varden Pacific, the San Francisco-based structured credit hedge fund manager launched in late 2010, has selected alternative assets placement agent MCAM Group to raise capital internationally for its flagship Varden Pacific Opportunity Partners fund.
Varden Pacific currently manages over USD250m and for the full-year 2012 the flagship Varden Pacific Opportunity strategy returned +29.1 per cent net of fees.
The firm was set-up by Shawn Stoval, (former head of Morgan Stanley’s North American structured credit client trading group), Dennis Lin (former global head of USD interest rate swap trading at Credit Suisse) and Brad Scelfo (a former senior director
CICC Investment Management (USA) and PineBridge Investments have launched the first global fund of hedge funds targeting qualified Chinese investors.
The launch of the global fund of hedge funds demonstrates the strategic decision of CICC Investment Management (USA)’s parent company, China International Capital Corporation (CICC), to expand its investment management business globally.
PineBridge and CICC Investment Management (USA) have both invested proprietary capital to seed the fund and ensure alignment of interests with investors. CICC Investment Management (USA) serves as the fund’s investment manager and PineBridge as its sub-adviser. CICC Investment Management (USA) will leverage its resources in
David A Geffen has launched Geffen Advisors, a consulting firm focused exclusively on the hedge fund industry.
Geffen Advisors offers strategic advice and solutions to hedge funds in several core practice areas including treasury management, counterparty risk management, and fund launch.
Additionally, Geffen Advisors will provide outsourced chief operating officer solutions and specialised training services.
The firm’s treasury management and counterparty risk management offerings provide advice to hedge funds in managing their prime brokerage and related activities more effectively while mitigating the counterparty risk inherent in those relationships.
“The alternative investment industry is poised for significant
Even though the exact timeline for EMIR (European Market Infrastructure Regulation) has yet to be finalized, CME Clearing Europe is not resting on its laurels. Towards the end of March this year, it announced the launch of interest rate swap clearing; the firm’s first foray in clearing OTC financial derivatives in Europe. In doing so, CME Clearing Europe (which launched in May 2011) became the third main player to support European buy-side firms, along with Eurex and LCH.Clearnet.
“We had been clearing a selection of energy products at CME Clearing Europe prior to March such as bio diesel swaps,” explains
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