Latest News
Cairn Capital has closed Cairn CLO III BV, its new EUR300m CLO and the first-to-market European arbitrage CLO since 2008.
The transaction, which is designed to be compliant with European risk retention requirements, is the first of several European CLOs expected to close this year.
Milbank advised Cairn Capital in its capacity as collateral manager on the legal structuring of the transaction and with the negotiation of the transaction documents. CLO practitioners in Milbank’s London, New York and Los Angeles offices are also currently working on several other new CLO transactions.
Lead partner James Warbey says: “We
Appleby has appointed senior funds and finance specialist George Bashforth as head of directorship services for Appleby Trust (Cayman) Ltd.
The appointment is the second senior appointment announced in as many months for the firm’s burgeoning funds and finance practice, which spans both the trust company and the law firm.
It also comes hot on the heels of the firm’s announcement last month that funds and finance partner Ian Gobin had joined the legal team in Cayman from Walkers.
Bashforth, previously a senior vice president at MaplesFS, starts in the new post on 2 April.
Bryan
UCITS funds could potentially end their securities lending programmes in response to complex regulations reported IndexUniverse.eu this week, based on the comments of one of the panellists at Markit’s recent Securities Finance forum in London.
John Arnesen, global head of agency lending at BNP Paribas Securities Services, reportedly said that new regulatory requirements for UCITS may force fund managers to rethink their involvement in securities lending altogether. Arnesen was quoted as saying: “For year agent lenders have struggled to convince portfolio managers that securities lending might make sense. They’re going to see even less benefit now that the share
Affluent Americans are more likely to allocate assets to alternative investment strategies in asset classes such as private equity, real estate investment trusts and hedge funds today than they have been for several years.
That is especially true for half of high-net-worth investors who say they are better off today than they were five years ago. The findings come from Northern Trust’s recent Wealth in America survey, which provides insights into the financial attitudes of 1,700 wealthy Americans.
Thirty per cent of high-net-worth investors, defined as those with USD5m or more in investable assets, say they are more
Rajarengan (Rengan) Rajaratnam, a former portfolio manager at the hedge fund management firm Galleon Group, has been charged with conspiracy and securities fraud for his alleged involvement in an insider trading scheme.
Rengan Rajaratnam allegedly conspired with his brother, Galleon founder Raj Rajaratnam, to trade on the basis of material, non-public information (inside information) concerning Clearwire Corp and Advanced Micro Devices (AMD) in 2008, earning nearly USD1.2m in profits in the aggregate.
Manhattan US Attorney Preet Bharara says: “As alleged, Rengan Rajaratnam and his brother shared more than DNA; they also shared a penchant for insider trading. Along
The European Parliament has voted in favour of draft remuneration rules implementing variable pay caps for UCITS fund managers. The rules include the requirement for a significant proportion of variable pay to be deferred for three to five years, with a cap on variable pay of one times salary. Stephen Cahill, head of compensation and benefits at Deloitte, comments…
These new rules are likely to have a significant impact on the way asset managers pay their employees.
Changes to pay structures could create unwelcome complexity for asset managers in the EU. The cap on variable remuneration included in both
Societe Generale Securities Services (SGSS) has created a centre of expertise in Luxembourg for alternative funds, which provides specific experience in private equity, real estate and tangible assets.
Institutional investors or other professionals who manage these funds, such as family offices or wealth managers, now have a single point of entry to SGSS’ entire range of accounting, trustee, fund domiciliation, fund administration, transfer agent and registrar services.
This centre of expertise dedicated to alternative funds ensures that investors benefit from specialist knowledge of the specific constraints of these asset classes. A team of specialists from SGSS Luxembourg accompanies
Lyxor Asset Management is launching a new UCITS-compliant fund which aims to replicate Winton Capital Management’s Diversified Program.
This bespoke UCITS-compliant strategy is designed to give access to a direct and genuine exposure to Winton’s management expertise through direct investments in UCITS eligible assets.
Winton is an investment manager with approximately USD26bn in AuM and employs over 275 staff, close to half of whom are directly involved in research. The Winton trading strategy is focused on scientific research into financial markets which is led by its founder, David Harding (pictured), one of the pioneers of systematic trading in
The European Parliament’s economic and monetary affairs committee (ECON) has voted in favour of capping bonuses at 100% of salary. This is an important marker as to the Parliament’s position regarding asset managers’ pay and starts the process as to what the final remuneration provisions will be within the UCITS V Directive. Much negotiation lies ahead, but the starting position is now clear, says Jon Terry (pictured), partner in PwC’s reward team…

If the final rules are even close to what has been agreed today, then this will fundamentally change the way asset managers are paid. Asset managers who manage
Hyundai Securities Co Ltd is seeding capital to a new Singapore-based hedge fund, it’s first such foray outside of South Korea and a positive sign for the regional fund industry.
A Hyundai Securities spokesman on Wednesday said the firm planned to set up a fund in Singapore under the leadership of Dr Kim Hong-shik, a derivatives specialist who headed the Asian equity-linked products for ABN AMRO and was founding member at K3 Capital Management, a Singapore-based hedge fund.
Although Hyundai did not release further details sources have revealed that the fund, which will be called AQG Capital will begin
Special Reports
FeatureD
- Insight
