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The BVI Court has confirmed the appointment of John Greenwood and Hadley Chilton of Baker Tilly (BVI) Limited as liquidators of four hedge funds incorporated in the BVI, and has decided that a US receiver attempting to claim assets owned by the hedge funds would not be recognised by the BVI Court.
The ruling is being seen as an important decision for insolvency practitioners.
Baker Tilly is represented in the BVI by Withers’ BVI office.
Greenwood and Chilton were appointed voluntary liquidators of Anchor Hedge Fund Limited, and three associated hedge funds, with effect from 24 October
BNY Mellon, a provider of investment management and investment services, has been appointed by SEB Investment Management to provide fund administration services for over 150 funds valued at EUR40bn.
Domiciled across Sweden, Luxembourg and Finland, the funds include SEB’s fund of hedge funds and private equity funds.
BNY Mellon will also be providing transfer agency for the Luxembourg-domiciled funds.
Peter Branner, chief executive of SEB Investment Management, says: "BNY Mellon are able to offer us a solution that breaks new ground in the Nordic region, providing a platform for us to grow our funds range and to
The Honourable Jed S Rakoff of the US District Court for the Southern District of New York has entered a final judgment approving a USD1.8m settlement between the SEC and hedge fund manager Douglas F Whitman and his firm Whitman Capital in a case that arose from the SEC’s investigation of widespread insider trading perpetrated by Raj Rajaratnam of Gallon Management and other hedge fund managers.
In its February 2012 action, SEC v Douglas F Whitman et al, the SEC alleged that Whitman and Whitman Capital illegally traded based on material non-public information obtained from Rajaratnam associate Roomy Khan,
A German national who managed a series of hedge funds based in the Cayman Islands has been indicted on federal fraud charges alleging that he oversaw a stock manipulation scheme designed to “pump up” the reported returns of his hedge funds, while self-dealing for his own benefit to the detriment of the funds, in a fraud that caused investors to loss approximately USD200m.
Florian Wilhelm Jürgen Homm, 53, was named in a 10-count indictment that was returned by a federal grand jury in Los Angeles.
The indictment specifically charges Homm with one count of conspiracy to commit securities
The Cayman Islands Government signed its 31st Tax Information Exchange Agreement (TIEA) with the Republic of Brazil on 19 March.
The treaty is expected to build on business relationships that are already in place, and provide a springboard for future collaboration on areas of mutual interest that can facilitate economic growth and development in both countries.
“It sends another strong signal to the global community that the Cayman Islands is serious about building solid partnerships, and adhering to the international standards set by OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes,” says Cayman’s signatory
Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, finished February up 0.24 per cent, with six out of 10 strategies in positive territory.
In total, the industry saw estimated inflows of approximately USD3.4bn in February, bringing overall assets under management for the industry to approximately USD1.8trn.
The fixed income arbitrage and emerging markets sectors experienced the largest asset inflows on a percentage basis, with inflows in February equal to 1.86 per cent and 1.21 per cent of the January 2013 levels, respectively.
Event driven funds sustained overall positive performance in February, mainly
Some 73 per cent of the commodity trading advisers (CTAs) and commodity pool operators (CPOs) that responded to a Horizon Cash Management survey were impacted by one or more of the futures commission merchant (FCM) failures mentioned in the study.
The results are documented in an executive summary, The Aftermath of MF Global and Peregrine Financial Group Meltdowns: A Crisis of Trust.
Horizon distributed its survey questions in early November 2012, one-year after the MF Global meltdown and nine months after the demise of Peregrine Financial Group (PFG). The goal of the survey was to document the impact
The Conifer Group, a provider of fund administration, middle office, trading and prime brokerage services to the hedge fund industry, is expanding its sales team by naming David Goldstein as director and Elizabeth Whitehouse as vice president of business development.
They will report to Howard Eisen (pictured), Conifer’s managing director and head of sales.
Goldstein and Whitehouse will market Conifer’s products to prospective managers in the industry, which includes hedge fund managers, traditional asset managers, private equity managers, fund of funds managers, university endowments, family offices, and pensions. They will also be responsible for covering “influencers” across the industry,
Gottex Fund Management has reached agreement on the acquisition of a majority interest in Frontier Investment Management, a multi-asset investment management firm in the UK.
Michael Azlen, founder and CEO/CIO of Frontier, will retain a substantial equity interest in Frontier, as well as continuing to lead the Frontier business, and join Gottex as a senior executive in its multi-asset business.
Gottex has agreed to acquire the majority share capital of Frontier, a profitable multi-asset investment manager with USD 5501m of assets under management across a range of liquid low cost multi-asset products. The consideration involves a combination of
Private Client Resources, a provider of private wealth reporting and integrated technology, has entered into a strategic partnership with Hedge Fund Research (HFR), a provider of indexation, research and analysis of the global hedge fund industry.
Through this partnership, PCR is now delivering greater transparency into the research of hedge funds by having a detailed view of the underlying holdings.
"The HFR partnership is a direct response to feedback from our Advisory Board, who told us they are seeking drill-down capabilities into the underlying investments that comprise their clients’ alternative investment portfolios," says Robin Williams, PCR’s chief product
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