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These are potentially worrying times for Europe’s fund managers with the threat of a bonus cap hanging over their
InfraHedge, the State Street-owned managed account platform with over USD7.6bn of client assets, has appointed Robert Picard to the newly-created role of president, InfraHedge North America.
Picard (pictured) will lead InfraHedge’s North American business and further strengthen the firm’s global management team. He brings more than 20 years’ experience and a deep knowledge of the hedge fund industry.
He will report directly to Akshaya Bhargava, InfraHedge’s co-founder and chief executive officer.
"Robert has been closely involved with InfraHedge since 2012, initially as a senior advisor, and his input has been incredibly valuable,” says Bhargava. “In the light of our current
The US Commodity Futures Trading Commission (CFTC) has obtained federal court orders for more than USD3.5m in restitution and civil monetary penalties against Nicholas Trimble and his companies, Capstone FX Quantitative Analysis and Beekeepers Fund Capital Management.
The orders relate to the CFTC’s 7 November 2011 complaint charging Trimble and the two companies with commodity pool and managed account fraud.
On 14 March 2013, the Honorable Philip A Brimmer of the US District Court of Colorado entered a consent order for permanent injunction against Trimble requiring him to pay USD887,399 in restitution and a USD400,000 civil monetary penalty to settle
Jersey remains on track to meet the requirements of the EU Alternative Investment Fund Managers Directive (AIFMD) and will introduce new fund regulations in April.
More than 350 practitioners including lawyers, fund managers and other finance professionals were given an update on how Jersey intends to remain a first choice jurisdiction for those structuring fund vehicles at the annual funds conference organised by Jersey Finance in London on 7 March.
The regulations are part of Jersey’s approach to complying with AIFMD, designed to offer alternative fund managers an ongoing route into Europe through private placement arrangements by creating a regime
New hedge fund launches rose at year end 2012, narrowly trailing total launches for 2011 as total hedge fund industry assets increased to a record of USD2.25trn, according to the latest HFR Market Microstructure Industry Report.
New launches totalled 284 in Q4 2012, representing the second highest quarter for 2012, while the full year total of 1,108 launches was in line with the 2011 total of 1,113 launches.
Hedge fund liquidations also rose, with 238 funds liquidating in Q4 2012 and 873 funds for the full year 2012, the highest since over 1,000 funds liquidated in 2009. Liquidations in 2012
International law firm Locke Lord has increased its presence in Hong Kong through an association with the law firm Cheung & Lee.
Five experienced partners from Hong Kong-based Cheung & Lee – Balbir Bindra, Wing Cheung, Alfred Lee, Tej Mahil and Matthew Wong – will form the initial core team of Locke Lord’s expanded international footprint in the region and boost the firm’s capabilities to serve clients on a number of fronts.
The Hong Kong solicitors will collaborate with Locke Lord’s 34-member London team as well as with the firm’s 11 US offices to serve an increasingly global marketplace. The
Law firm Lackey Hershman has obtained a USD21.5m jury verdict in favour of its client, Highland Capital Management, and against RBC Capital Markets, which is part of the Royal Bank of Canada (RBC).
The verdict, which was rendered in the 95th Judicial District, Dallas County, Texas, followed a seven-day trial arising out of RBC’s failure to settle a securities trade on 14 March 2001. When pre-judgment interest is included, it is anticipated that the judgment entered against RBC will be approximately USD45m.
RBC was represented by Seward & Kissel from New York and Carrington, Coleman, Sloman & Blumenthal from Dallas, Texas.
The
The Eurekahedge Japan Hedge Fund Index crossed the 200-point mark for the first time to reach its highest level on record, according to the index provider.
To help clients comply with new regulations intended to manage risk in the financial derivatives markets, Northern Trust has enhanced its systems to provide operational support for central clearing of certain over-the-counter (OTC) derivatives.
New capabilities allow Northern Trust to electronically capture trade information on swaps, a widely used type of OTC derivative, and connect with external parties to route trades to electronic matching platforms, clearing firms and exchanges.
The enhancements to Northern Trust’s custody and middle-office platform will support compliance with the Dodd-Frank Act in the US and the European Markets Infrastructure Regulation (EMIR), which require investors to clear
CBOE Holdings and S&P Dow Jones Indices have finalised an amendment to their license agreement that extends Chicago Board Options Exchange’s (CBOE) exclusive rights to list security options contracts based on certain indices calculated and published by S&P Dow Jones Indices through 2032, and non-exclusive rights through 2033.
Pursuant to the amendment, CBOE will continue to have the rights to offer trading in the exchange’s flagship S&P 500 index options contract (SPX) – the most-active US index option – which in 2012 averaged nearly 700,000 contracts traded daily.
"This year marks 30 years since CBOE introduced the world’s first index
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