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The London based asset manager for the Montello Income Fund, has set up a fund distribution arm that will focus on promoting alternative investments.
Montello Distribution will be headed up by new recruit, Andrew Wood, who has over 10 years experience working in the financial services industry and has significant fundraising experience in London and Zurich.
Last year a report from PwC and Caceis revealed that the Fund distribution model in the UK is quite different to the rest of Europe, where the vast majority of fund sales are through retail and private banks. However in the UK,
- 02/03/2011
Marc-Etienne Sébire has recently joined CMS Bureau Francis Lefebvre as head of capital markets. Sébire and his team advise corporate clients and financial institutions on capital Markets transactions, such as debt offerings, IPOs, equity and equity-linked products and structured derivatives.
Sébire, 36, holds a Master’s degree in Business Law, a further postgraduate degree in the Law and Economics of Banking and Financial Markets from the University of Caen (1997) and the CAPA professional certificate (1999). To date his entire career has been spent with Gide Loyrette Nouel, in the International Capital Markets team. He was based in Paris from
- 02/03/2011
Newedge has expanded its extensive Financial Information eXchange (FIX) connectivity network to include the Johannesburg Stock Exchange’s (JSE) derivatives markets. Newedge clients can now immediately access the JSE’s widely traded FTSE/JSE Top 40 Index futures contract, as well as select agricultural contracts, including futures on White and Yellow Maize, Wheat and Sunflower Seeds.
Josef Jongkind, Newedge Global Head of Advanced Trading Services Origination, says: “We are continually expanding our electronic-trading capabilities and global reach focusing on our clients needs. With the launch of the JSE gateway, Newedge now offers seamless FIX connectivity across listed-derivative exchanges on six continents and
- 02/03/2011
GlobeOp Financial Services saw record net income of USD33.7 million in 2010, according to the company’s preliminary results for the year ended 31 December, 2010.
Assets under administration (AuA) increased 37% to USD149 billion as at 31 December 2010 versus USD109 billion at the end of the prior year, while revenues grew 21% to USD189.3 million in 2010 versus USD156.5 million in the prior year. Adjusted operating profit increased 52% to USD56.1 million in 2010, while adjusted operating profit margin expanded to 29.6% of revenues in 2010 compared to 23.5% in 2009.
According to the preliminary results, the company also
- 02/03/2011
- 02/03/2011
Recently launched asset manager Grandmaster Capital Management (GMC) has appointed Jeff Coddington, CPA, as Chief Financial Officer and Chief Operating Officer, and Todd Ammons, CFA, as an Analyst. Both report to Patrick Wolff, Founder and Managing Member of GMC.
“Jeff and Todd have top-tier backgrounds and experience and will be valuable assets to our firm,” says Wolff.
Coddington was most recently Chief Financial Officer and Chief Compliance Officer at Peninsula Capital Management in San Francisco. Prior to Peninsula Capital Management, he was Hedge Fund Controller for San Francisco-based Sentry Investment Group. Coddington began his career at Ernst & Young
- 02/03/2011
- 02/03/2011
EBF & Associates has announced the closing of Merced Partners III, a USD567 million value and real asset opportunities fund. The fund is a six-year lock-up vehicle and is the successor to Merced Partners II, a similar USD474 million fund organized in 2007.
Limited partners investing in Merced III include endowments, foundations, state and corporate pension plans, and family offices, as well as significant general partner investment. EBF currently manages USD1.8 billion in capital.
Merced III seeks to generate superior risk-adjusted returns, without using leverage, with the same opportunistic value and real asset investment strategies successfully utilized in Merced II.
- 02/03/2011
Kohlberg Kravis Roberts has appointed Mubashir Mukadam as European Head of Special Situations for the firm’s USD14 billion asset management platform, KKR Asset Management LLC (KAM). Mukadam, based in London, will focus on secondary purchases of distressed assets as well as rescue lending and structured investments in Europe. He will report to Nat Zilkha and Jamie Weinstein, Co-Heads of Special Situations.
Mukadam was most recently Managing Director at York Capital Management, a USD14 billion multi-strategy hedge fund.
“We are very pleased to have Mubashir join the Special Situations team here in London,” says Zilkha. “Given Mubashir’s strong background in building
- 02/03/2011
- 02/03/2011
The Securities and Exchange Commission (SEC) has charged a Bay Area hedge fund manager with concealing more than USD12 million in investment proceeds that he owed investors in his fund.
The SEC alleges that Lawrence R Goldfarb of Larkspur, California, and his company Baystar Capital Management LLC (BCM) instead diverted the cash to other entities he controlled, ultimately funding a real estate venture and a San Francisco record company. Goldfarb also comingled investor funds in a bank account that he used to pay for unauthorised personal expenses including entertainment and charitable donations.
According to the SEC’s complaint filed in federal district
- 02/03/2011
Direct Access Partners, LLC, the customer-focused, multi-asset trading partner to a diverse range of clients including pension funds, mutual funds, hedge funds and RIAs, has announced a major enhancement to the Global Prime Services platform. The comprehensive offering provides an optimal solution for hedge funds with under USD500 million in assets under management.
Direct Access Partners is one of a few correspondent brokers to Goldman Sachs Execution and Clearing. Complementing the Global Prime Services platform is a robust offering with Pershing, a unit of Bank of New York. Clients may choose among a broad selection of DMA platforms including
- 02/03/2011
Luke Stellini (pictured), European Product Director, Invesco Henley European Equity Team, examines growing evidence of a recovery in the European stockmarkets.
The year-to-date outperformance of European stockmarkets has surprised many investors. Rather than seeing this as a blip, Invesco Perpetual’s European equity experts believe that some of the underlying reasons for Europe’s early leadership are sustainable. They see substantial evidence of a sustainable recovery in sentiment as the continent continues to navigate away from the storm of default risk that drove extreme antipathy towards the region in 2010.
The combination of an ongoing improvement in sentiment and the low levels
- 02/03/2011
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