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The Commodity Futures Trading Commission has issued an order granting a request made by Ice Clear Credit (ICC), a Commission-registered derivatives clearing organisation, permitting portfolio margining of swaps and security-based swaps in a cleared swaps customer account.
The order sets forth terms and conditions under which ICC and its clearing members that are dually registered as futures commission merchants and broker-dealers may (1) hold credit default swaps (CDS) and security-based CDS in a cleared swaps customer account subject to Section 4d(f) of the Commodity Exchange Act; and (2) portfolio margin such CDS and security-based CDS held in the cleared swaps
Brian Forrester (pictured), investment partner at Deloitte comments on HM Treasury’s latest Alternative Investment Fund Managers Directive (AIFMD) consultation paper…
The position taken by the Treasury in its AIFMD consultation paper goes significantly beyond the minimum rules contained in the Directive for small hedge fund managers.
While the Treasury does not propose to apply the full Directive to managers of unregulated collective investment schemes, it does propose to apply similar rules to those that are currently applicable to operators of retail investment funds. This will include requiring those firms to appoint a depositary.
A Deloitte survey indicated that small hedge
The Conifer Group, a provider of fund administration, middle office, trading and prime brokerage services, has launched its proprietary cloud-based Form PF solution.
The Conifer Form PF solution is based on Conifer’s iCon portal, a cloud-based platform for portfolio accounting, reporting, analysis and data warehousing.
Leveraging the iCon technology will allow Conifer’s fund administration clients and other funds to complete, file and revise Form PF, an in-depth document which must be submitted to the Securities and Exchange Commission by all registered fund managers advising at least USD150m in private fund regulatory assets.
"This solution represents a significant development in our
BTIG, a financial services firm specialising in institutional trading and related brokerage services, is strengthening its Chicago presence with the hire of three veteran traders – Matt Biety, Matt Krebs and Peter Murphy.
“We’re excited to expand our presence in Chicago,” says Steven Starker, co-founder of BTIG. “These experienced professionals will give the office further momentum by increasing our client base in the region and adding to our product offerings.”
Murphy joins BTIG as a managing director. He is a 13-year veteran of Knight Capital, where he began as a market maker and moved into sales two years later. Before
Julie O’Hara is the latest independent fund director to join Carne Group’s Cayman Islands office.
O’Hara is the fourth Carne director now resident in the Cayman Islands and available for fund boards. Her appointment brings the total number of the firm’s fund directors to 20.
John Donohoe, chief executive of Carne, says: “Carne’s expansion to 20 full time fund directors globally is the result of the increasing demand for our formula of low numbers of directorships per individual, coupled with a high degree of attention to our clients and their funds. This is what investors and regulators are asking for,
The PFSOFT company, a trading technology provider, has launched an enhanced web trading application.
This new front-end allows users to access to the Protrader platform regardless of whether they use Windows, Mac or other operating systems.
"As well as our Desktop solution, Protrader for Web allows users to trade professionally over all asset classes from one place. In addition to basic functionality, web application provides traders with advanced charting, level 2 quotes, option chain, and even automated strategies management. Our team is very proud to have the most advanced web interface on today’s market," says Vitalii Ivliev, analyst at PFSOFT.
GAM Group AG (GAM), a wholly owned subsidiary of GAM Holding AG is to enter into a partnership with QFS Asset Management L.P. (QFS), a US-based alternative asset management boutique that specialises in currency, global macro and fixed income strategies.
As part of the agreement, GAM will acquire a minority stake of approximately 30% in QFS. The partnership will see GAM and QFS work very closely together, with GAM being responsible for the global distribution and marketing of existing and new strategies managed by QFS.
Following the formal closure of the agreement, GAM plans to introduce a UCITS product
The Headstart Fund of Funds advised by Headstart Advisers and chief investment officer Najy Nasser outpaced the leading fund of hedge funds benchmarks for the fourth consecutive year.
The Headstart Fund of Funds returned an estimated 11.21 per cent in 2012 and has returned 54.26 per cent from 1 January 2009 at an annualised rate of 11.45 per cent with a Sharpe Ratio of 1.63.
By comparison a leading fund of hedge funds index, the HFRI Fund of Funds Composite Index, returned 5.25 per cent in 2012 and has returned 16.92 per cent from 1 January 2009 at an annualised
Linedata has secured two new hedge fund clients in Asia, with both selecting Linedata Global Hedge to support their businesses.
One of these, Magenta Advisors, an independent boutique asset management and investment advisory firm based in Singapore, selected the portfolio management and middle office module of Linedata Global Hedge to support its start-up hedge fund business. Magenta will rely on Linedata to host and manage the software.
Recent analysis of the hedge fund industry in Asia shows strong performance and a record number of 1,128 hedge funds in the third quarter of 2012. With growing competition and volatile market
The Securities and Exchange Commission has obtained a final judgment by default against investment adviser Gary J Martel, a resident of Chelsea, Massachusetts, in a case originally filed by the SEC in June 2012.
The SEC charged Martel, who conducted business under the names Martel Financial Group and MFG Funding, with selling fictitious investment products and using the funds raised for purposes other than making the investments he promised.
The Court froze Martel’s assets at the time the Commission filed the case. Among other things, the final judgment recently entered by the Court ordered Martel to pay over USD7.2 m
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