By Simon Gray – One of the most striking developments in the European fund industry over the past five years has been the emergence of Malta as a credible and respected fund domicile and servicing centre. While the industry as a whole has been afflicted by liquidity issues, economic and market turbulence and investor skittishness, keeping both fund numbers and asset growth constrained, the Mediterranean island has steadily expanded its business volume along with its range of providers and skills. Members of Malta’s fund industry attribute its rapid development to a combination of factors – a low cost base compared

By Simon Gray – The British Virgin Islands may be most famous in the international financial services industry for its corporate business, but for more than a decade it has been the world’s second-ranking offshore fund domicile. Comprising law firms, accounting and audit practices, fund administrators, asset managers and banks, the sector has played its part in sparking a construction boom on reclaimed land around the picturesque bay setting of the BVI capital, Road Town. Today the territory’s fund service providers are examining the opportunities arising in a global environment characterised by a drive toward greater regulation and transparency, just

By Simon Gray – Over the past decade The Bahamas has continued to refine itself as a financial services centre, carving out new niches in wealth management and highly specialised investment vehicles to distinguish itself from other jurisdictions in the region, and to meet the evolving requirements of a global market amid far-reaching changes in international regulatory standards and transparency requirements.   In particular, the development of the highly flexible series of Specific Mandate Alternative Regulatory Test (SMART) funds – there are now seven distinct risk-adjusted templates or models – has given The Bahamas a unique instrument adaptable to both

By Simon Gray – The past few years of economic and financial crisis have brought significant change to both the traditional and alternative fund sectors, and nowhere more than in the domiciles chosen by or for fund managers, service providers and investment vehicles. A number of established fund jurisdictions are coming under pressure, whether economic, regulatory or legal, just as other financial centres position themselves to take advantages of new opportunities. The alternative fund industry in particular is in the process of rethinking various aspects of its structure as it seeks to adapt to a still troubled economic environment, hesitation

Lyxor Asset Management is strengthening its presence in the UK and is expanding into managed credit solutions. Pierre Gil has been appointed chief executive of Lyxor UK. Based in London, Gil reports to Lyxor’s CEO Inès de Dinechin and locally to Ian Fisher in his capacity as UK chief country officer for Societe Generale Group, and remains a member of Lyxor’s executive committee. Gil will combine this new role with his current position as head of international development for Lyxor. Egret Management, the debt fund management entity of Societe Generale Group, is joining Lyxor and has changed its name to

Hedge funds climbed in December as equities posted strong gains on the year’s final trading day in anticipation of the passage of legislation to avert the US Fiscal Cliff. The HFRI Fund Weighted Composite Index gained 1.3 per cent for the month, bringing FY 2012 performance to 6.2 per cent, according to HFR. The HFRI Fund Weighted Composite Index posted gains in six of the year’s final seven months, approaching the index’s record high value. Event driven led industry strategy performance gains for December with strong contributions from a dynamic M&A environment, accessible credit markets and tightening high yield credit

Hedge fund manager Bridgewater Associates has appointed Northern Trust to independently replicate certain middle and back-office services for its approximately USD140bn in assets under management, as part of Bridgewater’s ongoing back office transformation plan. In a role that will create approximately 100 jobs in Chicago and Stamford, Connecticut, Northern Trust will provide broad middle-office and back-office services including replicating various administrative processing, trade processing, valuation, real-time reporting, cash management, accounting and collateral management services. These services will be furnished by Northern Trust independently, as well as mirroring and quality checking middle and back-office services provided by another firm. Northern Trust’s