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Ben Eaton has joined Goodwin Procter as a partner in the firm’s London office.
Eaton (pictured) comes to Goodwin from Allen & Overy in London.
As a member of the firm’s tax practice, Eaton’s initial focus will be on tax matters involving investment funds and real estate transactions.
He has considerable experience advising on the tax aspects of numerous types of funds, including private equity, infrastructure/renewables, debt, hedge and real estate. In addition to his multi-sector expertise in the fund formation area, he has advised clients on all aspects of real estate work, including investment, financing, development and leasing as
The US Commodity Futures Trading Commission has filed and simultaneously settled charges against Cantor Fitzgerald of New York, a registered futures commission merchant, for failing to maintain sufficient funds in its customer segregation account for a period of three days, for failing to provide the CFTC timely notice of its under-segregation and for related supervisory failures.
The CFTC order imposes a USD700,000 civil monetary penalty and a cease and desist order on Cantor, and requires Cantor to undertake certain improvements to its internal controls to prevent future under-segregation violations and notification failures.
Cantor, as a registered FCM, is required
“I’m managing a fund in what has been, for the last three years, the most unpopular asset class, in the least popular region, Europe,” says Michael Browne (pictured), tongue in cheek. Browne co-manages the Martin Currie European Equity Long/Short Strategy with Steve Frost.
With approximately USD168million in AUM, the fund has built an impressive track record since inception on 1 January 2001, generating cumulative returns of 105.7 per cent. By comparison, the MSCI Europe (LC) index has contracted some 24 per cent. Year to date, the fund is up 11.2 per cent; the average equity hedge fund, according to Hedge
Revere Capital Advisors, the London and New York-based emerging hedge fund manager, has launched a marketing and business development consultancy for early-stage hedge funds.
The REM Marketing Solutions team is based in London and has marketing, sales, product management and business management knowledge.
Leading the activity in Europe are Camilla Balmer and Yvonne Barker-Layton who have many years combined experience working with both investors and hedge fund managers. They work closely with early-stage hedge funds, assisting them in understanding the requirements of their prospective client base, and in reaching the institutional standard needed in their business and products.
Services available
Apex Fund Services has expanded its private equity services following regulatory approval to open an office in Guernsey.
Apex’s fund managers, particularly in the LATAM, Middle East and Asian emerging markets, continue to demonstrate their growing demand for private equity fund structures.
Apex has begun providing its clients with the services they are calling for from Guernsey.
Over 40 per cent of all Guernsey closed ended funds are private equity and as a consequence the jurisdiction has developed some of the most specialist industry expertise in the world.
In addition, Apex has launched its open-ended Protected Cell Company
The SS&C GlobeOp Forward Redemption Indicator for November 2012 measured 5.19 per cent, up from 3.19 per cent in October.
"In line with seasonal expectations, we had higher forward redemption requests in November due to investor rebalancing," says Bill Stone, chairman and chief executive officer, SS&C Technologies.
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the GlobeOp platform, divided by the AUA at the beginning of the month for SS&C GlobeOp fund administration clients on the GlobeOp platform.
Forward redemptions as a percentage of
Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, finished October down 0.18 per cent, with five out of 10 strategies in positive territory.
In total, the industry saw estimated inflows of approximately USD3.9bn in October, bringing overall assets under management for the industry to approximately USD1.75trn.
The global macro and fixed income arbitrage sectors experienced the largest asset inflows on a percentage basis, with inflows in October equal to 1.63 per cent and 0.78 per cent of the September 2012 levels, respectively.
Event driven funds generated positive performance in October, with contributors from diversified long
Ramius, the investment management business of Cowen Group, is to enter into a long-term extension of its partnership with portfolio managers Norman Milner and D Richard Dowdle.
Thomas W Strauss (pictured), president and chief executive of Ramius, says: “It is a part of Ramius’s strategy to enable successful portfolio managers to become partners in their businesses while maintaining a significant interest in their continued successes. We believe this partnership will allow for broader opportunities for the business and its investors going forward.”
The funds managed by Milner and Dowdle will operate under the name Orchard Square Partners, and will remain
PineBridge Investments, a multi-asset class investment manager, has closed its latest collateralised loan obligation (CLO), Galaxy XIV CLO.
The issuance was upsized to approximately USD520m of notes and closed on 15 November 2012.
The notes are secured primarily by broadly syndicated senior-secured corporate loans. The entire offering was fully or over-subscribed at the upsized amount.
This is the 16th CLO that PineBridge has brought to market, and the second in 2012. It brings the firm’s total leveraged finance assets under management to over USD8bn.
“The upsizing and closing of Galaxy XIV marks another successful investment and asset raise for PineBridge.
The US fiscal cliff is for now the major tail risk still on the table, says Valentijn van Nieuwenhuijzen, Head of Strategy at ING IM…
Although there is hope that a compromise may be reached before year-end, the uncertainty keeps US businesses and consumers as well as investors cautious. We therefore maintain our preference for European over US equities.
So far, this year was essentially about managing and assessing tail risks. Three tail risks have been dominant: The euro sovereign crisis, a Chinese hard landing and the US fiscal cliff. As the first two have diminished considerably, the latter is
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