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Brian T Daly has joined Schulte Roth & Zabel as a partner in the firm’s investment management and regulatory and compliance groups.
Resident in the firm’s New York office, Daly concentrates on advising hedge and private equity fund managers on regulatory, compliance and operational matters, including registration and disclosure obligations, trading issues, advertising and marketing, and the establishment of compliance programmes.
Daly joins the firm after nearly a decade serving in-house as general counsel and chief compliance officer at several prominent hedge fund firms. He most recently was with Kepos Capital, which he joined in early 2010 as a
US-based Navatar Group is a leading provider of cloud computing for Wall Street firms, but increasingly that client base is widening out to alternative investment managers as they start to fully appreciate the benefits of cloud systems and how they can streamline their operations.
Speaking with Hedgeweek, Alok Misra (pictured), co-founder and principal of Navatar Group, says that the acceptance of cloud computing among hedge fund and private equity managers is growing “month by month”. “A year or two ago people were still asking questions around data security, but I think those worries have now largely disappeared.
“Most alternative managers
The Securities and Exchange Commission (SEC) has charged a South Florida man with defrauding at least 14 investors by soliciting them to invest in a Ponzi scheme.
A significant number of the victims were members of the gay community in Wilton Manors, Florida and included inexperienced, unaccredited investors.
In the complaint filed in the US District Court for the Southern District of Florida, the SEC alleges that James F Ellis, 69, a resident of Wilton Manors, Florida, fraudulently solicited investors for George Elia from 2004 to 2011.
Elia operated pooled investment vehicles under the names Investor Funding Club and
Reech AiM Group, an asset management group specialising in real estate and managed futures, has appointed Gary Sher as finance director and Adam Mincer as head of operations and technology.
Both will be based in London and report directly to Christophe Reech (pictured), chairman and chief executive, Reech AiM Group.
Sher will take on the existing finance function, and will also assist the CEO on the implementation of the new group strategy, including the incorporation of new teams, structures and investment vehicles. He joins Reech from East West Resources (formerly Ambrian Capital) and previously worked at Deutsche Bank.
Mincer will
Capital Markets Cooperative Research Centre (CMCRC), the Australian independent academic centre for capital market research, has shown that there is no link between high-frequency trading (HFT) and market manipulation, based on a new report using mathematical models for market abuse.
The study analysed large quantities of data to carry out an empirical study that examined the relation between the increased incidence of HFT and metrics that proxy for market abuse, particularly market manipulation.
The report found that HFT does not correlate with an increase in market abuse, using five years’ worth of data, 2006-2011, from the London Stock Exchange (LSE)
NYSE Liffe’s Robusta Coffee and Cocoa Futures contracts will be added to the Rogers International Commodity Index (RICI) for the first time.
The changes will be implemented during the January roll period, at the end of January 2013.
These new contracts will replace the existing Intercontinental Exchange’s Arabica Coffee and Cocoa contracts and will give NYSE Liffe’s Robusta Coffee and Cocoa contracts weightings of two per cent and one per cent respectively.
The index was designed to meet the need for consistent investing in a broad-based international vehicle; it represents the value of a basket of commodities consumed in
The Securities and Exchange Commission has charged a hedge fund manager in Baton Rouge with defrauding investors by hiding millions of dollars in losses suffered during the financial crisis from investments tied to residential mortgage-backed securities (RMBS).
The SEC alleges that Walter As Morales and his firm Commonwealth Advisors caused the hedge funds they managed to buy the lowest and riskiest tranches of a collateralised debt obligation (CDO) called Collybus.
They sold mortgage-backed securities into the CDO at prices they had obtained four months earlier while knowing that the RMBS market had declined precipitously in the meantime. As the CDO
Citi has completed the implementation of Man Umbrella Sicav, the Luxembourg fund business of the Man Group.
Citi will provide an integrated range of services that includes custody, depositary bank, fund administration and transfer agency services.
Man is an alternative investment management business with over USD52.7bn under management.
Man appointed Citi to provide its global shareholder services in March 2011 and this new mandate builds on the success of the collaboration between the two institutions.
"Citi’s deep understanding of Man’s business as well as its proven track record of service delivery were decisive factors in our decision to
“Difficulties strengthen the mind, as labour does the body.” – Seneca.
Things are not getting any easier for asset managers, the gatekeepers of institutional assets with the power to make or break portfolios. In a new white paper entitled Searching for Alpha: Considering Alternatives to Generate Growth, Misys, one of the industry’s leading financial software companies, highlights three challenges faced by the investment management community, and four ways to potentially overcome them.
Those three challenges, says Misys, include: poor performance from traditional asset classes; more demanding investors who, following the harsh lessons of 2008, are less willing to
Opportunities continue to exist in Latin American debt despite negative news coming from the region, according to Market Vectors’ fixed income portfolio manager Fran Rodilosso.
“If you just read the headlines, you might surmise that Latin American countries are presenting the debt markets with multiple reasons to be concerned,” says Rodilosso. “But, bad news can also bring opportunity.”
Rodilosso points to a handful of what he termed “discouraging recent developments” that seem to be clouding market sentiment, including Venezuela’s re-election of Hugo Chavez and the Vitro bankruptcy proceedings that took place in Mexico earlier this year.
“Each of these events
