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As the FSA launches a two-part consultation to transpose the Alternative Investment Fund Managers directive (AIFMD) into UK law, Deloitte, the business advisory firm, says the policy positions taken will affect how the directive applies to investment trusts, hedge fund managers and private equity managers.
Brian Forrester (pictured), partner at Deloitte, says: “This is an important step towards the implementation of the Directive into UK law. The FSA appears to be warning the industry that more managers than previously thought could be caught, however, the regime for smaller firms is still in the hands of the Treasury and we will
IFG Trust and Corporate Group has acquired Jersey-based Moore Group.
This is the first acquisition since the group’s MBO in July this year when it separated from IFG Group Plc.
Growth is one of the group’s main objectives and the purchase of the Moore Group, which has administers assets in excess of USD17bn, will significantly expand its existing fund administration business both in terms of product set and geographical reach especially in the Far East.
Moore was established by Ian Moore (pictured) in 1996. Ian Moore will continue to work with the group and will assume the role of
The Securities and Exchange Commission has charged JP Morgan Securities and affiliated entities with misleading investors in offerings of residential mortgage-backed securities (RMBS).
The firm agreed to a settlement in which it will pay USD296.9m. The SEC plans to distribute the money to harmed investors.
The SEC alleges that JP Morgan misstated information about the delinquency status of mortgage loans that provided collateral for an RMBS offering in which it was the underwriter. JP Morgan received fees of more than USD2.7m, and investors sustained losses of at least USD37m on undisclosed delinquent loans.
JP Morgan also is charged for Bear
Direct Access Partners, a diversified institutional financial services firm, has appointed Michael Dolan to launch a new research initiative as part of its expansion across its multi-asset class execution offering.
The Alternative Research Group (ARG) will focus on acquisitions, strategic partnerships, and exclusive relationships with highly differentiated and value-added research teams across various sectors and verticals.
The goal is to provide institutional investors with actionable information and content from independent sources that add incremental value.
“With the Alternative Research Group we take another step in our strategy of actively pursuing relevant and complementary opportunities across brokerage and asset management business
The hedge fund industry took in USD3.4bn (0.2 per cent of assets) in September, building on a USD7.7bn inflow in August, according to a report by BarclayHedge and TrimTabs Investment Research.
Based on data from 3,004 funds, theTrimTabs/BarclayHedge Hedge Fund Flow Report estimated that industry assets stood at USD1.8trn in September, down 25.8 per cent from the June 2008 peak of USD2.4trn.
“The hedge fund industry saw net inflows for the second month in a row in September, which was a notable improvement from earlier this year,” says Sol Waksman, founder and president of BarclayHedge. “Year to date outflows shrank
The automotive sector is revving up interest with fund managers such as Paris-based Charles-Henri Neme, whose EUR400million Exane Funds 1 – Ceres A fund is targeting automotive stocks to increase cyclical exposure and piggyback on emerging market growth trends reported Citywire Global this week.
Neme said that the absence of automotive stocks in the long/short equity strategy was an anomaly “that needed to be corrected”, admitting that the fund was a little “too defensive”. “This posed problems in certain market rebound phases, as the cyclicals at our disposal – television, temporary staffing, hotels etc – were often too small to
DCG Luxembourg managing director Daniela Klasén-Martin (pictured) says the new risk management requirements introduced by this year’s revision of the grand duchy’s SIF law are only the start for asset managers that fall within the scope of the EU’s AIFM Directive…
On March 26 Luxembourg’s parliament passed legislation amending the Specialised Investment Funds Law of February 13, 2007. Among other changes, the new law has introduced the requirement to develop and implement a risk management process and a conflict of interest policy, pre-empting some of the requirements that are further set out within the Alternative Investment Fund Managers Directive.
Liontrust Asset Management has doubled its assets under management over the past year.
AUM has grown from GBP1.19bn on 30 September 2011 to GBP2.36bn on 30 September 2012 and GBP2.38bn on 12 November 2012 while Liontrust has now recorded nine successive quarters of net positive sales.
Net inflows have tripled over the past year. In the six months to 30 September 2012, Liontrust delivered net inflows of GBP189m compared to GBP59m in the six months to 30 September 2011.
Revenues also increased by 59 per cent in the six months to the end of September 2012 compared to the same
Man Group has entered into a series of transactions with Hutchinson Investors, managed by the Baupost Group, to sell the residual exposure to the Lehman estates that it acquired in July 2011 from certain GLG managed funds.
The total consideration for the transactions is USD456m, payable in cash by the buyer.
Man may receive up to a further USD5m if overall recoveries by the buyer exceed certain thresholds in the future.
The Lehman claims were valued at USD346m as at 30th June 2012.
The transaction allows Man to benefit from the payment of the total consideration, while retaining certain
Hedge funds gained 0.32 per cent in October, according to the Barclay Hedge Fund Index compiled by BarclayHedge.
The index is up 6.09 per cent year to date.
“News flows continued to drive the markets in October,” says Sol Waksman, founder and president of BarclayHedge. “Equity markets rallied early in the month on the ECB’s announced willingness to purchase unlimited amounts of Spanish government debt, but weak third quarter earnings contributed to economic growth concerns that caused equity prices to end mostly lower.”
Overall, 13 of Barclay’s 18 hedge fund indices gained ground in October.
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