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The US Commodity Futures Trading Commission has obtained a default judgment and permanent injunction order against defendant Nicholas Cosmo, formerly of Lake Grove, New York, charged with defrauding investors of tens of millions of dollars in a commodity futures trading scheme.
The court order finds that, from at least January 2004 through December 2008, Cosmo engaged in a fraudulent scheme in which tens of millions of dollars were solicited from investors to invest in bridge loans and merchant advances.
Instead, Cosmo used investors’ funds, in part, to engage in unauthorised commodity futures trading that resulted in tens of millions of
Satuit Technologies, a provider of client management software for professional investment and wealth management firms, has released a new version of SatuitCRM Platform, adding client report management and secure distribution modules to the core functions.
The new platform provides SatuitCRM clients with the ability to create, organise, customise, collate and distribute their monthly, quarterly and annual client reporting packages using the familiar interface of SatuitCRM.
The SatuitCRM packaging module makes short work of creating individually tailored client financial report packages, saving hundreds of hours for each client, by organising documents from a variety of sources, including the large PDF files
MoneyChakra has launched an iPad app that tracks top hedge fund managers’ actions using the Xignite Market Data Cloud.
MoneyChakra uses data services from Xignite to reveal the portfolios and buy/sell actions for top hedge fund managers, including Warren Buffett, Carl Icahn, George Soros, Bill Ackman and other leading money managers.
The first company to offer an iPad app in this category, MoneyChakra differs from other services that post the actions of hedge fund managers by using Xignite’s web services to clearly and simply display real-time data.
MoneyChakra employs dynamic visualisation that can be understood at a glance.
MoneyChakra also
Swiss bank UBS is to shed 10,00 jobs worldwide over the next three years as it overhauls its investment banking operations.
The cuts, which amount to some 16 per cent of the bank’s current worldwide workforce of 64,000, are aimed at saving CHF3.4 billion per year.
UBS suffered losses of CHF39bn in the financial crisis and had to be bailed out by the Swiss authorities.
According to a statement released by the bank, the cuts are part of a programme that will see UBS concentrate on its “traditional strengths in advisory, research, equities, FX and precious metals” while “exiting business
Numerix, a provider of cross-asset analytics for derivatives valuations and risk management, plans to enable additional Numerix solutions for use with Microsoft’s cloud platform, Windows Azure.
Steven R O’Hanlon (pictured), president and chief operating officer of Numerix, says: “Evolving derivatives regulations and unpredictable market conditions have fuelled demand for more frequent, granular and portfolio-wide valuations and risk analytics. In order to process these calculations for thousands of financial instruments in near real-time, access to on-demand, scalable compute power has become a must-have in today’s financial services and insurance firms.”
Numerix currently offers its CrossAsset XL and Portfolio solutions powered by
Paul Mumford (pictured), Senior Investment Manager of Cavendish Asset Management (CAM), the specialist long only active equity fund manager, believes that now is the time for investors to consider taking a more positive approach to equity investing…
I was quite amazed to recently read in various national newspapers and IFA investment publications that advisers believe that in the current stockmarket climate that passive investment is the way forward and that some fund management houses are even launching cautious funds. Why, when for the past three years the FTSE100 has in effect been ‘range bound’ moving between the 5,000 and 6,000
A study by Deutsche Bank has revealed a fundamental shift in the depth and nature of due diligence carried out by hedge fund investors.
The poll of senior professionals at leading fund of funds and consultants in Europe, representing over USD411bn in hedge funds assets under management, shows operational due diligence teams are now viewed as a partner and peer to the investment team and actively vetoing investments.
The level of sophistication institutional investors apply to operational due diligence has increased significantly as they demand greater transparency from managers. The research reveals a robust infrastructure, established service providers and a
The Central Bank of Ireland is to initiate a consultation on the Irish regulatory regime for non-Ucits funds.
The consultation will outline the changes to be introduced in connection with the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in July 2013.
The AIFMD has presented the Central Bank with an opportunity to redesign the framework for the regulation of non-Ucits funds. The Central Bank is proposing an approach to non-Ucits regulation which aims to turn the Irish regulations into a proportionate investment funds framework which accommodates investors across a wide spectrum of capability and sophistication.
Following detailed preliminary
The Securities and Exchange Commission has charged a former senior executive at a Silicon Valley technology company for illegally tipping convicted hedge fund manager Raj Rajaratnam with non-public information that allowed the Galleon hedge funds to make nearly USD1m in illicit profits.
The SEC alleges that Kris Chellam tipped Rajaratnam in December 2006 with confidential details from internal company reports indicating that Xilinx Inc would fall short of revenue projections it had previously made publicly.
The tip enabled Rajaratnam to engage in short selling of Xilinx stock to illicitly benefit the Galleon funds.
Chellam tipped Rajaratnam, who was a close
In consultation with other exchanges and market participants, NYSE Euronext (NYX) will close its markets on Monday, 29 October, 2012 and, pending confirmation, on Tuesday, 30 October, 2012.
According to a statement released by NYSE Euronext: “We support the consensus of the markets and the regulatory community that the dangerous conditions developing as a result of Hurricane Sandy will make it extremely difficult to ensure the safety of our people and communities, and safety must be our first priority. We will work with the industry to determine the next steps in restoring trading as soon as the situation permits.”
