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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.”
Asset Match, the UK’s first electronic platform for trading shares in private companies, has acquired Sharemark, the online stock market for smaller listed and non-listed companies, for an undisclosed sum.
Sharemark is designed to provide a low cost, online secondary trading platform.
Sharemark and its multilateral trading facility (MTF) will be rebranded as Asset Match. The new Asset Match MTF will enable more cost effective, liquid and transparent share trading and should be attractive to companies who are not considering a public listing, as well as those companies delisting from the AIM and PLUS markets.
Companies previously admitted
The sixth Jax Coco Hedge Fund Fight Nite, which featured seven bouts between members of the Hong Kong hedge fund community, raised over HKD500,000 for charity.
Approximately 550 guests attended the black-tie event to support the fighters and to lend their contribution to the charities Operation Smile and Operation Breakthrough. Dinner was served and guests were welcomed by a dance performance by the Dancing Girls.
As guests were enjoying the second course of the meal, the fights commenced with the first bout between Adam “Ironman” Gazal from National Australia Bank and Grant “G-Unit” Livingston from JP Morgan.
In
The European Energy Exchange (EEX) has concluded the first primary market auction of EU emission allowances (EUA) for the third trading period on behalf of the Federal Republic of Germany.
As planned, a volume of three million EUA was auctioned on the Spot Market at 11:00am. The price in the auction was established at EUR7.54 per EUA. The total amount of bids was 23,016,500 EUA. Thus, participants demanded more than seven times the auction volume.
“Today, we are entering a new stage in our development as a market platform for CO2 emission allowances. We are pleased about the high interest
Morgan Stanley announced this week the latest addition to its FundLogic Alternatives plc umbrella – the MS QTI UCITS Fund – in partnership with US-based multi-manager, Equinox Fund Management LLC.
Equinox specializes in building portfolios of multiple CTA programs and currently runs approximately USD2billion of nominal assets. The partnership with Morgan Stanley will give investors exposure to leading CTA strategies. The first product to launch is the MS QTI UCITS Fund, which offers access to a systematic strategy designed by Quest Partners LLC, a New York-based CTA.
David Armstrong, Managing Director and Global Head of Fund and Fund-Linked business
The Financial Services Agency has announced that as of 31 October Chi-X Japan, a wholly owned subsidiary of alternative trading venue operator Chi-X Global, will be designated as a proprietary trading system (PTS) on which transactions are exempt from the Take-Over-Bid (TOB) rule of the Financial Instruments and Exchange Act.
The TOB rule requires investors who approach a five percent stake in a company’s outstanding shares to launch a tender offer if they are trading off exchange, causing many participants to have concern for inadvertently breaching the rule when trading on a PTS.
The exemption will allow investors to trade
Fund administration company Apex Fund Services has opened an office in San Francisco.
The ongoing expansion of the Apex Global Network around concentrations of fund managers meant San Francisco was the logical choice to base its West coast business development team.
The increasing regulatory burden has forced investment managers to spend more time on compliance and less on managing their portfolios and raising new investor money. Apex brings specific solutions to these US circumstances particularly to mid-sized funds adversely affected by Dodd Frank.
West coast managers will be the next global jurisdiction to benefit from Apex’s front office software
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