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Interview with Ted Jasinski, Admiral Administration – The emergence of esoteric products such as private equity-type hybrid funds means the alternatives space is starting to get a whole lot more alternative, according to Ted Jasinski, general manager of Admiral Administration’s Richmond-based office.
“Where we as a firm have done well and where we’ve seen a lot of capital being raised is in these esoteric products,” he says. “The space is not too crowded and the endowments and institutions seem to like it.”
Over the past five years, Admiral’s US office has seen significant growth in both number of clients and assets
The Dutch Parliament has approved a law that implements the Alternative Investment Fund Managers Directive (AIFMD).
The Netherlands is the first European country to implement this new piece of regulation created to limit risks for investors in those alternative investment funds.
According to a KPMG survey, the Netherlands is now among the top-rated countries as potential business location for asset managers and their funds.
The AIFMD deals with stricter EU regulation on alternative investment fund managers offering alternative investment funds, ranging from hedge and private equity fund products to real estate investment funds.
The fast implementation is the result of
By Ras Sipko – The alternative investment industry has had to reinvent itself over the past few years following the financial crisis, which has resulted in the emergence of a number of hybrid schemes that make use of both hedge fund and private equity strategies.
Hybrid funds are a response by managers to the challenges of striving to manage investor expectations regarding alpha generation and seeking a wider range of investment opportunities offering better returns.
They are basically hedge funds that invest in a variety of illiquid assets such as collateralised loan obligations and distressed debt, held by the
By James Williams – Last year was a dismal one for hedge fund managers, who as a group plunged into negative territory for the second time in four years, and so far 2012 hasn’t been much better. Although most strategies have made money this year, they have lagged buoyant – some would say irrationally so – stock markets by some distance.
Many managers are unlikely to regain their high water marks this year, depressing further performance fee income, which had already fallen from 50 per cent of industry revenues in 2010 to just 25 per cent last year, according to
As the Cayman Islands Government’s Foreign Account Tax Compliance Act (FATCA) Task Force evaluates the suitability of a government-to-government reporting arrangement with the US, the local financial services industry is making its necessary preparations for managing FATCA.
“Government is aware of FATCA developments, including the recent publication of the US Treasury’s Model 1 Intergovernmental Agreement to Improve Tax Compliance and to Implement FATCA,” says Samuel Rose, representing the Task Force. “The Model 2 Intergovernmental Agreement, now in development with the US Treasury, Japan and Switzerland, also is expected to be released soon.”
Rose says the Cayman Islands Government will
Hedge funds posted their strongest monthly performance since February to conclude Q3 2012, led by equity hedge strategies as investor sentiment improved on positive developments in the European banking and sovereign debt crisis, as well as US stimulus efforts, according to data released by HFR.
The broad-based HFRI Fund Weighted Composite Index gained 1.1 per cent in September, the fourth consecutive monthly gain, ending 3Q up 2.9 per cent and improving YTD performance to +4.7 per cent. Fund of hedge funds also posted the best performance since February, with the HFRI Fund of Funds Composite Index gaining 0.8 per cent.
Apollo Global Management has priced ALM VII, a USD722m collateralised loan obligation (CLO), the largest broadly syndicated CLO issued in the US in 2012.
ALM VII will invest in corporate leveraged loans and high yield bonds.
Apollo has priced three CLOs this year, raising approximately USD1.7bn in aggregate, which represents the largest capital raise through CLO issuance among all US CLO managers. In February 2012 Apollo closed ALM V, a USD437m CLO, and in June 2012 Apollo closed ALM VI, a USD514m CLO.
Apollo is one of the largest CLO managers with 26 CLOs totalling over USD14.5bn in assets under
HM Government of Gibraltar has signed a Tax Information Exchange Agreement with the Government of the Italian Republic.
The minister with responsibility for financial services, Gilbert Licudi QC, signed the agreement at the London Embassy of the Italian Republic. Ambassador Alain Giorgio Maria Economides signed on behalf of the Italian Government.
Minister Licudi said he was “particularly pleased to have signed this Tax Information Exchange Agreement with Italy. This Agreement brings the total of such agreements signed to 21, with 18 of those having already entered into force. It also underscores the Government’s commitment to international standards of cooperation.
“I
This week saw the launch of a new UCITS IV platform by Bryan, Garnier Asset Management (BGAM). The Bryan Garnier Umbrella Fund SICAV plc is domiciled in Malta and externally managed by Paris-based BGAM, who are regulated by the Autorité des Marchés Financiers (AMF).
The first US sub-fund to join the platform is Denver-based Madison Street Partners, an equity long/short shop. BGAM aims to introduce a range of US hedge funds into the UCITS universe, with Steve Wallace, Managing Director, quoted as saying: “There continues to be a dearth of US hedge funds in the UCITS universe, especially when you
The Commodity Futures Trading Commission’s division of swap dealer and intermediary oversight has released a letter providing guidance to registered futures commission merchants (FCMs).
The letter is intended to identify a situation whereby FCMs may be inappropriately using an omnibus account with their clearing FCM in which they are combining segregated and secured funds in one account.
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