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Fund administration company Quintillion has completed its SAS 70 Type II independent service auditor’s report.
The certification was completed by accounting and audit firm Deloitte and Touche and provides verification of independent review and rigorous testing of Quintillion’s internal control environment.
The report includes testing on a broad range of internal controls including client boarding, transaction processing, cash and position reconciliations, valuations, NAV calculation, investor services, reporting, performance fee processing, data access, systems security, IT change management and data backup.
SAS 70 allows service providers to disclose their control activities and processes to their customers and their customer’s auditors
- 25/11/2010
- 25/11/2010
The Greenwich Composite Investable Index gained 1.21 per cent in October as equity markets continued their push higher on solid corporate earnings and anticipation of quantitative easing.
All of the Greenwich investable indices moved higher on the month, with funds focusing on directional trading strategies exhibiting the best results.
The Greenwich Futures Investable Index was the best performer for the month, gaining 2.73 per cent, putting its year-to-date return at over six per cent.
The Greenwich Long-Short Investable Index advanced likewise, netting 1.22 per cent as managers increased long positions.
Laggards on the month were more market neutral strategies, such
- 25/11/2010
According to the Daily Telegraph, Close Brothers Group has hired Deloitte to assist in the disposal of its private banking, fund management and fund administration operations in Guernsey (pictured) and Jersey. Sources quoted by the newspaper suggest that the London-listed bank’s Channel Islands businesses may be worth up to GBP35m.
A spokesman for Close, which was founded in 1878, refused to confirm or deny the report, stating that the group “as a matter of course” never comments on market speculation.
If confirmed, the decision will follow the group’s announcement last month of the sale of its property fund management
- 25/11/2010
Trafalgar Capital Management, the London based hedge fund manager, has teamed up with industry veteran Chris Poil to launch its first Ucits regulated vehicle, the Trafalgar Quadrant Fund.
The fund, a European long/short Ucits equity fund, predominately invests in UK equities drawn from the FTSE 350 universe and focuses on recovery situations.
The fund splits companies into four quadrants or segments based on their value and growth characteristics, taking long positions in companies that are priced cheaply with the potential for growth and conversely short positions in expensive businesses that are likely to disappoint.
Poil says: “Strong performance can be
- 25/11/2010
Skandia Investment Group has added the Liontrust Credit Absolute Return Fund to a number of its portfolios in an investment worth GBP19m.
The fund, managed by Simon Thorp and James Sclater, is a Ucits III absolute return fund focused on credit opportunities across Europe.
The fund invests in both long and short opportunities and focuses on the most liquid parts of the credit markets.
Thorp and Sclater – who between them have 40 years’ experience – are supported in managing the fund by analysts Paul Owens and Quentin Peacock.
Skandia’s GBP19m investment has come from a number of its multi-manager
- 24/11/2010
Walter Energy’s bid of CAD11.50 for Western Coal of Canada values the 23 per cent equity stake in Western Coal held by funds advised by Audley Capital Advisors at some CAD730m.
Audley paid a CAD80m entry price approximately five years ago.
Audley says the dramatic change in Western Coal’s fortunes is likely to propel the European Opportunities Fund towards the top of the European event driven rankings (Eurohedge), a position it held for the two years to end-December 2007.
Mining will continue to be a key theme for Audley Capital.
“We continue to see substantial investment opportunities in mining,” says
- 24/11/2010
As of 26 November Eurex Clearing customers participating in the GC Pooling trading at Eurex Repo will be in a position to re-use GC Pooling collateral to fulfil their overall Eurex Clearing margin obligations.
Eurex Clearing members can make use of the new offering via their existing infrastructure.
The Eurex Clearing member only has to set an exposure amount while the allocation of the individual collateral securities will be managed by Clearstream’s collateral management system Xemac up to the defined exposure amount.
Thomas Book, member of the executive board of Eurex, says: “Eurex Clearing members now have an additional option
- 24/11/2010
Level E Capital’s flagship Maya Fund, which uses the latest scientific advances in artificial intelligence to create smart trading algorithms, has formally launched following testing and live trading since April.
“Our aim is to take the latest advances in artificial intelligence, which have already had a positive impact in other fields that deal with complex, non-linear systems, and apply them to investing,” says Sonia Schulenburg, chief executive and founder of Level E Capital, the Edinburgh-based fund management group which operates the Maya fund.
As opposed to simply producing buy or sell commands on underlying securities based on identifying a situation
- 24/11/2010
The M&A sector will continue to grow through next year creating an exceptional range of investment opportunities, says Paris-based hedge fund manager Bernheim Dreyfus.
“We believe the recent rebound in mergers and acquisitions is rapidly gaining momentum and we’re forecasting global deal activity to rise by as much as 36 per cent next year, by comparison to 2010,“ says Lionel Melka, portfolio manager and head of research at Bernheim Dreyfus. “This growth will take deal size up to USD3trn.”
Melka says the acceleration in M&A is exemplified by the recent deals such as Caterpillar/Bucyrus (USD7.2bn), EMC/Isilon (USD2.2bn) and Axa/Axa Pacific
- 24/11/2010
The Dow Jones Credit Suisse Hedge Fund Index gained 1.92 per cent in October and is up 8.02 per cent year-to-date.
Nine out of ten strategies in the index posted positive performance in October as rising global equity, commodity and credit markets provided tailwinds for managers across different strategies.
Managed futures was the best performing strategy for the month, up 4.29 per cent, and is among the top performers in the index for the year at 11.00 per cent. Performance was led by trend followers which generally profited from long exposures to precious metals, equities, agriculture and currencies.
Long/short equity
- 24/11/2010
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