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The SS&C GlobeOp Forward Redemption Indicator for September 2012 measured 3.76 per cent, up from 3.34 per cent in August.
"Forward redemptions slightly increased in September which is typical as we approach quarter-end but redemption notices still remained at moderate levels indicating that alternative investments continue to hold their attraction," says Bill Stone, chairman and chief executive officer, SS&C Technologies.
The SS&C GlobeOp Forward Redemption Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by SS&C GlobeOp on the GlobeOp platform, divided by the assets under administration at the beginning of the month for
Kleinwort Benson Group (KBG), the wholly owned subsidiary of financial services group RHJ International (RHJI), has reached agreement with Deutsche Bank to acquire BHF-BANK, a German private bank.
The transaction is subject to regulatory approvals.
Under the transaction, KBG will acquire 100 per cent of BHF-BANK for an agreed consideration of EUR384m, which will be paid in cash and is subject to closing purchase price adjustments.
In addition to funds provided by RHJI, the associated capital increase in KBG is supported by Fosun Group, AQTON SE (the wholly owned strategic investment company of German entrepreneur Stefan Quandt), entities affiliated with
Irving H Picard, SIPA trustee for the liquidation of Bernard L Madoff Investment Securities, has announced that cheques for the second pro rata interim distribution of recovered monies from the BLMIS Customer Fund to eligible customers were mailed on 19 September.
The second interim distribution, when combined with the funds already returned to BLMIS customers, fully satisfies more than 50 per cent of the total current accounts with allowed claims.
Through the second interim distribution, approximately USD2.479bn will be distributed on a pro rata basis to BLMIS accounts with allowed claims (as of record date 12 September 2012).
A total
Gabelli Securities, a subsidiary of Gamco Investors, has appointed Joel S Torrance to assist in the firm’s alternative investment fund business.
Gabelli Securities which began managing its first fund, the Gabelli Associates Fund, in February 1985, is approaching USD1bn in assets under management.
Michael Gabelli says: "As we enter a major growth phase in our Alternatives business, we are pleased to have the benefit of Joel’s significant knowledge and experience in the hedge fund space. He will be an important addition to our compliance team and will add depth to our risk framework."
Torrance has an extensive background in the
A new report by KPMG has found that European asset managers are strongly opposed to plans by the European Commission to categorise some UCITS funds as “complex” reported the Financial Times this week.
The report surveyed 23 fund houses accounting for 25 per cent of the EUR6trillion UCITS fund industry; 19 of them oppose the plans to divide UCITS into complex and non-complex products. This threat is arising from Mifid II and could potentially make it harder for managers to sell their products in non-European markets like Asia – where they are strongly favoured – and Latin America.
The point
The Securities and Exchange Commission has announced charges against a private fund manager and his Atlanta-based investment advisory firm for defrauding investors in a purported fund of funds and then trying to hide trading losses by creating new private funds to make money to pay back the original fund investors in Ponzi-like fashion.
The SEC is seeking an emergency court order to freeze the assets of Angelo A. Alleca and Summit Wealth Management and prevent further investor losses, which are estimated to be USD17m among approximately 200 clients.
“Alleca told Summit Wealth clients that he was investing their money in
Ares Management, a multi-billion dollar asset manager, has completed its initial filing of Form PF in line with the August deadline, using SS&C GlobeOp’s Form PF reporting solution.
“The filing was a culmination of months of planning, data extraction and coordination that involved individuals from throughout the organization working together and, most importantly, working with our filing partner, SS&C GlobeOp,” says a spokesperson for Ares Management. “Form PF is one of the more significant regulatory reporting requirements the asset management industry has seen to date, and SS&C GlobeOp’s full service offering, including technology and subject matter expertise was integral to
US Bancorp Fund Services has named Michael Milmoe senior vice president and alternative investment business development officer.
Based in San Francisco, Milmoe specializes in alternative asset structures, administration, custody services and fund technology.
“Mike is an exceptional addition to our West Coast staff to support alternative investment management firms,” says Bob Kern, executive vice president and director of business development for US Bancorp Fund Services. “His extensive financial services background in alternative investment administration provides a valuable resource to hedge fund, fund of funds and private equity managers, including innovative solutions for fund valuation, financial reporting, compliance, tax, investor services,
The Securities and Exchange Commission has filed fraud charges against a Portland, Oregon-based investment adviser who perpetrated a long-running Ponzi scheme that raised over USD37 million from more than 100 investors in the Pacific Northwest and across the country.
The SEC alleges that Yusaf Jawed used false marketing materials that boasted double-digit returns to lure people to invest their money into several hedge funds he managed. He then improperly redirected their money into accounts he personally controlled. As part of the scheme, Jawed created phony assets, sent bogus account statements to investors, and manufactured a sham buyout of the funds
Assets under management in Swiss investment funds reached CHF699bn in August, an increase of CHF4.8bn month-on-month, according to the Swiss Funds Association.
At the end of August 2012, the total volume of assets in the investment funds covered by the statistics compiled by Swiss Fund Data and Lipper stood at around CHF699bn, compared with CHF694.2bn in July.
Of this figure of just under CHF700bn, Swiss funds for institutional investors accounted for CHF273.3bn.
“There was a relatively stable development in the month under review. The equity markets showed more of a sideways trend. Currency effects – which were still having a
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