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NYSE Euronext has announced cash tender offers to purchase any and all of its outstanding USD750m 4.80 per cent notes due 2013 (US tender offer) and up to EUR250m of its outstanding EUR1bn 5.375 per cent notes due 2015 (Euro tender offer).
The US tender offer is being made in accordance with the terms and conditions set forth in an offer to purchase dated 14 September, 2012 and related letter of transmittal.
The Euro tender offer is being made in accordance with the terms and conditions set forth in a tender offer memorandum dated 14 September 2012.
The early tender
The US Commodity Futures Trading Commission has announced that Judge James D Whittemore of the US District Court for the Middle District of Florida has entered an emergency order freezing the assets of defendant William Jeffery Chandler of Ft Myers, Florida.
The court’s order also prohibits Chandler from destroying or altering books and records. The judge set a hearing on the CFTC’s motion for a preliminary injunction for 26 September 2012.
The court’s order arises out of a civil enforcement action filed by the CFTC on 10 September 2012, charging Chandler with foreign currency (forex) fraud and misappropriation. Chandler has
Maria C Ricci has joined KStone Partners as senior managing director and member of the firm.
Ricci will focus on business development and on raising awareness of KStone’s funds of hedge funds with family offices, individual investors and institutions.
Joseph H Marren, president and chief executive of KStone Partners, says: “We are delighted to have Maria join the team and given her history of success we are confident that she will provide our investors with an exceptional level of service.”
Ricci has over ten years of experience working with high net worth individuals, wealth advisers and leading institutions. Previously, she
Concerns have been raised by EFAMA, the European lobby for asset management, that the latest consultation paper from the European Commission on UCITS could damage the unified label of the fund brand reported Citywire Global this week.
The paper, entitled ‘Product Rules, Liquidity Management, Depositary, Money Market Funds, Long-term Investments’ – that is, UCITS VI – was released back in July and addresses the eligibility of an asset class as a UCITS fund. The European Commission called for industry feedback. EFAMA says that this could either see the scope of assets included under the UCITS umbrella structure widen or narrow.
Dalia Cohen and Eric Storch have joined Oak Hill Advisors as managing directors.
Cohen (pictured) joined the firm on 1 August as managing director and head of investor relations, a new role within the client coverage group.
Storch joined the firm last week as managing director and has taken on senior responsibilities relating to the firm’s business development, client coverage and marketing activities.
Bill Bohnsack, president of OHA, says: "Dalia and Eric have been hired at a time of significant growth in demand for the firm’s distressed and performing credit investment capabilities. Dalia brings more than two decades of experience,
Babson Capital Management and Babson Capital Europe have raised in excess of USD1.2bn for the Dublin-domiciled Babson Capital Global Loan Fund in the last 18 months.
This takes the AUM of the open-ended high yield credit funds managed by Babson Capital, which launched in 2009 with the Babson Capital European Loan fund, to over USD3bn. This suite of funds offers investors ready access to global, European or US strategies in senior secured loans, senior secured bonds and high yield bonds. Babson Capital’s total AUM in global high yield investments is approximately USD27bn.
The Global Loan Fund, which takes advantage of
There has been considerable market and press debate in the UK in recent weeks about potential changes to the Retail Prices Index, and as usual, various disastrous scenarios have been foretold. Jonathan Gibbs (pictured), Investment Director and Head of Real Returns at Standard Life Investments, attempts to separate the truth from the scare mongering, and assess likely outcomes…


Inflation data are high up the watch-list for investors and policymakers around the world. Are price trends contained, opening the door for further monetary easing, or do CPI numbers give warning signs, putting policy on hold? Complications arise though when questions begin
The Hedge Fund Association (HFA) has asked the Securities and Exchange Commission in a comment letter to specifically tell private fund managers what they will need to do to safely verify whether investors are accredited, should they want to advertise after the rules in the Jump Start Our Business Start-ups Act (JOBS Act) are finalised.
The HFA also praised the entire proposed rule to lift the hedge fund advertising ban as a significant step to modernise securities laws that maintains the investor protections available under the current system. At the same time, it encouraged the regulator to coordinate with the
Nearly three-quarters (72 per cent) of fund managers view the Alternative Investment Fund Managers Directive as a business threat, according to a survey carried out by Deloitte.
The biggest concerns for fund managers are depositary costs (84 per cent), delegation (78 per cent), changes to contractual arrangements and routes to market (67 per cent). Collectively these reduce the attractiveness of Europe as a place to do business.
Smaller managers, private equity and real estate are more likely to see AIFMD as a business threat. Those companies that regard AIFMD as an opportunity manage at least GBP1bn of assets.
Stuart Opp,
International law firm Maples and Calder this week announced the opening of a new office in Singapore.
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