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State Street Global Markets has joined CME Group for clearing of over-the-counter interest rate swaps, effective 24 August 2012.
The Dodd-Frank Act in the US and similar measures in Europe mandate centralised trading and clearing to increase transparency and help reduce risk in OTC derivatives markets. State Street’s membership in CME Group expands the clearing options available to clients amid this changing regulatory environment.
“As derivative markets evolve, State Street’s membership provides buy-side clients with a new, neutral model for trading, clearing and processing of their swap positions,” says Cliff Lewis (pictured), executive vice president and head of State Street’s
The Syz & Co Group has launched a more balanced strategy for investing into emerging markets based on a better-distributed emerging markets index, developed in-house by the Syz Fund Research unit.
This new index – Syz Emerging Markets Index – is equally weighted between the 21 countries that make up the MSCI EM index, with an adjustment for market liquidity.
This is in contrast to most of the emerging markets funds, which concentrate on stock markets with the largest capitalisations and leads to a concentration of geopolitical risk and an over-representation of certain countries.
Management of the fund has been
The US Commodity Futures Trading Commission has filed a notice of intent to revoke the registrations of Linda Faye Harris, CDH Forex Investments and CDH Global Holdings, all of Flower Mound, Texas.
CDH Forex is a registered commodity pool operator and commodity trading advisor; CDH Global is a registered commodity trading advisor; and Harris is registered as an associated person and is the sole principal of CDH Forex. Harris was an associated person and principal of CDH Global.
The notice alleges that Harris, CDH Forex, and CDH Global are subject to statutory disqualification from CFTC registration based on an order
Hedge fund flows as measured by the SS&C GlobeOp Capital Movement Index advanced 1.07 per cent in September.
"Solid net flows into hedge funds continued in September, taking the cumulative index to a new high yet again. It is especially interesting to note that outflows are unusually low. Redemptions for the month, and for the last quarter, are the lowest we have seen since the Index began in 2006. Investors are showing continued satisfaction with their hedge fund holdings," says Bill Stone (pictured), chairman and chief executive officer, SS&C Technologies.
The SS&C GlobeOp Capital Movement Index represents the monthly net of
Hedge fund assets available for prime custody services now stand at an estimated USD684bn, a 40 per cent increase since 2010, according to BNY Mellon.
The increase reflects both growth in overall hedge fund assets under management as well as lower levels of borrowing from prime brokers.
Roughly half of all hedge funds with more than USD1bn in AUM are now thought to have a prime custody agreement in place, up from 15 per cent in 2008 as funds increasingly seek to mitigate counterparty risk.
Prime custody refers to the tailored servicing of unencumbered assets within alternative investment portfolios, performed
KKR has confirmed that all necessary consents and regulatory approvals to acquire Prisma Capital Partners have been obtained and that the closing is anticipated to occur in October 2012.
KKR announced its agreement to acquire Prisma, a provider of customised hedge fund solutions, on 18 June 2012.
“We are pleased with Prisma’s performance and business momentum since announcing the transaction in June and we appreciate the support from Prisma’s clients. We believe that the combination of Prisma’s deep investment capabilities and KKR’s global footprint will create a unique offering in the market, and we look forward to Prisma becoming part
Direct Access Partners, a diversified institutional financial services enterprise, has acquired the listed equity derivative trading team from IA Englander.
The Direct Access options team will focus on dynamic hedging, yield enhancement, stock replacement and volatility strategies for client portfolios. The team will implement its strategies through listed equity derivatives, including single stock, ETF and index options. They will be fully integrated into the firm’s equity and fixed income trading teams.
The team joining Direct Access from IA Englander includes Harry Silver, Mark Neuberger, Martin Field and Steven Goldfarb. Each team member has over 20 years of option trading
Alternative asset management group Gottex Fund Management has reported an operational loss of USD2.6m for the six months ended 30 June 2012, in line with its expectations.
It made a more substantial attributable net loss of USD 5.5m after minorities (1H 2011: profit of USD0.4m; 2H 2011: loss of USD 2.9m) primarily due to the company taking a full provision on its main outstanding loan.
Gottex’s flagship market neutral and directional strategies posted positive performance year to date: the portable alpha equity strategies were up 16.5 per cent and alternative credit strategies were up 8.1 per cent.
Gootex
C8 Investments has selected SEI to provide operational outsourcing services for the firm’s recently launched hedge fund.
C8 sought an outsourcing partner with the ability to support automated trading and provide daily reconciliation to support and scale with the firm’s systematic trading strategies.
SEI will provide C8 with a suite of back-office services including fund accounting, fund administration, and investor servicing. SEI will provide its services in a straight-through-processing environment with an automatic reconciliation tool designed to support high-volume trading.
C8 will utilise SEI’s Manager Dashboard reporting platform to gain flexible, transparent, and aggregated views of its portfolio data, while
By James Williams – Last week Newedge announced that Leslie Richman and Duncan Crawford had been appointed co-Global Head, Alternative Investment Solutions (AIS) group, a part of Newedge’s Prime Clearing Services.
In other key appointments, Keith Johnson becomes Global Head of Capital Introductions. Johnson will be based in Chicago, along with Richman, with Crawford based in London, from where he has been running Capital Introductions globally for the past 12 years. Richman has been running AIS in the US for almost 20 years.
Speaking with Hedgeweek, Crawford notes that merging the two sides of the business represents a particularly exciting
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