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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
Australia’s hedge fund industry is now bigger than either Hong Kong or Singapore as institutional money migrates to alternative managers reported FINalternatives this week. Apparently the 63 hedge funds in the Triple A Partners/Basis Point Consulting Hedge and Boutique Fund Directory manage USD45billion of assets.
This compares with USD37billion in Hong Kong and USD21billion in Singapore. With strong inflows from Australia’s superannuation funds the country’s hedge fund and boutique asset management community now manages a combined AUM of USD216billion. At the last count, the Asian hedge fund industry (not including Australia) was estimated to be USD140billion according to AsiaHedge.
Australia’s
By Adam de Domenico (pictured) – There are many reasons why managers might decide to come to Malta; its favourable tax regime, climate, inexpensive costs and more. In the last few years there’s been a good push from both managers and funds looking to set up in Malta.
And whilst Malta may be considered less expensive when compared to other key fund jurisdictions, this shouldn’t be confused with the idea that its services are sub-standard. The quality of service providers here is at par with mainland Europe with a focus of professional services within the financial services industry.
When it
By Dr Stephanie Micallef (pictured), Ganado & Associates, Advocates – Malta has become an attractive jurisdiction for funds, due in part, to the flexible regime for professional investor funds (“PIFs”). Under this regime, private equity funds are structured as PIFs.
Currently the Malta Financial Authority (the “MFSA”), through supplementary rules, regulates only one aspect of private equity funds; drawdowns on investors’ committed funds. Requests on committed funds must be effected on a pro-rata basis amongst all relevant investors in the fund and further calls can only be made by the fund once all outstanding commitments from existing investors have been
By Chris Casapinta (pictured) – The role of fund administrators has changed quite substantially in recent times. In part because of increasing global regulatory pressures, but also in response to the larger array of products and target assets and also due to greater calls for transparency from institutional investors and managers. Administrators who want to continue servicing top managers have to shore up their operational structures to ensure that the new regulatory and market requirements are addressed efficiently.
As a group, Alter Domus services the top 10 global private equity firms so the AIFM Directive was always going to be
Interview with Joseph Saliba – In May this year, two draft versions of the Directive’s Level II measures came into circulation, with the European Commission’s draft differing in several areas compared to ESMA’s advice to the Commission. This is not helping managers, who are increasingly looking for clarity from their service providers.
Joseph Saliba (pictured) is a partner at Malta-based law firm Mamo TCV Advocates. Whilst a lot of the firm’s clients (managers) are based in the EU and will be required under their domestic laws to align themselves to the Directive, other clients are established in Switzerland, and these
