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More than two thirds (69 per cent) of the fund administration industry, with combined assets under administration exceeding USD16trn, believes AIFMD will accelerate the convergence of long-only and hedge funds.
This is according to the findings of an industry-wide survey on the impact of the Alternative Investment Fund Managers Directive, carried out by Multifonds.
Although the Directive’s implementation deadline of 22 July 2013 is looming, the research found that a fifth of respondents (20 per cent) felt they were behind schedule and would not be ready within the next 12 months.
The survey, which received more than 50
NYSE Euronext trading volumes in August 2012 declined year-over-year and month-over-month due to a decrease in volatility compared to August 2011 and the seasonally slower summer period.
In August 2011, trading volumes benefited from extreme market volatility in the US and Europe.
NYSE Euronext global derivatives ADV in August 2012 of 6.4 million contracts decreased 38.4 per cent compared to August 2011 and decreased 8.6 per cent from July 2012 levels.
NYSE Euronext European derivatives products ADV in August 2012 of 3.2 million contracts decreased 27.8 per cent compared to August 2011 and decreased 6.2 per cent from July
Law firm Maples and Calder has opened an office in Singapore.
The office is located in the Singapore Land Tower in Raffles Place and will be managed by funds partner Nick Harrold, who is joined by corporate finance partner James Burch and private equity and corporate lawyer Tom Katsaros.
Both Harrold and Burch will relocate from the firm’s Hong Kong office, whilst Katsaros rejoins Maples and Calder, having previously worked in its Cayman Islands office.
The Singapore office will be a full service, full execution office providing Cayman Islands and British Virgin Islands advice across the firm’s core practice areas,
The US Commodity Futures Trading Commission has filed an emergency court action to freeze assets under the control of Nikolai S Battoo, BC Capital Group, BC Capital Group International, BC Capital Management and BC Capital Group Holdings.
The action also seeks an order appointing a receiver for the BC Common Enterprise and related entities, prohibiting the defendants from destroying books and records, and granting the CFTC immediate access to evidence.
The CFTC’s complaint alleges that defendants operated a series of commodity pools called “Private International Wealth Management” (PIWM) that solicited more than USD140m from US residents. The complaint also
New York-based investment advisory firm ICP Asset Management and its founder and president Thomas C. Priore have agreed to settle the Securities and Exchange Commission’s charges that they defrauded several collateralised debt obligations (CDOs) they managed.
ICP, Priore, and related entities have agreed to pay more than USD23m to settle the case the SEC filed against them in June 2010 in federal court in Manhattan.
The SEC alleged they engaged in fraudulent practices and misrepresentations that caused the CDOs to overpay for securities and lose millions of dollars. Priore and the ICP companies also improperly obtained fees and undisclosed profits
MarketAxess, the operator of an electronic trading platform for US and European high-grade corporate bonds, emerging markets bonds and other fixed income securities, is to hold its ninth annual Charity Trading Day on 12 September 2012.
MarketAxess, in partnership with EMTA, will donate all emerging markets transaction revenues from the trading day to emerging markets charities.
“We are pleased to announce our Charity Trading Day for the ninth consecutive year. This event is one of the ways we support the emerging markets community, and we thank our dealer and investor clients for their business. With the opening of our new
Guernsey has signed Tax Information Exchange Agreements (TIEAs) with Italy and Latvia.
The bilateral agreements were signed on 6 September and they mean that Guernsey has now signed a total of 37 TIEAs.
Guernsey’s chief minister, deputy Peter Harwood (pictured), says: “Our relationships with the Member States of the European Union are of paramount importance in helping Guernsey protect and promote its interests. Each TIEA that we sign with EU members is a further indication of Guernsey’s constructive relationship with EU Member States, and of those Member States’ endorsement of Guernsey’s commitment to tax transparency.”
Harwood signed both TIEAs on
The US Commodity Futures Trading Commission has obtained a federal court order requiring Blue Sky Capital Management and its principal, Gregory M Schneider, jointly and severally to pay a USD140,000 civil monetary penalty for making false statements to representatives of the National Futures Association (NFA).
Schneider currently resides in Bellville, Ohio, and Blue Sky maintained a business address in Lebanon, Tennessee.
The consent order of permanent injunction, entered on 28 August 2012 by Judge John T Nixon of the US District Court for the Middle District of Tennessee, stems from a CFTC complaint filed on 8 August 2011. The complaint
Alternative strategies within a Ucits framework witnessed further improvements in demand in the second quarter of 2012, according to the first in a series of quarterly reviews of the Ucits sector by Alceda Fund Management.
Tracking the Absolute Hedge Global Ucits Index, the Alceda review has found that the alternative Ucits sector grew to 292 funds in the second quarter of this year, from 282 in the first quarter, managing total assets of EUR82.5bn.
Against a challenging economic backdrop, Ucits funds declined 2.14 per cent for the quarter, reducing year to date gains to 0.47 per cent. The effects of
By James Tinworth (pictured), partner in the hedge funds practice, Stephenson Harwood – Whilst there are many challenges posed by the EU’s directive on alternative investment fund managers (AIFMD), the ones that everyone seems to focus on are those regarding the AIFMD’s depositary requirements. This note looks at these requirements in more detail and considers the extent to which they are relevant to EU managers of non-EU AIFs and non-EU managers of AIFs.
1. EU managers of EU AIFs (from July 2013)
For each EU AIF it manages, the AIFM shall ensure that a single depositary is appointed in accordance
