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The United Arab Emirates’ Security and Commodities Authority (SCA) has issued board’s resolution No. 37 of 2012 concerning the rules of investment funds.
The decision was signed by Sultan bin Saeed Al Mansoori (pictured), Minister of Economy and SCA chairman.
The announcement was made by Abdullah Al Turifi, chief executive of SCA, who says the resolution will enter into force on the day after its publication in the Official Gazette.
“The resolution is part of the SCA’s endeavor to issue new investment products and diversify the investment tools available to traders in the markets. It will boost the investment
In July 2012 the international derivatives markets of Eurex Group recorded an average daily volume of 8.1 million contracts, down from 10.1 million in July 2011.
Of those, 5.8 million were Eurex Exchange contracts (July 2011: 7.2 million), and 2.3 million contracts (July 2011: 2.9 million) were traded at the US-based International Securities Exchange (ISE).
In total, 127.6 million contracts were traded at Eurex Exchange and 48.1 million at ISE.
At Eurex Exchange, the equity index derivatives segment totalled 63.8 million contracts (July 2011: 72.5 million). The single largest contract was the future on the Euro Stoxx 50 Index with
McGladrey, a provider of assurance, tax and consulting services, has expanded its financial services investment practice in Connecticut.
The team provides services to hedge funds/investment partnerships, fund of funds, investment advisers, broker-dealers, futures commission merchants, mutual funds and private equity groups.
Partner Kislay "Sal" Shah (pictured) relocated to McGladrey’s Stamford, CT office earlier this summer to serve the firm’s existing relationships throughout Connecticut and Westchester County and to oversee growing demand for the practice’s expertise in the region.
"We’re excited to welcome Sal, who brings with him deep expertise in the investment industry space, and who will provide the very
It’s not everyday you get to cover developments in the secretive south-east Asian state that is Myanmar. But this week it was announced that Silk Road Finance, an investment bank operating in Mongolia and other frontier markets, had launched Mandalay Capital, a Myanmar-focused investment banking firm. The new entity will advise international clients on potential planned investments in the country, as well as build relationships with domestic institutions and assist them with capital raising. Significantly, the US administration recently approved American companies to invest in Myanmar and promote much needed foreign investment.
Alisher Ali, Founder and Chairman of Silk Road
Wake2o has appointed Charles Simeon as a director in its global hedge fund distribution business.
The business comprises Wake2o hedge fund secondaries illiquids, hedge fund secondaries continuing classes, hedge fund third party distribution and the Wake-x intermediation platform.
Simeon joins the firm from Alpstar Capital in Geneva where he was head of distribution for their asset allocation platform. Prior to that he was a director and head of hedge fund sales for Europe within Deutsche Banks asset management subsidiary DWS.
From 2001 to 2005, Simeon was a managing director at X-Border Advisors in Switzerland, a third-party marketing platform that he
Gain Capital has reported net income of USD4.4m, or USD0.11 per share, and adjusted net income of USD5.0m, or USD0.13 per share, for the second quarter ended 30 June 30 2012, on net revenue of USD45.7m.
“Our strong sequential revenues and expense performance was driven by a substantial increase in revenue from our retail FX business, demonstrating Gain’s ability to capitalise on a modest uptick in market volatility,” says Glenn Stevens (pictured), chief executive officer of Gain Capital. “At the same time, our Gain GTX institutional platform continued to increase market share, with revenue increasing fourfold from last year’s second
Azad Zangana, European Economist at Schroders, on the Bank of England’s decision to leave interest rates at 0.5%…
The Bank of England’s Monetary Policy Committee decided to leave interest rates at the record low level 0.5%, and its asset purchase programme (or quantitative easing programme) at GBP375 billion. Having only just increased its quantitative easing programme by £50 billion last month, there was little chance of more action from the Bank, despite the dreadful second quarter GDP figures published last week.
The Bank of England will publish its updated forecast fan-charts for growth and inflation next week in its Inflation
Ho Ho and Qi Shou have joined the International Advisory Council of the Shanghai Hedge Fund Association (SHFA).
The SHFA is a not-for-profit organisation dedicated to promoting the industry’s growth in Shanghai and China.
Based in Shanghai, the financial hub of China, SHFA represents some of the largest hedge funds in the city and also attracts many global hedge funds, alternative investment associations, high net worth individuals, service providers to its conferences and events.
Shou is currently the chief investment officer of Hong Kong-based hedge fund Skybound Capital. With a background in academia in China, Shou started his
Summit Partners has raised a USD520m credit fund to address the borrowing needs of growing middle-market companies.
This brings Summit’s total equity and credit capital base to nearly USD15bn.
The fund will be run in Boston by managing directors Todd Hearle and Jamie Freeland who joined Summit in 2010.
Surpassing its initial target of USD300m, Summit Partners Credit Fund will target credit investments in profitable companies with proven business models, a record of stable growth, and the leadership capable of sustaining that growth.
Credit investing has been an active component of Summit Partners’ investment platform since 1994, when it raised
Louis M Bacon’s Moore Capital Management is planning to return USD2bn to investors due to ‘disappointing’ investment returns from its flagship hedge fund, Moore Global Investment Fund, over the past 18 months.
New York-based Bacon informed investors of his decision by letter stating that in the current economic climate ‘liquidity and opportunities have become more constrained’ and that he is ‘more comfortable’ reducing the size of the fund by what amounts to approximately 25 per cent, than ‘increasing the size of the positions’ to generate an ‘adequate return’.
Moore Global Investment, which charges a 3% management fee and a 25%
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