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AsianInvestor this week reported that Joe Chan’s Galaxy Asset Management, one of Hong Kong’s longest running hedge funds, had decided to shutter its China Absolute Return Ucits hedge fund just 19 months after inception. The fund, which at the time was the first Ucits-compliant, China-focused hedge fund to be launched by an Asian fund manager, launched with USD30million in November 2010. It has now earned another, albeit unwelcome, first by becoming the first known closure of a China alternative Ucits fund by an Asian manager.
The fund ceased trading at the end of May according to a Galaxy spokesperson. Based
The European Securities and Markets Authority has published two final sets of guidelines aimed at enhancing the protection of investors in the EU.
The guidelines relate to the provisions under the Markets in Financial Instruments Directive relating to the suitability of investment advice and the compliance function.
ESMA, by issuing these guidelines, expects to promote greater convergence in the interpretation of, and supervisory approaches to, the MiFID suitability and compliance requirements.
The guidelines are aimed at both market participants and national competent authorities who should incorporate them into their supervisory practices.
Steven Maijoor, ESMA chair, says: “These new
HedgeMark International has added three senior professionals to its business development and marketing teams.
HedgeMark is a provider of hedge fund managed accounts, position level risk and performance analytics, and infrastructure services for the management of segregated hedge fund investments.
Joining HedgeMark are Steven A. Lonsdorf, who will lead HedgeMark Securities, the distribution arm of the HedgeMark managed funds platform, as president and chief compliance officer; Ben Yaffee, who is joining HedgeMark as a managing director, responsible for marketing and capital formation; and Danielle A. Terrazzino, who is joining HedgeMark as a vice president.
By Keith Parker – Guernsey is an important jurisdiction for Pacific Fund Systems in terms of both existing and potential clients. A key reason for our interest and commitment to the island, as well as nearby Jersey, is the integrity of the jurisdiction, including its emphasis on transparency within the financial services sector.
Recent years have seen a flight to quality within the industry as companies become more focused on where and with whom they do business. Once relegated to the margins, reputation is now arguably one of the most critical risk considerations, and the key driver in mitigating reputational
By Simon Gray – After a blip at the end of 2011, Guernsey’s fund industry started the new year vigorously with growth in the total net asset value of funds under management and administration in the island of GDP8.7bn in the first quarter, according to the regulator, the Guernsey Financial Services Commission. This represented an increase of 3.3 per cent and took the sector’s total assets to GBP270.1bn at the end of March.
Year on year Guernsey’s fund assets grew by GBP6.4bn or 2.4 per cent, even after a drop of GBP10bn over the last three months of 2011. Says
By Stuart Mauger – The past five years have certainly been eventful for custodians, as they and the financial centres in which they are based have needed to evolve constantly or risk being left behind. Regulatory developments such as the European Union’s Ucits IV and the impending Alternative Investment Fund Managers Directive, as well as the changing geography and demographic of wealth, have had a significant impact on the market. Nevertheless, Guernsey has withstood all this and continues to thrive as the industry has transformed itself.
The growth in investor influence and the return of the segregated custody account in
By Caroline Chan – By all indications, Guernsey remains an attractive centre for the domicile and servicing of investment funds. According to the latest statistics from the Guernsey Financial Services Commission, over the quarter ending March 31, the net asset value of total funds under management and administration in the jurisdiction increased by around 3.3 per cent, to approximately GBP270.1bn.
This figure also represents a year-on-year increase of 2.4 per cent. The quarterly increase is attributable, in part, to fund launches principally in the closed-ended and non-Guernsey scheme sectors.
Despite these encouraging indicators, the island is not resting on
By Simon Gray – In 2009, when leaders of the G20 nations meeting in London were putting a priority on bringing offshore centres to heel as part of their efforts to resolve the global financial crisis and economic downturn, it seemed that the days of jurisdictions like Guernsey in anything like their existing form were numbered. In Europe in particular, new legislation and tougher regulation appeared poised to drive a large proportion of offshore business onshore.
Three years later, the situation no longer seems nearly as clear-cut. Rather than financial business being driven toward more highly regulated onshore centres, many
Alternative Investment Partners, AIP-Kingsmont Fund I and Kingsmont Investment Management, have been awarded a new mandate and have become the new general partner and portfolio manager for a hedge fund.
The fund was previously managed by Pearl and McKinney and its principal Charles Tate, a portfolio manager and founder of Hicks, Muse, Tate & Furst which was involved in more than 400 transactions with a total capital value of approximately USD50bn.
Alternative Investment Partners was instrumental in putting the transaction together and an agreement was signed in June 2012. A new executive team composed of Paget Warner, Alex Kanayev and
By the Malta Financial Services Authority – Investment services regulation: The Investment Services Act provides for the authorisation of investment services licence holders and collective investment schemes operating in or from Malta.
When considering whether to grant or refuse a Licence, the MFSA will, in particular, have regard to:
a. the protection of investors and the general public;
b. the protection to the reputation of Malta taking into account Malta’s international commitments;
c. the promotion of competition and choice; and
d. (in the case of a scheme) the reputation and suitability of the applicant and all other
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