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Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has launched StorageBurst, an on-demand service that offers hedge funds a secure and redundant platform to store large amounts of data off-site.
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has launched StorageBurst, an on-demand service that offers hedge funds a secure and redundant platform to store large amounts of data off-site.
Offering flexible disaster recovery and archiving options, StorageBurst helps funds store and back up tick level data to meet regulatory requirements, scale to accommodate changing business
The European funds industry suffered redemptions of EUR3.6bn in May, reducing the total for net sales over the year-to-date to EUR108.8bn, according to Lipper’s latest FundFlash report.
The picture looked even grimmer for long-term funds (excluding money market funds) as outflows reached EUR11.8bn, with investors withdrawing EUR13.1bn from equity funds.
At group level, BlackRock enjoyed inflows of EUR1.8bn in May, although when ETFs are stripped out Allianz/PIMCO tops the table with EUR1.6bn, as bond funds remain the favoured asset class.
The three best-selling mutual funds this month were PIMCO GIS Global Investment Grade Credit (EUR830m), AllianceBernstein American Income Portfolio (EUR750m),
Hatteras Funds, a boutique alternative investment provider, has launched a variable trust fund, the Hatteras Alpha Hedged Strategies Variable Fund.
The fund invests in multiple hedge fund strategies and multiple hedge fund managers and provides daily liquidity and position-level transparency.
The fund seeks to obtain consistent returns while maintaining a high correlation to the HFRI Fund of Funds Composite Index and low correlation to traditional financial market indices. In addition, investors have the opportunity to increase their portfolio allocations to alternative investments without compromising liquidity.
The fund was unveiled on the flat-fee variable annuity platform of Jefferson National on 15
The hedge fund industry took in a lacklustre USD852m (0.05 per cent of assets) in May, but that was an improvement over April’s net outflows of USD3.2bn, according to data from BarclayHedge and TrimTabs Investment Research.
Based on data from 3,001 funds, the May TrimTabs/BarclayHedge Hedge Fund Flow Report estimated that the hedge fund industry assets stood at USD1.72trn in May, down 2.0 per cent from USD1.76trn in April and down 29 per cent from the peak of USD2.4trn set in June 2008.
“The small inflows of May did not really buck the larger hedge fund industry trend of meager
The Hennessee Hedge Fund Index increased 0.06 per cent in June and is up 2.10 per cent year-to-date, according to the Hennessee Group.
In June the S&P 500 gained 3.96 per cent (8.66 per cent YTD), the Dow Jones Industrial Average advanced 3.93 per cent (5.42 per cent YTD), and the Nasdaq Composite Index increased 3.81 per cent (12.66 per cent).
Bonds were also up, as the Barclays Aggregate Bond Index increased 0.04 per cent (2.37 per cent YTD) and the Barclays High Yield Credit Bond Index increased 2.11 per cent (7.26 per cent).
“It looked like June was going
The US Commodity Futures Trading Commission (CFTC) has filed a complaint against Peregrine Financial Group Inc (PFG), a registered futures commission merchant, and its owner, Russell R Wasendorf, Sr (pictured).
The Complaint alleges that PFG and Wasendorf committed fraud by misappropriating customer funds, violated customer fund segregation laws, and made false statements in financial statements filed with the Commission.
The National Futures Association (NFA) is PFG’s Designated Self-Regulatory Organization and is responsible for monitoring and auditing PFG for compliance with the minimum financial and related reporting requirements. According to the Complaint, in July 2012 during an NFA audit, PFG falsely
KPMG and Carey Olsen have advised Dexion Capital (Guernsey) on the launch of DCG IRIS, a new Guernsey-domiciled, closed-ended investment fund.
It has raised in excess of GBP40m by way of an initial public offering on the main market of the London Stock Exchange.
Carey Olsen provided Guernsey legal advice and KPMG in Guernsey have been appointed as auditors and provided reporting accountant services in relation to the establishment of the fund. Dexion Capital and Dickson Minto acted as joint-sponsors.
DCG IRIS is a feeder fund and will principally invest its assets in CS IRIS Low Volatility Plus Fund (Limited
The Securities and Exchange Commission has taken another step toward regulating the over-the-counter derivatives market by unanimously approving rules and interpretations for key definitions of certain derivative products.
The SEC rules and interpretations further define the terms “swap” and “security-based swap” and whether a particular instrument is a “swap” regulated by the Commodity Futures Trading Commission or a “security-based swap” regulated by the SEC.
The SEC action also addresses “mixed swaps,” which are regulated by both agencies, and “security-based swap agreements,” which are regulated by the CFTC but over which the SEC has antifraud and other authority.
The rules and
Hedge funds posted a narrow gain last month to conclude the first half of the year up 1.7 per cent.
The HFRI Fund Weighted Composite Index posted a gain of 0.05 per cent for June, according to data released by HFR.
Hedge funds overcame conservative positioning in the final days of the month, as June ended on a note of optimism with regard to the European sovereign debt crisis. Macro losses partially offset gains in equity hedge, event driven and relative value strategies. June marks the conclusion of a positive, but muted, first half of the year for the hedge
The US Commodity Futures Trading Commission has obtained an order of permanent injunction against defendants Robert Mihailovich, Sr. of Rockwall, Texas, and Growth Capital Management requiring them to pay over USD9.3m for fraudulently soliciting over USD30m from customers to trade commodity futures contracts and foreign currency.
The order also imposes permanent trading and registration bans against the defendants.
The court’s order, entered on 26 June 2012, arises out of a CFTC complaint filed on 27 July 2010, against Mihailovich, Sr., GCM, and Robert Mihailovich, Jr., Mihailovich, Sr.’s son.
As alleged in the complaint, Mihailovich, Sr. was convicted and incarcerated
