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The US District Court for the Eastern District of New York ahas approved Securities and Exchange Commission settlements with two former Bear Stearns Asset Management portfolio managers, bringing to a close the SEC’s civil litigation against the managers.
The court ordered Ralph R Cioffi and Matthew M Tannin, who co-managed the Bear Stearns High-Grade Structured Credit Strategies Fund and Bear Stearns High-Grade Structured Credit Strategies Enhanced Leverage Fund, to pay a total of USD1.05 million in disgorgement and civil penalties and enjoined them from federal securities law violations. As part of the settlement, the Commission has issued orders instituting administrative
Tullett Prebon has appointed Adrien Geliot to its Alternative Investments team. Geliot will be based in Hong Kong alongside Tim Chillington, who recently joined the team from GFI, strengthening Tullett Prebon’s reach into the Asian Alternative Investments Market.
The appointment is part of Tullett Prebon’s long term strategy to strengthen its Primary Capital raising ability along with its secondary presence in key growth markets, building on the success of its London and New York teams. Adrien joins Tullett Prebon from Lyxor Asset Management, having previously been with Société Générale.
Neil Campbell (pictured), Head of Alternative Investments at Tullett Prebon,
Talk about key man. More than USD600 billion is currently managed by hedge funds whose founders will turn at least 60 in the next decade, according to Institutional Investor magazine.
The retirement – or death – of star traders can wreak havoc on an asset management firm. “Billions of dollars worth of assets are at stake,” the publication states in its June, 2012 cover story on the dearth of succession plans at hedge funds. That’s why institutional investors are pressuring hedge funds to buy key man life insurance to protect against the risk of a manager’s sudden demise, asserts SKCG
Short-term volatility remains likely, as policy makers in Europe – but also in the US – have a lot of fundamental problems to address. Markets remain sceptical that they will come up with the desired solutions and worry that politicians will remain behind the curve, says Willem Sels, UK Head of Investment Strategy, HSBC Private Bank…
This week could be crucial in this respect, as EU leaders are meeting to discuss a banking union and the potential for closer fiscal integration. In this volatile environment, where much depends on policy action, which could provide just as many positive as negative
The GlobeOp Forward Redemption Indicator for June 2012 measured 3.71%, up from 3.31% in May.
“The June Forward Redemption Indicator is surprisingly low given that it is dominated by July redemptions, a traditionally large month for fund withdrawals,” says Hans Hufschmid (Pictured), chief executive officer, GlobeOp Financial Services.
The Indicator represents the sum of forward redemption notices received from investors in hedge funds administered by GlobeOp, divided by the AuA at the beginning of the month for GlobeOp fund administration clients. Forward redemptions as a percentage of GlobeOp assets under administration have trended significantly lower since reaching a high
The European Energy Exchange (EEX) will spin off the Natural Gas Spot and Derivatives Market into a separate company owned to 100 per cent with the corporate name “EGEX European Gas Exchange”.
Five years after the launch of exchange gas trading in Germany, this step paves the way for cooperations in the field of natural gas trading.
In July 2007, EEX launched the Natural Gas Spot and Derivatives Markets in two German market areas. Since then, the offer in natural gas trading has been expanded continuously.
Today, trading participants can conclude trading transactions on the Spot Market for delivery in
Gottex Fund Management Holdings has announced a proposed share buyback by the company and the nominations of Dr Kevin Maloney and Dr William Landes to the Board.
In addition, Richard Leibovitch has announced his intention to retire after a transitional period and to take on a consulting role at Gottex.
The Board has approved management’s proposal for the company to buy back ordinary shares in the open market initially to cover the number of shares contemplated under the acquisition of Penjing Asset Management. Please note that the share buyback will be subject to acceptance via a shareholder resolution vote.
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Alberto Francioni (pictured), partner and global head of sales at BlueBay Asset Management, has been killed in a road accident.
“It is with great sadness that we have to announce the death of Alberto Francioni, Partner and Global Head of Sales at BlueBay, who died yesterday in a road accident,” says a statement released by Hugh Willis and Mark Poole, co-founders of BlueBay. “Alberto was one of the founding principals of BlueBay and the architect of its global distribution business. His entrepreneurial flair, leadership skills and gift for friendship were legendary; we and all his friends and colleagues at BlueBay will
Hedge funds, as measured by the Dow Jones Credit Suisse Hedge Fund Index, finished May down 1.33%, with four out of 10 strategies in positive territory.
In total, the industry saw estimated outflows of approximately $2.39 billion in May, bringing overall assets under management for the industry to approximately $1.73 trillion;
The Dedicated Short Bias and Fixed Income Arbitrage sectors experienced the largest asset inflows on a percentage basis in May, with inflows of 1.39% and 0.59% from April 2012 levels, respectively;
Long/Short Equity funds experienced a difficult month in May with overall negative performance as global equity markets sold
US prime money market fund (MMF) exposures to Eurozone banks declined moderately as of end-May 2012, according to a new report by Fitch Ratings. Eurozone exposures account for approximately 12% of total MMF assets in Fitch’s sample.
MMF exposures to Eurozone banks have fluctuated within a fairly narrow range over the past few months, averaging approximately 12% since end-November 2011. This trend followed a sharp decline in the second half of 2011.
This relative stability is consistent with Fitch’s prior view that MMF allocations to Eurozone banks are unlikely to retrace their mid-2011 levels, a ‘partial disengagement’ stemming both from
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