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A new fund structure for Jersey has been devised by Jersey-based law firm Crill Canavan and fund administrator Herald Fund Services. The Standard Form Expert Fund, the first fund of which has been approved by the Jersey Financial Services Commission, aims to cut the time and cost involved in setting up funds domiciled in Jersey by about 70 per cent. The new structure makes use of Jersey’s Incorporated Cell Company legislation and works in a similar way to an umbrella fund. Individual investment funds are established as separate incorporated cells and an investment manager is appointed to each fund. Different
GlobeOp Financial Services has appointed George Evans as head of business development. Evans reports to Hans Hufschmid (pictured), GlobeOp chief executive officer, and is based in the company’s New York City office. He is also a member of GlobeOp’s operating committee. "As demand for GlobeOp’s services continues to grow in both hedge fund and new institutional sectors, we will look to George’s extensive experience to identify and capture new opportunities," says Hufschmid. "His understanding of the market and client requirements will also help us create new products and client services that further differentiate the GlobeOp brand." Evans’ career spans 30
Lloyds TSB Corporate Markets has appointed Charlie Diebel as head of market strategy reporting to Trevor Williams, chief economist. In this newly created position, Diebel will lead a team of strategists responsible for generating daily market analysis and insights as well as more detailed and in-depth views on fixed income, rates and currencies. Diebel has over 20 years’ financial markets experience initially as a currency and rates trader at Amex Bank and Barclays and later as fixed income and interest rate strategist at SG and RBS. He joins from Nomura where he was head of rates strategy. The company has
Derivatives exchange Eurex has admitted the first five exchange members based in Taiwan to its international distribution network. Concord Futures, KGI Futures, Polaris MF Global Futures, SinoPac Futures and Ta Chong Futures were connected this month. The admission of the additional members from Taiwan increases the number of Eurex’s Asian member firms to 19 across five countries. Trading volume originated by Eurex’s Asia-based members has doubled in the first half of 2010 year-on-year. “We are very pleased to welcome the first local brokers from Taiwan at Eurex, and we look forward to providing them with new trading opportunities enabling them
NYSE Liffe, the global derivatives business of NYSE Euronext, will extend the trading hours of its benchmark FTSE 100 Index Futures contract on 4 October. FTSE 100 Index Futures will open at 01:00 hours (London time), seven hours earlier than the current opening time. The closing and daily settlement times of the contracts will remain unchanged.   NYSE Liffe is acting to better serve its growing customer base in Asia. This change is also part of NYSE Liffe’s strategy to further develop its business and strengthen its presence in the region.   Jonathan Seymour, director of equity derivatives and OTC
The Global Leveraged Index Fund, a quantitative and global macro strategy fund managed by Coburn Barrett, has a 12 year track record and an annualised return of 14.04 per cent since inception in 1998. The GLI Fund ranks in the top one per cent of all funds for total returns according to Bloomberg. Over the same period, it has outperformed the S&P 500 total return index by 11 per cent, the MSCI Global USD total return by ten per cent and Warren Buffet by six per cent. Year to date, the GLI Fund is up 15 per cent; the S&P
Eaton Vance Management has launched the Eaton Vance Global Macro Absolute Return Advantage Fund, a mutual fund managed for total return.    Designed to complement traditional asset classes, the fund employs a flexible strategy that provides wide-ranging exposure to global investment opportunities, including many typically unrepresented in conventional investor portfolios.  As an absolute return fund, the fund benchmarks performance primarily against short-term cash instruments and expects to provide returns over the long term that are substantially independent of movements in the stock and bond markets. In making investment decisions on behalf of the fund, Eaton Vance uses macroeconomic and political
Carlisle, the Luxembourg-based alternative fund manager, has been included within two Hedge Fund Research indices. The Long Term Growth Fund, a life settlement investment fund, is now part of the Hedge Fund Research Total Funds Index and Fixed Income Asset Backed Index. The fund, managed by Carlisle Management, focuses on investing within the secondary life insurance market. "As the investment community continues to seek low correlation to other asset classes and low volatility, we are confident life settlements will be part of the equation," says Jose Garcia, Carlisle’s chief executive. The fund’s strategy is to purchase carefully selected life insurance
EuroCCP has partnered with Swift’s central trade matching platform to provide prime and executing brokers central counterparty clearing services for their over-the-counter pan-European equity trades.  The collaboration is one of the first to offer European prime and executing brokers the benefit of a CCP protection for their OTC equity trades.  EuroCCP will fulfill the obligations to settle the trade even if one party to a transaction defaults.  The brokers’ operational processing and settlement flow will be streamlined through netting multiple trades in the same security into single settlement obligations. Diana Chan, chief executive of EuroCCP, says: “EuroCCP is focused on
The US Commodity Futures Trading Commission has filed and settled charges against Daniel J. Bealko, General Motors’ former global commodity manager for lightweight metals, for knowingly engaging in unauthorised futures and options trading as part of his criminal scheme to defraud the company.  Bealko, formerly of Clarkston, Michigan, is currently in the custody of the Federal Bureau of Prisons.   According to the CFTC order, between 1996 and 2003 Bealko was responsible for devising and implementing GM’s aluminium hedging strategies. Between June 2003 and 7 December 2003, Bealko used the commodity markets subject to the CFTC’s jurisdiction to defraud GM. 

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