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After a first investment in the credit strategy offered by Eiffel Investment Group in last May, Emergence has made its second seeding partnership with Bernheim, Dreyfus & Co.
Emergence invested approximately USD40 million in the fund Diva Synergy Ucits, bringing its assets to over USD50 million, a critical size requested by many European institutional investors. The Emergence investment not only recognises the managers’ quality but will also contribute to the acceleration of its development.
Launched in mid-2011, the Diva Synergy UCITS Fund pursues an absolute return strategy focusing on equity M&A situations in Europe and North America and offers daily
The European Securities and Markets Authority (ESMA) has launched a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which is aimed at improving the functioning of OTC derivatives markets in the European Union (EU).
EMIR aims to achieve this by reducing risks via the use of central clearing and risk mitigation techniques, increasing transparency via trade repositories (TR) and ensuring sound and resilient central counterparties (CCPs).
The implementation of EMIR is a key element in the EU’s programme to meet the G20 commitments of strengthening the global financial regulatory system
Apex Fund Services has opened its second US office in Miami, Florida. Apex has grown by 185% since 2009.
Apex’s US operations are currently managed from its office in New Jersey which is run by Managing Director Vince Sarullo. He will also have overall responsibility for the growth of the Miami office and will be joined by Thalius Hecksher, Global Head of Business Development, who will spearhead Apex’s Latin American and US marketing activity.
The US offers extensive growth opportunities for Apex with approximately 75% of the world’s alternative funds – equivalent to over 4,500 funds.
The Miami
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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