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Deutsche Bank’s Trust & Securities Services (TSS) unit has received Qualified Matching Service (QMS) designation from the Internal Revenue Service (IRS) for its dbRemarket platform.
The IRS recently confirmed in a private letter ruling that dbRemarket meets the requirements for a qualified matching service (QMS) under US Treasury regulation § 1.7704-1(g).
dbRemarket, which provides investors in private equity and hedge funds with a transparent way of effecting the purchase or sale of partnership interests in the secondary market, was launched in June 2011. Partnership interests that transfer via dbRemarket will qualify for the QMS safe harbour, which increases the percentage
Global markets continued downward in May, posting deeper declines than they did in April, according to Howard Silverblatt of S&P Indices…
The main concern was Greece, where preliminary elections left no single party able to form a coalition government. Those holding the most power called for a change in agreed-upon austerity programs. It will be necessary for Greece and the EU to get back to the table and renegotiate the terms. However, in order to do that, Greece needs a central government, which may be formed after the next election on 17 June. Until then, there is great uncertainty about the
The US Commodity Futures Trading Commission (CFTC) has issued an order filing and settling charges that, over an 18-month period, Morgan Stanley & Co LLC (Morgan Stanley), a registered futures commission merchant (FCM), unlawfully executed, processed, and reported numerous off-exchange futures trades to the Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) as exchanges for related positions (EFRPs).
The CFTC order requires Morgan Stanley to pay a USD5 million civil monetary penalty and to cease and desist from further violations of the Commodity Exchange Act (CEA) and CFTC regulations, as charged.
According to the CFTC order, because the
The newly-launched AlphaClone Alternative Alpha ETF ALFA has become the first exchange-traded fund (ETF) to invest in disclosed equity positions held by established hedge fund managers.
The new ETF seeks to capture alpha from these managers’ long positions while protecting against protracted market downturns through a dynamic hedge mechanism.
The ETF structure enables ALFA to provide investors access to the alpha-generating potential of established hedge fund managers within a transparent vehicle that is available for trade daily on the NYSE.
ALFA, derived from the innovative research and hedge fund replication methodology developed by AlphaClone, LLC, and its founder Mazin Jadallah,
Boston, 26-27 June 2012 – An intensive two-day seminar providing participants with both the technical and conceptual tools to better understand the limits and benefits of traditional and alternative equity benchmarks, and discussing advanced methods for risk management and performance attribution for equity portfolios.
Drawing on the expertise developed at the EDHEC-Risk Institute, the first part of the seminar will equip participants with both the technical and conceptual tools that will allow them to better understand the limits and benefits of traditional and alternative equity benchmarks. The second part of the seminar will discuss advanced methods for risk management and
The Securities and Exchange Commission (SEC) has charged two individuals who provided the biggest influx of investor funds into one of the largest-ever Ponzi schemes in South Florida.
The SEC alleges that George Levin and Frank Preve, who live in the Fort Lauderdale area, raised more than USD157 million from 173 investors in less than two years by issuing promissory notes from Levin’s company and interests in a private investment fund they operated. They used investor funds to purchase discounted legal settlements from former Florida attorney Scott Rothstein through his prominent law firm Rothstein Rosenfeldt and Adler PA. However, the
Robert B Kaplan, Co-Chief of the Asset Management Unit of the US Securities and Exchange Commission’s Division of Enforcement, is to join Debevoise & Plimpton as a litigation partner resident in the firm’s Washington, DC office.
In his role at the Asset Management Unit, Kaplan co-led a team of 75 lawyers and industry experts focused on investigations related to potential violations of securities laws by advisers to hedge funds, private equity funds, mutual funds and separately managed accounts. He partnered with senior leadership in other divisions of the SEC to establish law enforcement priorities in the asset management industry and
The Securities and Exchange Commission has amended its complaint against New York investment adviser, Brian Raymond Callahan, and Callahan’s investment advisory firms, Horizon Global Advisors Ltd, and Horizon Global Advisors, LLC, in the SEC’s emergency action filed on 5 March, 2012 that halted an ongoing USD90 million Ponzi scheme.
The SEC’s amended complaint additionally charges Callahan’s five offshore funds with fraud and Callahan’s brother-in-law, Adam Judd Manson (Manson) and two of Manson’s entities, with aiding and abetting Callahan’s scheme. The amended complaint also names Callahan’s wife, Sheri Manson Callahan, as a relief defendant. Callahan’s five offshore funds have agreed to
The Australian Securities and Investments Commission has provided an update on the work relating to the collapse of Trio Capital.
ASIC has taken enforcement action on Trio against a range of gatekeepers. This includes directors of Trio, its investment manager, various financial planners who recommended Trio and Trio’s auditor.
As a result of ASIC’s continuing Trio investigations more than 10 individuals have either:
• been jailed. Trio investment manager Shawn Richard has been jailed for 3 years and nine months with a minimum of 2½ years to serve,
• been banned by ASIC from providing financial services,
• been prevented from
Imagine Software, a provider of cloud-based portfolio and risk management solutions, has addressed the impending regulatory requirements of the Securities and Futures Commission in Hong Kong.
Leveraging its hosted offering to keep pace with new market developments, Imagine now helps clients quickly and easily satisfy the SFC’s weekly net short position disclosure rules.
Reinforcing Imagine’s overarching goal of streamlining clients’ operational processes, this solution automatically compiles the positional data mandated by the SFC and produces a document that can be submitted directly to the regulatory authority in the required file format. With this capability, Imagine again demonstrates its commitment to
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