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The Securities and Exchange Commission has charged Scottish fund management group Martin Currie for fraudulently using one of its US fund clients to rescue another client, a China-focused hedge fund struggling in the midst of the global financial crisis.
Martin Currie agreed to pay a total of nearly USD14 million to the SEC and the United Kingdom’s Financial Services Authority (FSA) to settle the charges that it steered a US publicly-traded fund called The China Fund Inc. into an investment to bolster the hedge fund. The hedge fund had acquired a significant and largely illiquid exposure to a single Chinese
The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action in the US District Court for the Eastern District of New York charging Madison Dean, Inc of Wantagh, NY, and its principals, George Athanasatos, also of Wantagh, and Laurence Dodge of Fresh Meadows, NY, with fraudulently soliciting approximately 19 persons to invest approximately USD415,000 in managed trading accounts to trade off-exchange foreign currency (forex) contracts on a leverage or margined basis. None of the defendants has ever been registered with the CFTC.
The CFTC complaint, filed on May 8, 2012, alleges that from approximately December 2008 through approximately July 2010,
The proposed strengthening of UK shareholders’ say in executive compensation arrangements would increase their influence over company policies, but considering the tools shareholders already possess to impose their will on boards are unlikely to materially shift the balance of power between shareholders and debtholders, Fitch Ratings says.
In the boom leading up to 2007 numerous companies chose to relax their financial policies to take advantage of cheap debt to boost share buybacks and engage in M&A. This contributed to the average downward rating drift of half a notch in the average corporate rating in the four years to 2007 –
Asia ex-Japan hedge funds ended April down an estimated -0.58 per cent according to figures in the Eurekahedge index, leaving them up 4.84 per cent for the year.
Following the Japanese earthquake in March 2011, major industrial sectors were plunged into turmoil. So far 2012 has seen no repeat of the surge in oil prices in the first half of 2011 when they jumped more than 50% compared to the average 2010 price.
The steep fall in US confidence levels seen in mid-2011 is unlikely to reoccur as long as jobless figures continue to fall at a sufficient pace.
Central banks meanwhile, are still actively intervening in the developed world. In a sharp contrast with 2011, the ECB has in fact stepped up intervention and helped reduce systemic
The first Asian segments of MarketPrizm’s global ultra low latency data distribution infrastructure are now live. Customers can use MarketPrizm’s ultra low latency network, PrizmNet Asia, to connect to markets in Tokyo (TSE and Chi-X Japan), Australia (ASX and Chi-X Australia) and Singapore (SGX).
MarketPrizm’s local and cross-border networks, coupled with its extensive co-location and hosting services at the Exchange or proximity facilities, enables onshore and offshore financial institutions to deploy their trading infrastructure as close to the market as possible. MarketPrizm’s ethos is to provide customers with solutions that meet the requirements for low latency, speed to market,
The Boston Company Asset Management, a Boston-based equities investment specialist for BNY Mellon Asset Management, has named Adam B Joffe director of alternatives.
Joffe is responsible for developing The Boston Company’s capabilities across the alternative investment space, including hedge funds, long/short funds, sector-specific portfolios, market-neutral strategies and other specialties. In this newly created position based in Boston, he reports to Bart Grenier, chairman, chief executive officer and chief investment officer of The Boston Company.
Joffe has also assumed the position of chief administrative officer, also newly created, overseeing operations and support service. In this role, he reports to Joseph P
The hedge fund industry added USD2.3 billion (0.1% of assets) in March, down from a USD6.8 billion inflow in February and only the fourth monthly inflow since July 2011.
Based on data from 3,034 funds, the March TrimTabs/BarclayHedge Hedge Fund Flow Report estimated that industry assets stood at USD1.8 trillion in March, up 2.2% from USD1.7 trillion in February.
In the first quarter of 2012, ended March 31, TrimTabs and BarclayHedge reported industry outflows amounted to USD3.2 billion. In the same period, the industry managed a mere 5.61% gain, while the S&P 500 surged 12%. “Hedge fund industry returns continued
Kinetic Partners has opened a new office Jersey, the firm’s first presence in the Channel Islands.
The new Channel Islands office will support global financial services organisations and local firms, with a focus on regulatory, compliance, due diligence, tax and forensic and dispute advisory services and will be headed by Malin Nilsson, Director at Kinetic Partners. Nillson has been with the Firm since 2007 and specialises in regulatory compliance, concentrating on governance, systems and controls, risk management and suitability, KYC and AML, as well as forensic investigations.
Kinetic Partners marked the opening of the new office with an event in
HSBC has appointed Melvyn Ford as Head of Prime Services, Asia. Based in Hong Kong, Ford will be responsible for the continued expansion of Prime Services operations in the region.
Prime Services was rolled out in Asia during 2011 to meet the needs of the growing number of hedge funds establishing themselves in the region. HSBC has seen significant success in signing up clients to the platform and has continued to make additions to the team to drive the momentum that has been generated.
With 17 years based in Asia, Ford brings a wealth of experience, knowledge and proven revenue
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