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The Securities and Exchange Commission has charged Goldman, Sachs & Co over a lack of adequate policies and procedures to address the risk that during weekly “huddles,” the firm’s analysts could share material, nonpublic information about upcoming research changes.
Huddles were a practice where Goldman’s stock research analysts met to provide their best trading ideas to firm traders and later passed them on to a select group of top clients.
Goldman has agreed to settle the charges and will pay a USD22 million penalty.
Goldman also agreed to be censured, to be subject to a cease-and-desist order, and to review
Man Group plc (‘Man’), the global alternative investment manager has appointed Ravi Chari as co-Head of Foreign Exchange at AHL, its systematic managed futures manager.
Chari has a 12-year career in systematic trading at hedge funds. He joins Man from IKOS Asset Management, where he headed the group’s Futures and FX funds. Prior to joining IKOS in January 2010, Chari was a Portfolio Manager at Millennium Partners, running FX strategies. He spent five years with DKR Capital before joining Millennium and prior to that he was at Caxton Associates for two years.
Tim Wong (pictured), Chief Executive of AHL,
President Obama on 5 April, 2012 signed into law the Jumpstart Our Business Startups Act (JOBS Act), which seeks to eliminate certain restrictions on capital formation and to encourage economic growth in the United States by “improving access to the public capital markets for emerging growth companies,” a new category of issuers created by the Act.
As law firm Dechert points out, the JOBS Act also includes provisions that significantly ease the restrictions on general solicitation and general advertising for all issuers making private offerings of securities in accordance with Rule 506 of Regulation D and Rule 144A under the
Adam Wallace, who headed up Asia Pacific hedge fund services at JP Morgan i
Shorting US-listed Chinese stocks was a popular theme among global hedge funds last year thanks to questionable accounting practices.
Former Millennium Management LLC traders plan to start two Japan-focused hedge funds in May to tap into the country’s recovering equity markets reported Bloomberg this week.
After a promising start to the year Asia ex-Japan hedge funds lost some of their momentum last month, losing 3.10 per cent to leave up 6.28 per cent for the year according to the HFRI Emer
The United States District Court for the Central District of California has entered a Final Judgment against David E Howard II, Flatiron Capital Partners, LLC (FCP), and Flatiron Systems, LLC (FS).
Between December 2007 and March 2009, FCP and FS operated as investment companies that purported to trade securities using an automated trading system. Howard, a resident of New York City, was a co-managing member of FCP and the sole managing member of FS. The Commission’s complaint alleged, among other things, that, between December 2007 and January 2009, approximately 192 investors, located in at least 38 states, purchased LLC membership
Para Advisors, an event-driven hedge fund manager with approximately USD200 million of assets under management, has expanded its relationship with Maples Fund Services to include administration for the firm’s onshore funds.
Maples Fund Services has served as administrator for Para’s offshore fund since early 2010.
Para had previously handled administration for its US onshore funds internally. Maples Fund Services was awarded the onshore business to help Para stay ahead of growing industry needs for more independence and transparency.
“The expansion is a testament to our value of independence, client excellence, customised approach, and our ability to service both onshore and
The Honourable Harold Baer, Jr, United States District Judge, United States District Court for the Southern District of New York, entered a Final Judgment on Consent as to Diamondback Capital Management LLC on 6 April, 2012, in the SEC’s insider trading case, SEC v. Spyridon Adondakis et al., Civil Action 12-CV-0409 (SDNY) (HB).
The SEC filed its complaint on 18 January, 2012, charging two multi-billion dollar hedge fund advisory firms – including Diamondback – as well as seven fund managers and analysts involved in a USD78 million insider trading scheme based on nonpublic information about Dell’s quarterly earnings and other similar inside
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