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Hong Kong Exchanges & Clearing (HKEx), Hong Kong’s stock market, this week started selling the first futures tracking volatility in Asia reported Bloomberg
Doric Capital Corp, one of Hong Kong’s oldest hedge fund firms founded by former Man Group Plc executive Michael Nock (pictured) in 1999, has taken the tough
Barclays Corporate has appointed Richard Garritt as Director, Funds and Asset Managers, within its Non-Bank Financial Institutions (NBFI) team, based in New York.
At Barclays, Garritt will be responsible for building the bank’s corporate banking relationships with existing North American clients and developing strong links with new clients within the funds and asset managers sector.
Garritt was previously a Director and Head of Fund Manager Relations at National Australia Bank in New York where he was responsible for delivering the business strategy for the funds sector. Prior to joining NAB, Garritt spent 11 years at Scotia Capital where he originated
Altana Wealth is opening the Altana Distressed Assets Fund (ADAF) managed by founder and CIO Lee Robinson, to outside investors.
Robinson has a 14 year audited track record of managing money successfully particularly in bear markets and he has personally invested over USD20 million of his own money in ADAF.
Robinson says: “ADAF aims to protect investor capital by profiting from unloved, or distressed assets that are in forced selling situations, fundamentally undervalued or trading at low multiples of mid cycle earnings. Given that the lowest multiples are currently in Europe and the continent is entering a seismic economic
The London Metal Exchange (LME) saw encouraging volumes in LMEswaps trading since launching the contracts on 23 January 2012. A total of 2,400 lots traded, of which 2,368 were in aluminium, 30 in copper and two in nickel.
LMEswaps introduce a new kind of contract to the market, which responds to the needs of the physical industry. For the first time, LMEswap users can benefit from a regulated market with the same counterparty default risk protection offered by other LME contracts.
Tradable on LMEselect and the 24-hour telephone market, LMEswaps enable market participants to enter into a fixed
Ashmore Group’s total total net revenue roes 4 per cent in the six months to 31 December 2011 to GBP181.0 million (H1 2010/11: GBP173.7 million), according to the firm’s unaudited results for the period.
Net management fees increased 30% to £151.4 million from £116.1 million, while performance fees decreased to £23.0 million from £60.1 million.
Profit before tax was up 2% to £129.8 million (H1 2010/11: £127.6 million), with an EBITDA margin of 70% (H1 2010/11: 73%). Assets under management meanwhile, totalled US$60.4 billion at 31 December 2011, a decrease of US$5.4 billion (8%) from 30 June 2011 with net
The US Commodity Futures Trading Commission (CFTC) has filed and settled an action against Aaron Klein of Rochester, NY, finding that he acted as an undisclosed controlling person and principal of a Commodity Trading Advisor (CTA) registered with the CFTC.
The CFTC order subjects Klein to a cease and desist order and requires him to pay a USD50,000 civil monetary penalty. Klein also agreed never to seek registration or exemption from registration with the CFTC or act as a principal, agent, officer, or employee of a CFTC registrant or someone exempted from registration.
Specifically, the order finds that Klein was
The US Commodity Futures Trading Commission (CFTC) has filed and simultaneously settled charges against commodity pool operator D E Shaw & Co of New York, for exceeding speculative position limits in soybean and corn futures contracts in trading on the Chicago Mercantile Exchange.
The order requires DE Shaw to pay a USD140,000 civil monetary penalty and cease and desist from further violations of section 4a(b) of the Commodity Exchange Act and CFTC regulation 150.2.
The CFTC order finds that on 1 April, 2010, DE Shaw held a short position of 9,894 May 2010 soybean futures contracts – a position that
The Board of Directors of National Futures Association (NFA) has elected Christopher K Hehmeyer, Non-Executive Chairman at Penson GHCO, to serve a one-year term as Chairman. The Board also elected Paul J Georgy, President of Allendale, Inc, to serve as Vice Chairman.
In addition, the Board re-elected the following individuals to serve two-year terms as public directors:
Ronald H Filler, Professor of Law and Director, of the Center on Financial Services Law at New York Law School;
Douglas E Harris, Managing Director, Promontory Financial Group LLC;
Michael H Moskow, Vice Chairman and Senior Fellow on the Global Economy, The Chicago
A prominent Miami investor and philanthropist has filed a lawsuit against the adviser and the administrator of one of the world’s largest hedge funds, claiming that they ‘recklessly’ bought a large position in a Chinese timber company that has been exposed as a ‘potential fraud’.
Hugh F Culverhouse brought the lawsuit against Paulson & Co, Inc and Paulson Advisers LLC of New York, claiming that they caused the Paulson Advantage Plus fund to purchase stock in Sino-Forest Corporation.
Culverhouse’s lawyers, Harvey Gurland of Duane Morris LLP and Lawrence Kellogg of Levine Kellogg Lehman Schneider + Grossman LLP – both in
