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A former audit partner at accounting and consulting firm BDO USA LLP has pleaded guilty to criminal charges for lying to SEC enforcement staff during investigative testimony.
Ronald C Machen Jr, the US Attorney for the District of Columbia, filed the criminal charges against certified public accountant Bryan N Polozola, who lives in Richardson, Texas.
According to the criminal information filed in US District Court for the District of Columbia, the SEC issued subpoenas last year to BDO and Polozola, who was responsible for auditing several hedge funds managed by an investment adviser that the SEC is investigating. The criminal
Hedge funds lost 0.38% in December, according to the Barclay Hedge Fund Index compiled by BarclayHedge. The Index was down 5.37% at the end of 2011.
“Equity markets started the month with a sell-off, and then went on to rally going into Christmas,” says Sol Waksman (pictured), founder and president of BarclayHedge. “Unfortunately, markets that see-saw can be quite difficult for managers to navigate successfully.
“Dramatic volatility in global equity markets created a significant challenge for fund managers throughout 2011, evidenced by the fact that 60 percent of funds reported a loss for the year. This lead to an underperformance
Emily Benson, Director at financial advisory firm Kinetic Partners, on the Treasury Select Committee’s report on the role of the new Financial Conduct Authority…
Today’s report on the role of the new Financial Conduct Authority (FCA) indicates the intention to build something genuinely new and better, and the determination of Government to rectify the regulatory mistakes of the past, particularly those which have hurt the consumer, such as the mis-selling of payment protection insurance and endowment mortgages.
There is a clear recognition that the culture of the new FCA must evolve from current arrangements, becoming a more efficient and responsive
Direct Access Partners has launched ETF Liquid providing a centralised source of aggregated liquidity in the overnight market for Exchange Traded Funds. ETF Liquid offers enhanced pricing and greater market depth for Direct Access Partners’ institutional client base. The group acts in an agency-only capacity ensuring conflict-free, anonymous trading.
The new division provides DAP’s buy side customers enhanced trading options for international ETFs. During volatile periods ETFs that reflect international markets trade purely on the basis of US domestic supply and demand — not on the underlying NAV of the component equities. ETF Liquid permits our institutional clients including mutual
The UK Treasury has taken a step forward in its bid to maintain the country’s position as a competitive funds domicile by launching a consultation on the introduction of authorised tax-transp
AllianceBerstein, the global asset management firm with some USD406billion in assets under management, has launched a s
Natixis Asset Management has announced the launch of a new quant fund which will invest in global equities reported Citywire Global this week.
Helsinki-based Northern Star announced on its website this week the launch of two UCITS-compliant multi-asset funds.
By Mara Spencer (pictured) – The hedge fund industry is getting more bifurcated: whilst it’s true that the majority of investor capital is flowing into billion dollar hedge funds, who in turn are being administered by the big players – Citco, State Street – there’s definitely a lot of advantages to being niche, both on the fund side and the administration side.
Returns in 2011 from some of the larger hedge funds were not exceptional. Investors realise that there are plenty of compelling boutique funds out there worth investing in with the potential to outperform their larger peers. Being a
By James Williams – It seems apt that as this report assesses how the BVI has evolved as a jurisdiction over the last 10 years as the islands’ financial regulator, the Financial Services Commission, recently celebrated its 10th anniversary.
Since the Financial Services Commission Act was passed in December 2001, the Commission has worked hard to police the financial system under its motto of “Vigilance, Integrity, Accountability”. It now employs 140 people and continues to evolve. May 2010, for example, saw the introduction of the Securities & Investment Business Act, replacing the Mutual Funds Act. Although it hardly reinvented the
