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There’s a lot resting on this week’s Eurozone summit meeting. If Merkel et al can reach some agreement and provide concrete figures on the EFSF and bank recapitalisation it’ll go a long way to reassuring the markets.
Luke Ellis (pictured), Man Group’s Head and CIO of Man Multi-Manager, speaking to journalists at a press briefing at the firm’s London office on 24 October, believed more stable market conditions would be seen over the next couple of months, noting that hedge fund managers are simply getting tired of volatility swings.
“Hedge fund managers prefer markets to act semi-rationally rather than in
The Securities and Exchange Commission has obtained an asset freeze against a Boston-area money manager and his investment advisory firm charged with misleading investors in a supposed quantitative hedge fund and diverting portions of investor money into his personal bank account.
The SEC alleges that Andrey C Hicks and Locust Offshore Management LLC made false representations to create an aura of legitimacy when soliciting individuals to invest in a purported billion dollar hedge fund that Hicks controlled called Locust Offshore Fund Ltd. Hicks raised at least USD1.7 million from several investors for the hedge fund. Among the false claims made
The US Commodity Futures Trading Commission (CFTC) has filed a civil complaint charging Michael Justin Hoopes of Rexburg, Idaho, with fraud and misappropriation in connection with a commodity futures Ponzi scheme that defrauded Idaho residents, among others.
On 25 October, 2011, the same day the complaint was filed in US District Court for the District of Idaho, Judge Edward J Lodge entered an emergency order freezing Hoopes’ assets and prohibiting the destruction of books and records. The judge set a hearing for 7 November, 2011.
Specifically, the CFTC complaint alleges that, from at least September 2007 to the present, Hoopes
The Securities and Exchange Commission (SEC) has voted unanimously to adopt a new rule requiring certain advisers to hedge funds and other private funds to report information for use by the Financial Stability Oversight Council (FSOC) in monitoring risks to the U.S. financial system.
The rule, which implements Sections 404 and 406 of the Dodd-Frank Act, requires SEC-registered investment advisers with at least $150 million in private fund assets under management to periodically file a new reporting form (Form PF).
Information reported on Form PF will remain confidential.
Private fund advisers are divided by size into two broad groups –
Ares Management has appointed Suzanne Murphy as Global Head of Marketing and Investor Relations. In this new position, Murphy will work with the marketing teams for Ares’ Capital Markets, Private Debt, and Private Equity Groups in order to continue to meet Ares’ clients’ growing investment mandates.
“We are delighted that Suzanne will be joining Ares and believe this is an opportune time to provide additional resources to the marketing efforts of each of our Groups,” says Tony Ressler, Senior Partner of Ares. “As we continue to expand our investment opportunities and broaden our geographic reach, Suzanne’s more than 20 years
The Securities and Exchange Commission has charged former McKinsey & Co global head Rajat K Gupta with insider trading for illegally tipping convicted hedge fund manager Raj Rajaratnam while serving on the boards of Goldman Sachs and Procter & Gamble (P&G).
The SEC also filed new insider trading charges against Rajaratnam after first charging him with insider trading in October 2009.
According to the SEC’s complaint filed in federal court in Manhattan, Gupta illegally tipped Rajaratnam with insider information about the quarterly earnings of both Goldman Sachs and P&G as well as an impending USD5 billion investment in Goldman by
The Securities and Exchange Commission has charged a pair of purported money managers with orchestrating an illegal “free-riding” scheme of selling stocks before they paid for them and netting USD600,000 in illicit profits.
The SEC alleges that Florida residents Scott Kupersmith and Frederick Chelly portrayed themselves to broker-dealers as money managers for hedge funds or private investors, and they opened brokerage accounts in the names of purported investment funds they created. Kupersmith and Chelly then engaged in illegal free-riding by interchangeably buying and selling the same quantity of the same stock in different accounts – frequently on the same day
The US Commodity Futures Trading Commission (CFTC) has filed a notice of intent to revoke or restrict the registration of Raleigh Capital Management, Inc. (RCM), a Chicago, Illinois-based commodity pool operator.
The CFTC’s notice alleges that RCM is subject to disqualification from registration under the Commodity Exchange Act (CEA) based upon the entry of an order for permanent injunction by the US District Court for the Northern District of Illinois on 12 May, 2011 (see CFTC Press Release 6047-11, 1 June, 2011). The court’s order stems from a CFTC anti-fraud enforcement action filed on 28 October, 2009. The CFTC complaint
MarketAxess Holdings Inc, the operator of a leading electronic trading platform for US and European high-grade corporate bonds emerging markets bonds and other types of fixed-income securities, has reported an increase in total revenues for the third quarter of 2011 of 24.5% to a record USD46.6 million, compared to USD37.4 million for the third quarter of 2010.
Pre-tax income was a record USD22.3 million, compared to USD13.5 million for the third quarter of 2010, an increase of 64.9%. Pre-tax margin was 47.9%, compared to 36.1% for the third quarter of 2010. Net income totalled USD13.4 million, or USD0.34 per share
The US Commodity Futures Trading Commission (CFTC) has filed a complaint in the US District Court for the Northern District of Texas, Dallas Division, charging Linda Faye Harris, Chance Domel Harris, CDH Forex Investments, LLC and CDH Global Holdings, LLC, all of Flower Mound, Texas, with solicitation fraud, making false statements, and misappropriation of investors’ funds in connection with the trading of off-exchange foreign currency (forex) contracts.
The CFTC’s complaint, filed on October 25, 2011, alleges that from August 2008 through July 2010, the defendants fraudulently solicited and accepted funds from the general public to trade pooled investments and managed
