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The Securities and Exchange Commission has obtained an emergency court order to freeze the assets of a Texas resident and his company charged with falsely telling investors he was using their money to buy and restructure pools of non-performing home mortgages in the wake of the housing market’s decline.
The SEC alleges that James G “Jay” Temme and Stewardship Fund LP raised at least USD35 million since 2008 from various investor groups. To lure those investors, Temme developed relationships with people and entities who “vouched” for Temme, including an investment adviser representative with a major investment bank’s private wealth management
Butler will be advising staff on all legal matters from questions concerning the structure of Cayman entities such as exempted limited partnerships and purpose trusts to compiling and maintaining precedents to be used in regular company management to advising IMS on its own contracts such as leases, management agreements, insurance policies.
Paul Harris, Chairman of International Management Services Ltd, says: "As laws and regulations get more complex we find we need to seek legal advice on what used to be quite routine matters. If third party legal advice is required Gary will be acting as an intermediary between IMS and the
Alessia Toricelli Dolfi has joined the Business Development team of SYZ & Co’s institutional management division, SYZ Asset Management.
Toricelli Dolfi will advise in particular French-speaking and Ticino-based institutional investors. SYZ Asset Management comprises all the Group’s institutional management activities, both conventional and alternative.
Toricelli Dolfi joins the team of Marc T Clapasson, Head of Business Development at SYZ Asset Management.
Prior to joining the SYZ & CO Group, Toricelli Dolfi was in charge of the institutional clientele of Dexia Asset Management in French-speaking Switzerland and Ticino. She began her career as a financial analyst before becoming a fund manager
Five major financial institutions have taken a minority stake in Chi-X Global Holdings LLC, the holding company for Chi-X market operators Chi-X Canada, Chi-X Japan and Chi-X Australia, which will launch on 31 October, 2011.
It also jointly operates Chi-East, an independent, non-displayed liquidity pool in Singapore, through a joint venture with a subsidiary of the Singapore Exchange, and has developed the Chi-FX product in a venture with BM&FBOVESPA that is scheduled for commercial launch in Brazil early next year.
The new investors include: BofA Merrill Lynch; GETCO, LLC; Goldman Sachs; Morgan Stanley; and Quantlab Group, LP. Instinet Incorporated, a
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There has been a lot of comment in the media about the responsibilities and duties of hedge and alternative investment fund directors. Although the topic had been quite a high profile for several years, the Weavering judgement in the Caymans has focussed the minds of not only the Directors themselves, but also their attorneys and, of course, investors in the funds (predominantly institutional) who have been at the forefront of this movement, says Dermot Butler (pictured), chairman of Custom House Global Fund Services…
One of the points that has been discussed in this regard, has been the
Aon Hewitt, the investment consultants, and two leading investment firms, Aberdeen Asset Management and Investcorp, have joined the Core Supporters group of the Hedge Fund Standards Board (HFSB).
The Core Supporters group, which includes investors, investment consultants and hedge fund managers, is made up of leading backers of the HFSB.
Dame Amelia Fawcett, Chairman of the HFSB, says: “We are very pleased to welcome Aberdeen, Investcorp and Aon Hewitt. The growing commitment to the HFSB from the investor community is particularly valuable as we embark on our international drive to build support for the Standards in the US and
Fusion Asset Management has launched the Fusion FX Liquidity Hedge service for corporate clients. Fusion has been implementing this service for financial institutions since 2009 and is expanding into the corporate space due to demand from leading European corporations.
Kirill Ilinski, Fusion Managing Partner, says: “Several months ago I was approached by one of Europe’s largest exporting companies to discuss overlay solutions for their FX hedges. They were not being offered what they needed by their banks and they asked us to develop a bespoke solution for them. Since then we have received further demand, and brought on new salespeople
The Dow Jones Credit Suisse Hedge Fund Index fell for a second straight month, finishing down 3.20% in September versus a monthly loss of 9.88% for the Dow Jones Global Index.
Oliver Schupp, President of Credit Suisse Index Co, LLC, says: "The Dow Jones Credit Suisse Hedge Fund Index fell 3.20% in September, marking its largest one month decline in more than a year. Yet for many investors, the hedge fund industry continues to remain attractive on a relative basis compared to other asset classes. For example, equities, as reflected by the Dow Jones Global Index, lost 9.88% last month.
MF Global Holdings Ltd has acquired Strategy Runner Trading Ltd, a multi-asset front-end trading system and algorithmic trading solutions provider that enables professional traders and retail investors the ability to access, automate, distribute and implement trading strategies. The firm paid USD3.75 million for the acquisition.
This acquisition advances MF Global’s strategy to build a comprehensive multi-asset, multi-currency, electronic trading platform to meet demand among retail investors and professional traders for efficient, cost-effective global market access from a single point of entry. Strategy Runner’s platform currently offers trading in futures, foreign exchange and contracts for difference (CFD) markets around the world.
Monique Melis, a Member at financial advisory firm Kinetic Partners, on the sentencing of Raj Rajaratnam to 11 years in prison for insider trading…
Judge Richard Holwell’s agreement with the recommendation that sentencing should be 20-24 years shows that insider dealing will attract the same custodial sentencing as accounting fraud and Ponzi schemes. This latest ruling sends a clear message to executives in the financial services industry that they need to take market abuse and internal controls seriously. It should be noted that the sentence was only lowered due to ill health and no allowance was given to wait outside
