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The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action charging Oscar Hernandez of Miami, Fla., and his Miami-based companies, Midway Trading Company, LLC and Conquest Investment Group, Inc., with operating a USD3 million commodity pool Ponzi scheme and misappropriating participants’ funds. None of the defendants has ever been registered with the CFTC.
The CFTC’s complaint, filed on 30 September, 2011, in the US District Court for the Southern District of Florida, charges the defendants with soliciting more than USD3 million from individuals to participate in the fraudulent scheme from approximately 2006 through 2009. Defendants allegedly placed
Standard & Poor’s Ratings Services said today that the ratings and outlook on UK-based hedge fund manager Man Group PLC were unaffected by the 8.5% decline in assets under management (AUM) during the quarter ended 30 September, 2011.
Man’s preclose trading update, released on 28 September, 2011, indicated a decline in AUM from USD71 billion at June 30, 2011 to USD65 billion. This was due to weak investment performance, net outflows, and the impact of foreign exchange movements on reported AUM.
According to a statement released by S&P: "The quarterly decline in AUM is a result of market volatility and
The once-in-a-generation uncertainty about sovereign debt has risen further as cyclical worries have resurfaced, says Stefan Keller, head of MAP research at Lyxor Asset Management….
During the summer months sovereign stress has spilled over to the banking system, pushing up credit and market risks. Both the dramatic debate about the US debt ceiling and the deterioration of public finances in European peripheral markets have shaken investor confidence. Clearly, higher sovereign risk premiums have disrupted bank funding markets.
For the first time since October 2008, risks to financial stability have increased, signalling a potential reversal in progress made over the past three
Hedge funds will spend approximately USD2.09 billion on information technology (IT) in 2011, representing an average of approximately nine basis points of assets under management, according to the Prime Finance 2011 IT Survey released today by Citi (NYSE:C) Prime Finance.
The report, “Managing Your Hedge Fund IT Spend to Achieve Differentiation”, which surveyed over 75 hedge funds in the US and Europe and 15 vendors , documents for the first time both the industry’s aggregate expenditure on information technology and the average expenditure per hedge fund.
“The Prime Finance 2011 IT Survey demonstrates the powerful impact of technological innovation on
GAM this week announced the launch of a UCITS equity fund that will seek to tap into the economic potential of Asia’s ASEAN markets: namely Singapore, Malaysia
Lloyd George Management, a boutique London-based investment firm established by the eponymous Robert Lloyd
SW Mitchell Capital, the USD2billion London-based European equities specialist is planning to soft close the
Lyxor Asset Management has partnered with Old Mutual Asset Managers (UK) to launch the first single hedge fund manager on its UCITS Lyxor Dimension Platform. The Lyxor/Old Mutual Global Statistical Arbitrage Strategy Index Fund offers exposure to a pure alpha strategy managed by Old Mutual Asset Managers (UK)
Paul Simpson, Head of Systematic Investments and Senior Portfolio Manager at Old Mutual Asset Managers (UK), says: “Our strategy is a quantitative equity market neutral model exploiting short term pricing opportunities and actively trading large capitalisation equities.” This investment process has been in place since 2007 at Old Mutual and it has
The Securities and Exchange Commission has charged a Long Island-based investment adviser with defrauding investors in hedge funds investing in PIPE transactions and misappropriating more than USD1 million in client assets for his personal use.
The SEC alleges that Corey Ribotsky and his firm The NIR Group LLC repeatedly lied to investors to hide the truth that his PIPE investment and trading strategy was failing during the financial crisis. For example, Ribotsky falsely told investors that despite the adverse market conditions he could liquidate all of the PIPE investments in 36 to 48 months – a practical impossibility given the
National Futures Association (NFA) and GFI Group have entered into an agreement that paves the way for NFA to perform regulatory services for GFI’s swap execution facility (SEF).
The agreement establishes a preliminary framework for the exchange of information and the development of technology standards that will enable GFI and the NFA, to develop, test and launch automated trade practice and surveillance systems and also to develop procedures and processes necessary for GFI to fulfill its SEF self-regulatory obligations. Upon the issuance of the Commodity Futures Trading Commission’s (CFTC) final SEF rules, NFA and GFI anticipate that they will enter
