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Citi Capital Advisors (CCA), a global alternative asset management platform with USD16.2 billion in assets under management as of June 30, 2011, has acquired management responsibilities for four collateralised loan obligations (CLOs) from DiMaio Ahmad Capital LLC (DA Capital), expanding the assets of U.S. CLOs and loans managed by Citi Capital Advisors to USD2.8 billion.
"The acquisition of DA Capital’s CLO business is of strategic value to Citi Capital Advisors as we further leverage our expertise and infrastructure in fixed income credit," says Jim O’Brien, Co-Chief Executive Officer of Citi Capital Advisors.
The acquisition includes the management of four CLOs:
Hedge funds generated positive performance in July, gaining 0.69% for the month, according to the latest confirmed figures for the Dow Jones Credit Suisse Hedge Fund Index.
Oliver Schupp (pictured), President of Credit Suisse Index Co, LLC, says: "The Dow Jones Credit Suisse Hedge Fund Index gained 0.69% in July, with six out of ten sectors posting positive performance for the month. Managed Futures was the best performing sector last month, posting positive performance of 4.03% as manager positions in short-term rates, bonds, and short USD proved profitable during the month.
"In addition to its overall positive performance, the industry
Dexion Capital plc, the boutique investment bank, has brought its joint-venture corporate finance business, Katalyst Partners LLP, fully in-house.
The addition of a corporate finance department completes Dexion Capital’s transition to a boutique investment bank focusing on the distribution of alternative funds and the provision of advisory services to the asset management industry.
The corporate finance team, led by Ravi Anand, previously a Managing Partner at Katalyst Partners LLP, will continue to undertake merger and acquisition activities in the asset management industry, as well as advising on fund transactions. Ravi also joins Dexion Capital plc’s board.
Founded in
The FSA’s significant fine and banning for life of hedge fund manager Michiel Visser highlights the age old need for independence between key functions at firms of all sizes, says Peter Moore (picture), head of regulations at The IMS Group… 


The news that the FSA has struck off and fined Michiel Weiger Visser, CEO of failed Mercurius Capital Management, highlights how potential investors should consider the quality of all the components of an asset management firm and not simply the experience and track record of the front office (investment) staff. Potential investors should seek assurance (and supporting evidence) of the independence of
The Upper Tribunal (Tax and Chancery Chamber) has directed the Financial Services Authority (FSA) to fine Michiel Weiger Visser GBP2 million and Oluwole Modupe Fagbulu GBP100,000 and ban them both from performing any role in regulated financial services for breaching Principle 1 of the FSA’s Statements of Principle for Approved Persons and for engaging in market abuse.
The Tribunal determined that Fagbulu’s behaviour merited a fine of GBP350,000 but reduced the amount payable because this level of fine would cause serious financial hardship. Visser has applied to have the Tribunal’s decision set aside.
Visser was the CEO and Fagbulu CFO
The implementation of OTC derivatives market reform will cause data levels to surge by as much as 400% above current levels, says TABB Group in new research published this week. Electronic trading, clearing, reporting, risk management and other Dodd-Frank Act and European Market Infrastructure Regulation (EMIR) reform-mandated processes will produce and consume massive amounts of data never seen before by the swaps market.
Readying technology platforms to meet these reforms will not be an exercise in compliance but one of survival, says Kevin McPartland (pictured), a principal at TABB, director of the firm’s new fixed-income practice and author of “Technology
Union Bancaire Privée, UBP SA and ABN AMRO Bank NV have entered into an agreement whereby UBP will acquire ABN AMRO Bank (Switzerland) AG. The cash transaction, which is subject to the usual completion conditions and the approval of the relevant regulatory bodies, is expected to be finalised during the fourth quarter of 2011.
ABN AMRO Bank (Switzerland) AG is a pure Swiss private bank which held EUR11 billion in client assets under management as at the end of the first quarter of 2011. It employs over 350 staff and has operations in Zurich, Geneva, Lugano, and Basle. With this
Last week was a real rollercoaster for the fund management community. Following comments made by President of the European Commission, José Manuel Barroso, in which he said that falling confidence in the bonds of Italy and Spain reflected that the eurozone was no longer “just in the euro-area periphery”, European stock markets collapsed: the FTSE 100 Index closed at 5007 on 10 August having fallen 13 per cent since 1 August, wiping GBP200billion from the balance sheets of Britain’s leading companies.
Factor in continuing fears over the US economic recovery (despite labour figures coming in stronger than expected), and the
The RBC Hedge 250 Index had a net return of 0.29 per cent for July 2011. This brings the year-to-date return of the Index to 0.93 per cent.
These returns are estimated and will be finalised by the middle of next month. The return for June 2011 has been finalised at -1.16 per cent.
The RBC Hedge 250 Index is a non-investable benchmark of the performance of the hedge fund industry. The Index operates in accordance with a unique construction methodology. The Universe on which the Index is based currently consists of 4,138 hedge funds (excludes funds of hedge funds)
JP Morgan’s global custody business, which operates in more than 100 markets, has improved over 2,100 traduce instruction deadlines for global custody clients in more than 80 markets, providing market-leading cut-off times in the majority of those markets.
As a result of ongoing significant investment in its technology and operational centres, JP Morgan clients now have greater flexibility in instructing trades. Bringing trade instruction deadlines closer to market deadlines allows more time for pre-matching and identification of potential settlement issues.
The vast majority of enhancements are to instructions transmitted electronically as clients’ electronic trade instructions can move freely between
