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John Donohoe, CEO of Carne Financial Services Group, has been named as an independent director to the board of the brand new Oddo Asset Management fund, called Orsay Merger Arbitrage.
The fund, which has been domiciled in Dublin as a QIF (Qualifying Investor Fund), will follow an M&A arbitrage strategy, and will be managed by fund manager Christian Fleury, who headed the merger arbitrage team at Banque d’Orsay. It will be promoted by Oddo Asset Management and managed by a team of nine in Paris, an investment management unit that has been working together for 13 years.
The fund was
The Securities and Exchange Commission has filed fraud charges against the CEO of a purported foreign currency trading firm, alleging he scammed hundreds of investors with false promises of high, fixed-rate returns while secretly using their money to fund his start-up alternative newspaper.
First Capital Savings & Loan Ltd Chief Executive Jeffery A Lowrance, who had fled to Peru and was arrested there earlier this year, was arraigned today on criminal fraud charges in a 2010 indictment filed by the United States Attorney’s Office for the Northern District of Illinois. In addition, the Commodity Futures Trading Commission filed fraud charges
Regulation must be ‘targeted, appropriate and relevant’, says Dermot Butler, chairman of Custom House Global Fund Services Ltd and Custom House Group…
Despite numerous statements to the contrary, there are apparently many who believe that I am against regulation in our industry – this is not true. I am totally in favour of regulation that is targeted, appropriate and relevant. What I am against is regulation for regulations’ sake, badly written and ill thought through regulation and “blanket regulation”, originally targeted at one specific problem, but which is written in such a way as to take out everything and everybody
The Honorable Jed S Rakoff, United States District Judge, United States District Court for the Southern District of New York, has entered a Final Judgment as to Danielle Chiesi on July 12, 2011, in the SEC’s insider trading case, SEC v Galleon Management, LP, et al., 09-CV-8811 (SDNY) (JSR). The SEC filed its action on October 16, 2009, against Raj Rajaratnam, Galleon Management, LP, Danielle Chiesi and others, alleging a widespread insider trading scheme involving hedge funds, industry professionals, and corporate insiders.
At the time of the alleged conduct, Chiesi was a consultant and portfolio manager at New Castle Funds
The Alternative Investment Management Association (AIMA), the global hedge fund association, has created the AIMA Smaller Managers’ Group. The members of the group comprise AIMA manager member firms in Europe with USD250 million or less in assets under management.
The group is expected to meet on a regular basis to discuss issues of common concern including regulatory matters; sound practices; due diligence; interactions with service providers; and business pressures.
The founding AIMA Smaller Managers’ Group held its first meeting earlier this month and appointed Jim Kandunias, Principal of Esemplia Emerging Markets, as its Chair.
Andrew Baker (pictured),
NYSE Liffe, the global derivatives business of NYSE Euronext, has gained the first broker headquartered in the People’s Republic of China through its Hong Kong subsidiary. GF Futures (Hong Kong) Co Ltd became a trading member of NYSE Liffe on 14 July 2011.
Dr XIAO Cheng, the General Manager of GF Futures, says: “We are honoured to be the first Chinese broker to become a member of NYSE Liffe. This will give us a better understanding of the European market. Being a member of NYSE Liffe offers our customers the access to international market as well as being a
The RBC Hedge 250 Index had a net return of -1.24 per cent. This brings the year-to-date return of the Index to 0.57 per cent. These returns are estimated and will be finalised by the middle of next month. The return for May 2011 has been finalised at -0.81 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 4,080 hedge funds (excludes funds of hedge funds) with aggregate assets
Despite negative markets in June, hedge funds were able to attract new assets, with an estimated USD5.6 billion flowing into the space during the month.
Oliver Schupp, President of Credit Suisse Index Co, LLC, says: "The Dow Jones Credit Suisse Hedge Fund Index fell 1.36% in June, with eight out of ten sectors posting negative performance for the month. Managed Futures continued to experience trading losses, falling -3.07%. Conversely, the Dedicated Short Bias strategy, which includes funds aiming to capitalize on deteriorating stock prices, was the best performing sector for the month, finishing up 1.57%.
"Despite overall negative performance, the
Investors are increasingly looking to gold as a safe haven as the US Dollar, Pound Sterling and the Euro continue to devalue against stronger currencies such as those of Canada, Australia, Norway and Switzerland, says Angelos Damaskos (pictured), CEO of Sector Investment Managers and fund advisor to the Junior Gold Fund…
Sovereign debt problems in the developed world persist and continue to hamper economic growth. Quantitative easing is the easy solution but rising inflation creates a headache for central bankers.
Gold has now reached a new all-time high. Shares in gold mining companies are equities first and proxies for
Based on the declarations of acceptance booked and/or submitted so far by custodian banks for the offer from Alpha Beta Netherlands Holding NV to shareholders of Deutsche Börse AG in connection with the planned combination of Deutsche Börse with NYSE Euronext the minimum acceptance threshold of 75 per cent has been exceeded (completion conditions pursuant to section 14.1 (a) of the offer document published on 4 May 2011). The preliminary acceptance rate currently stands at above 80 per cent.
The preliminary acceptance rate can either rise further or fall depending on instructions that were submitted on time but have not
