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BNP Paribas Securities Services (BNP Paribas) has launched the first UCITS IV-compliant, master-feeder fund solution. Designed to help asset managers reach more end investors and achieve efficiencies, the solution also introduces the concept of a cost-free feeder – a new paradigm in fund distribution. 


Commenting on the launch, Margaret Harwood-Jones, Head of client segments – asset managers & alternative investments, BNP Paribas Securities Services, says: “With UCITS IV imminent, we’re delighted to be first to market with this solution for master-feeder funds. Supporting any combination of masters and feeders, we offer an end-to-end service accessible from most of Europe.”


Uniquely,
EDHEC-Risk Institute is delighted to announce that Professor Frank J Fabozzi (pictured), academic and author and editor of over 100 reference textbooks in finance, will be joining EDHEC-Risk Institute on August 1, 2011.
Professor Fabozzi will be joining EDHEC-Risk Institute as part of its North American strategy and will be working on the development of EDHEC-Risk Institute North America with Professor Lionel Martellini, Scientific Director of EDHEC-Risk Institute, who will be in charge of North American development for the Institute from the beginning of the 2011/2012 academic year. Professor Fabozzi will also supervise dissertations of candidates to the EDHEC-Risk Institute
Irving H Picard, the Trustee for the liquidation of Bernard L Madoff Investment Securities LLC (BLMIS), has filed an amended complaint in the United States District Court for the Southern District of New York against JPMorgan Chase & Co., JPMorgan Chase Bank, N.A., J.P. Morgan Securities LLC and J.P. Morgan Securities Ltd. (collectively JPMC).
The amended complaint, based on expanded allegations, includes a jury demand and now seeks life-to-date damages. It states that the Trustee seeks to recover a minimum of USD19 billion in damages — up from USD5.4 billion in damages previously sought — in addition to approximately USD1
Record Currency Management, the specialist currency manager, has launched the Record Euro Stress Fund, which is intended to generate positive performance over periods of stress in the Eurozone. The fund has been opened with seed capital from Record plc.
The fund is believed to be the first of its type and draws on specific areas of expertise within Record, in particular currency risk management and drawdown controls. It is a response to the commercial potential in capitalising on the wide range of views in the market on the long-term viability of the Euro in its current form.
This range of views
The Dow Jones Credit Suisse Hedge Fund Index posted negative performance in May, finishing down 0.96%, with three out of ten strategies posting positive performance for the month, according to the company’s latest monthly Hedge Fund Index Commentary.
Dedicated Short Bias was the best performing sector in May. The strategy gained 2.20% as managers capitalised on negative momentum across the equity space.
Long/Short Equity funds posted negative performance of -1.68% for the month, but still outperformed long-only benchmarks on both a relative and net exposure-adjusted basis.
Managed Futures reversed from its positive performance in April when it posted a gain
Fitch Ratings believes that asset managers will have to adapt to the changes brought by the new Solvency II capital regime which comes into effect 1 January 2013. European insurers are the biggest institutional clients of European asset managers, with EUR6.7trn of assets under management. This equates to a third of European asset managers’ client base.
"Solvency II will have a major cultural impact on asset managers, as investment mandates move from beating a market index toward beating swap rates plus the illiquidity premium and greater transparency required on portfolios’ assets," says Aymeric Poizot (pictured), Senior Director in Fitch’s Fund
The Securities and Exchange Commission has approved a new rule to define “family offices” that are to be excluded from the Investment Advisers Act of 1940.
The rulemaking stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Family offices” are entities established by wealthy families to manage their wealth and provide other services to family members, such as tax and estate planning services. Historically, family offices have not been required to register with the SEC under the Advisers Act because of an exemption provided to investment advisers with fewer than 15 clients.
The Dodd-Frank Act removed that exemption
BNY Mellon Asset Servicing, the global leader in investment servicing, has been appointed by Barclays Wealth Funds Limited to provide transfer agency and fund accounting services to UK-domiciled assets valued at GBP4bn (USD6.4 million).
The new mandate builds on BNY Mellon’s existing long-standing relationship with the client, and increases total Barclays Wealth fund assets under custody and administration by BNY Mellon to 17bn pounds.
The addition of these assets to Barclays Wealth Funds Limited as the Authorised Corporate Director and Unit Trust Manager also demonstrates Barclays’ ongoing commitment to building its presence in the UK investment market.
David Dalton-Brown
This is an announcement falling under Rule 2.4 of the City Code on Takeovers and Mergers (the “Code”). It does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Code. Accordingly, there can be no certainty that any offer will be made even if the pre-conditions are satisfied.
The Board of RAB Capital plc (the “Company” or “RAB”) announces outline terms for a potential reorganisation of the Company (the “Proposals”), under which:
RAB would delist from AIM; and
RAB shareholders would be offered the opportunity to receive 10.0 pence in cash per
The CIO of Man Group’s Multi-Manager division, Luke Ellis (pictured), is to head up a new UCITS fund launched this week.
