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The Securities and Exchange Commission has announced that on 25 April, 2011, The Honorable Richard J Sullivan of the United States District Court for the Southern District of New York, entered a judgment against Thomas C Hardin in SEC v Lanexa Management LLC and Thomas C Hardin, 10-CV-8599, an insider trading case the SEC filed on November 12, 2010.
The SEC charged Hardin, who was a managing director at the New York-based hedge fund investment advisor Lanexa Management LLC during the relevant time period, with using inside information to trade ahead of the September 28, 2007 announced acquisition of
FATCA could fundamentally change the way funds are distributed, according to Charles Muller (pictured), Deputy Director General of ALFI, the Association of Luxembourg Funds Industry. “Implementation will be a long and costly process and it will be the European investor who pays the price as US investors are very rarely invested in European funds," he says.
The Foreign Account Tax Compliance Act, or FATCA, was enacted in March 2010 by the US government to combat tax evasion by US taxpayers.
FATCA is due to be implemented on 1 January 2013. It affects funds invested in the US market including,
ConvergEx Group, a leading technology company, has launched Eze Data Management, a highly extensible, multi-asset class data repository that provides the tools for data enrichment, maintenance of "golden copy" reference data, as well as aggregation, tracking and reporting on performance and risk data.
The new product seamlessly integrates with ConvergEx’s award-winning Eze OMS and other systems including industry-leading accounting and risk platforms to provide streamlined workflows for data management, reporting and analysis.
The new product includes two core modules: Eze Reference Data Manager and Eze Performance Manager. Eze Reference Data Manager provides firms with a central location for managing their
A new option on the Dow Jones UBS Commodity Index is to be admitted for trading on the Eurex Exchange on 27 June 2011. The new option will complement the future on the Dow Jones UBS Composite Index already listed as well as the nine other futures on the entire range of the Dow Jones UBS family subindices.
“In launching the option, we are taking the next logical step and reacting to the increased interest of our clients in exchange-traded index products in this asset class. Trading in the index future should benefit considerably from the availability of an option,”
BNY Mellon has created a new company to clear futures and derivatives trades on behalf of institutional clients in Europe, Middle East and Africa. Headquartered in Dublin, the business, BNY Mellon Clearing International Limited (BNYMCIL) is the first MiFID authorised futures and derivatives clearing entity in Ireland and is regulated by the Central Bank of Ireland.
It plans to become a clearing member on major exchanges and central clearinghouses globally to support the trading activities of BNY Mellon clients and intends to lead to the creation of 50 new jobs in Ireland over the next two years.
BNY Mellon Clearing International
FRM Capital Advisors (FCA), the hedge fund seeding division of Financial Risk Management (FRM), and Eagle River Asset Management LLC (Eagle River) have formed a strategic relationship under which FCA has made a significant investment in Eagle River’s fund. The investment will bring total assets under management at Eagle River to over USD100 million.
Eagle River is a New York based hedge fund manager headed by Michael Pascutti. Michael was a founding partner at Sandelman Partners, where he and the Eagle River portfolio team ran a relative value portfolio. Prior to that, Michael spent five years with Citadel Investment Group, where he served
In recent years, there have been an increasing number of pensions and other institutional investors who have expressed interest or started investing in women and minority owned investment companies. Indeed, such investing is now mandated for public pension plans by several states, including Ohio, California and Illinois. However, the debate over these practices remains fierce, while the number of women and minority owned funds continues to be relatively small, even as demand increases.
Barclays Capital has published a paper – Hedge Fund Pulse – Affirmative Investing: Women and Minority Owned Hedge Funds, which attempts to answer some of the practical,
The Securities and Exchange Commission announced today that on June 6, 2011, the Honorable Dale A. Kimball of the United States District Court for the District of Utah granted the SEC’s motion for summary judgment and entered final judgment against defendants Brian J Smart of Lehi, Utah, and his company Smart Assets, LLC.
The Court found that Smart and his company violated the antifraud provisions of the federal securities laws, and ordered defendants to pay USD4.7 million in disgorgement and civil penalties.
The SEC filed this action against the defendants on March 11, 2009, alleging that Smart and his
Managed futures lost 2.06% in May according to the Barclay CTA Index compiled by BarclayHedge. Year-to-date, the Barclay CTA Index is up 0.19%.
“An increase in margin requirements aimed at curbing speculation in silver futures was the first of several shoes to drop in May,” says Sol Waksman, founder and president of BarclayHedge. “The debt crisis in Greece, tightening in China, and fears of a slowing US recovery were all cited as factors for the price reversals in commodities, currencies, and stock indices during the month.”
Seven of Barclay’s eight CTA indices lost ground in May. The Barclay Diversified
HazelTree Fund Services, Inc., a New York-based provider of Treasury management services for alternative investment managers, has announced the election of Ron Suber (pictured) to its board of directors, effective immediately.
As Senior Partner and Head of Global Sales and Marketing for Merlin Securities, Suber will provide HazelTree with the benefit of his more than 20 years of experience in sales, marketing, strategy and business development across the hedge fund, broker dealer and registered investment adviser industries.
"Ron is a true leader within the hedge fund community and our Board is thrilled to have him," says HazelTree CEO Stephen Casner.
