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GlobeOp Financial Services’ assets under administration (AuA) increased to a record total of USD167 billion as at 31 March 2011, a 12% increase from USD149 billion at 31 December 2010 and a 46% increase in the past 12 months, according to the company’s interim management statement covering the period since 31 March 2011.
During the first quarter, existing clients added new funds with USD11 billion of AuA and new clients brought another USD1 billion of assets to GlobeOp. In addition, client subscriptions totalled USD11 billion for the quarter versus redemptions of USD10 billion. Fund performance added USD4 billion to
Natixis Alternative Investments France has launched a new fund on its dedicated managed fund platform – the SIXTINA Harbert Event Opportunities Fund.
This compartment of the Natixis Absolute Global SICAV is a Luxembourg-domiciled, UCITS III-compliant fund. The launch expands the fund offerings developed on the SIXTINA platform for investors seeking exposure to absolute return strategies through onshore regulated vehicles. As fund manager, NAI France will be responsible for daily risk management of the fund and for overall reporting to investors.
The SIXTINA Harbert Event Opportunities Fund offers investors access to a risk-managed portfolio of merger and corporate event transactions
Alternative Asset Analysis (AAA), an alternative investment advocacy organisation, reports that global demand for timber has increased, resulting in higher prices across Europe, Japan, China and the United States.
AAA collated industry lumber data from a number of sources and cross-referenced it against reports from the North American Wood Fiber Review and from Wood Resource Quarterly.
Log buyers in Japan, South Korea and China are driving up demand for timber from the US and, as a result, prices have risen significantly, according to the new North American Wood Fiber Review.
Worldwide demand for softwood lumber rose 18 per cent in
Deutsche Bank’s Autobahn Equity business is to provide average volumes and trade sizes of SuperX, its US Alternative Trading System, to independent research firms Rosenblatt Securities, Inc and TABB Group, on a monthly basis. The SuperX data will be made available through TABB Group’s LiquidityMatrix and Rosenblatt’s monthly liquidity reports.
SuperX may be accessed through SuperX Plus, Deutsche Bank’s dark pool aggregator algorithm which enables buyers and sellers of large orders to manage their access to dark liquidity with real-time analytics.
The Securities and Exchange Commission has obtained an emergency court order to shut down a Beverly Hills, California hedge fund and wealth management business targeting retirees, university professors, and members of the Christian community.
The SEC alleges that IU Group Inc, its principal Elijah Bang, and its salesperson Daniel Lee targeted retirees and claimed on websites to have been founded by “devoted Christians who believe in God, Jesus Christ, and the Holy Spirit.” Lee allegedly also sent “cold call” e-mail solicitations to university professors.
It appears that IU Group was unsuccessful in obtaining any hedge fund investors or wealth management
The US Commodity Futures Trading Commission (CFTC) on April 15, 2011, obtained a federal court order imposing more than USD12 million in restitution and civil monetary penalties on defendants Brian Kim and his company, Liquid Capital Management, LLC (LCM), for fraud in connection with the operation of a commodity pool.
The default judgment order requires Kim and LCM jointly and severally to pay restitution of USD3,129,161 to defrauded customers and Kim’s Condominium Association and a USD9,387,483 civil monetary penalty. The order also permanently prohibits them from engaging in any commodity-related activity and from registering with the CFTC.
The order, entered
The US Commodity Futures Trading Commission (CFTC), based on an order entered on March 21, 2011, by the US District Court for Southern District of New York (SDNY), the court-appointed Receiver, Robb Evans & Associates, LLC, has begun an initial distribution of approximately USD792 million to investors in a commodity pool operated by CFTC defendants Paul Greenwood and Stephen Walsh, who, among other defendants, were charged by the CFTC in 2009 with operating a USD1.3 billion investment Ponzi scam. This constitutes a distribution of nearly 85 per cent of approved claims to investors.
The CFTC complaint, filed on February 25,
NYSE Euronext’s Board of Directors, consistent with its fiduciary duties and advised by its financial and legal advisors, has unanimously reaffirmed its combination agreement with Deutsche Boerse AG (XETRA:DB1) and reaffirmed its rejection of the proposal from Nasdaq OMX Group, Inc. (Nasdaq: NDAQ) and IntercontinentalExchange, Inc. (NYSE: ICE).
Speaking on behalf of the Board, NYSE Euronext Chairman Jan-Michiel Hessels (pictured) says: “Our Board has reviewed the information recently provided by Nasdaq/ICE in connection with their proposal and concluded that this proposal is substantially the same as what was previously rejected. Consequently, our view has not changed. This proposal does
Single-manager hedge funds recovered in 2010 with assets under management (AUM) increasing 11% over 2009 to USD1.6 trillion and 1,184 new funds launching representing a 51% increase over the prior year, according to PerTrac’s latest hedge fund study.
Sizing The 2010 Hedge Fund Universe, also found that total AUM for single-manager hedge funds and fund of funds was USD2.1 trillion in 2010.
The 3,196 fund of funds in the study – approximately the same number as in 2008 – had USD518 billion under management in 2010. This represents a 10.5% decrease from 2009 and a steep 31% decline from
Credit rating agency S&P has downgraded the outlook for US long term debt from stable to negative. They said there was a 1 in 3 chance that this would lead to downgrade of US debt from its current AAA-rating within 2 years. S&P’s Nikola Swann says: "More than two years after the beginning of the recent crisis US policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures."
There is currently an intense debate in Washington over what steps should be taken to reduce the deficit and over what timescale. As well as
