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For most businesses, having a website is fundamental. Not so for hedge fund managers who have preferred to reinforce their clandestine activities by eschewing a snazzy homepage. This is beginning to change as managers embrace the new era of regulation and compliance says Chicago-based Backstop Solutions Group LLC.
Transparency and clear communications are becoming key requirements. This paradigm shift is helping firms like Backstop Solutions meet clients’ demands within the alternatives space by providing cloud-based solutions.
As the firm’s global head of sales and marketing, Geoff Surkamer (pictured), explains, what makes Backstop unique is that it offers its clients –
SKCG Group hired insurance industry veteran Wayne C Siebner (pictured) to enhance its global hedge fund and private equity fund practice. SKCG’s client roster already includes many of the industry’s largest and most recognised funds.
Siebner will serve as Senior Vice President and Manager of Executive and Professional Liability and will focus on Directors and Officers (D&O) and Errors and Omissions (E&O) Insurance. Hedge funds and asset management firms purchase this risk management tool to protect themselves from costs stemming from SEC investigations and investor lawsuits. Siebner will be joining SKCG Group at a time when lower costs and increased
Maples Fund Services is using Geneva, Advent’s global portfolio management and fund accounting solution, to provide enhanced services to its clients.
Maples is an independent global fund services provider with assets under administration of USD30 billion. The firm has expanded its services beyond traditional fund administration to offer enhanced reporting and middle-office capabilities. Maples implemented Geneva to link its global offices on a single, real-time portfolio accounting platform. As a result, through the use of Geneva® along with proprietary technology developed by Maples, the firm is able to provide the detailed, timely reporting and middle-office capabilities that investment managers require.
"Alternative fund managers
Ten of Oyster’s flagship sub-funds have been registered in the UK and are now approved for public distribution. OYSTER is the investment fund family of the Swiss banking group SYZ & CO.
This move underlines the expansion of the Group’s activities in the UK. It also reflects the growing demand from investors in the UK for actively managed portfolios with a proven track record of strong performance, innovation and risk management.
Established in London since 2001 through its asset management company SYZ Asset Management, Syz & Co is also known in the UK thanks to its institutional asset management
BNY Mellon Alternative Investment Services (AIS) has named Jim Whitaker head of Relationship Management for the Americas and Mark Mannion head of Relationship Management for EMEA.
Whitaker assumes a role held previously by Marina Lewin, who was recently named Global Head of Sales for AIS. Mannion assumes the new title having transitioned from his role as Managing Director of European Business for the former PNC Global Investment Servicing unit acquired by BNY Mellon last year.
Whitaker and Mannion will continue to be based in New York and Dublin, respectively, and report to Brian Ruane (pictured), BNY Mellon AIS chief
The Kenmar Group, a Rye Brook-based USD1.5 billion global alternative investment firm, has selected GlobeOp Financial Services to provide an extensive range of fund administration, risk and data centre-related services.
Kenmar invests in managed accounts and funds across a wide variety of trading strategies. The firm’s CLariTy Managed Account & Analytics Platform is comprised of 40 separately managed accounts. GlobeOp’s managed account, risk and technology expertise were key elements in the selection decision.
“Since our inception in 1983, Kenmar has recognised the value of transparency and of providing our investors with the most advanced technology and information access available,”
KPMG’s investment management group is pleased to appoint Dan Roman (pictured) to its hedge funds tax practice. Roman joins as a partner from Ernst & Young where he advised hedge funds and private equity houses on UK and cross border tax matters. Prior to qualifying as a tax barrister, Roman worked in investment banking.
Tom Brown, vice chair of KPMG’s global investment management practice says: "I am very pleased to welcome Dan to our hedge funds practice. We have been investing heavily in this group and are pleased to add a tax specialist to our growing team. As the industry
The secondary market has seen the return of stability at the start of 2011, with February showing an increase in the average trade price for the second consecutive month, according to Hedgebay. The rise to 73.15%, although slight, suggested the market is establishing a more consistent average.
After last year’s volatility on the hedge fund market, the need for consistency is evident among investors. February’s index indicates 2011 could provide the stability that was missing at the end of last year.
More encouraging still was the appearance of a trade at 103%, the first premium trade since April last year.
Man Group plc (Man), through its US subsidiaries, is to take full ownership of Ore Hill Partners LLC and Ore Hill Partners Capital Management LLC (together, Ore Hill) for a predominantly share-based consideration. The transaction is subject to obtaining applicable consents, but completion is scheduled for the second quarter. The acquisition is expected to be earnings enhancing in the first full year.
Man’s strategic relationship with Ore Hill dates from 2008, when Man acquired, through its US subsidiaries, a stake of approximately 50% in Ore Hill, a credit-focused, event-driven hedge fund and structured product manager based in New York. The remaining
Helvetic Fund Administration Ltd, Gibraltar’s longest established fund administration company, has completed the acquisition of Capita Financial Administrators (Gibraltar) Ltd (Capita). The acquisition sees the transfer of Capita Gibraltar staff and over GBP500 million of assets under administration to Helvetic.
Helvetic Fund Administration has operated in Gibraltar since 1998. As the first fund administration company in Gibraltar, Helvetic was licensed by the Financial Services Commission (FSC) in Gibraltar with the introduction of a licensing regime for the fund administration industry. Helvetic has extensive experience in supporting sophisticated hedge fund structures and investment vehicles. The company focuses on maintaining a
