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Hedge fund IT spending in North America is expected to grow at a compound annual rate of 4.4% (USD231 million) from 2009 to 2014, with Asia estimated to grow the fastest at 7.2% (USD36 million), according to a new report, Hedge Funds 2011: Navigating Tumultuous Waters, from Celent, a Boston-based financial research and consulting firm. In Europe, IT spending will see an increase of 5.6% from 2009 to 2014.


Despite the contraction that followed the financial crisis, the report says that the hedge fund industry has since rallied, concluding 2010 with the largest quarterly increase in assets in its history: USD149billion. Total
HedgeOp Compliance, LLC, a provider of consulting services for private fund advisers and specialised compliance software for a wide array of investment advisers, has expanded its footprint in the US market with the opening of a San Francisco office.
The expansion to the West Coast is part of a strategic initiative by HedgeOp Compliance, which is head quartered in New York with offices in Boston, to serve the private fund adviser community in the region. Part of this initiative will expand HedgeOp’s services to the private equity community. The firm now has offices in the major hubs for alternative advisers
Ardel has promoted two senior members of staff to director roles within the company. Steve Desmond is now director of Ardel Fund Services and Tony Martel is associate director (IT) of Ardel Holdings.
Steve Desmond joined Ardel in 2006 and has over 23 years experience in the financial services sector. In his new role he is responsible for the development of Ardel’s fund business, the efficient take-on of fund transfers and the launch of all new funds administered by the company.
“We have seen significant growth over the past few years and with the recent structural changes to the company,
The British Virgin Islands (BVI) has reversed recent trends by becoming the only offshore financial centre to have its rating boosted in the latest Global Financial Centres Index (GFCI).
The improvement comes against a backdrop of decline among all other offshore jurisdictions. The ninth edition of the GFCI (GFCI 9) revealed that the BVI has improved its GFCI rating by two points, securing 40th place in the rankings outright, having previously shared the spot with Brussels.
BVI’s achievement was made all the more remarkable by the fact that every other offshore centre fell in both the ratings and rankings,
Brown Brothers Harriman’s (BBH) Foreign Exchange has opened a new FX desk in Hong Kong, offering access to a full array of 24-hour foreign exchange trading services in conjunction with New York, London and Tokyo locations. The Hong Kong desk, headed by Chris Gothard and Thomas Haimelin, will help provide Asia based clients with the competitive execution, seamless coverage, and world-class global currency research for which BBH foreign exchange is renowned.
The opening of the Hong Kong desk demonstrates BBH’s ongoing commitment and growth in Asia and strengthens the firm’s capabilities in the region, with its understanding of the varied
Dermot Butler (pictured), Chairman, Custom House Group Fund Services, outlines some of the key exemptions for investment advisers under the Dodd-Frank rule.
Last summer, in July 2010, the “Dodd-Frank Wall Street Reform and Consumer Protection Act” (‘Dodd -Frank Act’) was signed into law and, amongst other things, Title IV of Dodd- Frank amended the “US Investment Advisors Act of 1940” (‘IAA 1940’).
One of the important requirements of Dodd-Frank was that a broad range of both US and non-US fund managers and advisors had to register with the SEC by July this year. With this in mind, in November of
The Jersey funds industry continued to perform strongly during the final quarter of 2010 with increases both in the value of funds under administration and funds under investment management.
While the markets remain volatile, reflected in a 3% decrease in Jersey’s banking deposits during the final quarter, Geoff Cook, Chief Executive, Jersey Finance Limited, remains optimistic for the business opportunities that lay ahead in 2011 and beyond.
The statistics, collated and prepared by the Jersey Financial Services Commission, are for the three month period ending December 31st 2010. The headline figures from the statistics are as follows:
Banking deposits decreased
NewAlpha 4 Genesis has completed its first closing of USD150 million raised from French and Swiss institutional investors. NewAlpha Asset Management is considering a final closing in late July 2011 with an asset target of USD250 million.
The fund aims to invest in hedge funds offered by early stage hedge fund managers and structure with those a strategic partnership through an income sharing scheme on one side and support in risk control and fund raising on the other side
Antoine Rolland (pictured), CEO of NewAlpha Asset Management, says: "Despite the cautious attitude of institutional investors towards alternatives, this first achievement
The 2011 credit outlook for hedge funds is stable overall, with signs of improvement underpinned by the industry’s positive performance and profitability, says Moody’s Investors Service in an Industry Outlook published today.
Moody’s report highlights that the hedge fund industry has registered strong performance since the latter part of Q3 2010, which has resulted in renewed market confidence and net investor inflow. Odi Lahav, a Moody’s Vice President and Senior Credit Officer explains: "The current economic environment and the likelihood of a protracted recovery in the US and in Europe favour flexible investment mandates, and as such, hedge funds are
The US Commodity Futures Trading Commission (CFTC) has announced that a federal court in Los Angeles entered a restraining order against defendants The Trade Tech Institute, Inc (Trade Tech), Technology Trading International, Inc (Tech Trading), Robert Sorchini and Richard Carter, freezing defendants’ assets, prohibiting the destruction or alteration of their books and records and requiring defendants to provide an accounting of all funds and assets under their control.
The order stems from a joint action filed by the CFTC and the Commissioner of Corporations of the State of California (State) under seal on March 15, 2011, in the US District
