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Jersey-based Dominion Corporate Group is increasing its regulated funds service capabilities with the formation of a new Luxembourg-based management company.
Through the new entity, DCG Management Company, the group will be able to service new markets in a changing European environment, according to Christopher Bennett (pictured), managing director of Dominion Real Estate.
The introduction of the EU Alternative Investment Fund Managers Directive, which will take effect from mid-2013, will bring many more alternative funds into the regulatory net, Bennett notes.
“This will drive demand for well-tested solutions offering a strong framework of governance and oversight, which DCG Management Company has
The US Commodity Futures Trading Commission (CFTC) has filed an enforcement action charging defendants Jeremy Munson Globe and GlobeFX Club, Inc (GFC), both of Homestead, Florida., with making false, fictitious or fraudulent statements or omissions to the National Futures Association (NFA) during an NFA investigation and audit. Both Globe, a principal of GFC, and GFC were registered with the CFTC during the period covered by the NFA audit. On October 1, 2009, NFA permanently barred GFC from NFA membership.
The CFTC complaint, filed on March 17, 2011, in the US District Court for the Southern District of Florida, charges that,
By Simon Gray – The Isle of Man is seeking to give its fund services industry new impetus by attracting fresh fund administration business and is looking for new service providers to expand capacity in the island. But at the same time the authorities hope the jurisdiction’s advantages in areas such as taxation, operating costs and set-up incentives can tempt start-up alternative fund managers to establish themselves on the island and existing ones to move part of their operations there.
The British crown dependency already has a small but not insignificant manager community, showcased by Laxey Partners, the emerging markets
By Peter Craig – The alternative investment industry is currently seeing a surge in potential new entrants thanks to the shake-out engendered by the financial market turbulence of the past three years and the impact of new restrictions on proprietary trading by financial institutions. As the investment outlook continues to brighten, the alternative fund sector is poised to benefit from a new influx of talent.
However, newcomers to the industry face a number of hurdles. In the wake of the disruption experienced in 2008 and 2009, institutional investors in particular are cautious about placing money with untried managers until they
By Simon Gray – The Isle of Man has suffered its fair share of the alternative fund industry’s woes during the past three years of financial crisis and economic downturn, especially with the loss of one of its largest fund administrators, HSBC, and a decline in assets under administration from a peak of USD58bn to USD34bn at the end of 2009. However, members of the industry and government officials responsible for promoting the sector say the island is well positioned to recover ground in a business environment characterised by increased focus on transparency, regulation and governance – not to mention
BlueCrest Capital Management has acquired the 25.5% partnership interests held by Man Group plc for a total consideration of USD633m. In addition, BlueCrest has also acquired the remaining partnership interests of retired co-founder Bill Reeves on proportionately similar terms.
Man’s investment in BlueCrest dates from 2003, and will generate a pre-tax profit on disposal of around GBP250 million. The proceeds of the transaction will add over USD500 million to Man’s regulatory capital surplus, previously reported to be around USD300 million on 31 December 2010.
As a result of these transactions, all of the partnership interests in BlueCrest are now owned
Tikehau Investment Management is making a further push into the primary credit and private debt markets by hiring Fabrice Damien from Bank of America Merrill Lynch.
Damien was most recently responsible for corporate finance and leverage finance in France for Bank of America Merrill Lynch. Aged 34, he has 13 years of financial services experience having also worked previously worked for RBS and Morgan Stanley in their high yield origination and leveraged finance groups in London.
Damien holds a Bachelor of Arts degree from Sorbonne University and a MsC in Finance and Management from HEC School of Management in Paris.
JP Morgan Worldwide Securities Services has releases HEDGE:ahead, a comprehensive resource guide aimed at helping hedge funds in Asia navigate the complexities of launch.
HEDGE:ahead, which was developed by JP Morgan’s Hedge Fund Services team in conjunction with leading industry experts from across the region, features articles that examine areas of critical importance for new funds such as jurisdiction and regulatory issues; fee structures; service provider selection; and technology systems and processes. In addition to JP Morgan, contributors to HEDGE:ahead include the Alternative Investment Management Association (AIMA); Axxsys Consulting; EurekaHedge; Ogier and PricewaterhouseCoopers.
Adam Wallace, Head of Hedge Fund Services,
Intertrust Group Holding SA has acquired Close Brothers (Cayman) Limited and Close Bank (Cayman) Limited (together Close Brothers Cayman). The acquisition is subject to regulatory approval and is expected to complete in the coming months.
Close Brothers Cayman is a leading financial services provider in the Cayman Islands, with 60+ staff offering a comprehensive range of services including corporate services, fiduciary services, fund administration, private client, banking and asset management services. The company has a long and distinguished history in the Cayman Islands, having provided financial services for over 40 years.
Intertrust, formerly part of the Fortis Group and now
The Hedge Fund Association (HFA) has appointed Edward Foreman, a Tax Partner at Price Waterhouse Coopers, as Director of its Midwest Chapter.
The Midwest Chapter’s new leadership will be introduced on March 22 at the HFA Symposium on Government Impact on the Markets and Hedge Funds. This event, followed by a cocktail reception, will be held at 4:30pm CST at the Chicago offices of law firm K&L Gates LLP, 70 West Madison Street, Second Floor Conference Room Chicago, IL 60640.
“It’s an honour to serve as the Director of HFA’s Midwest Chapter," says Foreman. "I have watched the hedge
