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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
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
