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Carey Olsen has advised Close Brothers Group plc on the sale of its trust, fund administration, asset management and banking businesses in Jersey and Guernsey to Kleinwort Benson for GBP29.1 million.
The deal between two of the largest administration groups in the Channel Islands is the largest sale across the islands in recent years. The sale, subject to regulatory approval, is expected to be completed towards the end of July.
A Channel Islands cross-practice team of 16 from Carey Olsen advised on the legal and regulatory aspects of the transaction. The transaction was led by corporate partners Graham Hall
Palmer Square Capital Management has appointed Angie Knighton Long, CFA, as the firm’s chief investment officer. A member of the advisor’s Investment Committee, Long has key responsibilities for all investment-related activities, with a particular focus on portfolio and risk management. She joined the firm in February 2011.
“During her 13 years in New York, Knighton Long made some significant contributions to the investment community,” says Christopher D Long, president of Palmer Square. “Her insights, investment perspective, and deep relationships across the senior levels of Wall Street will be essential in our continued pursuit of alternative investments that give our
G2 Systems, LLC, a software and consulting firm specialising in investment management, accounting and operations systems for the alternative investment community, has opened a London office.
The company’s expansion into the UK coincides with the completion of its fifth year in business. Founded in December 2005, with offices in Boston, New York and Los Angeles, G2 Systems has grown from an entrepreneurial start-up to an established and respected software and services provider serving the needs of hedge funds, prime brokers and fund administrators.
“We have made significant progress implementing our initiatives for growth over the years,” says George
Eurex Clearing plans to expand its Eurex OTC Clear service to include OTC-traded interest rate and equity derivatives. The new services will be introduced in the context of the upcoming regulatory reforms expected to require mandatory clearing for standardised OTC derivatives in the US and Europe.
Currently, Eurex’s OTC Clear service comprises OTC-traded Eurex look-alike futures and options on equities and interest rates as well as Eurex Credit Clear, a clearing service for OTC credit default swaps. In 2010, Eurex Clearing processed 774 million contracts in OTC-traded products.
“The further expansion of our product coverage is an important part of
Final performance for the Dow Jones Credit Suisse Hedge Fund Index (Broad Index) is confirmed up 1.38% in February.
Oliver Schupp, President of Credit Suisse Index Co., LLC, said: "The Dow Jones Credit Suisse Hedge Fund Index rose 1.38% in February, with eight out of ten sectors posting positive performance for the month. Convertible Arbitrage was the best performing sector for a second month in a row, finishing up 2.90%. Positive performance was also seen in the Event Driven sector, which finished up 1.44%, with all three of its sub-indices posting positive performance."
Performance for the Broad Index and its
The US Commodity Futures Trading Commission (CFTC) has filled a complaint in the US District Court for the Eastern District of Michigan charging defendants Alan James Watson and Cash Flow Financial LLC (CFF), both of Clinton Township, Mich, and Michael S Potts of Mountville, Pa, with fraudulently soliciting and accepting at least USD45 million from more than 600 individuals and entities to participate in a commodity pool to trade commodity futures contracts and securities. None of the defendants has ever been registered with the CFTC.
The CFTC complaint was filed under seal on March 10, 2011. On March 11, 2011,
Halcyon Asset Management has appointed Rollo R Wigan as a Managing Principal in the firm’s UK office with primary responsibility for client relations in Europe, the Middle East, and Australia.
Wigan was most recently Managing Director of Marketing and Client Development at MKP Capital Management, LLC, where he held increasingly senior positions there, having joined the firm in March 2002. Wigan holds a BA from the University of the West of England, Bristol.
"Halcyon’s client base has become more global, and to meet this growing demand we needed a respected industry veteran on the ground in Europe," says Joseph W
Jersey’s links with India and the Gulf Cooperation Council (GCC) nations will be strengthened this month through the official launch of Jersey Finance’s representative offices in Abu Dhabi and Mumbai and the signing of a Tax Information Exchange Agreement (TIEA) with India.
A Jersey delegation consisting of States of Jersey Ministers, the Director-General of the Jersey Financial Services Commission and representatives of Jersey’s finance industry will travel to India for the launch on 15th March of Jersey Finance’s representative office in Mumbai.
The group will then head to Delhi to sign the TIEA with India on Friday 18th March, a
Following the recent oil price spike, investors fear for corporate profitability and global growth, according to the BofA Merrill Lynch Survey of Fund Managers for March.
A net 24 per cent of asset allocators now expect corporate operating margins to fall over the next 12 months. This represents the sharpest month-on-month decline since the survey began asking this question in 2004. As recently as January, a net 10 per cent were expecting margins to expand. A net 32 per cent of fund managers still look for corporates to increase profits in the next year, but this is down significantly
Kaye Scholer LLP advised Shenzen PRC based investment management firm, Munsun Asset Managements Limited, and its founder, Li Xianghong, on the launch of the second of a series of China-focused hedge funds, Essence Munsun China Growth Fund.
The fund’s investment objective is to seek long-term capital growth through a portfolio consisting primarily of securities of companies established or operating in the People’s Republic of China, Hong Kong, Macau or Taiwan (“Greater China Region”) and of Chinese companies listed in the Hong Kong, New York, London, and Singapore stock exchanges. The fund will invest companies that are positioned to benefit from
