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MF Global Holdings Ltd (NYSE: MF), a broker-dealer providing trading and hedging solutions, has made several appointments within the firm’s senior management team. Bradley Abelow, the firm’s current global chief operating officer (COO), will assume the additional role of president, while Henri Steenkamp, the firm’s current chief accounting officer and global controller, has been appointed chief financial officer (CFO).
Steenkamp will succeed Randy MacDonald, who has served as CFO for the past three years and was recently appointed global head of the firm’s retail operations.
“This is a critical time for MF Global as we transform our business to better
EU policymakers should consider the economic impact of potential restrictions on credit default swaps in sovereign debt. That’s according to the Alternative Investment Management Association (AIMA), the global hedge fund association.
The warning comes ahead of a key vote in the European Parliament’s Economic and Monetary Affairs Committee today, which is expected to consider amendments imposing severe restrictions or bans on uncovered (or ‘naked’) credit default swaps in sovereign debt.
AIMA CEO Andrew Baker says: “AIMA fully supports the reform of the derivatives markets, including the introduction of central clearing of OTC derivatives, greater transparency as well as full
Hennessee Group’s Hedge Fund Index advanced 1.39% in February (+2.08% YTD), while the S&P 500 advanced 3.20% (+5.53% YTD), the Dow Jones Industrial Average increased 2.81% (+5.61% YTD), and the NASDAQ Composite Index climbed 3.04% (+4.87% YTD). Bonds advanced, as the Barclays Aggregate Bond Index increased 0.25% (+0.70% YTD) and the Barclays High Yield Credit Bond Index advanced 1.31% (+3.55% YTD).
“Global equity markets posted gains for February despite heightened volatility from the civil unrest in the Middle East and North Africa. Managers benefited from modest net long exposure, but overweight exposure to cyclicals, shorts and hedges detracted from performance,”
The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order imposing more than USD46.9 million in restitution and civil monetary penalties on Robert D Bame of Moreno Valley, Califonia, and his firm, Forward Investment Group, LLC (Forward) of Santa Monica, California. The order requires the defendants to pay restitution of USD16,038,568.68 and a USD30,887,006 civil monetary penalty for commodity pool fraud.
The order, entered by Judge R Gary Klausner of the US District Court for the Central District of California, stems from a CFTC complaint filed on August 26, 2008. The CFTC complaint charged Bame and Forward
Man has been awarded a managed account mandate for initially EUR1.2 billion by Bayerische Versorgungskammer (BVK), Germany’s largest public pension fund with more than EUR50 billion in assets.
Under the agreement, BVK will start allocating funds over the course of 2011. BVK will gain access to Man’s managed account capabilities, with the benefits of increased transparency, liquidity and control which managed accounts offer. Man, which has more than a decade’s experience in managed accounts and has grown managed account assets to over USD8.7 billion[1], will provide services with regards to operational due diligence, manager take-on and risk management oversight
Investors are predicting over USD200 billion net inflows into the hedge fund industry in 2011, taking the total AUM to an all time high of USD2.2 trillion, according to Deutsche Bank’s ninth annual Alternative Investment Survey.
The survey of investors representing more than USD1.3 tillion in hedge fund assets including public and private pensions, foundations and endowments, sovereign wealth funds, funds of funds, private banks, investment consultants and family offices, also found that institutional investors are increasing their allocations and the size of their hedge fund teams, which indicates significant future growth.
According to the survey, equity long/short, event-driven and
Mellon Capital Management, part of BNY Mellon Asset Management, has launched its Commodity Alpha Long-Bias Strategy, a commodities strategy designed to provide institutional investors with diversification beyond equities and fixed income and to provide a hedge against inflation.
The strategy is designed to add value by taking long and short positions in futures contracts for a range of liquid commodities including energy, precious metals, industrial metals, grains, livestock and other agricultural products. The strategy’s managers seek positions in the commodities markets that appear attractive by evaluating various factors that can influence commodity futures prices.
"The commodities markets offer distinct investment
Figures issued today show that the value of investment fund business in Guernsey grew by GBP14.3 billion (5.9%) during the final quarter of last year.
The increase represents the sixth consecutive quarter of growth and takes the net asset value of funds under management and administration in the Island to a new record high of GBP257.4 billion at the end of December 2010. This is a rise of GBP73.2 billion (39.7%) compared to the end of December 2009.
Peter Niven, Chief Executive of Guernsey Finance – the promotional agency for the Island’s finance industry – says: “It is extremely pleasing
Kinetic Partners is celebrating five successful years since the opening of its Grand Cayman office with two new hires to strengthen their insolvency and forensic services practice. These new appointments will further enhance and develop Kinetic Partners’ proven capabilities to meet client demand in the areas of liquidation and forensic services and build on the existing team in the Cayman Islands.
Established in 2005, Kinetic Partners provides the asset management, investment banking and broking industry with a bespoke service for clients who need in-depth industry advice, analysis and valuation across borders. Kinetic Partners has grown rapidly to serve over
The Eurex KOSPI Product exceeded 500,000 traded contracts last Friday for the first time since its launch on 30 August 2010. Average daily volume has been increasing steadily, reaching more than 11,000 contracts in March 2011. On 18 January, Eurex achieved a new daily record of more than 64,000 traded contracts.
“Our Eurex KOSPI Product has been very successful since its introduction,” says Michael Peters (pictured), Eurex Executive Board member. “This is due to our close partnership with the Korea Exchange to offer our customers access to the most widely traded index derivative contract in the world. Our participants do
