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The US Commodity Futures Trading Commission (CFTC) has obtained a federal court order freezing assets held by defendants Brian Kim and Liquid Capital Management, LLC (Liquid Capital), both of New York, NY.
The order, entered by the Honourable Denise L Cote of the US District Court for the Southern District of New York, also prohibits the destruction of books and records. The court scheduled a hearing on the CFTC’s motion for a preliminary injunction on March 2, 2011.
The order stems from a CFTC civil anti-fraud complaint filed in the federal court on February 15, 2011, charging Kim
Final performance for the Dow Jones Credit Suisse Hedge Fund Index has started the year in positive territory, up 0.69% in January.
Oliver Schupp, President of Credit Suisse Index Co., LLC, says: "The Dow Jones Credit Suisse Hedge Fund Index rose 0.69% in January, with six out of ten sectors posting positive performance for the month. Convertible Arbitrage was the best performing sector, finishing up 2.16%. Positive performance was also seen in the Event Driven sector, which finished up 1.80%, with all three of its sub-indices posting positive performance."
Hedge funds gained 0.52% in January according latest figures for the Barclay Hedge Fund Index compiled by BarclayHedge.
“Equity markets in the USA and across Europe continued to rally for a fifth consecutive month,” says Sol Waksman, founder and president of BarclayHedge. “Concern over the unrest in Egypt took a back seat to an improving macro economic picture.”
Overall, 14 of Barclay’s 18 hedge fund indices gained ground in January. The Barclay Convertible Arbitrage Index was up 2.13%, Fixed Income Arbitrage gained 1.97%, Distressed Securities were up 1.63%, Technology rose 1.64%, and the Multi Strategy Index gained 1.28%.
“High
The US Commodity Futures Trading Commission (CFTC) has filed an anti-fraud civil lawsuit charging defendants PMC Strategy, LLC (PMC) of Monroe, NC, and its principals, Michael Hudspeth of Statesville, NC, and Timothy Bailey of Monroe, NC, with committing fraud in connection with operating a foreign currency (forex) Ponzi scheme that solicited at least USD669,000 from more than 22 individuals since June 2008. The defendants also allegedly misappropriated USD129,000 of customer funds for their personal use.
None of the defendants has ever been registered with the CFTC in any capacity, according to the CFTC complaint, filed under seal on February 9,
Swiss-based Palladio Alternative Research SA is pleased to announce that it has hired Katherine Hill as a Managing Director for the Geneva subsidiary.
Palladio’s business model is designed to provide insightful outsourcing solutions for hedge fund research, due diligence and advisory, mainly to institutional clients. It will include manager identification, due diligence, follow-up and tailor-made proposals as well as hedge fund audits.
Katherine was most recently a Senior Hedge Fund Analyst at Saad Financial Services, a family office in Geneva. Previously, she was based in New York City as a Director at Wedge Alternatives and HedgeFund.net.
Palladio Alternative Research SA
Singapore Exchange (SGX) and the London Metal Exchange (LME) have successfully launched LME-SGX copper, aluminium and zinc futures providing retail investors in Asia and beyond easy access to global metals markets.
The new futures contracts have already attracted strong interest with three market makers and 20 active traders signed up to the initiative. The market markers are GS Energy Partners LLC (from USA), Susquehanna Pacific Pty Ltd (from Sydney) and a market maker from Asia Pacific (confidentiality requested).
The futures will have 12 consecutive contract months listed for trading and will be cash settled at expiry based on the LME
Citi has been appointed to provide a comprehensive suite of back- and middle-office hedge fund administration services for four Eos Credit Funds. The services include bank loan administration, document management, and loan portfolio analytics.
This latest mandate adds to Citi’s existing portfolio of USD65 billion in bank loan assets under administration and custody.
“Following our review of service providers, we selected Citi because of market expertise and the comprehensive range of services it provides,” says Jay Appel, Director of Operations for the Eos Credit Funds. “We were especially impressed by Citi’s depth of experience in the bank loan space.”
Bob
The Council of Ministers has announced that Jersey is to maintain its zero-ten tax regime, following a recent review by the EU Code of Conduct Group and High Level Working Party.
Concerns over deemed distribution and attribution rules were raised by the EU, and the decision has been taken to remove these provisions with effect from January 2012.
In the statement made to the States Assembly, the Chief Minister, Senator Terry Le Sueur, said: “This action allows us to retain our corporate tax regime while meeting the concerns of the EU. Maintaining tax neutrality in a simple and transparent way
BofA Merrill Lynch Global Research has launched new Emerging Markets Corporate Bond Indices designed to track the performance of emerging markets corporate and quasi-government debt denominated in US dollar and euro.
The series includes two flagship indices. The BofA Merrill Lynch Emerging Markets Corporate Plus Index (ticker EMCB) is a broad, capitalisation-weighted composite index designed to track the performance of US dollar- and euro-denominated debt of corporate issuers who primarily do business in emerging market countries, while the BofA Merrill Lynch US Emerging Markets Liquid Corporate Plus Index (ticker EMCL) is a subset of the Emerging Markets Corporate Plus
Insparo Asset Management has launched a new fund that will capitalise on the huge growth potential of African businesses and the rise of the continent’s consumer culture. The fund becomes Insparo’s second offering, following the success of the its Africa and Middle East Fund.
The Insparo Africa Equity Fund – launched at the start of February – will invest in market leading companies across North Africa and Sub-Saharan Africa employing minimal leverage. Unlike Insparo’s flagship fund, the strategy will also make investments in South African equities, although limited to 20% of the portfolio. The strategy focuses on consumer facing
