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Following approval of the Alternative Investment Fund Manager Directive by the European Parliament, the Isle of Man says it welcomes the final Directive and that work is under way to ensure it will meet key regulatory criteria.
The AIFM Directive was first introduced in response to calls for greater regulation of alternative investment fund managers.
Much uncertainty has surrounded the Directive as it has evolved over the past 18 months, but now that consensus has been reached the investment fund management community can prepare for its implementation in 2013.
The Directive has been welcomed by the Isle of Man’s
Law firm A&L Goodbody has completed the first investment fund company migration to Ireland from Bermuda, under new legislation which facilitates the effective redomiciliation of investment fund companies from six separate jurisdictions to Ireland.
The new legislation facilitating the redomiciliation came into effect in September and introduces a streamlined procedure for the relocation of fund companies located in Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, Jersey and the Isle of Man.
Investment fund companies established and registered in these jurisdictions may file applications with and seek authorisation from the Companies Registrations Office and the Central Bank of Ireland
Czarnikow, the UK’s second oldest sugar trader, has advised Rio Vermelho, a Brazilian ethanol producer, on Glencore’s acquisition of a 76 per cent equity participation.
The deal value was greater than USD80m.
Czarnikow, through its corporate finance division, was the sole adviser to Rio Vermelho, which is located in the São Paulo region.
The investment is Glencore’s first in to the sugar/ethanol sector. The funds will be used to expand the mill’s crushing capacity to reach its full potential by building a new sugar plant.
The deal will also allow the Garieri family, the former controlling shareholder, to
Citi’s prime finance division has launched a business advisory practice, combining hedge fund industry research and thought leadership with consulting services.
The business advisory practice is designed to support hedge fund clients by partnering with them through all phases of their growth and maturity, from start-ups to institutional size funds.
“Through our work with a wide range of hedge funds, extensive industry research and Citi’s worldwide presence, Citi Prime Finance has generated significant intellectual capital, with deep operational and technological expertise,” says Alan Pace, head of Americas prime finance for Citi. “The business advisory practice, by partnering with hedge funds
Northern Trust is assisting fund managers with the generation and maintenance of Key Investor Information Documents.
This latest automated offering supports Northern Trust’s fund manager clients who under Ucits IV will be required to provide KIID for every Ucits product sold within European Union member states.
“Ucits IV will affect fund managers across the globe, and this latest service is in line with our focus on delivering solutions to help support our clients as they navigate the new regulatory landscape,” says Karen Hamilton, head of fund administration product development for Europe Middle East and Africa at Northern Trust. “Some
Former futures trader Spartaco Fasciale has lost his appeal against a six year jail term for obtaining property and a financial advantage by deception and breaching his duties as a company director.
Fasciale, formerly of Moonee Ponds, Victoria, appealed his sentence following his conviction in December 2008 as a result of an investigation by the Australian Securities and Investments Commission.
Fasciale must serve a minimum of four and a half years before he is eligible for parole, and had asked the Victorian Court of Appeal to consider whether the sentence was manifestly excessive.
In December 2008, Fasciale was convicted by
The world’s hedge fund industry employs an estimated 300,000 people, according to the Alternative Investment Management Association.
Aima produced the figures after surveying its members internationally.
Aima has more than 1,200 corporate members in more than 40 countries. Its hedge fund manager members manage in excess of 75 per cent of global hedge fund assets and 70 per cent of global fund of hedge funds assets.
The regional breakdown of the figures is 240,000 in North America, 50,000 in Europe and 10,000 in Asia Pacific. The totals include both those employed directly within the hedge fund sector and those
Figures for November released by UCITS Alternative Index show that its Alternative Index Global was down 0.21 per cent to leave it at +0.78 per c
A research report written by State Street Hong Kong entitled Vision Focus: Asian Funds Passport to Growth, has attempted to address Asia’s underdeveloped funds market.
Institutional investors are turning to commodities to provide absolute returns and are employing active strategies to do so, according to a survey of more than 300 attendees at Barclays Capital’s sixth annual US Commodities Investor Conference this week.
Absolute returns are the primary motivation for commodities investors, according to 36 per cent of respondents in the survey, twice as many as those citing portfolio diversification or inflation hedge as an investment driver.
When those surveyed were asked how they plan to invest in commodities over the next 12 months, 43 per cent chose active management, while only seven per cent
