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Citco Bank Nederland’s Dublin branch has received approval from the Irish Financial Regulator to provide trustee and custody services to Irish domiciled collective investment schemes.
This approval will allow Citco Bank’s Irish operation to compliment its existing custody services to non-Irish authorised funds and to leverage Citco’s expertise in the provision of fund administration and transfer agency services to the hedge fund industry.
Willem Holst, managing director, says: “We have built the reputation and success of our custody business on flawless execution, great service and innovative products. Now, thanks to this clearance from the financial regulator, we will be able
Quintillion fund administration has been chosen to provide administration services to the fund managed by Paris Capital, the Paris Capital Relative Value Fund, which launched on 1 August 2010.
Mahmoud Faghihi, chief operating officer at Paris Capital, says: “We selected Quintillion after much consideration and careful analysis of alternatives. Strong infrastructure and control discipline is of prime importance to us at Paris Capital and we felt that Quintillion provided this through experienced staff and an advanced technology platform.”
Andrew Kane, senior manager at Quintillion, adds: "We are very pleased to have added Paris Capital to our growing client base.
IGEFI, a provider of multi-jurisdictional, single-platform fund administration software, has rebranded as Multifonds.
Oded Weiss, chief executive, says: "Multifonds is the name of our core product and is the name that our customers are most familiar with. As we continue to grow our business, we felt that it was important to unify our branding to reflect this, to provide consistency for our customers and to raise awareness and understanding of the capabilities of the Multifonds product in the wider market place.”
Multifonds consists of three products: fund accounting, transfer agency and portfolio accounting.
Based on a single platform, Multifonds
The Mexican standoff that has been brewing in the European credit markets seems to be heading towards a showdown as the bulls jostle with the bears for control, but will it end in high drama? Sarang Kulkarni (pictured), fund manager, European Credit at Schroders, examines both camps.
The bulls remain encouraged that credit is in the sweet spot over the medium term, as base rates stay lower for longer, and growth remains subdued, but positive nevertheless. Buy credit; sell government bonds!
On the other hand, the bears believe that a recovery is not sustainable; that the developed economies will
The FSA has fined a former cash equities broker GBP252,239 and banned him from working in the financial services industry for “acting without integrity”.
Fabio Massimo De Biase, a former employee of TFS Derivatives Ltd was found by the FSA to have taken kickbacks in return for passing business to Anjam Ahmad, a hedge fund trader formerly with AKO Capital LLP.
As part of De Biase’s remuneration, he was paid a proportion of the commission revenue he generated from winning broking business. Between January 2008 and September 2009 he paid GBP131,000 to Ahmad in return for Ahmad giving broking business
Advent Software has issued a white paper on UCITS titled, UCITS Come to the Fore: Opportunities and Challenges for the Funds Industry. This white paper looks in depth into how the fund industry is changing and developing following the financial crisis and discusses the evolution of the UCITS fund vehicle.
To download the paper, click here
Stigma Partners is launching the Stigma Funds (LUX) – Macro Cyclical Accumulator on 1 October.
Stigma says the fund is an alternative proposition to the turmoil currently facing the global economy.
Siamak Siassi, chief executive of Stigma Partners, says: “We decided to launch this new fund to meet the growing demand for a product structured in fund format reflecting our innovative investment concept so far only available in managed accounts. This new fund will broaden our product offering further while allowing a wider base of investors to benefit from our expertise.”
Capital preservation and wealth accumulation are the key values
Investment bank Moelis is acquiring the management companies of Gracie Credit, a multi strategy credit manager.
The acquisition will expand Moelis’ asset management platform and enable Gracie to benefit from the added resources and global reach of a larger organisation.
Following closing of the transaction, expected in November of this year, Gracie will operate as a separate business within Moelis.
Established in 2004 by managing partner Daniel Nir, Gracie has approximately USD2bn in assets under management and targets investment opportunities across the entire spectrum of credit products and markets. Nir and partners James Palmisciano, Manbir Singh, Michael Robertson and Alex
New Forests, an investment management firm specialising in timberland and associated eco products, has closed the largest timberland fund in Australia this year on the back of major restructuring of forestry investment in the region in 2010.
New Forests’ AUD500m Australia New Zealand Forest Fund will invest in a diversified portfolio of timberland properties and forestry-related investments in Australia and New Zealand backed by European, Australian and North American institutional investors
New Forests’ managing director says: “Now is the right time for investors to be weighting toward the timberland asset class because of its low volatility and positive correlation
Sturgeon Ventures has appointed Tom Powell as chief operating officer and investment adviser and has launched a “Virtual Chief Operating Officer” service for clients.
Sturgeon specialises in helping entrepreneurs establish start-up financial services businesses in the institutional and wealth management space.
The new service is a project management tool for start-ups in the UK and foreign companies wishing to set up operation in London.
Sturgeon’s client list includes oil and gas advisory firm Wimmer Financial, US-based M&A consultancies such as Moelis and Harris Williams and venture capital platform Venture Capital Partners.
Seonaid Mackenzie, managing partner of Sturgeon, says: “We are
