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Joseph F Winterscheid (pictured), partner and head of the global Antitrust & Competition Practice Group at McDermott Will & Emery, outlines the implications of the FTC’s revised Horizontal Merger Guidelines.
Last week, the Federal Trade Commission (FTC) released the final revised Horizontal Merger Guidelines that describe the FTC and U.S. Department of Justice’s (DOJ’s) methodology for analysing the likely competitive impact of mergers and acquisitions between competitors.
While the Guidelines de-emphasise the role of market definition in the FTC’s and DOJ’s analyses of transactions, they largely memorialize the agencies’ existing practices in the merger review process.
The new guidelines’ shift
Cobalt and molybdenum have made an encouraging start to trading on the London Metal Exchange with volumes, liquidity and open interest building well since the launch on 22 February this year.
To date, 4,047 lots of cobalt have traded (equivalent to 4,047 tonnes/USD161m).
Molybdenum trading has seen 321 lots traded (equivalent to 1,926 tonnes/USD69m).
At the close of 19 August, market open interest – which is published by the exchange two days in arrears – in cobalt had grown to 406 lots (406 tonnes), while open interest in molybdenum stood at 41 lots (246 tonnes).
Nine cobalt brands have been
The Merrion High Alpha Fund reached its three year anniversary on 16 August, having delivered growth of 103 per cent since launch and 26.6 per cent per annum.
Merrion has now decided to market the fund to a wider audience of international professional investors.
There is currently approximately GBP50m invested in the fund. This has been raised predominantly from domestic professional investors including pension funds, corporate funds and high net worth individuals.
The fund is a global macro long short fund designed to deliver strong positive performance with a very low correlation to equity market returns. The fund takes concentrated
Quintillion, a hedge fund administration firm, has completed the integration between HWM Mantra, its investor registration and incentive fee calculation system, and Advent Geneva, its accounting platform.
The integration allows for the automatic transfer of profit and loss allocations from Geneva directly into Mantra.
HWM Mantra has been designed to meet the business and technological challenges that have been driven by the rise of increasingly complex and sophisticated alternative fund markets.
The integration enables Geneva to feed all of the fund’s portfolio general ledger balances directly into Mantra, mapping each line item across the fund’s individual classes or series. This
Spectron, the commodities brokerage, has extended its market coverage to include European fuel oil.
A nine-strong team of experienced brokers, previously of MF Global, has joined Spectron and will be starting operations from its London office on 1 September.
The team will be headed by Danny Fenn.
“We are delighted to be joining Spectron — and are now part of not only the most energy-focused of all the major global brokerages, but one which also has a fantastic reputation for customer service; it is great news for us and for our clients,” says Fenn.
“This is a very exciting hire
The Dow Jones Credit Suisse Hedge Fund Index gained 1.59 per cent in July, its highest performance since March 2010.
Eight out of ten strategies in the index posted positive performance in July as markets reversed from the May-June slide.
Emerging markets and long/short equity were the best performers in the index on the back of the rebound in the equities markets, posting 3.52 per cent and 2.53 per cent respectively.
Event driven recovered from its May and June losses posting positive performance of 1.81 per cent for the month. The risk arbitrage sub-sector provided the best returns as a
Dechert’s Declan O’Sullivan and Conor Durkin outline recent changes in revenue practice under which Irish funds may obtain an exemption from the Irish Revenue Commissioners making it easier for investors to subscribe for shares/units in an Irish fund.
Background
While non-Irish resident investors in Irish funds are not liable to Irish tax on their income and gains, Irish investors (with a number of exemptions) are so liable and the obligation to withhold this tax rests with the Irish fund.
In order to monitor those investors who were liable to Irish tax, the Irish Revenue Commissioners have historically required investors, as
BGC Partners, an intermediary to the wholesale financial markets, has completed the acquisition of various assets and businesses of Mint Partners and Mint Equities through BGC Brokers.
Over 100 brokers from Mint’s international business will join BGC.
Mint will conduct business as usual and maintain its brand name and market identity as a division of BGC.
Shaun Lynn, president of BGC Partners, says: “We are delighted to welcome Richard Barnett, Timothy Bullman, and the highly talented Mint group as part of BGC. Selective acquisitions, hiring experienced brokers, and investing in our proprietary technology have been key drivers of BGC’s growth.
US bank Morgan Stanley has become the latest player in the newcits arena by adding its first Ucits III-compliant hedge fund onto its FundLogic platform
The latest research report by Singapore-based firm, Eurekahedge, reveals that last month European hedge funds recorded th
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