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The US Commodity Futures Trading Commission (CFTC) has obtained a USD1.4 million civil monetary penalty against David A Owen of Destin, Florida, in a commodity fraud action.
The consent federal court order entered by US District Court Judge M. Casey Rodgers of the Northern District of Florida, recognizes that Owen paid approximately USD1.7 million in restitution in a related criminal action and permanently bans him from engaging in certain commodity-related activities, including trading on registered entities.
The order, which arises out of the CFTC complaint filed on October 30, 2009, finds that Owen fraudulently solicited at least USD2.5 million
Kinetic Partners, the professional services consultancy focused on the wider asset management industry, has marked its fifth anniversary by reporting record growth.
Established in 2005, Kinetic Partners provides the asset management industry and investment firms with a bespoke service for clients who need in-depth industry advice, analysis and valuation across borders.
The firm has offices in London, Dublin, Cayman, New York and Geneva. It plans to enter the Asia market with a Hong Kong office set to open later this year.
Kinetic Partners has recorded its most successful year to date with revenue growth of 25 per cent and a
The value of investment funds in Guernsey increased by GBP13.2bn (7.2%) during the first three months of this year, according to the latest figures released by Guernsey Finance.
The third successive quarter of growth takes the total value of funds business in the Island to GBP197.4bn at the end of March 2010 – a year on year rise of GBP21.5bn (12.2%).
“We can continue to be cautiously optimistic about our funds industry,” says Peter Niven (pictured), Chief Executive of Guernsey Finance. “Global economic conditions remain fragile and will be for some time to come so we cannot afford to
A survey of fund of fund managers and executives by accounting and advisory services firm Rothstein Kass suggests that the industry expects intense competition for investment capital as firms work to enhance transparency.
Nearly half of survey respondents indicated that they anticipate increased competition from single manager vehicles, and over 45 per cent expect greater competition from institutional investors replicating fund of funds.
As the sector confronts this challenge, 60 per cent of funds of funds are providing greater transparency to investors in response to market conditions.
"The growth of the fund of funds sector was propelled by its ability
London’s investment community has been reassured that Guernsey is confident of continuing to be a leading funds centre despite current uncertainties, including the EU’s proposed Alternative Investment Fund Managers Directive.
More than 250 delegates attended the Guernsey Funds Forum which was held on Wednesday at the Grange St. Pauls Hotel.
Peter Niven, chief executive of Guernsey Finance, says: “This event was aimed at reassuring our key supporters in London that we are dealing positively with a number of current uncertainties, in particular the AIFM Directive, and as a result of this work, the Island continues to be an attractive and
New research from the European School of Management & Technology (ESMT), in collaboration with the Rotterdam School of Management, has highlighted a worrying disconnect in the behaviour of investors in hedge funds and the subsequent performance of their investments, typically resulting in poor or volatile performance and exposure to unnecessary risk.
In a study of hedge fund performance according to investment style, covering 1,543 hedge funds over 10 years, ESMT’s research raises disturbing questions about the way that hedge fund investors invest and their willingness to actively chase performance at all costs, irrespective of the potential level of risk to
Sales of absolute and total return funds, which aim to achieve positive returns in all market conditions, have soared in some parts of Europe this year, according to Lipper.
In the first quarter, they attracted net inflows of EUR9.7bn compared to EUR11bn during the whole of last year.
For investors, the attraction of the funds has been boosted by a combination of low interest rates, economic uncertainty and stock market volatility.
Among product providers, hedge fund managers see absolute return funds as an opportunity to move into the mainstream mutual fund market.
The top selling absolute return fund in
May continues to test markets with ongoing volatility and steep falls across a range of asset classes, a report by Australian Fund Monitors shows.
It is too early for hard numbers for May, but anecdotal evidence is that many fund managers will be equally tested.
Meanwhile April’s results continue to show many managers’ ability to perform well in a negative market.
Australian Fund Monitors’ index rose by 0.48 per cent in April, with equity based funds rising 0.41 per cent and non equity based funds 0.59 per cent.
Fifty six per cent of wealth creators around the world say they have made money in the last 12 months and they are on track for success against their optimistic predictions last September.
Last September 78 per cent of the wealth creators who took part in the Futurewealth Project’s first online poll said they expected to make money in 2010, even though the economic recovery looked highly uncertain at the time.
Projecting the results of the latest poll forward, 71 per cent will meet their target for wealth creation by September and they are even more confident for the next
Managed futures performed relatively well for April as commodities continued to trend higher during the month, a report by Lipper Tass says.
Long exposures to equities and large speculative short trades in euro futures sustained manager performance.
The Lipper Managed Futures/CTAs index registered a positive return of 0.63 per cent for April (+1.30 per cent year on year).
The degree of dispersion among individual fund returns declined from the previous month’s reading. A 31.66-percentage-point monthly performance difference for April divided the top and bottom performers of the actively reporting managers tracked by Lipper.
Although of a lower magnitude, April confirmed
