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Fusion Asset Management has appointed Peter Heaps, managing director of Carne Global Cayman Islands, as an independent director to its board of directors of Fusion Volatility Funds.
Fusion Asset Management has managed the Fusion Volatility Fund since 2008.
The firm’s flagship products are a long volatility and a global volatility product, a multi-asset long optionality strategy, a Libor + range of products, and a quantitative systematic G10 currency cash product.
Heaps is a member of Carne’s directorship panel, which was launched in November 2007 and supplies experienced independent directors to investment funds domiciled in the Cayman Islands, Ireland, Luxembourg, Switzerland
Plenum Investments has added welcomes Dirk Schmelzer, a portfolio manager of insurance linked securities, to the company.
Schmelzer is a Cat Bond fund manager who has many years of experience in the insurance linked securities field.
Previously Schmelzer worked at Falcon Private Bank, Zurich ex AIG Privat Bank. In his time at Falcon he was the head portfolio manager of a Cat Bond fund with an AUM of approximately CHF200m.
Prior to this he was acting director of fund research and analysis of alternative investments at VZ VermögensZentrum.
“To maintain and advance our position as a specialised investment boutique it
AIC Director General Ian Sayers (pictured) will be among a host of prominent panellists at this year’s Guernsey Funds Forum event on 26 May. “The Guernsey Funds Forum provides an ideal opportunity to take stock of where we stand and look into the crystal ball at what the future might hold for the funds industry,” he says.
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Navellier & Associates and its affiliate Navellier Hedge Management have launched Navellier Select, the firms’ new alternative investment fund of funds.
Navellier & Associates currently runs over USD2.5bn in client assets, spread across a variety of equity strategies.
But Navellier Select, a dynamically managed portfolio of hedge funds that pursues diverse managers, strategies, and asset classes across liquid global markets, is the firm’s first fund of funds offering.
The portfolio consists of seven to 12 uncorrelated funds, managing over USD3.4bn in combined assets that have demonstrated exceptional risk-adjusted returns.
“The fund of funds concept is not new to us,” says
Fitch Ratings has placed Man Group’s long-term issuer default rating of BBB+ on rating watch negative following the announcement of its proposed acquisition of GLG Partners.
The rating watch negative reflects execution risks from the integration of GLG into Man, retention of key GLG staff and funds under management and the incorporation of the two companies’ distinct cultures.
The rating also reflects the negative effect the acquisition would have on Man’s leverage and capital.
Fitch will resolve the rating watch negative following further examination of the impact of the transaction and an assessment of Man’s success in integrating GLG’s operations
Mark Spinner, partner and Head of Private Equity at international law firm Eversheds, comments on the European Parliament approval of tighter controls on private equity firms and hedge funds.
The European clampdown on hedge funds will have wider reaching implications for the UK financial services industry as in addition to regulating hedge funds, the new rules will extend to other parts of the industry including the private equity sector.
The British Venture Capital Association has referred to the proposed legislation as being, some of the least thought out to be proposed in recent times. Many commentators believe that the new Tory/Lib Dem
Butterfield Fulcrum, an alternative fund administrator, has added Brian Young to its New York business development team.
He will be working with Andrew Smith, head of global business development, and will have specific responsibility for promoting the Altinus managed account platform among allocators.
Altinus is the first administrator sponsored managed accounts platform, providing segregated and co-mingled managed accounts with a common set of tools for operations, administration and risk monitoring.
"Having Brian join our team is a great step for Altinus," says Smith. "He brings a wealth of experience from his years in corporate and investment banking, and more specifically
Citi has launched a collateral management services unit within its securities and fund services business.
Rajen Shah joins from JPMorgan Chase as global head and Pierre Mengal joins from Standard Chartered Bank as Asia regional head.
Shah will be responsible for leading the development of a global collateral management services capability for Citi’s securities and fund services.
Mengal will be responsible for collateral-related product developments for intermediary and investor clients in Asia.
Collateral management will offer clients exposure monitoring, margin calling, collateral optimization and rehypothecation.
“Increasingly, in today’s marketplace, clients are looking to third parties to service their collateral management
In response to the market disruption of 6 May, the SEC and the Financial Industry Regulatory Authority (FINRA) are proposing new rules under which they would pause trading in certain individual stocks if the price moves 10 per cent or more in a five-minute period.
The SEC is seeking comment on the proposed rules. The US stock exchanges are proposing these rules in consultation with FINRA and staff of the SEC to provide for uniform market-wide standards for individual securities in the S&P 500® Index that experience a rapid price movement.
These rules reflect a consensus that was achieved among
The US Commodity Futures Trading Commission has charged Jeffrey Shalhoub of Staten Island, New York, and his company, Jeff Shalhoub Investments of Long Island City, New York, with operating a commodity futures Ponzi scheme.
According to the CFTC complaint, filed on 17 May 2010, in the US District Court for the Eastern District of New York, Shalhoub solicited approximately USD300,000 from at least 12 of his ex-wife’s friends and family to trade futures.
The complaint further charges that Shalhoub and JSI commingled customer money with Shalhoub’s personal funds and that Shalhoub misappropriated at least USD154,500 of customer funds for his
