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Citco Fund Services and OpHedge Investment Services have joined forces to provide their clients with enhanced fund administration and operational support services.
Citco Fund Services provides full service hedge fund administration and has USD550bn in assets under administration, while OpHedge provides operational support capabilities to complex hedge fund strategies and has USD38bn under administration.
Under what the parties describe as a royalty agreement, Citco becomes the sub-administrator of funds serviced by OpHedge and the two firms will share revenues, but according to William Keunen, Citco Fund Services divisional director, Citco hasn’t acquired OpHedge, nor has it taken a stake in
Merrion Investment Managers has recruited a long short equity team, comprised of Michael Nicol and Alistair MacDonald, to manage a new Ucits III European Absolute Return Fund.
The fund combines the expertise of an experienced team with the stability of Merrion’s established Ucits platform.
The fund is targeting an absolute return of 15 per cent to 20 per cent per annum with annualised volatility between 7.5 per cent and ten per cent.
It has been launched with USD20m of initial investment.
Nicol and MacDonald have accumulated over 50 years of investment experience. Their approach is to detect mis-priced company
The US Commodity Futures Trading Commission has issued an order filing and simultaneous settling charges against Noble Americas for entering into commodity futures trades and exchange for physical trades in heating oil and gasoline on the New York Mercantile Exchange and Globex that were wash and fictitious sales on several occasions during the period 30 March 2007 through 30 July 2007.
These wash and fictitious sales trades were for the same contract, quantity and same or similar price, with Noble Americas on both sides of each trade.
The CFTC order imposes a USD130,000 civil monetary penalty on Noble Americas, a
Allied Properties Real Estate Investment Trust has entered into an agreement to purchase 645 Wellington Street in Montreal for CAD10.5m.
Located on the north side of Wellington Street, just east of Cite Multimedia, the brick-and-beam building is comprised of 140,060 square feet of gross leasable area.
It is 88 per cent leased to tenants largely consistent in character and quality with Allied’s tenant base.
"In addition to a good current return, this property affords us the opportunity to enhance value over the next 24 months," says Michael Emory (pictured), president and chief executive. "It will also enable us to provide
NYSE Euronext has reported net income of USD130m or USD0.50 per diluted share for the first quarter of 2010, compared to net income of USD104m or USD0.40 per diluted share for the first quarter of 2009.
Results for the first quarter of 2010 and 2009 include USD13m and USD23m, respectively, of pre-tax merger expenses and exit costs.
Excluding the impact of these items, net income in the first quarter of 2010 was USD140m or USD0.54 per diluted share, compared to USD112m or USD0.43 per diluted share in the first quarter of 2009.
“Our solid first quarter results were driven
Law firm Weil, Gotshal & Manges has added John Fadely to its Hong Kong office as a partner and a member of the firm’s global funds practice.
Fadely (pictured) has extensive experience in Asia representing international and Asia-based sponsors in the formation and restructuring of Asia-focused private investment funds, including private equity funds, real estate funds and hedge funds, as well as in the formation of joint venture investment vehicles and carried interest plans.
Fadely has also been active in representing institutional investors in private funds, including the formation of sizable co-investment vehicles.
Fadely, who is fluent in Mandarin Chinese,
Worldwide foreign exchange trading volume declined by approximately six per cent to just under USD100trn last year, according to Greenwich Associates.
The cooling down of global FX markets brought to an end an impressive run that saw new records for volume set in each of the prior two years.
The slowdown in global foreign exchange markets began in the second quarter of 2009 as world financial markets began to stabilise, and continued through the end of the year.
Because Greenwich Associates completes interviews for its research on global FX markets mid-way through the fourth quarter of every year, it
At the derivatives markets of Eurex an average daily volume of 12.7 million contracts was traded in April compared with 11.8 million in April 2009 – an increase of eight per cent.
Thereof, 9.4 million contracts were traded at Eurex (April 2009: 7.6 million), reflecting a 24 per cent increase year-over-year, while 3.3 million contracts were traded at the ISE (April 2009: 4.2 million).
In total, nearly 257 million contracts were traded on both exchanges (Eurex: 187.6 million, ISE: 69.2 million), compared to April 2009 with approximately 240 million contracts.
At Eurex, the equity index derivatives segment totalled at 58.1
Law firms Hogan & Hartson and Lovells and completed the combination of their two firms.
The partners of both firms voted to combine the businesses in December 2009.
Hogan Lovells as more than 40 offices throughout the world, including associated offices in Croatia, Hungary and Saudi Arabia.
Warren Gorrell (pictured) and David Harris, co-chief executive officers, said the combination will offer clients expanded global capabilities.
“Hogan Lovells will afford clients a multi-national capability with an unmatched quality, range, and depth of legal services. We are confident that with our breadth of practice, deep industry knowledge, and one-team approach worldwide, Hogan
Jeremy Stretch will be joining CIBC’s macro strategy team in late July as executive director and head of FX strategy.
Stretch joins from financial services firm Rabobank.and has over 15 years’ experience in FX and fixed income strategy.
He will be based in London and will focus primarily on developing tactical trade ideas involving major currencies, as well as on cross-product analysis, for internal users and CIBC clients.
He will report to Joanna Zapior, who leads the macro strategy team from Toronto, and locally to Mark Sweeting, European head of the financial solutions group.
