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Deutsche Bank has hired Richard Newman as a senior risk manager for global prime finance within the bank’s global markets division.
Newman will be based in London and will join on 4 May 2010.
He will be responsible for providing risk management solutions to international hedge fund clients focused on European markets.
Newman will report to Kam Singh, European head of prime finance risk, and Matthew Bowen, managing director within prime finance risk.
Newman was previously head of European prime brokerage risk management at JP Morgan where he was responsible for the determination of margin and risk policy for European
International Derivatives Clearing Group, an independently operated subsidiary of The Nasdaq OMX Group, will be clearing four new over-the-counter interest rate derivative products through its clearinghouse.
The products are:
• US Dollar Interest Rate Swap vs. 1 Month Floating Rate
• US Dollar Forward Start Interest Rate Swap vs. 1 Month Floating Rate
• US Dollar Overnight Index Swap
• US Dollar 1 Month Forward Rate Agreement
• US Dollar 3 Month Forward Rate Agreement
“IDCG is committed to providing a rich suite of clearable OTC derivative products to the marketplace to meet end-user demand,” says Garry O’Connor, chief executive officer of IDCG.
The previous
MarketAxess, the operator of an electronic trading platform for US and European high-grade corporate bonds, emerging markets bonds and other types of fixed income securities, has reported an increase in total revenues for the first quarter of 2010 of 41.6 per cent.
Revenues at 31 March 2010 were USD34.9m, compared to USD24.6m for the first quarter of 2009.
Pre-tax income was a record USD11.1m, compared to USD4.7m for the first quarter of 2009, an increase of 134.3 per cent.
Pre-tax margin was 31.8 per cent, compared to 19.2 per cent for the first quarter of 2009.
Net income totalled USD6.7m,
The Alternative Investment Management Association has welcomed the statement by the French and German Finance Ministers, Christine Lagarde and Wolfgang Schäuble, that qualified investors should be free to invest in funds from all around the globe irrespective of quality standards set for European hedge funds.
Aima chief executive Andrew Baker (pictured) says that given the widespread international concern over possible protectionist consequences of the directive and the potential impact on European investors, this is a significant and reassuring statement.
Baker says the current texts of the directive do not necessarily reflect these sentiments and it appears that the French and
BNP Paribas Corporate and Investment Banking has made two appointments in its prime brokerage business.
Jeffrey Mettel has joined the capital introduction team as a director in New York and Afi Lowery, also a director, moves to manage the capital introduction effort for the southwest region based in Dallas, Texas.
Both report to Emma Sugarman, head of capital introduction, Americas.
Sugarman says: "Jeff is a great addition to the capital introduction team, his experience in asset allocation brings invaluable perspective to our clients and depth for our investors. I’m also delighted to welcome Afi. Her knowledge of BNP Paribas’ Prime
Matrix and Redux have joined forces to form Redux Research.
Sudeep Singh, founding partner of Redux Research, and his team have over 50 years’ combined experience in emerging markets and will be providing emerging market currency and macro strategies.
In October 2007, Redux launched its long-only emerging markets FX and macro programme for a US based fund manager which made almost 16 per cent in 2009 and came through the financial crisis of 2008 with modest losses of just over four per cent.
Singh has more than 16 years of experience trading securities in emerging markets. He was formerly
Singapore’s central bank has announced new controls for hedge funds managing over S$250 million (£119.5 million) in assets.
Kleinwort Benson, the UK-based investment management and financial services group that is one of the largest fund administrators in the Channel Islands, will have its banking licence withdrawn by the Jersey Financial Services Commission when the firm is acquired by Belgian investment firm RHJ International from Germany’s Commerzbank.
The Jersey regulator’s decision is based on its requirement that banking entities must be owned by a top 500 bank “of national and systemic importance”, and comes despite Moody’s Investor Services assignment of a Baa2/Prime-2 long- and short-term deposit ratings and a bank financial strength rating of C- to Kleinwort Benson as
AIS Fund Administration has appointed Dan J. Schulman as general counsel to AIS and its affiliated companies.
Schulman has 25 years’ experience representing fund administrators, hedge funds, broker/dealers, prime brokers and other financial institutions.
Paul Chain, AIS president, saidys: “Dan brings to AIS, as counsel, a breadth of expertise and constructive advice that is invaluable, and we look forward to having him aboard as a permanent and beneficial part of the team. Given the many and complex issues on the horizon relating to compliance, the need for transparency, and additional regulatory oversight, just to name a few, Dan’s experience and
Herschel Asset Management’s Absolute Return Fund has returned 17.86 per cent per annum since inception.
The fund is an Australian domiciled, long short hedge fund investing in ASX listed securities and derivatives.
The fund has a track record of over three years and 11 months as at March 2010, during which time it has provided investors with an annualised return of 17.86 per cent net of all fees, at an annualised volatility of 8.81 per cent and with a Sharpe ratio since inception of 1.31.
The fund recorded a positive return of 0.31 per cent in 2008 and a maximum
