Latest News
Paddock Fund Administration has gone live with IGEFI Group’s MultiFonds fund accounting platform.
Paddock specialises in fund administration, transfer agency, client communication and domiciliation.
It acts as an independent partner with PSF status, servicing international clients as central administrator for investment funds with a focus on specialised investment funds domiciled in Luxemburg.
IGEFI Group is a provider of software solutions for international fund distributors, third party investment fund service providers, and fund managers.
IGEFI’s core platform, MultiFonds, helps companies in the investment fund industry to grow their business while improving client service levels and efficiency. MultiFonds is operational in more
Earth Capital Partners, a private equity firm focused on renewable energy, has hired a sustainable agriculture and forestry investment team from IBIS Capital Management and EMP Global.
Bosworth Monck joins as head of sustainable agriculture and forestry investment, and Gabriel Montana and Richard Smith join as partners.
The team will advise on agriculture, forestry and biodiversity investments, with a particular focus on deploying capital in Latin America.
Earth Capital Partners plans to launch a series of institutional grade funds in these areas, each with appropriate risk-return characteristics and low correlation to traditional asset classes.
Stanley Fink, non-executive chairman of Earth
Yves Perrier, chief executive of asset management firm Amundi, has revealed the new corporate governance structure of the company.
Investment solutions for retail network will provide the networks of the Crédit Agricole and Société Générale groups and other partner networks with a range of investment products and solutions, tailored to the specific needs of each network’s customer base, sales and marketing support.
Institutional investments will provide its institutional clients and distributors with all Amundi’s expertise – fixed income, equities, absolute return and investment solutions – backed up by sales coverage of all countries and customer service.
Support and business development
The US Bankruptcy Court for the District of Delaware has granted protection over the US assets of a Cayman Islands exempted company in liquidation.
The company, SIFCO5, is subject to official liquidation proceedings in the Cayman Islands, which the Bankruptcy Court found was eligible for relief under chapter 15 of the US Bankruptcy Code.
US law firm Schulte Roth & Zabel, which represented the joint official liquidators Kinetic Partners in the proceeding, says the decision is significant given earlier decisions of other bankruptcy courts to deny or limit the availability of similar protection to other Cayman exempted companies in liquidation.
The economic downturn of 2009 severely impacted the US fundraising industry, with the amount of time taken to raise a fund increasing to an average of 18 months, twice as long as in 2005, according to a report by C.P. Eaton.
More general partners remained on the road seeking a severely limited supply of capital.
The outlook for 2010 is brighter: according to a recent Preqin survey, a majority of LPs plan to make their next allocation to private equity this year, saying that their current private equity investments have met or exceeded their expectations.
Also, now that the associated
Luxembourg Financial Group, a structured products boutique and asset manager, has appointed Gareth James as head of hedge fund solutions.
James was global head of hedge fund derivatives at Deutsche Bank, where he also ran the firm’s hedge fund managed account platform.
He has nearly 15 years of hedge fund industry experience.
LFG’s hedge fund solutions team offers a full service of structural solutions to hedge fund managers and their investors.
James says: “This is a very exciting time in the hedge funds business, with a lot of structural change taking place. LFG has a fantastic tool box of
Numerix, a provider of cross-asset analytics for the structuring, valuation and risk analysis of derivatives and structured products, is to provide pricing models and risk analytics for Thomson Reuters’ Kondor+ Suite and TopOffice solutions.
Financial service firms using Thomson Reuters Kondor+ Suite to build and trade structured products can already access the Numerix CrossAsset library of independent pricing models, methods for the pricing and analysis of various exotic derivatives and related transactions.
Clients will now have better access to the Numerix CrossAsset library, to include enhanced coverage and pricing capabilities for vanilla instruments.
Clients of Kondor+ Suite can now structure,
The Securities and Exchange Commission has charged two California investment advisory firms for engaging in improper short selling of securities in advance of their participation in a company’s secondary offering.
These mark the first cases filed under the SEC’s amended Rule 105 of Regulation M, which is designed to prohibit manipulative short selling ahead of follow-on securities offerings.
In one case, the SEC charged Los Angeles-based AGB Partners and its principals Gregory A. Bied of Boise, Idaho, and Andrew J. Goldberger of Santa Monica, California, finding that they netted thousands of dollars in improper profits by shorting in advance of
Investment funds across the EU who are challenging unlawful application of withholding taxes levied on dividends can expect refunds of millions of euros following Norway’s decision to refund withholding taxes to a Luxembourg Sicav, according to PricewaterhouseCoopers.
In June 2009 the ECJ issued its final judgment in the Aberdeen Property Fininvest Alpha Oy case in favour of the taxpayer, ruling the application of withholding tax on dividends paid to non-resident investment funds, while exempting domestic investment funds, discriminatory and in breach of Articles 43 and 48 and Articles 56 and 58 of the EC Treaty.
This ruling has set the
Newedge Group, with its membership in LCH.Clearnet, has become a general clearing member for Nodal Exchange, the first exchange dedicated to offering locational (nodal) futures contracts and related services to participants in the North American electric power markets.
Nodal Exchange launched on 8 April 2009 with LCH.Clearnet as its central counterparty clearing house.
Newedge Group becomes the seventh GCM to support trading on Nodal Exchange.
Robert Vujtech, global head of energy for Newedge, says: “We are very client focused and keen to offer opportunities adding value to our clients. We have received significant interest in Nodal Exchange and are delighted
