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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
BlackRock’s fourth quarter 2009 net income was USD256m, up USD204m compared to 2008.
The Barclays Global Investors transaction closed on 1 December 2009 and contributed USD94m to fourth quarter net income, more than offset by a USD108m after-tax expense associated with BGI transaction and integration costs.
Operating income was USD389m and non-operating income, net of non-controlling interests, was USD17m. The operating margin was 25.2 per cent, which included the impact of USD152m of pre-tax BGI transaction and integration costs.
BlackRock’s results reflect the acquisition of BGI, continued positive business momentum, net asset growth and improvements in the external market environment.
Fidessa group, a provider of trading, portfolio analysis, compliance, market data and connectivity solutions for the buy-side and sell-side, is now ready with Koscom’s PowerBase NFS, the new high-speed interface to the Korean exchange.
The Fidessa NFS gateway provides high-speed market access and is attractive to high-frequency or algorithmic traders, enabling them to take advantage of the 98 per cent reduction in order processing time and around 200 per cent increase in throughput.
David Jenkins, business solutions manager for Fidessa in Asia Pacific, says: “This development will open up new opportunities on the Korean exchange for all traders, but
Gottex Fund Management’s total fee-earning assets were USD8.13bn at 31 December 2009, down 1.2 per cent from USD8.23bn at 30 September 2009.
This total consisted of USD7.80bn in assets under management and Gottex Solutions Services assets of USD0.33bn.
AUM fell slightly by 2.1 per cent, which was primarily caused by outflows from Gottex’s run-off share classes, but was to a certain extent offset by subscriptions and technical factors.
Total subscriptions for the quarter amounted to USD310m, whilst outflows from run-off share classes equalled USD270m and client redemptions accounted for USD250m.
Foreign exchange added USD25m whilst rebalancing and other technical
Babson Capital Management, an investment management firm based in Massachusetts and North Carolina, has been selected by the controlling class of investors to serve as successor collateral manager of two collateralized debt obligations previously managed by Tricadia Loan Management.
Under the terms of the amended management agreement, Tricadia CDO 2005-4 with USD250m in assets is renamed Ashford CDO I, and Tricadia CDO 2006-6 with USD330m in assets is renamed Ashford CDO II.
“We’re delighted to have been selected by the investors to assume management of these CDOs,” says Matthew Natcharian (pictured), managing director and head of the structured credit team
Altegris, a provider of alternative investments, has expanded its senior management team serving its client base of wealth management professionals.
Kirk Strawn, formerly director of intermediary sales at Man Investments, joins Altegris as national director of strategic relationships, to focus on registered investment advisers, trust companies, third party asset managers and broker-dealer firms.
Strawn will partner with John Scarcella, national sales director, who continues his role directing the team of alternative investment consultants serving wealth management and advisory firms that access Altegris’ platform.
"The Altegris platform of alternative investments is designed to provide access to premier managers, often at lower
Tora, a provider of trading technology and financial services, and ConvergEx, a provider of investment and execution technology solutions, have agreed to integrate Tora’s Asia-focused trading platform, Tora Compass, with ConvergEx’s order management system, the Eze OMS.
Under the agreement, clients of Tora Compass can keep their orders in synch with the Eze OMS, while benefitting from real-time profit and loss and risk management in both systems.
In addition, Eze OMS clients will gain access to new, expanded Asia-specific trading features and broker connectivity through Tora Compass.
“We are delighted to be working with ConvergEx to bring this new level
