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At first glance, it would be easy to say that the report by former UK regulator Michael Foot on the three British crown dependencies and six other overseas territories was a statement of the blindingly obvious. And possibly at second glance, too.
The report published yesterday warned the territories that they would have to meet international standards on regulation, financial crime and exchange of tax information, and suggested that for reasons of both economic need and fiscal compliance those jurisdictions that currently do not levy a standard corporate income tax should consider doing so.
None of this is any revelation
Radcliffe Capital Management has raised USD75m from two investors to deploy in its short duration yield strategy, offered to institutional investors through managed accounts.
The strategy seeks to offer a solution for investors looking for attractive short-term yields without taking unnecessary risk and while retaining substantial liquidity.
Market and regulatory factors create the opportunity whereby many short-term bonds are sold by holders as yields drop below typical return thresholds. Radcliffe believes there are fundamental reasons why these factors have existed and why they will persist for many years.
Through credit analysis focused on cash and cash flow, Radcliffe seeks the
Quintillion has been appointed by Leadenhall Capital Partners to provide administration services to both its Leadenhall Diversified Insurance Linked Investments Fund and Leadenhall Value Insurance Linked Investments Fund, which launched on 21 October 2009.
The funds aim to provide investors with access to returns from the insurance and reinsurance markets through investments in CAT bonds, CAT swaps and other insurance linked investments.
The value fund is targeted at investors who want exposure to insurance linked investments without the need for a diversified portfolio.
The diversified fund is targeted at investors needing a more diversified portfolio.
Both funds have been incorporated
Northern Trust will provide correspondent trust and custody-related services for three financial institutions: Republic Bancorp in Louisville, Kentucky; Merrimack County Savings Bank in Concord, New Hampshire; and Essex Street Associates in Beverly, Massachusetts.
Northern Trust delivers trust accounting and investment management services through TrustPortal, a wealth management focused solution for financial institutions.
"The TrustPortal will streamline our business by combining trust services, investments, client access and other solutions on a single platform," says Joe Sutter, vice president of Republic Bancorp. "This multi-functional platform, along with Northern Trust’s domestic and global custody capabilities, will provide us with the tools to better
Deutsche Bank has signed an agreement to acquire 100 per cent of Sal. Oppenheim at a price of EUR1.0bn.
The present shareholders in Sal. Oppenheim have the option of a long-term shareholding of up to 20 per cent of the German subsidiary Sal. Oppenheim jr. & Cie based in Cologne.
Sal. Oppenheim’s asset and wealth management activities will be maintained and expanded in the future under the private bank’s brand and preserve Sal. Oppenheim’s identity and values.
With this transaction, Deutsche Bank strengthens its position among high-net-worth private clients, especially in Germany.
With the purchase of the Luxembourg-based holding company,
Duet Group, the global financial group specialising in alternative asset management, has appointed Eric De Candia as chief executive of Duet Alternative Investments, its fund of hedge fund platform.
De Candia will be responsible for the running and development of the platform.
Duet has also promoted Karim Khimji to be chief investment officer for Europe and Douglas Morse to be chief investment officer for the US for Duet’s fund of hedge funds business. Both will be reporting to De Candia.
Prior to joining Duet Group, De Candia was the co-founder, president and a principal of AltEdge Capital Management, where he
London-based investment manager Sothic Capital Management has selected GlobeOp Financial Services to provide middle- and back-office and fund administration services for its newly launched Sothic Capital European Opportunities Fund.
The fund launched in September 2009 with USD83m in assets under management, which have since grown to more than USD105m.
GlobeOp will provide full post-trade support, including the processing of bank debt trades.
Domiciled in the Cayman Islands, the Sothic Capital European Opportunities Fund focuses on European distressed situations and is open to new investors. Sothic Capital Management was established late in 2008 by the investment management team formerly responsible for
Interactive Data, a provider of financial market data and analytics, has broadened the capabilities for its interest rate swap valuation service provided by its pricing and reference data business.
The service assists clients by providing information they can use to help efficiently value their portfolios containing over-the-counter derivatives.
The service now covers Canadian dollars and New Zealand dollars. It has also been expanded to offer cross currency fixed for floating swaps for these two currencies, along with any combination of the 13 additional currencies it covers, including: Australian dollars, British pounds, Czech koruna, Danish krone, Euros, Hungarian forint, Japanese yen,
J.P. Morgan Worldwide Securities Services has launched an upgraded securities lending dashboard that allows clients to view and monitor key aspects of their securities lending activities in a customised view.
The platform provides clients transparency across their programme, including real-time information.
The enhanced dashboard provides clients with snapshots of critical portfolio data and is available through J.P. Morgan Acess, the firm’s Web-based portal for treasury and securities services.
Clients are able to set snapshot filters to provide information and metrics such as loans outstanding by asset class, collateral by collateral type, non-cash collateral by rating, top securities by earnings,
CounselWorks, an advisory firm to alternative investment firms, banks and broker/dealers, has hired Brad Caswell, former general counsel and chief compliance officer of DKR Oasis, as a managing director.
Caswell will work closely with clients on strategic business, legal, regulatory and compliance matters, particularly hedge funds and investment firms with international businesses.
Prior to DKR Oasis, Caswell served as associate general counsel and a board member of the DKR group of funds. Prior to joining DKR Capital, he was vice president and assistant general counsel at Goldman Sachs. He joined Goldman from the law firm of Clifford Chance Rogers &
