Latest News
For many years the leader in creating and implementing business and regulatory models that have become the standard for other jurisdictions to follow, Bermuda is today home to a thriving and dynamic offshore financial services industry.
An archipelago of nearly 140 islands in the North Atlantic, Bermuda is within two hours’ flying time from most US East Coast hubs and also within easy reach of Canada, and it also enjoys daily air service to the UK and Europe.
Its strategic location between Europe and North America offers proximity to the world’s largest capital markets and global business centres, a key
The Channel Islands Stock Exchange (CISX) continues to grow throughout the prevailing difficult and uncertain market conditions arising from the credit crisis.
The number of securities admitted to the Official List has risen from 2,800 in October last year, to more than 3,350 a year later. One of the most high profile was the Max Property Group, which was admitted to the Exchange in May 2009 on a primary basis, and constituted the largest IPO in Europe at the time.
Innovation
Whilst remaining attractive to an ever increasing number of high quality, international issuers in such tough economic times, the
Deutsche Börse and Eurex have welcomed the communication issued by the EU Commission which aims to reduce systemic risks in the over-the-counter derivatives market.
The communication, entitled “Ensuring Efficient, Safe and Sound Derivatives Markets: Future Policy Actions“, seeks to increase the stability of the market with the proposed measures.
The companies say that effective risk management and improved transparency are essential elements to strengthen the safety and soundness of the current market organisation.
The communication finalises the consultation process towards a future regulation of OTC derivatives markets in the EU and states the proposals of the EU Commission for 2010.
Cardano has appointed Roger Lord and Alberto Marone to its London-based team to strengthen the firm’s risk management capabilities.
Lord will be responsible for Cardano’s quantitative solutions and systems. He holds a PhD in Quantitative Finance and has done research on the pricing of exotic derivatives.
Previously Lord worked for Rabobank International in various roles, most recently supporting their exotic interest rate derivatives trading desk in London. Prior to starting his PhD, he worked in Cardano’s Rotterdam office.
Marone joins from fund of hedge fund firm, Globefin European Advisors. At Globefin he was a member of the investment committee and
Asian hedge fund manager PMA Capital Management has launched the PMA India Fund, which focuses on alpha generation from long and short positioning in the top 250 Indian companies.
The fund uses a mix of qualitative and quantitative processes that combines a top-down discipline with bottom-up analysis.
The investment universe enables the fund to maintain a highly liquid profile since it is estimated to represent 90 per cent of overall market capitalization and 85 per cent of daily turnover.
The PMA India Fund will be managed by Anoop Villait, who heads the PMA India strategy and has over 15
Gottex Fund Management’s total fee-earning assets were USD8.23bn at 30 September 2009, an increase of 0.9 per cent from USD8.16bn at 30 June 2009.
This total consisted of USD8bn in assets under management, down 1.2 per cent from 30 June 2009, and Gottex Solutions Services assets of USD0.3bn.
The decline in AUM was primarily caused by outflows from our run-off share classes and client redemptions, but mostly offset by subscriptions and positive performance.
GFM client subscriptions for the quarter amounted to USD500m, whilst outflows from run-off share classes equalled USD350m and new client redemptions accounted for USD440m.
Foreign exchange contributed
StatPro, a provider of portfolio analytics and data solutions for the global asset management industry, has appointed Mark Grobien as business development manager for Germany.
Grobien (pictured) is a dedicated business development person serving the German-speaking markets in Europe.
In this role he will based in Paris, but work closely with StatPro’s office in Frankfurt.
StatPro is expanding rapidly in Europe and this new hire complements the sales team in the French and Italian markets. The appointment follows the selection of Tim Dennis as European sales director in June.
Grobien has spent 15 years in asset management and capital markets,
Gartmore has appointed Jan de Bruijn as head of Asian equities.
De Bruijn will join Gartmore’s global emerging markets team and report to Chris Palmer, head of global emerging markets.
He is expected to join in early 2010.
De Bruijn has 17 years’ investment industry experience and has spent the last three years at Threadneedle Asset Management managing Asian equity long-only, institutional and hedge fund strategies. Prior to this he was a senior portfolio manager at Scottish Widows Investment Partnership.
At Gartmore de Bruijn will assume management of the Gartmore Pacific Opportunities Fund and Gartmore Sicav Asia Pacific Fund. He
NYSE Euronext will next month allow broker-dealers’ alternative trading systems and off-exchange market centres to print dark pool trades on the Finra/NYSE trade reporting facility and display the daily activity of each trading venue on NYSE.com.
“This is an example of NYSE Euronext and the industry working together to develop a positive solution to address the lack of understanding regarding the extent and nature of ‘dark pool’ trading , which has been a concern for regulators and legislators,” says Joseph Mecane, NYSE Euronext’s executive vice president and chief administrative officer for US markets. “We believe this will bring requisite and
The Credit Suisse/Tremont Hedge Fund Index finished up 3.04 per cent in September as hedge funds were able to take advantage of market trends.
Every strategy in the index posted positive performance except dedicated short bias.
The highest return for the month came from emerging markets which posted 4.94 per cent, with Latin America showing the best regional performance, evidenced by the 12 per cent gain for the MSCI EM Latin America Index.
Economic macro data in September continued to be divergent, supporting both market bulls and bears, although bulls dominated the markets with the S&P 500 posting 3.73 per
