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The ramifications of the financial crisis have extended further and will last longer than few could have imagined two years ago.
The long-term trends in soft and agricultural commodities will provide some of the most exciting trading and investment opportunities across all asset classes in the next decade.
Gartmore has appointed Brian Mitchell as head of dealing.
He will report to Dominic Rossi, Gartmore’s chief investment officer, and it is anticipated he will join in mid-January 2010.
Mitchell has over 16 years’ investment industry experience, most recently at Barings Asset Management, where he was head of dealing for the last 11 years.
At Gartmore Mitchell will be responsible for overseeing all dealing activities including equities, derivatives, fixed income and FX in London, Tokyo and Boston.
Rossi says: “We are delighted that Brian has chosen to join Gartmore. He brings a wealth of dealing experience and a vast knowledge
Brett Tony Best of Middle Park, Brisbane, has been sentenced to 13 years imprisonment for various charges related to operating an unregistered managed investment scheme while director of Arafura Equities.
This follows Best being remanded in custody on 11 May after he pleaded guilty to one charge of operating an unregistered managed investment scheme; one charge of dishonestly gaining a financial advantage for himself worth AUD30,000; and six charges of dishonestly gaining a financial advantage for Arafura totalling AUD330,000.
Best’s guilty plea followed an investigation by Australian Securities and Investments Commission into the operation and promotion of an illegal managed
Guernsey is reviewing its corporate tax regime in line with its agreed fiscal and economic strategy.
The island’s current “zero-10” corporate tax regime was introduced on 1 January 2008. In subsequent discussions, officials from the UK Treasury confirmed that it was compliant with international standards and the EU Code of Conduct.
Jersey and the Isle of Man followed a broadly similar approach.
However, all three Crown Dependencies recognise that the recent and unprecedented changes in the world economy have led to shifts in perceptions and attitudes across the globe.
At meetings held on Tuesday between the Crown Dependencies and
Altis Partners has appointed John King as managing director of its London branch.
King joins Altis from BNP Paribas Fortis where he was an executive director, deputy head of Fortis commodity derivatives.
Founded in 2000, Altis specialises in managed futures and now manages USD1.3bn for its clients.
Altis uses a proprietary system to trade the global futures markets, delivering annualised returns of 23 per cent since inception.
“I am excited to join Altis at such a dynamic stage in its evolution. I look forward to bringing my experience from the sell side to help maximise the impact of Altis’s
European index provider Stoxx has launched the Dow Jones Euro Stoxx 50 PutWrite Index.
The index replicates a "reverse convertible" investment strategy and measures the performance of a hypothetical portfolio consisting of monthly put options on the Dow Jones Euro Stoxx 50 Index.
The monthly put options are fully collateralized by money market investments in the three month Euribor market (euro interbank offered rate).
The index is the first of its kind in Europe and is designed to underlie financial products such as exchange-traded funds.
"The Dow Jones Euro Stoxx 50 PutWrite Index is a unique and objective measurement tool
Guernsey, Jersey and the Isle of Man have announced that they plan to work together to review their fiscal arrangements after it was made clear to the three crown dependencies by the UK government that their ‘zero-10’ corporate tax strategies are considered to breach the spirit, if not the letter, of the European Union’s Code of Conduct on Business Taxation.
The three territories aim to develop new corporate tax regimes “broadly similar to each other that remain competitive, yet also within international standards.” The unspoken message is that the days of zero corporate tax rates are over.
The EU Code
Burford Capital, a commercial dispute investor, has completed its initial public offering on the Aim market of the London Stock Exchange.
The company has raised approximately USD130m (GBP80m) through the placing of 80 million shares at an offer price of 100p per share.
It is expected that admission to Aim will become effective, and that unconditional dealings in the ordinary shares on the London Stock Exchange will commence, at 8am on 21 October 2009 under the ticker symbol BUR.
Fox-Pitt Kelton acted as sole bookrunner, nominated adviser and broker to the company. Execution Limited acted as co-lead manager. Latham &
