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The Swiss banking group Syz & Co has added four sub-funds to its Oyster fund family and has established a second experimental Sicav to act as a testing ground for new products.
The four new sub-funds cover credit, convertible bonds, market neutral and small cap US. They are currently being registered in various European countries, including Switzerland.
The second, laboratory Sicav is not intended to be sold to the public at large but acts as a nursery for new talent or strategies. This allows new products to be tested under real conditions and to establish a track record before offering
Hedge funds’ assets under management will total USD1.5trn in 2010, according to a report by Tabb Group.
The report says the prime brokerage market is still significant and Tabb expects prime broker revenues to top USD10bn in 2010.
According to Tabb, the shocks of September 2008 set in motion a re-evaluation of existing relationships; the development of new prime relationships; the development of true multi-prime capabilities; new custodial arrangements with prime brokers; and non-prime broker affiliated custodian banks. Only a full year later is this industry beginning to settle down and the pace of change and instability finally slowing.
Kohlberg Kravis Roberts has appointed Arun Sarin as a senior adviser.
Sarin (pictured) is the former chief executive officer of mobile telecommunications company Vodafone and had previously been a senior adviser to KKR.
Henry R. Kravis and George R. Roberts, co-founders of KKR, said: “We are delighted to welcome Arun Sarin back to the firm as a senior adviser. From our past close partnerships with Arun – starting when he became chief executive of Accel-KKR Telecom almost a decade ago and then as a senior adviser to KKR – we know first-hand of Arun’s deep knowledge, global relationships, and diversified
The US Commodity Futures Trading Commission has issued a notice of intent to undertake a determination whether 17 contracts offered for trading on the IntercontinentalExchange perform significant price discovery functions.
The contracts are: PB&E Citygate Financial Basis; Waha Financial Basis; Malin Financial Basis; HSC Financial Basis; Dominion-South Financial Basis; AECO Financial Basis; Permian Financial Basis; TCO Financial Basis; San Juan Financial Basis; Tetco-M3 Financial Basis; Zone 6-NY Financial Basis;ï€ Chicago Financial Basis; NGPL TxOk Financial Basis; Mid-C Financial Peak; Mid-C Financial Peak Daily; Mid-C Financial Off-Peak; and Mid-C Financial Off-Peak Daily.
The commission is undertaking the review based upon its initial
Galena Asset Management has officially soft closed its flagship Galena Fund.
Existing and prospective clients are no longer able to allocate to the fund.
David Mimra (pictured), head of sales and marketing, says: "The soft-closing of our metals fund reflects our desire to continue to provide consistent risk-adjusted returns to our investors with a manageable pool of capital. Should the market conditions allow us to do so, we shall re-open the flagship fund in the future.”
Galena’s other hedge fund programmes (Galena Special Situations Fund and Galena Energy Fund) and its absolute return offering (Azurite Fund) remain open for investment.
HedgeOp Compliance, a provider of compliance software and consulting services for alternative asset managers, has entered into an alliance with Strata Fund Services, a full-service administrator to the alternative investment industry, to provide Strata with its ComplianceTrak software platform.
Strata will use the software to service its clients and enhance its compliance offerings.
"We were looking for an efficient and cost effective way to enhance our compliance offerings to asset managers, and increase the number of clients we can service. ComplianceTrak, with its patented automated technology, will allow us to undertake, on a large scale, the reporting, monitoring and tracking
The Managed Funds Association has reaffirmed its support for proposals that would enhance the transparency and regulatory oversight over private pools of capital, including hedge funds and managed futures funds.
The testimony before the House Financial Services Committee hearing, "Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, and Creating a National Insurance Office”, comes as Congress begins to consider comprehensive reforms to the US financial regulatory system.
MFA outlined its positions on key issues impacting the alternative investment industry, including mandatory registration of unregistered investment advisers with the Securities and Exchange Commission or the
The Securities and Exchange Commission has approved new exchange rules for breaking stock trades that deviate so substantially from current market prices that they are considered “clearly erroneous”.
The rules would for the first time provide a consistent standard across stock exchanges and reduce uncertainty about what happens to a trade depending on where it is executed.
“Adopting consistent standards across exchanges for breaking trades will strengthen the resiliency of our markets by reducing the potential for market confusion, especially during periods of high market volatility,” says SEC Chairman Mary L. Schapiro. “These changes will promote the orderly and efficient
A Leg To Stand On, a New York based charity which helps disabled children in developing countries by providing corrective surgeries and prosthetic limbs, is to hold its sixth annual Hedge Fund Rocktoberfest fundraiser on 8 October at B.B. King Blues Club in Manhattan.
As in years past performances consist of bands whose members are from the hedge fund and financial services industry.
“We are really grateful to everyone who has worked hard for this year’s event, everyone involved has put in a tremendous effort with everything from bringing in sponsorships to organising the bands,” says Ashwan Khanna, managing partner
The London Metal Exchange has listed its first minor metals brand – Vale Inco Electrolytic Cobalt Rounds from Canadian producer Vale Inco – for delivery against the LME’s new cobalt contract.
LME contracts for minor metals are due to launch on 22 February 2010 and will provide transparent pricing and risk management tools for the cobalt and molybdenum industries.
Cobalt and molybdenum are by-products of metals already traded on the exchange but until now there has been limited opportunity to manage risk in the minor metals sector.
“Registering brands is a crucial element to the contract launch and
