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Assets managed by the world’s largest 500 fund managers fell by over 23 per cent in 2008 to USD53.4trn, down from USD69.4trn the year before, according to the Pensions & Investments/Watson Wyatt World 500 ranking.
The fall in assets is the first since 2002 and the largest since the research began in 1996.
Carl Hess, global head of investment consulting at Watson Wyatt, says: “2008 was a dreadful year for fund managers with the majority posting record losses. Even after the strong market recoveries since March this year, our expectation is that values will remain below 2007 levels, meaning
The British Virgin Islands Financial Services Commission has introduced a new electronic reporting system for filing annual fund returns.
Law firm Conyers Dill & Pearman says this will facilitate the commission’s regulation and monitoring of the British Virgin Islands funds industry while providing a significantly more efficient and secure environment for filing annual returns.
The new electronic reporting system supports submissions by segregated portfolio companies as well umbrella structures with improved formatting and the ability to save entries for later submission. The information obtained from the filing is consolidated and used for statistical purposes.
The deadline for filing is 15
Northern Trust has appointed Patrick Everett as Dallas region president, overseeing the company’s North Texas wealth management operations, which provide investment management, fiduciary services and banking solutions to individuals and institutions.
Formerly chief investment officer for Northern Trust’s Western region including California, Washington and Nevada, Everett will relocate to Dallas. He joined Northern Trust in 1996 as a portfolio manager and also served as president and chief executive of Northern Trust, FSB in Las Vegas, Nevada.
Everett reports to Southwest region president Steve MacLellan, who manages personal financial services for the company’s 16 offices in Arizona, Colorado and Texas.
"We
Despite indications of economic recovery, concerns still run high about the direction of the economy and impending regulation, according to a RBC Capital Markets survey of 60 senior hedge fund executives conducted by the Economist Intelligence Unit.
Two-thirds (64 per cent) said it would take at least five years for corporate profit margins and/or returns on capital to reach pre-crisis levels, and managers expressed more confidence in the growth and stability of China’s capital markets than those in the US.
Two in five fund executives surveyed (42 per cent) expect a gradual recovery over the next year, with growth resuming
Crestline Investors has acquired certain assets related to Northwater Capital Management’s hedge fund of funds and beta overlay investment management businesses.
Financial details of the transaction were not disclosed.
As part of the transaction, Crestline will establish an affiliate office in Toronto to serve existing and acquired Canadian client accounts and build additional relationships within the Canadian investment community.
Paul Robson, former president of Northwater, will lead Crestline’s Canadian business efforts as president of Crestline Canada. Robson is one of six professionals joining Crestline to transition and continue management of the client accounts, which are managed on behalf of corporate
3A, the alternative investment division of the Syz & Co Group, has launched a Ucits III fund of hedge funds.
The product preserves the benefits of a hedge fund while offering the additional advantages of a well-regulated environment, especially with regard to transparency and liquidity.
The fund, 3A Dynamic Ucits III, is aimed at professional clients only and will not be marketed to the retail market.
The fund invests in Ucits III hedge funds and is itself compliant with the requirements of the Ucits III directive. It is a sub-fund of the umbrella Luxembourg Sicav Oceano.
The fund seeks
Appleby, an offshore legal, fiduciary and administration service provider, and Dickinson Cruickshank, the largest law firm in the Isle of Man, have formally completed their merger which was announced in June 2009.
The firm will now be known as Appleby in the Isle of Man.
Appleby is the first global offshore law firm to have a presence on the Isle of Man and is now the largest global offshore law group by number of partners.
The global group now has 74 partners and 200 lawyers, and a total of over 800 staff in 11 offices worldwide including Bermuda, the British
In its proposal for the State Budget 2010, to be adopted by the Luxembourg Parliament in December, the Luxembourg Government has included an exemption from subscription tax for microfinance investment funds.
It follows a recommendation issued by the Association of the Luxembourg Fund Industry which has considered for a long time that the elimination of the subscription tax will encourage the development of this fund type in Luxembourg.
Alfi chairman Claude Kremer stated in a press conference on 18 September: “These funds accomplish an important social and philanthropic role that complements public action and cooperation efforts. Clients investing in these
Falk Marques Group is holding the inaugural Women’s Alternative Investment Summit on 1-2 December 2009 in New York’s financial district.
The conference marks an extension of the company’s Women’s Private Equity Summit to include the broad range of asset classes, including private equity, venture capital, real estate, infrastructure and hedge funds.
The conference, entitled "Alternative Investment in the Age of Transparency," will address the challenges and opportunities presented by doing business.
Keynote interviews will feature Sandra Horbach, managing director, The Carlyle Group and Nicole Arnaboldi, chairman, DLJ Merchant Banking Partners; co-head of illiquid alternatives, Credit Suisse.
Panelists from The Blackstone
NYSE Liffe will be introducing American-style options on the shares of the Dutch company Mediq from 6 October 2009.
The new options will expire on the third Friday of the contract month and will have initial lifetimes of one, two, three, six and nine months.
Each Mediq option will represent 100 shares in Mediq and will be cleared via LCH.Clearnet.
Liquidity in the options will be supported by All Options (PMM) and trading will take place on Liffe Connect.
The market for Mediq options will be supported by the full screen central market model pioneered in Amsterdam, and used in
