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RWC Partners has raised assets in excess of USD330m for the launch of its new US equity long short strategy, with a further USD150m committed over the next two months.
Two funds have been launched with the same objective – a Luxembourg Ucits III fund (RWC US Absolute Alpha) and a Cayman-based fund (RWC Biltmore fund).
Both funds seek to deliver consistent absolute returns through investment in large capitalisation US stocks.
The Ucits fund will start with more than USD100m of assets.
The funds will be managed by Mike Corcell as part of a dedicated team of five.
At the international derivatives markets of Eurex, an average daily volume of 10.6 million contracts was traded in September, down from 15.2 million in September 2008.
Of those, 6.9 million contracts were traded at Eurex (September 2008: 10.4 million) and 3.7 million contracts were traded at the International Securities Exchange (September 2008: 4.8 million).
In September, a total of 230.8 million contracts were traded on both exchanges, Eurex with 152.5 million and ISE with 78.3 million, compared with 229.4 million contracts at Eurex and 101.5 million at ISE in September 2008.
The equity index derivatives segment recorded the highest turnover,
A total of EUR107.4bn was traded on Xetra and on the floor at Börse Frankfurt in September, a decrease of 53 per cent from the September 2008 figure of EUR229.8bn.
Of the EUR107.4bn, EUR100.4bn was traded on Xetra, a decrease of 54 per cent year-on-year, while EUR7.0bn euros were traded on the floor.
Turnover in German equities amounted to EUR92.8bn, while foreign equities turnover stood at EUR11.5bn. Xetra and the floor at Börse Frankfurt accounted for 97 per cent of the transaction volume in German equities on all stock exchanges in Germany. Ninety two per cent of foreign equities traded
Societe Generale Asset Management has transferred control over SG Asset Management, its US based alternative asset management unit, to Lyxor Asset Management, a wholly-owned subsidiary of the Societe Generale group.
The transition was initiated in 2008 and is part of Societe Generale Group’s global reorganisation of its asset management business.
The move enables Lyxor AM for the first time to conduct business in the US through a US-based registered investment adviser affiliate, named Lyxor Asset Management.
Lyxor AM specializes in alternative investments, structured and quantitative management. As a result of the transfer of assets, Lyxor AM now has assets under
BBVA and Newedge have formed a joint venture to combine their positions in the Spanish markets while retaining the brand name Altura.
Under the joint venture agreement between the parent banks, which merges the Altura and Newedge Madrid offices, Newedge Group and BBVA will each have a 50 per cent ownership interest in the new company.
The partnership is substituting the partnership BBVA had with Calyon Financial, with whom it created the broker house Altura in 2000.
Altura is a futures and options brokerage company in Spain, providing institutional clients with execution and clearing services on major listed derivatives exchanges.
A Guernsey-based investment fund is anticipated to become the second largest listing on London’s Alternative Investment Market this year.
Burford Capital is aiming to raise GBP200m (USD318m) in an initial public offering to finance commercial litigation in the US.
It plans to start trading shares on Aim on or around 16 October.
Peter Niven, chief executive of Guernsey Finance, the promotional agency for the island’s finance industry, says: “It is great for Guernsey that we are able to secure such substantial and noteworthy business at a time when flows are generally quite low. Having said that, local industry practitioners have
Insparo Asset Management has bolstered its investment and research team with the appointment of Mahan Namin as assistant portfolio manager.
Namin has been brought in to help the firm expand further into the area of foreign exchange and rates trading and research, across both equities and credit. He will focus specifically on research, idea origination and trading, and will also assist in the firm’s overall macro risk management.
Namin joins Insparo from JP Morgan in London where he had been an FX options trader since 2005. At JP Morgan, his responsibilities included trading the USD/CAD book, where he was
Steel Partners II has sent a letter to stockholders of Adaptec requesting support for the removal of two directors: chief executive Sundi Sundaresh and Robert Loarie.
Steel Partners, Adaptec’s largest investor, says Sundaresh and Loarie are two of the directors who recently opposed a recommendation by the company’s own independent financial adviser and strategic committee that the company initiate a sale process to seek a buyer for the company’s business operations.
Steel Partners believes this is the best way to maximise stockholder value at Adaptec.
Sundaresh and Loarie are also two of the legacy directors who recently took secretive and
Goodman has appointed London-based Independent Franchise Partners as a sub-adviser with a global value mandate for Marquis Institutional Global Equity Portfolio.
IFP is expected to take up its new mandate on 1 October 2009, replacing Morgan Stanley Investment Management.
The selection was made by the oversight committee, consisting of investment professionals from Goodman and its parent, DundeeWealth, following a rigorous manager search by the company’s institutional investments team.
IFP was selected for the investment approach it offers through a dedicated, employee-owned, investment management partnership. IFP employs a research process that is focused on identifying investment opportunities which demonstrate both the
The US Commodity Futures Trading Commission has obtained an emergency court order freezing assets held by defendants M25 Investments, M37 Investments, Scott P. Kear, Sr. and Jeffrey L. Lyon, all of Waxahachie, Texas, and David G. Seaman, of Arlington, Texas.
The court’s order also prohibits the destruction of records and appoints a receiver to identify assets, customers and amounts owed customers.
The court’s order stems from a CFTC anti-fraud enforcement action filed on 29 September 2009, in the US District Court in Dallas, charging the defendants with fraudulently soliciting at least USD8m from approximately 224 customers in connection with the
