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Source, a provider of exchange-traded products, says total assets in its range of products have reached USD2.2bn (EUR1.5bn).
Source’s new sector products have gathered nearly USD950m (EUR650m) in just over two months in the market and have been widely accepted in the institutional market, particularly by hedge funds.
The products are designed to facilitate trading and investment through buying, short-selling, borrowing and lending.
Source’s chief executive Ted Hood says: “The speed with which the market has embraced our new optimized sector products has amazed us. We believe that the market has been waiting for a set of products that
SecondMarket, a marketplace for illiquid assets, has entered into an agreement with Dow Jones to provide bankruptcy claims trading data for inclusion in the Dow Jones Daily Bankruptcy Review and its related publication, DBR Small Cap.
“SecondMarket has been providing claims data to our network of buyers and sellers, and this is a tremendous opportunity to expand our efforts,” says SecondMarket chief executive Barry E. Silbert (pictured). “We are excited to work with Dow Jones and to be part of publications that are read by bankruptcy professionals on a daily basis. We hope this is merely the first step in
PrimeFundSolutions has received approval of its Luxembourg licence applications by the Luxembourg regulator CSSF and by the Luxembourg Minister of Finance.
The license allows PrimeFundSolutions to provide banking, custody and fund administration activities to Luxembourg regulated hedge funds and fund of hedge funds.
Erik Jens, chief executive of PrimeFundSolutions, says: “From a strategic perspective, having a local Luxembourg presence is considered essential for PrimeFundSolutions as this will provide us with a strong foundation for future growth in a regulated market and further strengthens our core business around the globe. As a sizeable alternative fund market and a well regulated jurisdiction,
The Market Authority of the Channel Islands Stock Exchange is making available transaction settlement at Euroclear UK & Ireland for CISX-traded open ended investment companies from 30 November 2009.
The CISX has been trading Oeic since March 2005, and will now be able to offer listed issuers in UK-domiciled (including Guernsey and Jersey) Oeic transaction settlement at Euroclear UK & Ireland for transactions on or outside dealing days.
Euroclear UK & Ireland is the central securities depository for UK, Irish and Channel Island securities and already provides settlement and related services for a wide range of securities traded on the
The United States Short Oil Fund, an exchange-traded security designed to inversely track in percentage terms the movements of crude oil prices, has been launched on the New York Arca Stock Exchange.
The investment objective of the fund is to have the changes in percentage terms of its units’ net asset value inversely reflect the changes in percentage terms of the spot price of light, sweet crude oil delivered to Cushing, Oklahoma, as measured by the changes in the price of the futures contract on light, sweet crude oil traded on the New York Mercantile Exchange.
It is not the
International offshore law firm Harneys has expanded its litigation and insolvency department in the British Virgin Islands with the addition of three lawyers including one partner.
Global head of litigation Phillip Kite says the expansion will meet growing client demand fuelled in part by the opening of the BVI Commercial Court earlier this year.
Additions to the department are partner Kissock Laing (pictured) and associates Ian Mann and Marcia McFarlane. Laing joins the department after three years as head of the firm’s Anguilla office where his practice comprised civil litigation as well as corporate, commercial and conveyancing matters.
Mann
Gain Capital, a global provider of online trading services, has launched ForexTrader Pro, the latest version of its margin trading platform for active traders.
"Forex traders demand cutting edge tools. Our goal is to stay ahead of the curve with our proprietary trading technology and deliver a competitive advantage to our customers and partners," said Glenn Stevens, chief executive of Gain Capital. "The new ForexTrader Pro is a robust solution for active traders looking for advanced technical analysis capabilities, sophisticated order management and the ability to customise their trading environment to their specific needs."
ForexTrader Pro delivers a new user
London-based hedge fund GLG Partners has launched a new distressed fund, according to a report in the Financial Times.
The fund, which will invest in the debt of troubled UK and European companies focussing on tradeable, liquid securities and avoiding drawn-out restructurings, will be managed by Galia Velimukhametova, the former European head of US hedge fund King Street Capital, the paper said.
The Financial Times adds that GLG’s new fund began trading earlier this month having previously been run as part of its existing credit and market neutral funds since July last year and already manages USD300m of clients’ money.
Paris-based Mereor Investment Management and Advisory has chosen Imagine Software’s internet-based Derivatives.com service.
The new investment management firm will deploy Imagine Software as a trade capture, portfolio and risk management platform.
With a focus on credit and merger arbitrage strategies, Mereor needed a risk and portfolio management system that would provide flexible stress testing capabilities, a high degree of user-defined customization capabilities, and reporting transparency.
Mereor founding partner Georges Gedeon says: “In today’s highly volatile climate, risk management is top of mind for everyone, and investors are demanding that funds have institutional-grade risk management tools in place from the start.
Suitable extensions of portfolio optimisation techniques used by institutional investors can be transposed to private wealth management, according to a study by Edhec Business School.
The study entitled “Asset-Liability Management in Private Wealth Management”, by Noël Amenc, Lionel Martellini, Vincent Milhau and Volker Ziemann, says these techniques have been engineered to incorporate in the portfolio construction process an investor’s specific context, objectives, and horizon.
The analysis has great potential implications for the wealth management industry. Most private bankers implicitly promote an asset liability management approach to wealth management. In particular, they claim to account for the investor’s goals and constraints.
