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Fortress International Fund has entered into an alliance with Carlisle Management, which is to become the investment adviser to all of Fortress’ investment and restructuring activities.
"Fortress International is a premiere partner, with a respected brand and an industry-leading management team for accessing longevity-based investments," says Jose Garcia, chief executive officer at Carlisle Management. "Carlisle continues to focus on developing strategic partnerships in the life settlement market. We are extremely pleased to work with Fortress International."
The Fortress International Fund will be launched later this year and provide life settlement investments for qualified investors.
Fortress International continues to expand in
International law firm Maples and Calder has appointed Petrina Smyth in Dublin as head of tax.
Smyth (pictured) is a seasoned professional experienced in negotiating tax aspects of financial services matters, mergers and acquisitions and inward investment.
Nollaig Murphy, head of the finance group in the Dublin office, says: "We are pleased to welcome Petrina to the firm and look forward to working with her. Petrina’s appointment is a significant addition to our Dublin team as we continue to achieve our objective of building an experienced group of high calibre lawyers offering best-in-class legal advice for our clients. The expertise
York Capital Management and Bank of America Merrill Lynch have launched the York Event-Driven Ucits Fund, offering access to York’s event-driven strategies as part of Bank of America Merrill Lynch’s Ucits III compliant funds platform.
York has been appointed as the investment manager to the fund with Merrill Lynch International acting as sponsor.
The fund was launched on 29 July 2009 and has already raised approximately USD100m assets under management. It is the third fund to be established on Bank of America Merrill Lynch’s Ucits compliant Luxembourg Sicav – Merrill Lynch Investment Solutions – and the first event-driven strategy therein.
HSBC Private Bank has appointed Chris Allen as managing director and head of HSBC Alternative Investments.
Allen currently head of real estate for HSBC Alternative Investments.
As of 1 January 2010 he will report locally to Nigel Webber, chief investment officer of HSBC Global Private Banking, and functionally to Peter Rigg, global head of HSBC Alternative Investment Group.
HSBC Alternative Investments is the dedicated unit responsible for hedge funds, institutional mandates and fund of funds for the HSBC group and real estate and private equity investment for HSBC Global Private Banking.
Allen joined HSBC Alternative Investments in 2007 to
Ernest “Ernie” Pittarelli, chief operating officer of Sailfish Capital Partners, died on 24 September at Mount Sinai Hospital in New York City after an 18 month battle with a rare form of leukemia.
Pittarelli was born 2 November 1953 in Brooklyn, New York.
In 2005, he left retirement to join Sal Naro at Sailfish Capital Partners as chief operating officer. A recognised leader in hedge fund operations, he helped the firm grow to over USD4.5bn in assets.
When the decision was made to wind down Sailfish, Pittarelli continued to direct operational matters and enabled the firm to exit the
The delay by the British Government in signing off on funding arrangements in the Cayman Islands is becoming a major cause for concern among leading business practitioners, according to the Cayman Islands Financial Services Association.
Anthony Travers, chairman of CIFSA and the CI Stock Exchange, says: “The latest signs from the Foreign and Commonwealth Office is that they do not want to turn this short term budget issue into a war but they would like to see some measured cuts in public spending. That seems entirely reasonable.
“Our information also indicates that The Minister for Overseas Territories, Chris Bryant, is
Man Research Laboratory and the Oxford-Man Institute of Quantitative Finance have opened larger premises in Jericho, Oxford.
AHL’s researchers and the Oxford University academics of the OMI will continue to share purpose designed premises, creating an environment that fosters day-to-day interactions between the two groups.
AHL is one of world’s largest managed futures managers and a wholly owned subsidiary of Man Group.
The University of Oxford and Man Group were brought together in 2007 when Man provided the cornerstone funding for the first academic institute dedicated to quantitative finance and co-located it with its own commercial researchers. AHL’s research
The Securities and Exchange Commission is adopting an interim final temporary rule under the Investment Company Act of 1940 to require a money market fund to report its portfolio holdings and valuation information to the SEC under certain circumstances.
The new reporting requirement is designed to provide information substantially similar to that submitted by certain money market funds under the Temporary Guarantee Program for Money Market Funds established by the Department of the Treasury, which will expire on 18 September 2009.
Since October 2008, most money market funds have participated in the guarantee programme, which has guaranteed the USD1.00 share
One-fifth of investment professionals are considering leaving the UK to work elsewhere in the next 12 months, primarily due to the high relative rate of UK tax, according to a survey by CFA UK.
The leading beneficiaries are likely to be Switzerland, the US, Hong Kong and Singapore.
Most members of CFA UK, the UK member society for CFA Institute, hold the chartered financial analyst designation. CFA charterholders are internationally mobile and many of the society’s members hold non-UK passports.
The society recently surveyed its 8,500 members, who are typically portfolio managers and research analysts, to find out if they
For years commentators have confidently been forecasting that the days of the two-and-twenty model of hedge fund fees were numbered. As the industry grew, they predicted, fee structures would increasingly vary between the best established and best performing managers, which could ask for – and get – two per cent of net assets annually plus 20 per cent or more of all profits, and the growing number of firms with shorter or less impressive track records, which would have to make concessions to investors to win their business.
For years commentators have confidently been forecasting that the days of the
