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2022 was certainly an eventful year for the fintech sector, including for specialist funds. Globally, jurisdictions, including Gibraltar, have felt a shift within the sector – in large part caused by the shockwaves from the FTX collapse. The past year has set the tone for 2023 and forced jurisdictions worldwide to plan long-term solutions to maintain customer trust. It is a dynamic space that can certainly be difficult to keep up with.Â
The Dual Regime in Gibraltar has given the jurisdiction a number of post-Brexit freedoms many in the UK funds industry will look at with envy. In tandem, the formal realisation of the Gibraltar Authorised Regime (GAR) will provide the domicile with a unique opportunity, compared to other European fund centres, as it builds out market access with the UK.
Gibraltar’s geographic position makes it strategically important. That is also the case in the context of financial services. Gibraltar left the European Union with United Kingdom and is now the only jurisdiction in the world that continues to have a common market with the United Kingdom, but there is more that Gibraltar offers fund managers.Â
In recent years, the role of the hedge fund manager has become exponentially more complex to navigate. In addition to both traditional and crypto asset markets experiencing volatility and uncertainty, the imposition of increasingly onerous legislative and regulatory requirements on the investment sector worldwide places another hurdle in front of us that we must navigate.
Man Group managed to pull in $3.1 billion in net inflows last year, “despite clear headwinds elsewhere in the asset management industry”, with assets under management rising to $143.3 billion at 31 December, 2022, up from $138.4 billion as at the end of September.
GoldenTree Asset Management has become the latest hedge fund to announce plans to extend operations to Dubai, with news that the New York-based credit trading specialist is to open a new ‘representative office’ in the Dubai International Financial Centre.
Point72 Asset Management, the hedge fund founded by Steve Cohen, has expanded its crypto team with the appointment of Lionel Sukhram as a digital assets senior professional, according to a report by Financial News.
Sukhram joins Point72 from Robinhood where he spent nearly a year as a crypto operations senior specialist. Prior to Robinhood, he worked in banking, including as a director in Morgan Stanley’s office of business management unit, and a six-year spell at Goldman Sachs.
Point72, which manages over $27bn in assets and made it’s first crypto bet in August 2021, has been ramping up its digital assets
Hassan Bassiri, the vice president of portfolio management at crypto hedge fund Arca, has left the firm, according to a report by CoinDesk. Bassiri’s LinkedIn profile says he ended his four year and four month tenure with the company this month and is now portfolio manager at Nima Capital, a single-family office founded by Suna Said.
The Alternative Investment Management Association, together with digital asset investors and industry experts, has published a new set of due diligence questionnaires for digital asset investment managers and funds.
Digital asset investment products saw minor outflows totalling $2 million, according to the latest Digital Assets Fund Flows Weekly report from CoinShares, although this masks broader negative sentiment as the largest inflows were into short investment products.
Bitcoin saw outflows for the third consecutive week totalling $12 million, while short-bitcoin saw inflows totalling $10 million.
According to CoinShares, this reflects nervousness amongst US investors prompted by the recent stronger than expected macro data releases.
