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Kohlberg Kravis Roberts has appointed Mubashir Mukadam as European Head of Special Situations for the firm’s USD14 billion asset management platform, KKR Asset Management LLC (KAM). Mukadam, based in London, will focus on secondary purchases of distressed assets as well as rescue lending and structured investments in Europe. He will report to Nat Zilkha and Jamie Weinstein, Co-Heads of Special Situations.
Mukadam was most recently Managing Director at York Capital Management, a USD14 billion multi-strategy hedge fund.
“We are very pleased to have Mubashir join the Special Situations team here in London,” says Zilkha. “Given Mubashir’s strong background in building
- 02/03/2011
- 02/03/2011
The Securities and Exchange Commission (SEC) has charged a Bay Area hedge fund manager with concealing more than USD12 million in investment proceeds that he owed investors in his fund.
The SEC alleges that Lawrence R Goldfarb of Larkspur, California, and his company Baystar Capital Management LLC (BCM) instead diverted the cash to other entities he controlled, ultimately funding a real estate venture and a San Francisco record company. Goldfarb also comingled investor funds in a bank account that he used to pay for unauthorised personal expenses including entertainment and charitable donations.
According to the SEC’s complaint filed in federal district
- 02/03/2011
Direct Access Partners, LLC, the customer-focused, multi-asset trading partner to a diverse range of clients including pension funds, mutual funds, hedge funds and RIAs, has announced a major enhancement to the Global Prime Services platform. The comprehensive offering provides an optimal solution for hedge funds with under USD500 million in assets under management.
Direct Access Partners is one of a few correspondent brokers to Goldman Sachs Execution and Clearing. Complementing the Global Prime Services platform is a robust offering with Pershing, a unit of Bank of New York. Clients may choose among a broad selection of DMA platforms including
- 02/03/2011
Luke Stellini (pictured), European Product Director, Invesco Henley European Equity Team, examines growing evidence of a recovery in the European stockmarkets.
The year-to-date outperformance of European stockmarkets has surprised many investors. Rather than seeing this as a blip, Invesco Perpetual’s European equity experts believe that some of the underlying reasons for Europe’s early leadership are sustainable. They see substantial evidence of a sustainable recovery in sentiment as the continent continues to navigate away from the storm of default risk that drove extreme antipathy towards the region in 2010.
The combination of an ongoing improvement in sentiment and the low levels
- 02/03/2011
On 19 January 2011 the European Commission (EC) suspended national registries in the EU ETS due to a theft of EUAs in a number of those registries. As a result, spot trading was not possible and Climex closed its spot trading platform.
Some national registries have been allowed to re-open since 4 February. A comprehensive solution has not yet been found: uncertainty in the spot carbon market remains and still poses a risk for market participants and clearing houses. Given these uncertainties, Climex and APX-ENDEX have decided to discontinue facilitating secondary trading in the spot carbon market.
All auction related
- 01/03/2011
Theta Legends XL Fund is the first Dutch fund of hedge funds with a listing on NYSE Euronext Amsterdam (symbol: THXLE). The fund offers investors the option to trade shares in Theta Legends XL Fund on a daily basis and provides easy and fully transparent access to a portfolio of investment managers, with better liquidity than usual.
Theta Legends XL Fund invests globally in a select group of alternative investment funds with a minimum track record of 15 years and proven skills to generate consistent absolute returns under varying market conditions. The target return of Theta Legends XL Fund
- 01/03/2011
The Greenwich Composite Investable Index gained 0.60% in January to begin 2011 on a positive note.
Equity markets gave little pause in January and moved to fresh highs in the US and Europe. Most hedge funds captured the upside move in equities and fixed income – seven of nine Greenwich Investable Indices moved higher on the month, led by Arbitrage and Long-Short Credit strategies. The Greenwich Long-Short Equity Investable Index also advanced by 1.20%
“Markets continue to shrug off sovereign debt concern in Europe and inflation pressures in emerging markets. Strong corporate earnings in the US and improved
- 01/03/2011
Electronic trading specialist Instinet Europe Limited has connected to Nordic@Mid, NASDAQ OMX’s non-displayed trading facility for its Nordic exchanges. Effective immediately, Instinet Europe’s institutional clients can access Nordic@Mid via Instinet’s Execution Experts algorithmic suite or its award-winning SmartRouter.
Nordic@Mid matches non-displayed orders at the midpoint of the primary market’s best bid and offer. The platform currently covers stocks listed on NASDAQ OMX’s cash equity markets in Copenhagen, Helsinki, Iceland and Stockholm, and will be extended to cover Norwegian shares later this quarter.
“In Europe, Instinet’s SmartRouter and algorithms access more than 40 exchanges, MTFs and broker-operated dark pools, and we
- 01/03/2011
- 01/03/2011
Mourant Ozannes partner Peter Hayden (pictured) and associate Tim Richards say that divergent court decisions in the Cayman Islands and British Virgin Islands on whether and under what circumstances liquidators should be appointed to funds that are in the process of being wound up by their managers highlight the need for express provisions on liquidation to be included in their constitutional documents, if necessary through amendment of existing provisions.
Most hedge funds do not give active consideration as to how they are to be liquidated in their constitutional documentation. Unfortunately this can have serious consequences for the
- 01/03/2011
BlackRock, Inc and NTR plc have formed a strategic relationship agreement to launch a new renewable power investment group. This comprises a number of key renewable power principals from NTR joining the BlackRock Alternative Investors (BAI) investment platform, which currently manages over USD110 billion of assets across a range of alternative investment strategies.
The new renewable power investment team will combine the international track-record of NTR in renewable power infrastructure development with the global fund management and distribution capabilities of BlackRock. As part of the strategic relationship between the two companies, NTR will provide market perspective and insights to the
- 28/02/2011
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