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The US Commodity Futures Trading Commission (CFTC) has filed an anti-fraud civil lawsuit charging defendants Randall Lynn Stuckey of St Peters, M., and his Missouri-based business entities, Stuckey Group, LP, Stuckey Group II, LP and Oakwood Development Company LP, with operating an illegal off-exchange foreign currency (forex) scheme that defrauded more than 65 customers out of at least USD2.8 million.
The CFTC complaint, filed on February 18, 2011, in the US District Court for the Eastern District of Missouri, alleges that Stuckey fraudulently solicited and accepted funds from members of the general public from January 2007 through July 2010 to
- 24/02/2011
International law firm Walkers has appointed partner Paul Farrell in its new Dublin office where he will head up Walkers’ Investment Funds Group in Ireland.
Farrell joins Walkers from Matheson Ormsby Prentice, where he practised as an asset management partner, leading their alternative investment arm and advised numerous banks and financial institutions in relation to the establishment of Irish funds over the past 13 years.
Farrell specialises in the legal and regulatory issues surrounding the establishment and maintenance of Irish mutual and alternative investment funds structured as UCITS funds, non-UCITS retail funds, professional investor funds (PIFs) and qualifying investor funds
- 24/02/2011
Hong Kong-based hedge fund advisor DragonBack Capital Limited has announced the transition of the first existing funds – Tempus Investment Group and WorldOver Capital – to its platform. DragonBack is also gearing up for the addition of a significant new launch, Sharp Peak Capital Management, in April.
DragonBack, a former equity multi strategy and volatility hedge fund manager, re-emerged last year from a restructure with an all encompassing offering to new and existing funds in the Asia Pacific region. Led by Rob Lance and Phil Tye, the 10 person team provides senior management and marketing representation, full operational infrastructure and
- 24/02/2011
The results of the latest Blue Ink All South African Hedge Fund Composite (BIC), which tracks the performance of around 100 hedge funds in South Africa, reveals that Hedge Funds outperformed the All Share Index (ALSI) by almost 10% over a three-year period between 1 January 2008 and 31 December 2010. Investors who stuck with Hedge Funds earned total returns of 30.28% versus 20.60% from equities.
“The three-year total return from Hedge Funds illustrates the protection these funds offer during periods of stock market turmoil,” says Eben Karsten, portfolio manager at Blue Ink Investments. “This is largely because hedge
- 24/02/2011
Eurex is to become the new majority shareholder in the European Energy Exchange (EEX). Eurex and Landesbank Baden-Württemberg (LBBW) agreed to the acquisition of LBBW’s 22.96 per cent share in the EEX by Eurex in December 2010. However, under the pre-emption rights laid out in the consortium agreement, LBBW is obligated to offer its share on a pro rata basis to other EEX shareholders.
The first round of the tender process was concluded on 22 February, 31 of the 40 eligible EEX shareholders declared that they would forgo a proportional increase in their stake. As a result, Eurex’s current shareholding
- 24/02/2011
Specialist finance and advisory firm Trafalgar Capital Advisors (TCA) has executed both a term sheet for financing and an advisory agreement with US-listed Turkey-based TouchIT Technologies (TUCN.OB), a leading manufacturer of touch-based visual communication products.
The relationship has commenced with an expandable USD1m asset backed loan from TCA Global Credit Master Fund LP, TCA’s master feeder fund. The ABL Line which has a 12 month maturity allows the company access to 80% of its eligible receivables in advance reconciled twice monthly. The company has already begun to utilise this facility.
Andi Brabin, Chief Financial Officer at TouchIT Technologies, says: “We
- 24/02/2011
The Australian Securities and Investments Commission has released a consultation paper that outlines proposals to improve disclosure requirements for retail investors who invest in hedge funds.
Consultation Paper 147 Hedge funds: Improving Disclosure for retail investors (CP 147) seeks feedback on enhancements aimed at ensuring retail investors and their advisers have the information they need to make an informed investment decision about the risks posed by hedge funds.
ASIC Commissioner, Greg Medcraft says: ‘Hedge funds, because of their diverse investment strategies, complex structures and use of leverage, short selling and derivatives can pose more diverse and complex risks for
- 24/02/2011
Oak Hill Advisors has appointed Chris Cereghino as Managing Director in the firm’s client coverage team. Cereghino is based in New York and, along with a team of other professionals, is responsible for business development and relationship management.
Cereghino’s arrival will help to broaden and enhance Oak Hill Advisors’ existing relationships with investors globally. The firm raised over USD4 billion of net new capital since January 2008 for investing in distressed and performing opportunities in both Europe and the US.
Bill Bohnsack (pictured), Senior Partner of Oak Hill Advisors, says: “We are delighted to have Chris join our team
- 24/02/2011
- 24/02/2011
The Depository Trust & Clearing Corporation (DTCC) has appointed Reena Walia as managing director of Equities Risk Management in its Enterprise Risk Management (ERM) Group.
In her new position, Walia will lead a team charged with assessing risk management across its National Securities Clearing Corporation (NSCC), Depository Trust Company (DTC) and EuroCCP subsidiaries and will provide oversight of current and potential risks that impact the company. She will be responsible for designing and managing the extensive technology initiatives that support risk management in those areas.
Walia will also be responsible for ensuring all of ERM’s equities-related policies and processes are
- 24/02/2011
Hedge funds enjoyed a slightly positive January, but trailed most stock-market indexes, according to figures released by Morningstar. The Morningstar 1000 Hedge Fund Index and the currency hedged Morningstar MSCI Hedge Fund Index rose 0.4% and 0.2%, respectively. Meanwhile, the S&P 500 and MSCI World Indexes were both up more than 2%.
"Many hedge funds posted strong performance in January, but losses in global-macro and trend-following strategies overshadowed any overall gains in the industry," says Nadia Papagiannis, alternative investment strategist for Morningstar.
Funds in Morningstar’s Global Trend Hedge Fund Index, which trade futures primarily according to momentum strategies, suffered losses
- 24/02/2011
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