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Monday, December 10, 2018

General News




Man Group CEO rules out big deals after GLG buy
Jun 16/10
Hedge fund firm Man Group Plc (EMG.L) is not looking for further big acquisitions after its $1.6 billion purchase of GLG Partners (GLG.N) last month, its chief executives Peter Clarke told Reuters on Tuesday. "We're do...Read more



Camulos decision confirms existing winding up process for Cayman hedge funds
Jun 16/10
The recent judgment of the Cayman Islands Court of Appeal in the case of Camulos Partners Offshore Limited has been widely reported as restricting the scope of the protection given to investors in Ca...Read more



Energy investor exodus according to BAML survey
Jun 16/10
Global fund managers have significantly reduced their exposure to energy in the wake of the BP oil spill in the Gulf of Mexico, according to a survey by Bank of America Merrill Lynch. The report said global...Read more



$300 Million Ponzi Scheme ensnares investors with Gold Mining Scam
Jun 16/10
The SEC has charged Milowe Allen Brost, Gary Allen Sorenson and four other men with designing and perpetrating an international Ponzi scheme that misled over 3,000 American and Canadian investors. According to the SEC’s stat...Read more



OSC, AMF and SEC sign regulatory co-operation agreement
Jun 15/10
Securities regulators from Ontario, Quebec and the United States have signed a memorandum of understanding designed to bolster cross-border supervision.The U.S. Securities and Exchange Commission, Autorité des marchés financ...Read more



Quebec reaffirms opposition to national securities regulator
Jun 15/10
Ahead of the meeting of finance ministers in PEI, Quebec Finance Minister Raymond Bachand has called on the federal government to halt work on a national securities regulator until the courts have ruled on its constitutional...Read more



CFTC wants proximity-based advantages available to all
Jun 15/10
U.S. derivatives regulators are proposing rules that require exchanges that offer co-location services to provide equal access to those services so that certain market players can't gain an unfair advantage.The U.S. Commodit...Read more



BP Bankruptcy Would Be No Protection From Gulf Spill Costs
Jun 15/10
BP Plc, whose potential liability for the Gulf of Mexico oil spill has lawmakers and analysts raising the specter of bankruptcy, would be unlikely to avoid paying claims by seeking court protection, restructuring experts said...Read more



Morgan Stanley's European Strategist Draaisma Leaves Bank for Hedge Fund
Jun 15/10
Teun Draaisma, Morgan Stanley’s top- ranked European equity strategist, is leaving the U.S. bank to join hedge-fund manager TT International, according to a spokesman for Morgan Stanley. Graham Secker will head the bank’s Eur...Read more



‘Royalty’ Accused Of Hedge Fund Fraud
Jun 15/10
A New York hedge fund manager who claimed royal ties has been arrested and charged with defrauding investors of at least $6 million. Guy Albert de Chimay was arrested Friday in North Carolina after he was charged with grand l...Read more



The Most Popular and Most Shunned Funds of 2010
Jun 15/10
Investors might have been hoping for more calm in the equity markets in 2010 after a steep decline in 2008 and early 2009, followed by a huge rally. But it's been yet another turbulent year for stocks so far. Equities droppe...Read more



CI proposes fund mergers
Jun 14/10
CI Investments Inc., the manager of United Financial’s Artisan Portfolios and Institutional Managed Portfolios, announced Friday its intention to merge these investment products into similar solutions managed by CI Investmen...Read more



France, Quebec to recognize professional qualifications
Jun 14/10
The Autorité des marchés financiers of both France and Québec have signed an agreement designed to facilitate the mobility of investment and securities industry professionals between France and Québec.This undertaking, which...Read more



Bermuda partnership to provide services for offshore funds
Jun 14/10
Boutique service provider Equinoxe Alternative Investment Services has launched the Mid Ocean emerging manager offshore platform. The Bermuda-based company’s platform will charge fund manager...Read more



SEC says US unable to meet EU equivalence criteria
Jun 14/10
The US is unlikely to be able to comply with the equivalence criteria proposed by the European Union (EU) parliament to enable the marketing of US hedge funds to European investors, senior regulators said. ...Read more



Klarman Tops Griffin as Hedge-Fund Investors Hunt for `Margin of Safety'
Jun 14/10
Seth Klarman almost doubled his hedge fund’s assets to $22 billion in the past two years as the industry shrank by sticking with the off-the-beaten-path investments he’s pursued since starting out in 1983. Unlike John Paulson...Read more



Emerging-Market Valuations Signal Returns of Up to 42%, Deutsche Bank Says
Jun 14/10
Investors buying emerging-market stocks at current valuations may reap gains of as much as 42 percent over the next 12 months, according to Deutsche Bank AG, citing historical returns. Emerging-market shares are trading at ab...Read more



Cavenagh Hedge Fund Gets Dutch Pension Money, Moves to Amsterdam from Asia
Jun 14/10
Cavenagh Capital, set up last year by former Morgan Stanley and DBS Holdings Ltd. managers in Singapore, will start a new macro hedge fund in July after getting money from the biggest Dutch pension fund. Andrew Gale and Lee K...Read more



Global regulators aim to identify and manage systemic ris
Jun 11/10
The global umbrella group of securities regulators is bolstering its membership, and its mission.The International Organization of Securities Commissions said Thursday that it is introducing eight new principles for securiti...Read more



Proposed U.S. fair value accounting will hit banks’ balance sheets: Fitch
Jun 11/10
If the new fair value accounting treatment proposed by U.S. accounting standard setters is adopted, banks could face a heavy hit to their shareholders equity, Fitch Ratings says.The rating agency says the most notable change...Read more



Ex-Lehman Traders' Hedge Fund Had Best Month in May by Shorting
Jun 11/10
Omnix Multi-Strategy Fund, run by two former Lehman Brothers Holdings Inc. traders, returned 6 percent in May, when hedge funds globally posted the worst month since 2008, by placing more bearish than bullish bets. The As...Read more



World's Millionaires Increase by 14%, Boston Consulting Says
Jun 11/10
Singapore and Malaysia led a recovery of global wealth to pre-crisis levels as the number of millionaires grew by about 14 percent last year, the Boston Consulting Group said. The number of millionaire households increased to...Read more



Hedge funds try new way to avoid big redemptions
Jun 11/10
Many hedge funds are adopting a new way to avoid a repeat of the massive redemptions that crushed managers during the 2008 financial crisis. Some investors like the changes, while others don't. So-call...Read more



Ucits regulations pose challenge for hedge fund strategies
Jun 11/10
Ucits-III compliant hedge funds challenge institutional investors and strategy methodology Despite the move to more highly regulated and prescribed funds by some hedge funds, a some pension funds and simi...Read more



FoHF unveils new hedge fund ranking system
Jun 11/10
Fund of hedge fund manager Lyster Watson has developed a hedge fund rating and ranking system it claims provides a better indication of a manager’s skill than traditional measures such as Sharpe and Sortino ratios...Read more



Hedge fund liquidations rise again
Jun 11/10
Hedge fund liquidations rose for the first time in a year in the first quarter of 2010. A total of 240 funds and funds of funds closed, according to data from Hedge Fund Research. The figures...Read more



Consumer complaints about financial services reach record levels: OBSI
Jun 10/10
Complaints from bank and securities industry clients were up 48% in 2009, as it investigated 990 complaints, the Ombudsman for Banking Services and Investments (OBSI) said Wednesday.This represents more than triple the numbe...Read more



Six more countries join fight against cross border market misconduct: IOSCO
Jun 10/10
Six countries are signing onto a co-operation agreement between securities regulators that aims to fight cross-border market misconduct.At its annual conference in Montreal, the International Organization of Securities Commi...Read more



Asia Hedge Fund Takes Defensive Corporate Bond Bets on Region's Resilience
Jun 10/10
Bonds of Asian companies at the lower end of investment grade that are least affected by economic swings offer the best opportunity for investors, according to hedge fund Prudent Asia Capital Management Ltd. “Asia will witnes...Read more



Hedge Funds, Investors in Bankruptcy May Keep Prices Secret, New Rule Says
Jun 10/10
Distressed-debt investors shouldn’t have to disclose the price or purchase date of their securities when they participate in bankruptcy cases, a U.S. judiciary advisory group said. Hedge funds and other so-called vulture inve...Read more



Volcker upbeat on "reasonable" reform bill
Jun 10/10
There is a good chance that a sweeping U.S. financial reform bill will be passed in a "reasonable form," White House economic adviser Paul Volcker said on Wednesday, adding the bill could provide a basis for intern...Read more



Steenman Asset Management launches fund of hedge funds with $50 million
Jun 10/10
Last month Geneva-based Steenman Asset Management announced the launch of its first fund of hedge funds, the Steenman Core Absolute Return Fund. The new fund launched with $50 million in assets under management, which has ...Read more



Directors Can (and Should) Talk to Investors, About All Sorts of Stuff
Jun 10/10
As activist investors begin to win director elections, talk turns to the rights and obligations of these directors to share board-level information. To what extent may these new directors (or any directors, really) communica...Read more



State Street Global Advisors Names Global Head of Defined Contribution
Jun 10/10
State Street Global Advisors (SSgA), the investment management business of State Street Corporation (NYSE: STT) today announced the appointment of Kristi Mitchem to senior managing director and global head of its defined c...Read more



Proposed national securities regulator an opportunity for improvement, says CSTO panel
Jun 09/10
Constitutionality uncertainties around the proposed national securities regulator should be resolved within the next year, and in the meantime, the government is working to convince all provinces and territories of the wid...Read more



Perimeter launches basket trading in CBID marketplace
Jun 09/10
Perimeter Markets Inc. is launching “basket trading” in the CBID marketplace, allowing users to execute multiple orders simultaneously against CBID’s electronic, multi-dealer fixed-income inventory. With the addition of bask...Read more



End of the Euro? Not so Fast . . .
Jun 09/10
It seems that wherever you look right now, everyone hates the Euro. Pundits on CNBC, Bloomberg, Fox Business, newspapers, Web sites, as well as investors and many hedge fund managers say the common currency is doomed. The ar...Read more



Mid-sized Asian hedge funds have performed best
Jun 09/10
GFIA pte ltd, the Singapore based specialist in skill-based managers in Asian and emerging markets, has released a research paper continuing its study of the relationship between a hedge fund’s size, and its performance. ...Read more



Eastern Europe Private Equity Transaction Outlook Improves, Deloitte Says
Jun 09/10
A recovery in stock markets and improved access to credit will help bolster sentiment for private-equity transactions in central and eastern Europe this year, a Deloitte & Touche LLP survey found. Better access to debt ma...Read more



Banking veterans to offer fund with cut-rate fees
Jun 09/10
Two of Canada’s most experienced bond market veterans are leaving behind careers in banking to open a hedge fund that they hope will shake up the industry by charging much lower fees. John Schumacher, former co-chie...Read more



Aston Hill to acquire Navina Asset Management
Jun 08/10
Aston Hill Financial Inc. announced on Monday an agreement to acquire Toronto-based Navina Asset Management Inc. for a base consideration of $4.2 million.Aston Hill, with offices in Calgary and Toronto, said it will become a...Read more



Global spec-grade default rate falls further in May: Moody’s
Jun 08/10
The global default rate for speculative-grade issuers continued to fall in May, Moody’s Investors Service said Monday.The firm reports that the global default rate dropped to 7.5% in May from 9.0% in April, and is now down f...Read more



Investment schemers ordered to pay $29 million by OSC
Jun 08/10
The Ontario Securities Commission has ordered a group of firms and individuals to disgorge $27.9 million in investor funds, plus more than $1.5 million in commissions, related to an investment scam in which investors lost mi...Read more



Schumacher, MacBain Start Low-Cost Hedge Fund in Toronto
Jun 08/10
Two of Canada’s bond market veterans are seeking to raise C$100 million ($94.4 million) for a hedge fund that will invest in debt securities while keeping fees below industry benchmarks, the Globe and Mail reported. John Sc...Read more



Oracle Capital Selects Quantifi for Valuation and Risk Management of New Structured Credit Fund
Jun 08/10
Quantifi, a leading provider of analytics, trading and risk management solutionsfor the global capital markets, today announced that Oracle Capital, a hedgefund start-up founded by two former Lehman Brothers traders, has selectedQ...Read more



International events affect hedge funds’ performance in May; Moore’s and Paulson’s funds fall
Jun 08/10
Hennessee Group has released its latest hedge fund index performance data for May of 2010. According to the report, the Hennessee Hedge Fund Index dropped -2.99% last month while still outperforming the S&P 500 (-8.20%),...Read more



Schulich School of Business welcomed as CFA program partner
Jun 08/10
The CFA Institute and Toronto CFA Society have welcomed the Schulich School of Business at Toronto’s York University as a CFA Program Partner. The school joins the distinguished 118 CFA Partner institutions around the world....Read more



European debt crisis having only modest impact in Canada, Carney says
Jun 08/10
The impact of Europe’s debt crisis is barely washing ashore in Canada and will continue to have a modest impact as long as Europe takes decisive action to reduce the risks, Bank of Canada governor Mark Carney said Monday.“Wh...Read more



UBS raises 2010 outlook for Canadian GDP growth
Jun 07/10
UBS Securities Canada Inc. has raised its forecast for Canadian gross domestic product growth this year, while cautioning that the hot start to the year is likely to slow in the months ahead.In a new research report, UBS rai...Read more



Lansdowne Reaps 6.9 Million-Pound Profit Shorting Prudential
Jun 07/10
Lansdowne Partners LP, a London-based hedge fund that bet as much as 213 million pounds ($312 million) that Prudential Plc’s shares would fall, made a profit of about 6.9 million pounds as the stock dropped. The...Read more

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