HedgeCo News - Specialist asset management boutique Silk Invest has announced the launch of a new UCITS III frontier fund, The Silk Road Equities fund, which will invest in Africa, the Middle East and the Caucasus and Caspian region. The fund is to be launched later this year, according to hedge fund industry magazine, FundStrategy.
These regions have traditionally been shunned by emerging market funds as being too illiquid. "We have handled such illiquidity in the past with the award winning Silk Road Fixed Income fund, which covers the same geographies." Silk Invest said.
"Pakistan is the 27th largest economy in the world and still classified as a frontier market." Daniel Broby, the chief investment officer said. "Investment in the Caucasus and Caspian region have tended to focus on the oil and gas resources of the region. We, however, are focused on the opportunity afforded by the strong growth of the consumer."
The fund will have both institutional and retail share classes and will charge a 20% performance fee above a hurdle rate of 8%.
24 May 2010
2 Year Sentence In Hedge Fund Fraud Case
HedgeCo News - Wall Street Journal reports that Mark Kurland, former partner at hedge fund New Castle Funds LLC was sentenced to over two years in prison. Kurland pled guilty to insider trading in January with connections to the Galleon/Rajaratnam case.
The insider trading case involves the employees of some of America’s best-known companies, including International Business Machines Corp, McKinsey & Co and Intel Capital, an arm of Intel Corp, and Danielle Chiesi, an executive at New Castle Funds LLC was also indicted on multiple counts of conspiracy and securities fraud.
At a hearing Friday, Judge Victor Marrero said, "He had a choice. As a leader of the financial industry, he could have led by law-abiding example. Instead, he chose to follow," the judge also said, according to WSJ, that Kurland surrendered "to a spree of the financial market's virtual mob mentality that nearly brought down this country's financial industry in the quest for ever bigger and faster gains."
The judge als ordered a forfeit of $900,000 in proceeds from the alleged scheme the Journal reported.
Kurland reports to prison on July 23.
The insider trading case involves the employees of some of America’s best-known companies, including International Business Machines Corp, McKinsey & Co and Intel Capital, an arm of Intel Corp, and Danielle Chiesi, an executive at New Castle Funds LLC was also indicted on multiple counts of conspiracy and securities fraud.
At a hearing Friday, Judge Victor Marrero said, "He had a choice. As a leader of the financial industry, he could have led by law-abiding example. Instead, he chose to follow," the judge also said, according to WSJ, that Kurland surrendered "to a spree of the financial market's virtual mob mentality that nearly brought down this country's financial industry in the quest for ever bigger and faster gains."
The judge als ordered a forfeit of $900,000 in proceeds from the alleged scheme the Journal reported.
Kurland reports to prison on July 23.
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