India hedge fund manager, Taurus Mutual Fund, launched India’s first actively managed Equity Oriented Shariah compliant fund, the ‘Taurus Ethical Fund’.
With a minimum investment of INR 5000 ($100K), the open-ended actively managed mutual fund opens on February 19, 2009 and closes on March 20, 2009.
Launching in Mumbai, the fund has been certified by an independent Shariah Board named TASIS (Taqwaa Advisory and Shariah Investment Solutions).
“It’s all about investing in the right businesses and Shariah compliance ensures that," Waqar Naqvi, CEO, Taurus Mutual Fund said, "The need to pick businesses that foster wealth creation over the long term and distribute it equitably forms the basis of Shariah investing. It also provides an effective filter to identify and avoid speculative businesses. No wonder, Shariah compliant businesses have weathered the sub prime crisis”.
20 Feb 2009
Hedge Fund Provider Teams up With FN in India Investing Summit
Financial News is hosting the the Investors India Summit 2009 on the 19th and 20th May in London with Indian hedge fund provider Axience as its media partner.
The summit is aimed at delivering insight into the domestic as well as global development of India while identifying the potential hurdles and risks of doing business in the country. In this process, it intends to examine the possible impact of a global economic downturn on India as well as provide a unique meeting point and networking platform for all those doing or wishing to do business with or in India.
The conference will cover keynote discussions on varied subjects like ‘The global challenges of the 21st century', ‘Global Indian Investments', ‘Development of Financial Markets in India', ‘India - Fertile ground for Private Equity', etc. It will also discuss case studies on diverse topics like Capital markets, Infrastructure, Technology, Media, Telecommunication, Real Estate, etc.
Approximately 500 delegates including senior executives representing reputed firms from across the globe are expected to attend this summit.
Financial News has appointed Axience, an India-based business services firm, as its Media Partner for the conference. Axience provides bespoke research and analytics solutions to financial service institutions, consulting firms and general industries. Its key clients include global investment banks, asset management, hedge fund and private equity firms, leading consultancies and governmental agencies.
'We are glad to partner with Financial News for this key industry event which promises to bring industry, regulators, agencies and financial services firms together. Though doing business in and with India has been a topic of interest since quite sometime now, yet we still lack platforms which bring various parts of industry together. Financial News Summit 2009 fills in that gap,' said Hemant Jain, CEO of Axience.
The summit is aimed at delivering insight into the domestic as well as global development of India while identifying the potential hurdles and risks of doing business in the country. In this process, it intends to examine the possible impact of a global economic downturn on India as well as provide a unique meeting point and networking platform for all those doing or wishing to do business with or in India.
The conference will cover keynote discussions on varied subjects like ‘The global challenges of the 21st century', ‘Global Indian Investments', ‘Development of Financial Markets in India', ‘India - Fertile ground for Private Equity', etc. It will also discuss case studies on diverse topics like Capital markets, Infrastructure, Technology, Media, Telecommunication, Real Estate, etc.
Approximately 500 delegates including senior executives representing reputed firms from across the globe are expected to attend this summit.
Financial News has appointed Axience, an India-based business services firm, as its Media Partner for the conference. Axience provides bespoke research and analytics solutions to financial service institutions, consulting firms and general industries. Its key clients include global investment banks, asset management, hedge fund and private equity firms, leading consultancies and governmental agencies.
'We are glad to partner with Financial News for this key industry event which promises to bring industry, regulators, agencies and financial services firms together. Though doing business in and with India has been a topic of interest since quite sometime now, yet we still lack platforms which bring various parts of industry together. Financial News Summit 2009 fills in that gap,' said Hemant Jain, CEO of Axience.
19 Feb 2009
Hedge Fund Trembulant Ups Stake in Fast Food
Hedge fund Tremblant Capital reported that it now owns 1.1 million shares of Chipotle Mexican Grill, bringing its total shares in the Denver-based fast food restaurant to 5.7%.
"Chipotle shares have fallen recently, and the hedge fund obviously saw opportunity there," news resource SeekingAlpha says, "keep in mind that this hedge fund typically doesn't take larger than 5% stakes in companies (which requires a 13G filing), so it definitely likes this name, as this is the first major filing from them in quite some time."
With $4.1 billion in assets under management, hedge fund Tremblant is based in New York and run by Bret Barakett, who is a former portfolio manager at Moore Capital Management.
"Chipotle shares have fallen recently, and the hedge fund obviously saw opportunity there," news resource SeekingAlpha says, "keep in mind that this hedge fund typically doesn't take larger than 5% stakes in companies (which requires a 13G filing), so it definitely likes this name, as this is the first major filing from them in quite some time."
With $4.1 billion in assets under management, hedge fund Tremblant is based in New York and run by Bret Barakett, who is a former portfolio manager at Moore Capital Management.
Asian Macro Hedge Fund Launch
A new Asia macro hedge fund has been launched by Dexion Capital and Morgan Stanley veterans Andrew Gale and Lee Ka Sha.
With a minimum investment is $100,000, the fund will invest in Asian interest rates and currencies, opening trading on May 1, according to HedgeWeek.
Lee will play the role of CEO, with Gale as chief executive. Gale most recently was responsible for product development and fundraising for Dexion Capital's London-listed closed-ended funds of hedge funds and third-party funds. Lee was a founding member of Abax Global Capital in Hong Kong, where he managed both the South Asia special situations portfolio and macro positioning.
“In the course of these discussions it has become apparent that most investors look to their macro investments to be a diversifier providing a different source of returns than the inherent beta in credit and equity strategies,” Gale said, "the fund launch was based on investor demand."
With a minimum investment is $100,000, the fund will invest in Asian interest rates and currencies, opening trading on May 1, according to HedgeWeek.
Lee will play the role of CEO, with Gale as chief executive. Gale most recently was responsible for product development and fundraising for Dexion Capital's London-listed closed-ended funds of hedge funds and third-party funds. Lee was a founding member of Abax Global Capital in Hong Kong, where he managed both the South Asia special situations portfolio and macro positioning.
“In the course of these discussions it has become apparent that most investors look to their macro investments to be a diversifier providing a different source of returns than the inherent beta in credit and equity strategies,” Gale said, "the fund launch was based on investor demand."
Prime brokers doing away with OTC 'give ups'
Hedge funds of varying sizes report being given notice by prime brokers that OTC derivative give up arrangements will end - quickly. Funds ranging in size from $25M to $2.5B are being told new derivative trades "done away" will no longer be accepted near the end of the first quarter and that give up relationships will end completely in April.
‘Give up arrangements’ are where the executing broker writes trade tickets on behalf of both counterparties to the trade – provided hedge funds with three advantages: easier post-trade operations, cross margining and credit intermediation.
“Challenged by investors to provide increasing levels of transparency, independent validation and reporting frequency, funds would also have to find the operational bandwidth and capability to efficiently manage the complexities of OTC trade processing involving multiple instruments, high volumes and multiple counterparties." Hans Hufschmid, CEO of GlobeOp Financial Services commented, "And the February 28 deadline after which major dealers will not accept novation consents by email looms.”
GlobeOp also noted that during the Lehman Brothers crisis in September 2008, hedge funds began diversifying counterparty risk by abandoning the practice of single prime broker give ups and converting to multiple direct counterparty relationships.
Now, Hufschmid observes, “Intense revenue pressure on banks and on credit risk overall is forcing banks with prime broking activities to take a very tough approach to profitability. Give ups were, for many, never a core business, used to support the profitable business of lending securities to hedge funds. As risk tolerances and the lending business have become less attractive, the reasons for providing low or non- profitable support services like give ups are falling away."
“If the initial signals become a trend as financial markets and the hedge fund sector restructure, out sourcing will increase in appeal as hedge funds simultaneously face increased investor demand for independent administration and robust infrastructure declining fund performance and management fees to fund or ramp up the required technology and people resources continued attractive opportunities for strategies involving OTC derivatives.”
‘Give up arrangements’ are where the executing broker writes trade tickets on behalf of both counterparties to the trade – provided hedge funds with three advantages: easier post-trade operations, cross margining and credit intermediation.
“Challenged by investors to provide increasing levels of transparency, independent validation and reporting frequency, funds would also have to find the operational bandwidth and capability to efficiently manage the complexities of OTC trade processing involving multiple instruments, high volumes and multiple counterparties." Hans Hufschmid, CEO of GlobeOp Financial Services commented, "And the February 28 deadline after which major dealers will not accept novation consents by email looms.”
GlobeOp also noted that during the Lehman Brothers crisis in September 2008, hedge funds began diversifying counterparty risk by abandoning the practice of single prime broker give ups and converting to multiple direct counterparty relationships.
Now, Hufschmid observes, “Intense revenue pressure on banks and on credit risk overall is forcing banks with prime broking activities to take a very tough approach to profitability. Give ups were, for many, never a core business, used to support the profitable business of lending securities to hedge funds. As risk tolerances and the lending business have become less attractive, the reasons for providing low or non- profitable support services like give ups are falling away."
“If the initial signals become a trend as financial markets and the hedge fund sector restructure, out sourcing will increase in appeal as hedge funds simultaneously face increased investor demand for independent administration and robust infrastructure declining fund performance and management fees to fund or ramp up the required technology and people resources continued attractive opportunities for strategies involving OTC derivatives.”
18 Feb 2009
Emerging Hedge Fund Managers Get Fee Cuts Through Philanthropy
Hedge fund admin provider, Variman LLC, and Hedge Funds Care are working together offering discounted monthly service fees to emerging hedge fund managers who donate the standard set-up fee to Hedge Funds Care on behalf of Variman LLC.
"Given the difficult times our industry is currently facing, Variman Fund Services is making an effort to support both the needs of the marketplace and those of abused children, we believe this initiative will be worthwhile and bring solid value to all involved." Variman said.
Hedge Funds Care was established in 1998, Hedge Funds Care has distributed over $18 million through more than 500 grants. In 2009, annual benefits will take place in New York, San Francisco, Chicago, Atlanta, Boston, Denver, Toronto, London and the Cayman Islands. Variman LLC is headquartered in Short Hills, NJ, USA with offices in Dubai and India.
"Given the difficult times our industry is currently facing, Variman Fund Services is making an effort to support both the needs of the marketplace and those of abused children, we believe this initiative will be worthwhile and bring solid value to all involved." Variman said.
Hedge Funds Care was established in 1998, Hedge Funds Care has distributed over $18 million through more than 500 grants. In 2009, annual benefits will take place in New York, San Francisco, Chicago, Atlanta, Boston, Denver, Toronto, London and the Cayman Islands. Variman LLC is headquartered in Short Hills, NJ, USA with offices in Dubai and India.
17 Feb 2009
Diamond Hedgers Report Increase in Fund Assets
Recently launched Codiam Fund, which invests in pre-cut colored diamonds, has reported an increase of 9% in the fund's net asset value over the first three months of trading.
"We launched the fund in difficult market conditions, confident that our experience and expertise would enable us to identify and purchase rare coloured diamonds that would grow in value for our investors, and the increase to our net asset value has proved this to be true," says Codiam managing director Philip Baldwin, who co-founded the business with Mahyar Makhzani.
The fund managers believe the colored diamonds offer a hedge against market and political crises, as they have not decreased in price on a wholesale level in 35 years, consistently outperforming other diamond categories, with their value increasing on average between ten and 15% a year.
"We launched the fund in difficult market conditions, confident that our experience and expertise would enable us to identify and purchase rare coloured diamonds that would grow in value for our investors, and the increase to our net asset value has proved this to be true," says Codiam managing director Philip Baldwin, who co-founded the business with Mahyar Makhzani.
The fund managers believe the colored diamonds offer a hedge against market and political crises, as they have not decreased in price on a wholesale level in 35 years, consistently outperforming other diamond categories, with their value increasing on average between ten and 15% a year.
Investcorp Sponsors Alternative Investments CRISP Program
Alternative investment manager, Investcorp, sponsored a group of Bahraini students from the Crown Prince's International Scholarship Program (CPISP), to spend a day at Investcorp’s London office, meeting and questioning senior managers and learning about hedge funds and other alternative investments.
As a global operator with strong roots in the Gulf region, Investcorp was of great interest to the group. Presentations on Investcorp’s various business areas were made by Carsten Hagenbucher, who presented on private equity; Jonathan Feeney, who spoke on hedge funds, and Alex Lien, who discussed technology investment.
"The Crown Prince's International Scholarship Program should be congratulated on providing such an exceptional opportunity for young Bahraini students to take places in top international Universities and Colleges." Investcorp President and Chief Operating Officer, Gary Long, said, "Investcorp is very proud to continue its support of the program."
As a global operator with strong roots in the Gulf region, Investcorp was of great interest to the group. Presentations on Investcorp’s various business areas were made by Carsten Hagenbucher, who presented on private equity; Jonathan Feeney, who spoke on hedge funds, and Alex Lien, who discussed technology investment.
"The Crown Prince's International Scholarship Program should be congratulated on providing such an exceptional opportunity for young Bahraini students to take places in top international Universities and Colleges." Investcorp President and Chief Operating Officer, Gary Long, said, "Investcorp is very proud to continue its support of the program."
16 Feb 2009
Credit Crunch Hedge Fund Killers - Movie Debut
West Palm Beach (HedgeCo.net) - Playing a hedge fund banker turned killer, Dougray Scott stars in the 'credit crunch' movie: New Town Killers. It being shown for the first time in Scotland tonight as part of the Glasgow Film Festival's fifth anniversary.
Filmed in Edinburgh's streets, according to UK's DailyRecord, the movie is high octane, violent and bloody. New Town Killers was made for only £1 million and with perfect timing, as it has already been dubbed the first credit-crunch movie of 2009.
It shows Dougray as a cold-hearted hedge fund banker who turns killer for kicks, playing a 12-hour game of hunt, hide and seek with underprivileged people, according to the paper.
"In creating a scenario where the well-heeled and privileged prey on the poor and deprived, director Richard Jobson is clearly wearing political concerns on his sleeve in his latest film, and is to be admired for it." Says Michael Hayden, of the British Film Institute, "Yet New Town Killers is not bleeding-heart social commentary, but an ambitious and kinetic thriller, a tension-packed joyride through Edinburgh streets; it is obvious Jobson knows the city well, and that he loves it, he presents it wonderfully."
Also in the film is James Anthony Pearson, Joy Division guitarist and actress Liz White, in debt and playing the banker's game for cash. It also stars Joely Richardson, Vanessa Redgrave, Eddie Izzard, Jason Priestley and Brian Cox as Dougray's dad, Dennis.
Dougray said, "The fact that Jobson wrote this before all the banking collapses is incredible. The film gets a cinema release in June.
- Alexis Akesson
Filmed in Edinburgh's streets, according to UK's DailyRecord, the movie is high octane, violent and bloody. New Town Killers was made for only £1 million and with perfect timing, as it has already been dubbed the first credit-crunch movie of 2009.
It shows Dougray as a cold-hearted hedge fund banker who turns killer for kicks, playing a 12-hour game of hunt, hide and seek with underprivileged people, according to the paper.
"In creating a scenario where the well-heeled and privileged prey on the poor and deprived, director Richard Jobson is clearly wearing political concerns on his sleeve in his latest film, and is to be admired for it." Says Michael Hayden, of the British Film Institute, "Yet New Town Killers is not bleeding-heart social commentary, but an ambitious and kinetic thriller, a tension-packed joyride through Edinburgh streets; it is obvious Jobson knows the city well, and that he loves it, he presents it wonderfully."
Also in the film is James Anthony Pearson, Joy Division guitarist and actress Liz White, in debt and playing the banker's game for cash. It also stars Joely Richardson, Vanessa Redgrave, Eddie Izzard, Jason Priestley and Brian Cox as Dougray's dad, Dennis.
Dougray said, "The fact that Jobson wrote this before all the banking collapses is incredible. The film gets a cinema release in June.
- Alexis Akesson
Mexican Hedge Fund Takes Over Canadian Mining Company
Canadian mining, development and exploration company, Frontera Copper Corporation, has agreed, due to the recent downturn in the copper market, to Mexican hedge fund Invecture's hostile take over bid.
After determining that the hedge fund, Invecture Group, S.A. de C.V's, offer was superior to the offer previously received from Southern Copper Corporation, the Company's financial advisor, RBC Capital Markets, said that from a financial point of view, the hedge fund's offer is fair to Frontera shareholders.
Frontera's principal activity is the production of copper cathode from the Piedras Verdes run-of-mine heap-leach copper operation in Sonora, Mexico. Based on the January 1, 2008 ore reserves and the estimated recoverable copper contained on the leach pads at December 31, 2007, approximately 1 billion pounds of copper is projected to be produced over the remaining 17-year life of the operation.
After determining that the hedge fund, Invecture Group, S.A. de C.V's, offer was superior to the offer previously received from Southern Copper Corporation, the Company's financial advisor, RBC Capital Markets, said that from a financial point of view, the hedge fund's offer is fair to Frontera shareholders.
Frontera's principal activity is the production of copper cathode from the Piedras Verdes run-of-mine heap-leach copper operation in Sonora, Mexico. Based on the January 1, 2008 ore reserves and the estimated recoverable copper contained on the leach pads at December 31, 2007, approximately 1 billion pounds of copper is projected to be produced over the remaining 17-year life of the operation.
13 Feb 2009
Betsy Waters on Basics of Investment Strategy at NY Traders Expo
dbFX Global Director Betsy Waters will moderate a panel discussion entitled, “Investing in Managed Accounts: The What, How, and Why,” during the International Traders Expo, the largest and only expo designed exclusively for active traders. The workshop will be held on Sunday, February 22, 2009 at 1:15 p.m. at New York’s Marriott Marquis.
“The panel discussion will be an excellent opportunity for investors to understand what they should consider before engaging an account manager to execute their FX investments,” said Waters. “Workshop participants will leave the session with a keen understanding of how managed accounts work and how they can benefit from working with a professional manager, as well as how to identify and interview a prospective manager, and what fees and costs are associated with managed accounts.”
Waters will be joined on the panel by Robert Sharpe, Founder and CEO of SolomonFX; Patrick Lafferty, President, Capital Trading Group; David Johnson, Founder, Global Capital Investments, and; Marc Zupicich, financial advisor for Morgan Stanley.
“The panel discussion will be an excellent opportunity for investors to understand what they should consider before engaging an account manager to execute their FX investments,” said Waters. “Workshop participants will leave the session with a keen understanding of how managed accounts work and how they can benefit from working with a professional manager, as well as how to identify and interview a prospective manager, and what fees and costs are associated with managed accounts.”
Waters will be joined on the panel by Robert Sharpe, Founder and CEO of SolomonFX; Patrick Lafferty, President, Capital Trading Group; David Johnson, Founder, Global Capital Investments, and; Marc Zupicich, financial advisor for Morgan Stanley.
Hedge Funds Need Help in Recovering Losses: Fiduciary Experts Say
Independent forensic professionals, Chris McConnell and Eric Steinwald are two are finding themselves in increasing demand as hedge funds and other investors turn to experts for help in recovering from losses caused by fraud, Ponzi schemes, stock market or real estate market losses.
"Any asset, at any time, may bercome subject to fiduciary duty standards, "McConnell said, "Fiduciary duty is not simply a good idea or a best practice; rather, it's the highest standard known under the law."
McConnell, AIFA of Fiduciary Forensics, has over 25 years of experience in the field and is an acknowledged fiduciary expert in the securities, compensation and valuation fields based upon actual, inside hands-on Wall Street securities industry experience. Steinwald is a principal of Steinwald and Kaufmann, a Brentwood/Los Angeles, California tax and forensics accounting CPA firm, and also has 25 years of experience of serving financial clients. Together, the two bring over 50 years of unmatched expertise to plaintiffs who experience suspicious investment losses of any kind.
"Courts often hold trustees and/or third party investment fiduciaries (banks, brokers, trust companies, investment advisers, hedge funds, and even custodians) may be liable, measured against the expert investment standard regarding personal liability. "McConnell said, "The amount of potential fraud, loss of income, and/or insurance claims looks to increase dramatically as investors face staggering losses. We are ready to help as many people as we can to avoid potential financial catastrophe."
The difference between proving liability and recovering damages and loss is in the actual details, which often provide the edge for success.
"Any asset, at any time, may bercome subject to fiduciary duty standards, "McConnell said, "Fiduciary duty is not simply a good idea or a best practice; rather, it's the highest standard known under the law."
McConnell, AIFA of Fiduciary Forensics, has over 25 years of experience in the field and is an acknowledged fiduciary expert in the securities, compensation and valuation fields based upon actual, inside hands-on Wall Street securities industry experience. Steinwald is a principal of Steinwald and Kaufmann, a Brentwood/Los Angeles, California tax and forensics accounting CPA firm, and also has 25 years of experience of serving financial clients. Together, the two bring over 50 years of unmatched expertise to plaintiffs who experience suspicious investment losses of any kind.
"Courts often hold trustees and/or third party investment fiduciaries (banks, brokers, trust companies, investment advisers, hedge funds, and even custodians) may be liable, measured against the expert investment standard regarding personal liability. "McConnell said, "The amount of potential fraud, loss of income, and/or insurance claims looks to increase dramatically as investors face staggering losses. We are ready to help as many people as we can to avoid potential financial catastrophe."
The difference between proving liability and recovering damages and loss is in the actual details, which often provide the edge for success.
11 Feb 2009
Obama's Stimulus Package Approved by Senate
President Barack Obama's $838 billion stimulus plan was approved by the U.S. Senate as part of a plan of action the Senate hopes will revive the collapsing US economy.
$100 billion is to be alotted to hedge funds or other investors, giving them incentive to purchase so-called toxic assets. President Obama welcomed the 61-37 vote as "good news. It's a good start."
Outlining a few details of how the administration would spend the remaining $350 billion of the $700 billion bank bailout program, Treasury Secretary Timothy Geithner separately announced a new public-private partnership to help strengthen banks.
"Critical parts of our financial system are damaged," Geithner said. "The financial system is working against recovery and that's the dangerous dynamic we need to change."
In a related government commitment of financial support, the Federal Reserve broadened a program designed to boost resources for consumer credit and small business loans - from $200 billion up to $1 trillion. Additionally, Obama has campaigned to include funds for school construction in the bill.
$100 billion is to be alotted to hedge funds or other investors, giving them incentive to purchase so-called toxic assets. President Obama welcomed the 61-37 vote as "good news. It's a good start."
Outlining a few details of how the administration would spend the remaining $350 billion of the $700 billion bank bailout program, Treasury Secretary Timothy Geithner separately announced a new public-private partnership to help strengthen banks.
"Critical parts of our financial system are damaged," Geithner said. "The financial system is working against recovery and that's the dangerous dynamic we need to change."
In a related government commitment of financial support, the Federal Reserve broadened a program designed to boost resources for consumer credit and small business loans - from $200 billion up to $1 trillion. Additionally, Obama has campaigned to include funds for school construction in the bill.
10 Feb 2009
Conyers Expands Cayman Islands Team
Pioneers in the field of offshore law, Conyers Dill & Pearman, (Conyers) is expanding its Cayman Islands presence with three new associates as attorneys-at-law. Stephen Leontsinis has joined the Litigation team, while Tania Dons and Preetha Pillai have joined the Corporate Department.
“Our superior investment funds and litigation capabilities have reinforced our reputation as a preferred firm to partner with in transactions of this nature." Richard Finlay, Managing Partner of Conyers’ Cayman Islands office, "We continue to expand our team in line with our strategic plans to build on the strengths and capabilities of our Cayman Islands practice. We are proud of our reputation as global leader which attracts such depth of talent and are delighted to have Stephen, Tania and Preetha join us.”
Since its establishment in July 2003, Conyers’ Cayman Islands office has grown into a full service practice with a current complement of 20 lawyers and 60 staff. The growth of the Cayman Islands practice complements Conyers’ continued growth globally. Last year, the firm opened three new offices in Moscow, Mauritius and São Paulo, as well as making several key hires. Today, Conyers comprises of over 550 staff in 11 jurisdictions with more than 150 lawyers.
With over 150 lawyers, Conyers Dill & Pearman advises on the laws of Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Mauritius from those islands and from Dubai, Hong Kong, London, Moscow, and Singapore. The firm has earned clients’ trust, loyalty and respect by consistently providing responsive, timely and thorough advice on all aspects of offshore corporate and commercial law, commercial litigation and private client matters.
“Our superior investment funds and litigation capabilities have reinforced our reputation as a preferred firm to partner with in transactions of this nature." Richard Finlay, Managing Partner of Conyers’ Cayman Islands office, "We continue to expand our team in line with our strategic plans to build on the strengths and capabilities of our Cayman Islands practice. We are proud of our reputation as global leader which attracts such depth of talent and are delighted to have Stephen, Tania and Preetha join us.”
Since its establishment in July 2003, Conyers’ Cayman Islands office has grown into a full service practice with a current complement of 20 lawyers and 60 staff. The growth of the Cayman Islands practice complements Conyers’ continued growth globally. Last year, the firm opened three new offices in Moscow, Mauritius and São Paulo, as well as making several key hires. Today, Conyers comprises of over 550 staff in 11 jurisdictions with more than 150 lawyers.
With over 150 lawyers, Conyers Dill & Pearman advises on the laws of Anguilla, Bermuda, British Virgin Islands, Cayman Islands and Mauritius from those islands and from Dubai, Hong Kong, London, Moscow, and Singapore. The firm has earned clients’ trust, loyalty and respect by consistently providing responsive, timely and thorough advice on all aspects of offshore corporate and commercial law, commercial litigation and private client matters.
9 Feb 2009
IAS presents a ‘Forensic’ approach to Due Diligence
In response to the recent need to restore confidence and liquidity in the mortgage market, Integrated Asset Services, LLC (IAS), a default management and residential collateral valuation company, is introducing iCDA Credit Due Diligence Analytics.
Expecting clients from hedge funds, mutual funds, private investors, government agencies, ratings agencies, and mortgage originators, IAS calls their system a “surgically precise” review of borrower credit worthiness, collateral valuation, and compliance for loan buyers.
“iCDA is designed to expose both the risk and merit of an asset beyond the historic origination and compliance guidelines," John Coughlin, VP of Capital Markets for IAS said, "Using our suite of analytic tools to forecast performance, we can identify exit strategies and recommend loan modifications and repayment plans for your assets.”
“We’ve combined IAS’s expert default professional services with innovative new technology and a few key alliances to provide a robust, single-source solution,” says Robert Vanderbilt, First Vice President for Integrated Asset Services. "We have to think the integrity of our approach and the fullness of our product will go a long way toward getting the mortgage market moving again,” said Vanderbilt.
Expecting clients from hedge funds, mutual funds, private investors, government agencies, ratings agencies, and mortgage originators, IAS calls their system a “surgically precise” review of borrower credit worthiness, collateral valuation, and compliance for loan buyers.
“iCDA is designed to expose both the risk and merit of an asset beyond the historic origination and compliance guidelines," John Coughlin, VP of Capital Markets for IAS said, "Using our suite of analytic tools to forecast performance, we can identify exit strategies and recommend loan modifications and repayment plans for your assets.”
“We’ve combined IAS’s expert default professional services with innovative new technology and a few key alliances to provide a robust, single-source solution,” says Robert Vanderbilt, First Vice President for Integrated Asset Services. "We have to think the integrity of our approach and the fullness of our product will go a long way toward getting the mortgage market moving again,” said Vanderbilt.
Hedge Fund Veteran Acts to Improve Fund Transparency
Mike Griffin of Spectrum Global Fund Administration has launched the a hedge fund website that he believes will improve hedge fund transparancy, HedgeACT.com.
“As a former hedge fund executive, I know first-hand how important transparency is during the capital allocation process,” said Michael Griffin, founder and CEO of HedgeACT and Chief Operating Officer of Fenchurch Capital Management from 1985 to 1998. “This is a difficult time for many hedge fund investors, and we think that giving them better information will make the entire analysis and allocation process much better for everyone involved.”
The “ACT” in HedgeACT.com refers to the site’s three key benefits for the hedge fund community, including Analytics, Capital Introduction and Transparency.
Providing investors with free access to hundreds of data points and analytics for over 7,500 hedge funds, HedgeAct's data is licensed from Morningstar.
Additionally, hedge funds and hedge fund administrators will have the ability to augment this data with their own timely, vetted information on fund performance, track record and other important investor criteria.
“As a former hedge fund executive, I know first-hand how important transparency is during the capital allocation process,” said Michael Griffin, founder and CEO of HedgeACT and Chief Operating Officer of Fenchurch Capital Management from 1985 to 1998. “This is a difficult time for many hedge fund investors, and we think that giving them better information will make the entire analysis and allocation process much better for everyone involved.”
The “ACT” in HedgeACT.com refers to the site’s three key benefits for the hedge fund community, including Analytics, Capital Introduction and Transparency.
Providing investors with free access to hundreds of data points and analytics for over 7,500 hedge funds, HedgeAct's data is licensed from Morningstar.
Additionally, hedge funds and hedge fund administrators will have the ability to augment this data with their own timely, vetted information on fund performance, track record and other important investor criteria.
7 Feb 2009
Pelorus Advisors Offer Risk Service Exclusively To Hedge Funds
As investors look to independent and unbiased hedge fund risk due diligence, Pelorus Advisors has decided to launch an operational risk management service for hedge fund investors. Unlike other due diligence firms, Pelorus only offers its risk due diligence service to hedge fund investors.
“It’s an enormous conflict of interest for diligence teams to be compensated by the same hedge funds they cover,” said Jeff Rathgeber, co-founder and partner of Pelorus. “The hedge fund community has seen more than enough target-sponsored ‘independent’ report cards. We'll let other risk management firms issue their seals of approval based on manager-supplied data.”
Pelorus is staffed by a team of hedge fund experts that have spent years operating inside complicated hedge fund structures. “It is only from this vantage point that an advisory firm gains the experience needed to identify the true risks that hide within hedge funds,” said Ken McGee, Managing Director of Pelorus’ Hedge Fund Practice Group. “It is exactly this kind of experience that is missing from most hedge fund due diligence firms. In our opinion, this lack of inside experience is what moves most firms away from being Hedge Fund Risk Experts and moves them into the category of Data Regression Analysts.”
“A clear distinction that separates Pelorus Advisors from other firms is that we don’t harvest massive amounts of publicly available data, crunch it, and issue armchair reports to investors,” said Rathgeber. “Nor do we merely rely on data that is supplied by the target hedge funds we audit. Instead, we conduct in-depth, on-site engagements to dig deep into a hedge fund's operations and run through its control structure to ensure that our clients’ investments are properly protected.”
“It’s an enormous conflict of interest for diligence teams to be compensated by the same hedge funds they cover,” said Jeff Rathgeber, co-founder and partner of Pelorus. “The hedge fund community has seen more than enough target-sponsored ‘independent’ report cards. We'll let other risk management firms issue their seals of approval based on manager-supplied data.”
Pelorus is staffed by a team of hedge fund experts that have spent years operating inside complicated hedge fund structures. “It is only from this vantage point that an advisory firm gains the experience needed to identify the true risks that hide within hedge funds,” said Ken McGee, Managing Director of Pelorus’ Hedge Fund Practice Group. “It is exactly this kind of experience that is missing from most hedge fund due diligence firms. In our opinion, this lack of inside experience is what moves most firms away from being Hedge Fund Risk Experts and moves them into the category of Data Regression Analysts.”
“A clear distinction that separates Pelorus Advisors from other firms is that we don’t harvest massive amounts of publicly available data, crunch it, and issue armchair reports to investors,” said Rathgeber. “Nor do we merely rely on data that is supplied by the target hedge funds we audit. Instead, we conduct in-depth, on-site engagements to dig deep into a hedge fund's operations and run through its control structure to ensure that our clients’ investments are properly protected.”
6 Feb 2009
Arkanar Financial Global Macro Hedge Fund Launch
Alternative investment consultant and director, Bob Torkelund has announced the launch of a Cayman regulated fund, the Arkanar Global Macro SP. The fund is being monitored and the due diligence work done by the Cayman regulator before the launch took place.
The initial offering period runs throughout February 2009, with a minimum investment of $10.000.
Torkelund said, “The fund is easy dealing and settlement: we have organised electronic clearing via Clearstream/Euroclear ‘payment against delivery’ which makes the fund available to most European and international banks in line with other international securities.”
The fund has a 20% high water mark performance fee and 0.5% per quarter as management fee and an expected annual return of 15–20%.
Torkelund is director of global retail sales, marketing and operations for several boutique fund managers. He was also responsible for the formulation and execution of Threadneedle Investments and has become a serious player in Continental Europe.
The initial offering period runs throughout February 2009, with a minimum investment of $10.000.
Torkelund said, “The fund is easy dealing and settlement: we have organised electronic clearing via Clearstream/Euroclear ‘payment against delivery’ which makes the fund available to most European and international banks in line with other international securities.”
The fund has a 20% high water mark performance fee and 0.5% per quarter as management fee and an expected annual return of 15–20%.
Torkelund is director of global retail sales, marketing and operations for several boutique fund managers. He was also responsible for the formulation and execution of Threadneedle Investments and has become a serious player in Continental Europe.
5 Feb 2009
Hedge Fund MC Subpoenad by Feds
Wall Street's highest-ranking woman, Erin Callan, was subpoenaed by a federal grand jury, along with 24 other Lehman executives regarding the collapse of Lehman Brothers, according to the New York Post.
Now in seclusion, the NYP says she taking a five-month personal leave. Callan joined Credit Suisse five months ago after being ousted as CFO of collapsed investment bank Lehman Brothers.
NYP excerpt: "At Lehman, Callan had been an admired public face of Lehman's whirlwind dance with hedge fund chiefs, but then-CEO Dick Fuld blamed her for Lehman's collapse, and pushed her out just months before the firm imploded, wiping out billions for investors and employees."
Now in seclusion, the NYP says she taking a five-month personal leave. Callan joined Credit Suisse five months ago after being ousted as CFO of collapsed investment bank Lehman Brothers.
NYP excerpt: "At Lehman, Callan had been an admired public face of Lehman's whirlwind dance with hedge fund chiefs, but then-CEO Dick Fuld blamed her for Lehman's collapse, and pushed her out just months before the firm imploded, wiping out billions for investors and employees."
4 Feb 2009
Madoff Hedge Fund Shut Down by Luxembourg Regulators
Swiss bank UBS AG's money manager, Luxalpha, was one of the main European hedge funds that gave money to US money manager Bernard Madoff, it is now being shut down by CSSF, Luxembourg's financial supervisors.
The Luxalpha assets were frozen in January, in what appears to be the first court action in Europe. Another private investor in a second UBS-run feeder fund, Luxembourg Investment Fund-US Equity Plus, is also considering legal action against the Swiss bank.
People with knowledge of the situation claimed that the two Luxembourg funds were not actively marketed by the bank and were set up at the request of clients to send money to Madoff. One of the Luxalpha board members, Rene-Thierry Magon de la Villehuchet, committed suicide in December after loosing $1.4 billion in his Madoff investments.
The Luxalpha assets were frozen in January, in what appears to be the first court action in Europe. Another private investor in a second UBS-run feeder fund, Luxembourg Investment Fund-US Equity Plus, is also considering legal action against the Swiss bank.
People with knowledge of the situation claimed that the two Luxembourg funds were not actively marketed by the bank and were set up at the request of clients to send money to Madoff. One of the Luxalpha board members, Rene-Thierry Magon de la Villehuchet, committed suicide in December after loosing $1.4 billion in his Madoff investments.
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