Former Head of Hedge Fund Faces 20 Years For Fraud

John H. Whittier, the former head of Idaho hedge-fund company Wood River Capital Management LLC has been indicted on criminal charges that he engaged in a securities fraud scheme that allegedly cost investors $88 million. The SEC originally filed civil charges against Whittier and WRC back in October 2005. Whittier could serve as much as 20 years on each count.

Whittier has been charged with securities fraud, failure to disclose a beneficial interest in 5% or more in a publicly traded security and two counts of failing to disclose a beneficial interest of 10% or more in a publicly traded security.

Prosecutors alleged Thursday that Whittier, from fall 2004 to September 2005, schemed to defraud investors in the company's U.S.-based Wood River Partners LP and Cayman Islands-based Wood River Partners Offshore Ltd. hedge funds by acquiring beneficial ownership of more than 70% of the common stock of EndWave without disclosing that ownership as required by the SEC.

The government said Whittier also accumulated beneficial ownership for the Wood River U.S. fund and other managed accounts of more than 20% of the common stock of New Jersey digital media and publishing company MediaBay Inc. without disclosing that ownership as required by the SEC.

Prosecutors alleged that Whittier falsely represented to investors that the funds had a broad investment strategy and no investment would ever constitute more than 10% of their holdings, he also falsely represented to investors that the U.S. fund was audited by outside auditors.

Ex Morgn Stanley Employee Pleads Guilty In Hedge Fund Conspiracy

Ira S. Chilowitz, former employee of the brokerage firm Morgan Stanley & Co has pleaded guilty to four counts relating to the theft of information regarding hedge funds, conspiracy, transportation of stolen property, theft of trade secrets, and unauthorized computer access. He faces a total maximum sentence of 26 years' imprisonment and a maximum fine of $850,000.

Chilowitz was charged with conspiracy and unauthorized computer access, according to a criminal complaint unsealed in July of last year.

Federal prosecutors charged Ira Chilowitz with stealing the confidential pricing information from Morgan Stanley’s hedge fund prime brokerage group and passing it on to a “co-conspirator’’ at a midtown company that provides advisory services to hedge funds.

From about December 2005 until about February 2006, Chilowitz conspired with another individual, who was a former Morgan Stanley client service representative, to misappropriate the Client Rate List and to transmit it, via e-mail to his partner. Morgan Stanley provides financial and administrative services to numerous hedge funds and the data in the Client Rate List is not generally known to the public and is valuable to competitors of Morgan.

Chilowitz admitted in court during his guilty plea that he took the confidential and proprietary information from Morgan Stanley because it would potentially assist him in generating business for a consulting firm they had planned to launch.

Hedge Fund Care Award Gala

Speaker Nancy Pelosi is to be Special Guest at the 9th Annual Hedge Funds Care New York Open Your Heart to the Children Benefit. The Hedge Funds Care Award for Caring will also be awarded this year at the gala event at the Marriott Marquis Hotel in New York. The benefit is taking place on February 8th, 2007.

Pelosi, long a champion of children's rights, will be joined by two devoted advocates for the rights of abused, neglected and at-risk children: Michael Vranos, Founder and Chief Executive Officer of Ellington with assets under management of over $21.7 billion. Mr. Vranos was cited by Global Finance magazine as one of the world's 600 most powerful people in finance, and Shari Shink, Founder and Executive Director of the Rocky Mountain Children's Law Center.

The flagship event will be chaired by Mitchell Lieberman of Goldman Sachs and Michael Tannenbaum of Tannenbaum Helpern Syracuse & Hirschtritt LLP. The three individuals being honored represent the very ideals Hedge Funds Care was created to serve. Each has displayed a commitment to the rights of children and families through their work in government, philanthropy and children services.

For more information on the hedge fund event visit; http://www.hedgefundscare.org/2007/ninth-annual-northeast-open-your-heart-to-the-children-benefit/

MARHedge Holds Hedge Fund Conference In San Francisco and Switzerland

MARHedge is holding the 13th Annual Institutional Investment Conference, April 15–17 in San Francisco. The conference is designed to assist investors in exploring hedge fund strategies that can be employed to meet their investment objectives. MARHedge boasts a highly interactive agenda, including focused panels and workshops, that thoroughly examines the expanded role for hedge fund vehicles in institutional portfolios.

The majority of the speakers are investors and investment consultants, who will offer practical and implementable information and suggest ways to help protect capital, increase diversification of the portfolio and generate alpha.

MARHedge/Institutional Investor plans to delve deeply into the practical issues of using hedge funds and funds of hedge funds to meet investment objectives by accessing new talent and new opportunities. Some of the key players in the hedge fund industry will be attending, according to a statement, and there will be time for interaction with colleagues and peers during cocktail receptions and dinners throughout San Francisco.

MARHedge is also presenting the Institutional Investor 12th Annual European Conference On Alternative Investments on February 5 - 7, 2007 at the Hotel President Wilson in Geneva, Switzerland.

Man Investments Announces Fund Launch

Hedge fund Man Investments announced the launch of a new fund in the Man MGS Access Series 2 Ltd.

The fund will be offered in two bond classes, both targeting a moderate level of 8-10% annualised volatility. The USD bonds will aim for annualised returns of 13-16% and EUR bonds will target annualised returns of 11-14%.1 Investors will also benefit from a capital guarantee from Citibank, N.A., London Branch2, and a profit lock-in feature3.

Only managers that are highly-rated by Man Global Strategies (‘MGS’), a core investment manager of Man Investments, will be considered for inclusion in the portfolio, comprised of about 15 hedge funds. MGS has negotiated favourable terms with these managers, several of which are closed to new investors. These terms include increased levels of reporting, the flexibility to adjust the amount of money invested with the manager.

“The quality of the managers in the Access portfolio and the high level of transparency that we have into their daily operations gives us the confidence to offer such a concentrated and dynamic portfolio,” said Antoine Massad, Chief Executive of Man Investments Middle East. “This has allowed the structuring experts at MGS to develop a product that offers the potential for strong capital growth and diversification with the security of a capital guarantee.”

Man MGS Access Series 2 Ltd will be open for investment from 29 January 2007 to 12 March 2007. The minimum subscription being $50,000, with the maturity date being 31 May, 2019.

Man also announced a new hedge fund product, Man-IP 220 Plus Series, Series 3 was launched earlier this year, and raised over US$ 430 million, a new record for Man's guaranteed products. Series 4 aims to generate strong profits for hedge funds in falling as well as rising markets, performing independently of stocks and bonds.

Hedge Funds Examine Airline Merger

Delta Air Lines is planning a reorganization of its business plan, including a possible merger that is said would improve service, but is being scrutinized by hedge fund shareholders.

US Airways has offered to buy Delta in an $8.4 billion bid, and Delta has the option to sell before Feb. 7th when the U.S. Bankruptcy Court for the Southern District of New York holds a hearing on Delta’s disclosure statement.

The group of unsecured creditors that are questioning the merger is made up largely of hedge funds holding billions of dollars in claims. The hedge fund team said in a statement that they "look forward to analyzing carefully and discussing with Delta the proposed plan and the assumptions upon which it is based however..... it expects Delta to consider alternatives to its proposed stand alone chapter 11 plan to ensure that creditor recoveries are maximized."

The Unofficial Committee of Unsecured Claimholders includes 18 hedge funds and investment management companies that hold $2.35 billion worth of creditors’ claims against Delta and its subsidiaries. The hedge fund team was formed in Dec 06 and is represented by Paul, Weiss, Rifkind, Wharton & Garrison.

On Jan. 10, the hedge fund group called on Delta to allow US Airways to postpone the Feb. 7 disclosure hearing so that the proposal could be fully evaluated. Other creditors, such as those on the unofficial committee, could pressure larger creditors to force Delta's hand. If approved, the statement will be submitted to a vote of all creditors.

SEC Reviews New Hedge Fund Rules

The Managed Funds Association, the main lobbying group for hedge funds, has urged regulators to increase the minimum investment for hedge funds as an alternative to tighter oversight. The proposed new rules are now up for review before the SEC.

This proposal would define a new category of accredited investor that would apply to offers and sales of securities issued by hedge funds and other private investment pools. The number of households permitted to invest in hedge funds would be reduced by 88% if the change takes effect, according to SEC economists. Under the proposal, only investors worth $2.5 million or more, about 1.3 percent of U.S. households, would qualify.

The proposal, which is open to a 60-day public comment period, also prohibits using the value of a primary home to meet the requirement. The increased investor standard will only apply to hedge funds and not to private companies that rely on other exemptions of the federal securities laws.

Christopher Cox, the current SEC chairman, said in December that the SEC's proposed rules "do a much better job of assuring that individuals investing in private funds are likely to have the knowledge and the sophistication that's necessary."

The Bank of New York Tops $100 Billion in Hedge Fund Assets

The Bank of New York has surpassed the $100 billion mark in hedge fund assets under administration, reflecting rapid growth in the bank's focus on hedge funds, funds of hedge funds, multi-strategy hedge funds, and European- based hedge funds.

In the last five years the Bank has grown hedge fund assets under administration from $16 billion to $100 billion and last year posted a 41% increase in assets under administration. The Bank has also experienced significant growth in the average fund size and number of hedge fund structures serviced as part of a strategic focus on building long-term relationships with the leading industry funds.

"We have posted consistently strong organic growth in our hedge fund administration business by customizing our core operational and technology expertise to meet the unique needs of the industry," said Brian Ruane, executive vice president at The Bank of New York. "With institutional demand for hedge funds expected to triple by 2010, we are uniquely positioned to serve this burgeoning industry through hedge fund administration and a variety of other securities services."

Global institutional demand for hedge funds will increase from $360 billion currently to more than $1 trillion by 2010, according to a recent study of leading institutional investors, investment consultants and hedge funds by The Bank of New York and Casey, Quirk & Associates LLC. Retirement plans globally will account for the vast majority of asset flows.

In addition to hedge fund administration, the Bank offers accounting, cash management, collateral management, custody, trust, asset management and private banking services to the hedge fund industry.

The Bank of New York Company, Inc. has a global array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide.

Silver Creek Hedge Fund Hires New Director

Silver Creek Capital Management LLC, a leading manager of funds of hedge funds with approximately $6.5 billion in assets under management, today announced that Steven H. Bloom, founder and Managing Partner of Sagamore Hill Capital Management LP, has joined the firm as Senior Managing Director.

In this role, Mr. Bloom will oversee Silver Creek’s Early Advantage Fund, a multi-manager fund that invests in emerging hedge fund managers, and will assist with all aspects of the firm’s investment process. Based in Silver Creek’s New York office, Mr. Bloom will also be a senior member of the firm’s investment committee.

“We are very excited to bring someone of Steve’s caliber on to our investment team,” said Eric E. Dillon, co-Founder and Managing Member of Silver Creek. “We look forward to leveraging Steve’s deep industry knowledge and broad experience to identify uniquely promising emerging hedge fund managers.”

Mr. Bloom has extensive experience in hedge fund management. He was the founder and CEO of Sagamore Hill Capital Management LP, previously a multi-billion dollar multi-strategy global hedge fund, where he was the head portfolio manager, responsible for overall fund management and the development of numerous fundamental and arbitrage investment strategies.

Silver Creek is a fund of hedge funds management firm with offices in Seattle and New York, whose team has been managing funds since 1994. Silver Creek manages a variety of multi-manager investment products designed to deliver superior, risk-adjusted, absolute returns.

Hedge Fund Sentiment Survey Shows Technology as Best Investment

VanthedgePoint Group Inc. announced the results of its second annual Emerging Hedge Fund Manager Sentiment Survey.

When asked where to invest in the U.S. stock market, hedge fund managers said that Technology (41.0%), Financial Services (31.2%), Consumer Goods (26.2%), Food & Beverage (21.3%) and Defense (21.3%) will be the best performing sectors in 2007.

57.4% of emerging hedge fund managers indicated they are largely "neutral" on the U.S. economy for 2007. Approximately one-third are "bullish" on the economy and U.S. equities. They believe a continued "Real state market slowdown" (29.5%) and "inflation" (21.3%) will play the biggest role in how the U.S. economy will fare this year.

Over half of all respondents manage hedge funds with less than $10 million in assets under management, while over 85% currently manage less than $100 million. In addition, emerging hedge fund managers indicated that the most difficult aspect of running a hedge fund business is "raising capital/marketing".

In 2006, the Emerging Hedge Fund Manager Sentiment Survey results turned out to be quite accurate. Last year, respondents predicted increasing energy costs and a real estate market slowdown, both of which slowed the U.S. economy in 2006. They correctly predicted that Technology, Raw Materials, Financial Services and Defense would be among the top performing sectors in the U.S., and they narrowly missed the mark by indicating China would be the best performing international market.

VanthedgePoint Group, Inc. is an integrated financial services holding company focused on delivering products and services to emerging hedge funds. VanthedgePoint offers customers a comprehensive solution that includes U.S. and international equities, options and futures execution along with equity finance and operations outsourcing.

Hedge Fund Officials

A new trend is being seen in Washington is of some former high-ranking officials that have been reported to be testing the hedge fund waters. Former chairman of the Securities and Exchange Commission, Richard Breeden, is now a hedge-fund manager, complete with $500 million under management, a Cayman Islands registry, and an office in hedge-fund capital Greenwich, Conn. According to an article in the New York Times, he "has no investing experience." but, "Mr. Breeden is now perhaps the most senior former government official ever to run a hedge fund."

Clinton Secretary of State Madeleine Albright, also of no investing experience, launched the emerging-markets hedge fund Albright Capital Management, with $329 million in seed money from a Dutch pension.

In October, mammoth hedge fund/private-equity firm DE Shaw appointed Clinton Treasury Secretary Lawrence Summers as a part-time managing director, and Cerebus Capital, another mammoth hedge-fund/private-equity firm, named departing Bush Treasury Secretary John Snow as chairman. As more big institutional investors such as pension funds allocate capital to hedge funds, we should expect more such career switches.

Emerging Market Hedge Funds are in Full Swing Studies Show.

Hedge funds that specialize in emerging markets rose 20.49% in 2006, according to new data, and mergers and acquisitions in emerging markets reached a record value of $635.4 billion in 2006 via 10,995 deals, according to data company Dealogic. China was the busiest emerging market with deals worth $104.3 billion, an increase of 69% on 2005. Russia and South Korea followed with $98.5 billion and $42.3 billion worth of deals respectively.

The MSCI Emerging Markets index rose 29.2% last year, Oliver Schupp, president of the index said in a statement, "Record highs in global markets and mergers and acquisition activity along with a stronger than expected earnings season, a pause in the continual increasing of interest rates by the Federal Reserve, high energy prices and volatility fluctuations were positive contributors to hedge fund performance in 2006."

The average emerging market fund beat out all other individual hedge fund strategies, according to numbers published by New York-based Credit Suisse's Credit Suisse/Tremont Hedge Fund Index. Hedge Fund Research Inc. said the average hedge fund gained 12.99%.

Amarid Hedge Fund Launches New Movie Making Fund

Simon Fawcett, chief executive of hedge fund Aramid Capital Partners, announced that they are spearheading the launch of The Aramid Entertainment Fund, a hedge fund with a strategy of financing independent British films.

Aramid was formed with three other film finance experts, namely Tim Levy of the UK's future films, David Molner from Los Angeles firm Screen Capital and Thomas Adamek from Stonehenge Capital.

The hedge fund team has in the past financed films including "Kill Bill 2", "The Queen", "Girl with a Pearl Earring", and "Bend it Like Beckham". According to the Times Online, the new Aramid Entertainment Fund is planning on backing Manolete, a biopic of Spain’s most famous bullfighter. The hedge fund, which was launched last October, expects the film to premiere at the Cannes Film Festival in May.

Aramid is expected to raise well above the £150 million originally targeted by the end of this year, as hedge fund interest in film financing picks up speed in Britain. Experts are saying that hedge funds are increasingly interested in asset-backed lending, such as film and television financing, because it offers an opportunity to diversify their investments.

The hedge fund works by offering “bridge finance” to UK producers, the hedge fund offers credit to film companies based on the tax rebates that they will receive when the film is complete. Under a new tax scheme to encourage film-making in Britain, producers can gain tax credits depending on how much of a film is produced in the UK. It does take time to receive the benefit in cash, however, which is where the hedge fund intends to come in and provide finance to bridge the gap.

A more common tax-based method of financing is for investors to lend money to finance films, then offset the cost of making the film against their personal tax liabilities. Aramid demands a minimum investment of $50,000 and targets a 20% yearly return for investors.

Hedge Fund RCB Indexes Up

RBC Capital Markets reported that for the month of December 2006 the RBC Hedge 250 Index had a net return of 1.41%. Bringing the year-to-date return of the Index to 10.64%. These returns are estimated and will be finalized by the middle of next month. The return for November 2006 has been finalized at 1.60%.

The RBC Hedge 250 Index is an investable benchmark of the performance of the hedge fund industry. The Index operates in accordance with a unique construction methodology. Comprised of more than 250 actual hedge funds, the RBC Hedge 250 Index is positioned as the industry's most diversified and representative investable index. The Universe on which the Index is based currently consists of 5,635 hedge funds (excludes funds of hedge funds) with aggregate assets under management of $1.159 trillion.

Since its inception on July 1, 2005 through the end of November 2006, the RBC Hedge 250 Index has had an annualized net return of 10.76%. In comparison, over the same period, other investable indices have averaged 7.43% while non-investable indices have averaged 12.63%, according to information reported by the sponsors of RCB.

Executive To Leave Position 2 Years After Hedge Fund Buyout

Cerberus Capital Management LP, the New York-based $16 billion hedge fund, announced that executive chairwoman Vanessa Castagna will leave her position Feb. 1, Rick Leto, president and chief merchandising officer for Mervyns, will take over day-to-day management of the 172-store chain. The hedge fund bought Mervyns from the Target Corp. in 2004.

"Vanessa's leadership was instrumental to Mervyns' successful transition as an independent company," Leto said in a statement. "We thank her for her commitment to the company and many contributions and wish her well in her future endeavors." The Mervyns announcement did not offer details about Castagna's plans. She came to Mervyns after leading a similar turnaround at a much larger retailer, JCPenney.

Castagna is credited with reviving Mervyns at a time when many retail analysts predicted its demise. Target, the highly successful discount retailer, was blamed for neglecting Mervyns and Marshall Field's, the upscale Chicago-based department store that was bought by the Federated Department Stores Inc and converted into Macy's.

Cerberus is a privately owned hedge fund, run by 45-year-old financier Steven Feinberg. Former Vice President Dan Quayle has been a prominent Cerberus spokesperson and runs one of its international units.

Founded in 1992, Cerberus invests primarily in companies which are near bankruptcy and hopes to make the businesses it acquires profitable. The company has bought out many businesses over the past several years and now includes sizable investments in sportswear, paper products, military services, real estate, energy, retail, glass making, transportation, and building products.

Hedge Fund Doubles Turnover by $229 Million

RAB Capital, the $5 billion hedge fund, doubled its turnover for the year to at least $229 million, while pre-tax profit soared 95% and assets under management went up to $5.18bn.

Assets under management as at 31 December 2006 jumped 98% from $2.62bn a year earlier “After an excellent opening four months, trading in 2006 became more challenging during the summer period, but conditions improved significantly in the fourth quarter,” the hedge fund said.

Net asset inflows were strong in the first half and there was a revival in the final quarter which included a long term allocation of $200m by Mittal family trusts to RAB Special Situations.

“The near-doubling of assets under management over the course of 2006, further successful investment performance and an even stronger balance sheet, give us an excellent base from which to advance in the year ahead,” said chief executive Philip Richards.

“2007 offers RAB Capital new opportunities, and management will focus both on organic growth and on those opportunities that add to our strong existing line-up,” added executive chairman Michael Alen-Buckley.

Hedge Fund Defends Winning Strategy

Multimillionaire hedge fund co-founder, Paul Marshall, defended his hedge fund Marshal Wace and its controversial strategy, which relies on investment ideas supplied by City stockbrokers, he said in an interview with the Times.

Marshal doesn't believe that his system, called Tops, would encourage market abuse. The hedge fund, which manages only about $11 bn but it is thought to trade a greater volume of European equities than any other fund, is reputed to pay out £250 million in commission each year to equity salesmen to ensure that it is in the best position to make the most of a good investment opportunity.

Mr Marshall said: “Our audit trail and compliance procedures act as a very strong deterrent to anyone who even considers entering unauthorised information into the Tops system.” Tops was the attraction of MW Tops, a listed hedge fund that Marshall Wace floated last month in Amsterdam.

The Tops methodology goes to the heart of the firm’s success. It has also raised the eyebrows of regulators, although the Financial Services Authority recently gave the practice a cautious nod of approval, despite fears that the system might encourage people in investment banks to pass on recommendations based on inside information.

Hegde Fund Offers to Buy Out Near-Bankrupt Company

The hedge fund Farallon Capital Management, which owns 11% of shares in The Mills Corp., proposed pumping $499 million into the mall developer to help ease the company's heavy debt and avoid putting it up for sale at a depressed price.

The hedge fund said in a Securities and Exchange Commission filing that the recapitalization would buy Mills time to "move from a triage mode into a recovery mode." Farallon said Mills requested the proposal.

The hedge fund offered to buy Mills shares at $20 and set a Friday deadline for the two sides to agree on the proposal. The extra money would give Mills a cash infusion to cover some of its debt, which Mills warned last week could drive it into bankruptcy.

Hegde fund Farallon also said it could keep Mills from having to sell itself out of desperation to cover its debts. "Any sale today would almost certainly be at a discount in order to compensate the buyer for abnormal conditions," Farallon wrote in a letter accompanying the SEC filing.

Those abnormal conditions include widespread accounting problems that have forced Mills to delay several SEC filings and restate earnings dating to 2001. Mills said last week that an internal review uncovered extensive accounting errors, some the result of possible wrongdoing by company officials.

The company also warned that it is struggling to repay the $1 billion remaining on a loan it took out from Goldman Sachs Mortgage Co. last year to help it stay afloat. That loan is due at the end of March.

Chief Exec and Vice President Quit after Hedge Fund Takeover

Catalyst Paper Corporation announced that it has accepted the resignations of its two executives Russell J. Horner, president and chief executive officer, and Ralph Leverton, vice-president, finance and chief financial officer.

The announcement of the departures follow the company's partial takeover by an American hedge fund, Third Avenue Management LLC. Last October, Third Avenue acquired approximately 18% of Catalyst's common shares for $128.7 million cash, raising its stake to about 38%.

This purchase invalidated an agreement between Horner and the company limiting change of control to 25%.

An executive search is underway to identify their successors and both executives have agreed to remain with the company to the end of the next annual meeting of shareholders to assist in the transition. “We appreciate their loyalty, dedication and willingness to facilitate a smooth transition as the board completes its selection of new executives who will build on the fundamental strengths of the business.” Catalyst said in a press release.

Horner has been with Catalyst and its predecessor companies for more than 30 years. He will receive pension benefits of almost 5 million. Leverton, who has been with the company for seven years will take a $1.6-million payment.

"The stock was drifting lower and lower," said an investor, "Here was an investor from the U.S. with a good track record taking an interest in Catalyst. They obviously weren't doing this without a plan as to how to turn the company's fortunes around.

"I wouldn't be surprised if Third Avenue had a management team or a number of individuals that they shortlisted for key executive positions before they started investing in the company. If your hockey team isn't doing well, you replace the coach."

On the TSX on Monday, Catalyst's stock closed at $4.15, up 1%, before the changes were announced. When Third Avenue completed its bid to gain 38% of Catalyst in October, the stock was trading at $3.30. "The stock has come up some 25 per cent," said the trader "So if you were a shareholder at that time, you are definitely going to support Third Avenue because now the share price is going in the right direction.

Alternative Investment Survey Shows Hedge Funds Will Continue to Grow

Deutsche Bank announced the results of its Fifth Annual Alternative Investment Survey, which was conducted during the second half of 2006. Over 1000 representatives from almost 700 institutions responded to the $1.4 trillion industry survey.

"Despite a series of setbacks and scares in 2006, survey respondents feel the hedge fund industry will continue to grow modestly in 2007," said John Dyment, Global Head of the Hedge Fund Capital Group at Deutsche Bank. "Investors indicated that they are keeping the market and industry events of 2006 in perspective and using risk management as key factor in selecting hedge fund managers."

According to investors, hedge funds that invest in China are going to see a huge jump in assets; Deutsche Bank predicts inflows of more than 38% of current investment levels to these funds. Emerging Asia is predicted to be the top performing region for the second year in a row. Pensions, government organizations, endowments and foundations are particularly interested in this region, with more than half of these respondents indicating that they will increase their exposure to the region.

The survey included banks, hedge funds, corporations, insurance companies, consultants, family offices, high net worth individuals, wealth management companies, funds of funds, pensions, government organizations, endowments and foundations.

Deutsche Bank is one of the largest financial institutions in the world with approximately Euro 972 billion in assets and 63,751 employees in 74 countries worldwide.