Hedge fund manager Jupiter Asset Management announced the launch on June second 2008 of the of the Jupiter Strategic Bond Fund.
The new fund is Sterling denominaterd with a 4% initial fee and 1.25% as annual management charge. The minimum investment is a lump sum of £500 ($896.2), or monthly saving of £50 ($98.6).
The Fund, which has received approval from the FSA, is aimed at investors with a medium to long term outlook seeking income with potential for capital growth. The fund, which has a target yield of 7%, will offer a wide spectrum in terms of appetite for risk, with the ability to switch from a conservative to aggressive stance depending on circumstances.
The Fund will be managed as a 'go-anywhere' fund, aiming to achieve long term capital growth from investing in all areas of the credit ratings market. It will be managed by Ariel Bezalel, who has 10 years experience working in credit markets at Jupiter. He currently manages the fixed interest components of three unit trusts - Jupiter Global Managed, Jupiter High Income and Jupiter Monthly Income.
Bezalel said, "The investment grade market is pricing in a severe recession and the high yield market is pricing in a sharp rise in defaults. Whilst I am cautious on the economic outlook, current valuations seem to offer potentially handsome rewards for the risk. This situation, in my view, presents the most compelling investment opportunity in credit we have seen for many years."
Jupiter Unit Trust Managers Limited (JUTM) and Jupiter Asset Management Limited (JAM) are both are authorised and regulated by the Financial Services Authority. The group is collectively known as "Jupiter".
29 May 2008
28 May 2008
Blackstone Launches Asia Hedge Fund
The Blackstone Group announced that Aaron Nieman will be launching Blackstone Altius Advisors, a new event-driven strategy focusing on opportunities in the Asia Pacific region. A global, highly experienced investment team will be headquartered in Hong Kong, with additional professionals based in Tokyo, Mumbai, and New York.
Nieman joined Blackstone from S.A.C. Capital Management, where he was a Managing Director in the Canvas Capital Management division.
"As Blackstone continues to aggressively seek opportunities within Asia, Aaron and his team will provide additional investment capability that will bolster our presence in the region." said Antony Leung, Chairman of Blackstone Greater China.
"Blackstone has a superior global alternative investment platform. It also employs some of the best professionals in the industry. The synergies that exist within Blackstone's various businesses will provide us with a significant advantage investing in the Asia Pacific markets," said Aaron Nieman, Senior Managing Director and Chief Investment Officer of Altius Advisors.
In addition to Blackstone Altius Advisors, Blackstone's other businesses in Asia include its corporate private equity fund (Blackstone Capital Partners), its real estate opportunity fund (Blackstone Real Estate Partners), its fund of hedge funds business and two closed-end mutual funds (The India Fund and The Asia Tigers Fund).
Nieman joined Blackstone from S.A.C. Capital Management, where he was a Managing Director in the Canvas Capital Management division.
"As Blackstone continues to aggressively seek opportunities within Asia, Aaron and his team will provide additional investment capability that will bolster our presence in the region." said Antony Leung, Chairman of Blackstone Greater China.
"Blackstone has a superior global alternative investment platform. It also employs some of the best professionals in the industry. The synergies that exist within Blackstone's various businesses will provide us with a significant advantage investing in the Asia Pacific markets," said Aaron Nieman, Senior Managing Director and Chief Investment Officer of Altius Advisors.
In addition to Blackstone Altius Advisors, Blackstone's other businesses in Asia include its corporate private equity fund (Blackstone Capital Partners), its real estate opportunity fund (Blackstone Real Estate Partners), its fund of hedge funds business and two closed-end mutual funds (The India Fund and The Asia Tigers Fund).
26 May 2008
Hedge Fund Suicide
Kirk Sean Wright, CEO of hedge fund International Management Associates of Atlanta hanged himself in a Union City jail cell Saturday night.
Wright was convicted by a federal jury on 47 counts of mail fraud, securities fraud and money laundering, stemming from a scam run through his hedge fund, International Management Associates. He collected between $115 million and $185 million for his hedge fund from at least 500 investors since 1997.
The FBI in association with the IRS, DOJ and SEC investigated why requests by current and former NFL players for their funds were ignored.
Wright maintained his innocence until the end, contending that simple mis-management was to blame for his investors' losses.
Wright was convicted by a federal jury on 47 counts of mail fraud, securities fraud and money laundering, stemming from a scam run through his hedge fund, International Management Associates. He collected between $115 million and $185 million for his hedge fund from at least 500 investors since 1997.
The FBI in association with the IRS, DOJ and SEC investigated why requests by current and former NFL players for their funds were ignored.
Wright maintained his innocence until the end, contending that simple mis-management was to blame for his investors' losses.
23 May 2008
FoHF's Join Forces to Launch Motion Picture Fund
New York based fund of hedge funds (FoHF) Ginepri Capital, and SAGA Capital, an alternative investments advisory firm, announced a newly formed venture, the SAGA/Ginepri Alpha Fund that focuses on the structuring of complex film slates and debt portfolios in the motion picture space.
"Film investors will increasingly employ new techniques commonly used by investment banks, advisory firms and hedgers to analyze the risk/return profiles of potential securities investments." S.K. Dean, Managing Partner of Ginepri Capital added.
SG Alpha Fund will focus on the financing, analysis and securitization of mid to high budget independent films with committed distribution.
Both FoHF contributed significant proprietary risk capital to the new venture, SG Funds will be syndicating $400 million in debt, between a group of New York and European investment banks, to leverage committed capital. The company will only green-light investments using the proprietary Movie Alpha Model.
"We are very enthusiastic about our association with Ginepri for the design, valuation, production and distribution of film portfolios and related acquisitions." Ralf Voellmer, SAGA President stated.
With a strong emphasis in analyzing the risk/returns in developed economies and emerging markets, the management team of SAGA has significant expertise in financial modeling, including analysis and securitization of deals with embedded credit risk, market risk, and operational risk.
"Film investors will increasingly employ new techniques commonly used by investment banks, advisory firms and hedgers to analyze the risk/return profiles of potential securities investments." S.K. Dean, Managing Partner of Ginepri Capital added.
SG Alpha Fund will focus on the financing, analysis and securitization of mid to high budget independent films with committed distribution.
Both FoHF contributed significant proprietary risk capital to the new venture, SG Funds will be syndicating $400 million in debt, between a group of New York and European investment banks, to leverage committed capital. The company will only green-light investments using the proprietary Movie Alpha Model.
"We are very enthusiastic about our association with Ginepri for the design, valuation, production and distribution of film portfolios and related acquisitions." Ralf Voellmer, SAGA President stated.
With a strong emphasis in analyzing the risk/returns in developed economies and emerging markets, the management team of SAGA has significant expertise in financial modeling, including analysis and securitization of deals with embedded credit risk, market risk, and operational risk.
False Asset Statments Lead to Conviction
Kirk Wright's Atlanta-based hedge fund company, International Management Associates was found to be fraudlent leading to the conviction of the manager, Wright, as the Department of Justice unsealed a March 10 criminal complaint against him.
"The complaint alleges a fraud involving $150 million to $180 million in missing investor assets managed by Wright's funds, International Management Associates and International Management Associates Advisory Group," said U.S. Attorney David Nahmias in a statement.
The federal complaint charges mail fraud, executed by mailing a set of false asset statements to IMA investor Stephen Atwater. The charge carries a maximum sentence of 20 years in prison and a fine of up to $250,000 on conviction.
According to authorities, Wright and his company collected more than $150 million spread across thousands of client accounts since 1997 and used false statements and documents to mislead some of them to believe the value of those investments was increasing.
Sentencing is set for August 26.
"The complaint alleges a fraud involving $150 million to $180 million in missing investor assets managed by Wright's funds, International Management Associates and International Management Associates Advisory Group," said U.S. Attorney David Nahmias in a statement.
The federal complaint charges mail fraud, executed by mailing a set of false asset statements to IMA investor Stephen Atwater. The charge carries a maximum sentence of 20 years in prison and a fine of up to $250,000 on conviction.
According to authorities, Wright and his company collected more than $150 million spread across thousands of client accounts since 1997 and used false statements and documents to mislead some of them to believe the value of those investments was increasing.
Sentencing is set for August 26.
22 May 2008
April 2008 Hedge Fund Performance
Hedge funds started the second quarter of 2008 on a strong note as global stock markets recovered, according to Singapore-based hedge fund research company Eurekahedge.
"The Fed's aggressive response to the weakness across credit markets and the slowing of economic growth in the U.S. went some way in improving investor sentiment during April," Eurekahedge said on their website.
"Rallying equity markets, on the back of a sharp increase in risk appetites, coupled with market reversals across some other asset classes, such as bonds and currencies, were factors responsible for the month's gain," Eurekahedge said.
The MSCI World Index jumped 5% in April, completing the best month since November 2004, as confidence returned following the U.S. subprime loan crisis.
Eurekahedge pointed to Japanese managers as the best performers in April, with the Eurekahedge Japan Hedge Fund Index advancing 3.5%. The report showed similar gains with the Asia Ex-Japan index climbing 2.8%.
The Eurekahedge North American Hedge Fund Index added 1.5%, while the index tracking European hedge funds rose 1.4%. Managers of funds using so-called long-short equity strategies were the best performers because of gains in global stock markets.
Eurekahedge was launched by experienced members of the investment banking community for the hedge fund and investment community. The Eurekahedge Hedge Fund Index tracks the performance of 2,230 funds that invest globally.
"The Fed's aggressive response to the weakness across credit markets and the slowing of economic growth in the U.S. went some way in improving investor sentiment during April," Eurekahedge said on their website.
"Rallying equity markets, on the back of a sharp increase in risk appetites, coupled with market reversals across some other asset classes, such as bonds and currencies, were factors responsible for the month's gain," Eurekahedge said.
The MSCI World Index jumped 5% in April, completing the best month since November 2004, as confidence returned following the U.S. subprime loan crisis.
Eurekahedge pointed to Japanese managers as the best performers in April, with the Eurekahedge Japan Hedge Fund Index advancing 3.5%. The report showed similar gains with the Asia Ex-Japan index climbing 2.8%.
The Eurekahedge North American Hedge Fund Index added 1.5%, while the index tracking European hedge funds rose 1.4%. Managers of funds using so-called long-short equity strategies were the best performers because of gains in global stock markets.
Eurekahedge was launched by experienced members of the investment banking community for the hedge fund and investment community. The Eurekahedge Hedge Fund Index tracks the performance of 2,230 funds that invest globally.
21 May 2008
Hedge Fund Manager Charged With Fraud
William Galvin, Massachusetts' top securities regulator has charged the hedge fund manager of the River Stream Fund with improperly soliciting investors.
The investigation also turned up a brokerage statement that showed the fund had $1,625 in its account in April. Regan had said he ran $15 million. The regulator said investors who entrusted their savings to Regan feared the money is now lost.
Investigators found River Stream client data thrown into a dumpster near an empty office where Regan said he worked. Wiliam Galvin, whose job includes protecting investors in Massachusetts, has waged aggressive campaigns against anyone caught trying to cheat investors.
The investigation also turned up a brokerage statement that showed the fund had $1,625 in its account in April. Regan had said he ran $15 million. The regulator said investors who entrusted their savings to Regan feared the money is now lost.
Investigators found River Stream client data thrown into a dumpster near an empty office where Regan said he worked. Wiliam Galvin, whose job includes protecting investors in Massachusetts, has waged aggressive campaigns against anyone caught trying to cheat investors.
19 May 2008
HedgeCo Networks LLC Secures Major Outside Investment from Inter-Atlantic Group
HedgeCo Networks LLC has received its first major outside investment from Inter- Atlantic Group, a private equity firm specializing in the financial services sector. The capital will be used by HedgeCo to expand business operations in both their New York City and West Palm Beach locations, as well as to break out into new verticals of the hedge fund industry.
"We are extremely excited that Inter-Atlantic has taken an interest in us, and are eager to take HedgeCo to the next level," says Evan Rapoport, Managing Partner and Co-Founder of HedgeCo Networks. "The vote of confidence that they've instilled in us further fuels our existing drive to be the leading name in the hedge fund service industry."
Inter-Atlantic currently invests in a handful of small to mid-size companies. The companies are chosen after a careful evaluation and determination of potential growth and market reach.
"Inter-Atlantic believes the hedge fund industry is a high growth sector with tremendous potential," says Inter-Atlantic Managing Partner Andrew Lerner. "Rather than investing in a hedge fund itself, Inter-Atlantic chose to invest in one of the premier service providers to hedge funds. We like HedgeCo's international reach, position as a top tier portal and recurring fee revenue model."
About HedgeCo Networks
HedgeCo Networks manages HedgeCo.Net, the premier Hedge Fund Database and Information Portal, along with nine other websites devoted to alternative investments. With over 25,000 active members, HedgeCo.Net provides a platform for hedge fund managers, investors and service providers.
HedgeCo also offers a vast array of services, including hedge fund website design, consultation, third party marketing and seeding. The company has consulted or helped to launch over 500 new hedge funds, both onshore and offshore. HedgeCo Networks was founded in 2001 by Evan Rapoport and Andrew Schneider. For more information, visit HedgeCoNetworks.com.
About Inter-Atlantic Group
Inter-Atlantic Group seeks to identify and create private equity investment opportunities throughout the broad financial services industry, one of the largest segments of the US economy. Specific sectors include financial technology, banking, insurance, asset management and service providers to the financial services industry. Typical investments range from $3 million - $10 million. Inter-Atlantic is principally focused on US and Bermuda opportunities but considers investment opportunities worldwide. For more information, visit InterAtlanticGroup.com.
"We are extremely excited that Inter-Atlantic has taken an interest in us, and are eager to take HedgeCo to the next level," says Evan Rapoport, Managing Partner and Co-Founder of HedgeCo Networks. "The vote of confidence that they've instilled in us further fuels our existing drive to be the leading name in the hedge fund service industry."
Inter-Atlantic currently invests in a handful of small to mid-size companies. The companies are chosen after a careful evaluation and determination of potential growth and market reach.
"Inter-Atlantic believes the hedge fund industry is a high growth sector with tremendous potential," says Inter-Atlantic Managing Partner Andrew Lerner. "Rather than investing in a hedge fund itself, Inter-Atlantic chose to invest in one of the premier service providers to hedge funds. We like HedgeCo's international reach, position as a top tier portal and recurring fee revenue model."
About HedgeCo Networks
HedgeCo Networks manages HedgeCo.Net, the premier Hedge Fund Database and Information Portal, along with nine other websites devoted to alternative investments. With over 25,000 active members, HedgeCo.Net provides a platform for hedge fund managers, investors and service providers.
HedgeCo also offers a vast array of services, including hedge fund website design, consultation, third party marketing and seeding. The company has consulted or helped to launch over 500 new hedge funds, both onshore and offshore. HedgeCo Networks was founded in 2001 by Evan Rapoport and Andrew Schneider. For more information, visit HedgeCoNetworks.com.
About Inter-Atlantic Group
Inter-Atlantic Group seeks to identify and create private equity investment opportunities throughout the broad financial services industry, one of the largest segments of the US economy. Specific sectors include financial technology, banking, insurance, asset management and service providers to the financial services industry. Typical investments range from $3 million - $10 million. Inter-Atlantic is principally focused on US and Bermuda opportunities but considers investment opportunities worldwide. For more information, visit InterAtlanticGroup.com.
Time Out
Hi readers, I have been absent for the last couple of weeks as I was in a pretty serious accident. However all is well that ends well and I'm back now.
Please feel free to send me any new hedge fund stories you think are important and I might have missed. I do appreciate reader input. Anyhow, now Ill get back to my news scans. Its good to be back!
Please feel free to send me any new hedge fund stories you think are important and I might have missed. I do appreciate reader input. Anyhow, now Ill get back to my news scans. Its good to be back!
25 Apr 2008
Man Launches Futures and Emerging Markets Fund
Hedge fund Man Investments has launched Man Vision Ltd., with structured notes investing equally in AHL, Man's flagship managed futures fund, and RMF Investment Management, the hedge fund operator's Swiss-based fund of hedge funds business targeting emerging markets and managers.
"We are seeing significant changes in world capital flows," said Peter Clarke, chief executive of Man Group plc, in a statement. "Man Vision Index Notes is an exciting gateway to access the new investment opportunities which arise. By combining AHL and RMF, Man Vision Index Notes offers access to these opportunities through a single product." The note is designed to offer high-security access to developing markets, the effect of changing demographics, climate change and future sources of energy.
AHL employs systematic, statistically based investment processes to identify inefficiencies in more than 120 markets around the world. RMF uses proprietary research to select specialist hedge fund managers in new fields to create multi-manager portfolios.
The launch of Man Vision is expected to be among the hedge fund's biggest new product launches of 2008. With a minimum investment of $50,000, the new fund will target exposure to a range of markets and investment strategies, including Asian and emerging markets, commodities, environmental and energy markets, event-driven and health care.
"We are seeing significant changes in world capital flows," said Peter Clarke, chief executive of Man Group plc, in a statement. "Man Vision Index Notes is an exciting gateway to access the new investment opportunities which arise. By combining AHL and RMF, Man Vision Index Notes offers access to these opportunities through a single product." The note is designed to offer high-security access to developing markets, the effect of changing demographics, climate change and future sources of energy.
AHL employs systematic, statistically based investment processes to identify inefficiencies in more than 120 markets around the world. RMF uses proprietary research to select specialist hedge fund managers in new fields to create multi-manager portfolios.
The launch of Man Vision is expected to be among the hedge fund's biggest new product launches of 2008. With a minimum investment of $50,000, the new fund will target exposure to a range of markets and investment strategies, including Asian and emerging markets, commodities, environmental and energy markets, event-driven and health care.
24 Apr 2008
Hedge Fund Chief Elected to Hedge Fund Association Board of Directors
Jay B. Howard, Portfolio Manager & Chief Investment Officer of hedge fund Leonard Asset Management (LAM), has been elected to serve on the 2008 Board of Directors for the Hedge Fund Association (HFA).
HFA is an international not-for-profit association of hedge fund managers, investors, and service providers formed to unite the hedge fund industry and increase awareness of the advantages and opportunities in hedge funds. Members of the HFA Board of Directors are elected and chosen by other HFA members. As one of the HFA Directors, Howard will endeavor to further the HFA mission by increasing awareness of the HFA within the hedge fund community.
Howard is the founder of the alternative investment practice at LAM, his career in the investment and finance industry spans over ten years. He graduated with honors from the University of Dallas with a master’s degree in business administration and graduated cum laude from Augustana College in Rock Island, IL with a bachelor’s degree in accounting. He is an affiliate member of the CFA Institute, a member of the Financial Services Institute, and is a Registered Financial Consultant (RFC™). Active in the industry, he regularly attends and has spoken at alternative investment industry events.
Leonard Asset Management, Inc. is an SEC Registered Investment Advisor that specializes in alternative investments. LAM is under common ownership with Leonard & Company, a federally registered securities broker-dealer and an SEC Registered Investment Advisor. Founded in 1989, Leonard & Company is a regional investment firm providing full service brokerage services, with offices across Michigan in Birmingham, Grand Rapids, Grosse Pointe Farms, Sterling Heights, Troy, and in New York and Colorado.
HFA is an international not-for-profit association of hedge fund managers, investors, and service providers formed to unite the hedge fund industry and increase awareness of the advantages and opportunities in hedge funds. Members of the HFA Board of Directors are elected and chosen by other HFA members. As one of the HFA Directors, Howard will endeavor to further the HFA mission by increasing awareness of the HFA within the hedge fund community.
Howard is the founder of the alternative investment practice at LAM, his career in the investment and finance industry spans over ten years. He graduated with honors from the University of Dallas with a master’s degree in business administration and graduated cum laude from Augustana College in Rock Island, IL with a bachelor’s degree in accounting. He is an affiliate member of the CFA Institute, a member of the Financial Services Institute, and is a Registered Financial Consultant (RFC™). Active in the industry, he regularly attends and has spoken at alternative investment industry events. Leonard Asset Management, Inc. is an SEC Registered Investment Advisor that specializes in alternative investments. LAM is under common ownership with Leonard & Company, a federally registered securities broker-dealer and an SEC Registered Investment Advisor. Founded in 1989, Leonard & Company is a regional investment firm providing full service brokerage services, with offices across Michigan in Birmingham, Grand Rapids, Grosse Pointe Farms, Sterling Heights, Troy, and in New York and Colorado.
Missouri Attorney General Seeks To Halt Hedge Fund ‘Gambling On Grain’
Missouri Attorney General Jay Nixon is urging the Commodity Futures Trading Commission (CFTC), the federal agency that regulates futures markets, to take action to protect consumers and farmers by reducing the influence of pension funds, hedge funds, and other futures speculators.
"Farming already brings enough uncertainty without the introduction of outside players into the sensitive markets in which farmers sell their goods," said Nixon in a letter to CFTC Chairman Walter Lukken. "I urge the CFTC to step in and reduce the influence of speculators and give farmers the benefit of the bargained-for price on these contracts."
He asked to put a halt to price manipulation, as, "Farmers are not getting the full benefit of their hard work, and consumers are experiencing sticker shock in the cereal aisle," Nixon said. "Much of this is because speculators, who are neither producers nor consumers, are manipulating prices, and they are the primary beneficiaries. Wall Street gambling on grain hasn't had a positive impact on Main Street, Missouri."
According to Nixon's letter, many Missouri farmers sell their commodities on futures contracts, which require them to deliver a quantity of goods on a particular date. These contracts have a fixed price and protect farmers from fluctuations in market prices between planting time and harvest time.
In recent years, however, pension funds, hedge funds, and other speculators have flooded commodities markets by buying futures contracts. Unlike other commodities buyers, speculators use these contracts as a way to game the market and do not actually receive the commodities they contract for.
The CFTC is holding a roundtable discussion on this and other issues today, and Nixon's letter will be included in the agency's record. The CTFC was created by Congress in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the U.S.
Alex Akesson
Editor for HedgeCo LLC
Email: alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com
"Farming already brings enough uncertainty without the introduction of outside players into the sensitive markets in which farmers sell their goods," said Nixon in a letter to CFTC Chairman Walter Lukken. "I urge the CFTC to step in and reduce the influence of speculators and give farmers the benefit of the bargained-for price on these contracts."
He asked to put a halt to price manipulation, as, "Farmers are not getting the full benefit of their hard work, and consumers are experiencing sticker shock in the cereal aisle," Nixon said. "Much of this is because speculators, who are neither producers nor consumers, are manipulating prices, and they are the primary beneficiaries. Wall Street gambling on grain hasn't had a positive impact on Main Street, Missouri."
According to Nixon's letter, many Missouri farmers sell their commodities on futures contracts, which require them to deliver a quantity of goods on a particular date. These contracts have a fixed price and protect farmers from fluctuations in market prices between planting time and harvest time.
In recent years, however, pension funds, hedge funds, and other speculators have flooded commodities markets by buying futures contracts. Unlike other commodities buyers, speculators use these contracts as a way to game the market and do not actually receive the commodities they contract for.
The CFTC is holding a roundtable discussion on this and other issues today, and Nixon's letter will be included in the agency's record. The CTFC was created by Congress in 1974 as an independent agency with the mandate to regulate commodity futures and option markets in the U.S.
Alex Akesson
Editor for HedgeCo LLC
Email: alex@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com
Emerging Makets to Showcase Islamic Finance Initiatives in IFSB Summit
Malaysia, Singapore and Hong Kong are participating in the country showcases which will be held prior to the 5th Islamic Financial Services Board (IFSB) summit, on 12th May 2008 in Amman, Jordan.
The country showcases are part of this annual summit hosted by the Central Bank of Jordan. The summit will be held under the Royal Patronage of Her Majesty Queen Rania Al-Abdullah, themed 'Financial Globalisation and Islamic Financial Services'.
Professor Rifaat Ahmed Abdel Karim, IFSB's Secretary General said, "This is our second year of introducing the country showcases as a pre-summit event. The IFSB is happy to provide this platform for its member countries to showcase their individual country initiatives and policies on Islamic financial services."
The country showcases will run concurrently with another pre-summit event, namely a public hearing on two IFSB Exposure Drafts: 1) Governance for Islamic Collective Investment Schemes and 2) Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment, which were issued in December 2007 for public consultation as part of the IFSB due process for preparing its standards and guidelines.
The IFSB is an international organisation that promotes the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.
The IFSB currently has 164 members comprising 41 banking, securities and insurance regulatory and supervisory authorities, 6 international inter-governmental organisations and 117 market players and professional firms from over 31 jurisdictions.
The country showcases are part of this annual summit hosted by the Central Bank of Jordan. The summit will be held under the Royal Patronage of Her Majesty Queen Rania Al-Abdullah, themed 'Financial Globalisation and Islamic Financial Services'.
Professor Rifaat Ahmed Abdel Karim, IFSB's Secretary General said, "This is our second year of introducing the country showcases as a pre-summit event. The IFSB is happy to provide this platform for its member countries to showcase their individual country initiatives and policies on Islamic financial services."
The country showcases will run concurrently with another pre-summit event, namely a public hearing on two IFSB Exposure Drafts: 1) Governance for Islamic Collective Investment Schemes and 2) Capital Adequacy Requirements for Sukuk Securitisation and Real Estate Investment, which were issued in December 2007 for public consultation as part of the IFSB due process for preparing its standards and guidelines.
The IFSB is an international organisation that promotes the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.
The IFSB currently has 164 members comprising 41 banking, securities and insurance regulatory and supervisory authorities, 6 international inter-governmental organisations and 117 market players and professional firms from over 31 jurisdictions.
23 Apr 2008
Connecticut Hedge Fund Association Member Joins Bracewell & Giuliani
Bracewell & Giuliani LLP has appointed hedge fund specialist John A. Brunjes as partner in their Private Investment Funds practice.
“Connecticut is home to hundreds of hedge, private equity and other alternative investment funds, as well as a number of the country's largest institutional investors,” said Evan Flaschen, the Connecticut-based chair of the firm’s Financial Restructuring Group. “John is a leader in the hedge fund community and a great addition to our highly-regarded private investment funds practice in New York and our premier national and international financial restructuring practice,” added Mr. Flaschen.
Brunjes is to handle law matters for institutional and individual investors, investment funds, and fund managers, as well as for public and private operating companies. His practice focuses on private equity, venture capital and hedge fund formation, operations, and investment transactions, with particular emphasis on advising private domestic and offshore pooled investment funds and managed accounts and their stakeholders. He also advises funds and operating companies on state, federal, and international compliance and enforcement considerations.
In the managed funds sector, Brunjes has formed and represents institutionally-sponsored and entrepreneur-organized hedge funds ranging in size from smaller funds with state-registered advisers, to larger domestic and international funds and funds of funds with billions of dollars in assets under management.
Brunjes has served as an Assistant Attorney General in the Finance and Antitrust Divisions under Connecticut Attorney General Richard Blumenthal, during which time he was Connecticut’s primary securities enforcement lawyer.
Bracewell & Giuliani LLP is a prominent international law firm with more than 400 lawyers in Texas, New York, Washington, DC, Connecticut, Dubai, Kazakhstan and London.
“Connecticut is home to hundreds of hedge, private equity and other alternative investment funds, as well as a number of the country's largest institutional investors,” said Evan Flaschen, the Connecticut-based chair of the firm’s Financial Restructuring Group. “John is a leader in the hedge fund community and a great addition to our highly-regarded private investment funds practice in New York and our premier national and international financial restructuring practice,” added Mr. Flaschen.
Brunjes is to handle law matters for institutional and individual investors, investment funds, and fund managers, as well as for public and private operating companies. His practice focuses on private equity, venture capital and hedge fund formation, operations, and investment transactions, with particular emphasis on advising private domestic and offshore pooled investment funds and managed accounts and their stakeholders. He also advises funds and operating companies on state, federal, and international compliance and enforcement considerations.
In the managed funds sector, Brunjes has formed and represents institutionally-sponsored and entrepreneur-organized hedge funds ranging in size from smaller funds with state-registered advisers, to larger domestic and international funds and funds of funds with billions of dollars in assets under management.
Brunjes has served as an Assistant Attorney General in the Finance and Antitrust Divisions under Connecticut Attorney General Richard Blumenthal, during which time he was Connecticut’s primary securities enforcement lawyer.
Bracewell & Giuliani LLP is a prominent international law firm with more than 400 lawyers in Texas, New York, Washington, DC, Connecticut, Dubai, Kazakhstan and London.
Hedge Funds Care Announces Benefit Gala
The Midwest Chapter of Hedge Funds Care (HFC) announced its sixth annual benefit, “Open Your Heart to the Children”. Organizers of the black tie gala hope to top the $900,000 which was raised at last year’s event.
More than 500 members of the alternative investments community and their guests are expected to attend this year’s benefit. They will be treated to food, music and silent and live auctions. The latter will include a lavish U.S. Open Tennis package, an “instant” wine collection comprised of more than 100 bottles of fine wine, storage and an in-home tasting party with a professional sommelier, and passage to the Hollywood premier of Will Smith’s upcoming movie “Hancock”.
One unique and special live auction item will be created before attendee’s eyes over the course of the benefit —an oil painting by noted Los Angeles artist Scott Glazier which will be taken home by one generous bidder.
“This great event, with all of the very attractive auction items, will raise much needed funds to support children who are suffering from abuse and neglect which is a widespread national tragedy and a serious problem in our local communities,” said Melinda Kramer, Co-Chairperson of the HFC Midwest Chapter. “Hedge Funds Care is doing its part to help children in these situations and to prevent them. Our industry members are very passionate about making a difference which is demonstrated by their generous donation of money, time and talent,” she continued.
HFC is a global organization composed of concerned alternative investment industry professionals committed to protecting children from abuse and neglect. To date, the Midwest chapter of HFC, based in Chicago, has distributed more than $2.6 million in 73 grants for the cause. HFC works with select local agencies and programs that can best serve the needs of these children. Grants are made through a rigorous process to insure that their funds have the highest impact possible.
Established in 1998, Hedge Funds Care is an alliance of concerned hedge fund industry professionals committed to protecting children from abuse and neglect. The group includes accountants, attorneys, fund managers, information providers, investors and prime brokers. The Midwest chapter, founded in 2002, has raised $2.7 million to combat child abuse and neglect throughout the Midwest region.
More than 500 members of the alternative investments community and their guests are expected to attend this year’s benefit. They will be treated to food, music and silent and live auctions. The latter will include a lavish U.S. Open Tennis package, an “instant” wine collection comprised of more than 100 bottles of fine wine, storage and an in-home tasting party with a professional sommelier, and passage to the Hollywood premier of Will Smith’s upcoming movie “Hancock”.
One unique and special live auction item will be created before attendee’s eyes over the course of the benefit —an oil painting by noted Los Angeles artist Scott Glazier which will be taken home by one generous bidder.
“This great event, with all of the very attractive auction items, will raise much needed funds to support children who are suffering from abuse and neglect which is a widespread national tragedy and a serious problem in our local communities,” said Melinda Kramer, Co-Chairperson of the HFC Midwest Chapter. “Hedge Funds Care is doing its part to help children in these situations and to prevent them. Our industry members are very passionate about making a difference which is demonstrated by their generous donation of money, time and talent,” she continued.
HFC is a global organization composed of concerned alternative investment industry professionals committed to protecting children from abuse and neglect. To date, the Midwest chapter of HFC, based in Chicago, has distributed more than $2.6 million in 73 grants for the cause. HFC works with select local agencies and programs that can best serve the needs of these children. Grants are made through a rigorous process to insure that their funds have the highest impact possible.
Established in 1998, Hedge Funds Care is an alliance of concerned hedge fund industry professionals committed to protecting children from abuse and neglect. The group includes accountants, attorneys, fund managers, information providers, investors and prime brokers. The Midwest chapter, founded in 2002, has raised $2.7 million to combat child abuse and neglect throughout the Midwest region.
22 Apr 2008
Hedge Fund Man Investments Launches Own Product
Man Investments announced the launch of Man Vision Index Notes, 'We are seeing significant changes in world capital flows,' says Man Group chief executive Peter Clarke.'
The launch centers on a capital-guaranteed hedge fund product that seeks to benefit from the key developments of the future including the growth of emerging markets, the impact of new demographics, climate change and future sources of energy, all of which the firm says offer significant return potential.
Man Vision Index Notes combines the complementary approaches of two of the group's hedge fund managers, AHL and RMF. AHL employs systematic, statistically-based investment processes to identify inefficiencies in more than 120 markets around the world, while RMF applies strategic research and innovation to select specialist hedge fund managers in new fields to create multi-manager portfolios
Man Vision targets an investment exposure of 150% of net asset value, allocating equally to AHL and RMF across a wide range of markets and investment strategies including Asian and emerging markets, commodities, environmental and energy markets, event-driven and health care.
Man Vision will be open for investment from until June 3, with a possibility of extension, with a minimum subscription of $50,000 or EUR 50,000, and a maturity date of December 31, 2020.
Man Investments is one of the world's largest providers of hedge fund investments with a 25-year record in alternative investments and an estimated $75 billion under management. Part of London-listed Man Group, the firm employs some 1,600 people at its investment centres in London and Pfäffikon, Switzerland, and offices in Chicago, Hong Kong, Dubai, Dublin, Miami, Montevideo, Nassau, New York, Singapore, Sydney, Tokyo and Toronto.
The launch centers on a capital-guaranteed hedge fund product that seeks to benefit from the key developments of the future including the growth of emerging markets, the impact of new demographics, climate change and future sources of energy, all of which the firm says offer significant return potential.
Man Vision Index Notes combines the complementary approaches of two of the group's hedge fund managers, AHL and RMF. AHL employs systematic, statistically-based investment processes to identify inefficiencies in more than 120 markets around the world, while RMF applies strategic research and innovation to select specialist hedge fund managers in new fields to create multi-manager portfolios
Man Vision targets an investment exposure of 150% of net asset value, allocating equally to AHL and RMF across a wide range of markets and investment strategies including Asian and emerging markets, commodities, environmental and energy markets, event-driven and health care.
Man Vision will be open for investment from until June 3, with a possibility of extension, with a minimum subscription of $50,000 or EUR 50,000, and a maturity date of December 31, 2020.
Man Investments is one of the world's largest providers of hedge fund investments with a 25-year record in alternative investments and an estimated $75 billion under management. Part of London-listed Man Group, the firm employs some 1,600 people at its investment centres in London and Pfäffikon, Switzerland, and offices in Chicago, Hong Kong, Dubai, Dublin, Miami, Montevideo, Nassau, New York, Singapore, Sydney, Tokyo and Toronto.
21 Apr 2008
UBS Reports Hedge Fund Losses
UBS issued a Shareholder Report detailing the key facts relating to the firm’s positions and losses through December 31, 2007. In the summary the Swiss bank says thats it's massive subprime losses were the result of excessive risk-taking and insufficient controls.
UBS said that three of its business units are principally to blame for the losses totaling $37.4 billion over the past nine months.
UBS pinpoints a series of failures that began with its now-defunct U.S.-based hedge fund Dillon Read Capital Management. "The closure of DRCM should have been a basis for a more comprehensive review and assessment of all subprime [debt] positions in the investment bank, and for a review of UBS's risk assessment processes in connection with the same," the bank said in the report.
Other mistakes include a short-term investment outlook and a failure to appreciate the severity of the American housing crisis early on.
UBS made the summary of its report to the Swiss banking regulator public because of pressure from Ethos Fund, an activist shareholder.
UBS said that three of its business units are principally to blame for the losses totaling $37.4 billion over the past nine months.
UBS pinpoints a series of failures that began with its now-defunct U.S.-based hedge fund Dillon Read Capital Management. "The closure of DRCM should have been a basis for a more comprehensive review and assessment of all subprime [debt] positions in the investment bank, and for a review of UBS's risk assessment processes in connection with the same," the bank said in the report.
Other mistakes include a short-term investment outlook and a failure to appreciate the severity of the American housing crisis early on.
UBS made the summary of its report to the Swiss banking regulator public because of pressure from Ethos Fund, an activist shareholder.
18 Apr 2008
UBS Teams Up With Hedge Fund Enso To Create Alternative Fund
UBS AG is teaming with $600 million hedge fund, Enso Capital Management LLC, creating UBS Enso Management LLC. The new fund will pursue alternative stock investment strategies, the companies said in a joint statement.
UBS clients qualified as institutional investors will be able to invest in the fund, UBS Enso will invest both long and short in a broad range of global equity securities. The fund's investment objective is to achieve consistent risk-adjusted returns that are uncorrelated to both general market indices and hedge fund indices, while at the same time preserving capital and minimizing downside risk and volatility.
"We are excited to be aligning Enso with the exceptional wealth management platform at UBS," said Josh Fink, CEO and Chief Investment Officer of Enso. "Partnering with UBS, a recognized leader in the management and distribution of over $100 billion in alternative investment assets, creates a unique and powerful opportunity to expand our global investor base."
The companies said portfolio managers from Enso will manage the fund's investments while UBS will oversee their activities. It said UBS Enso "will seek to identify unusual investment ideas in niche industries that may be overlooked by typical analytical methods."
Founded in 2002, Enso is an investment management firm based in New York that invests in both public and private companies globally, with over $600 million in assets under management. Roughly two-thirds of the portfolios Enso currently manages are allocated outside of North America.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, employing more than 80,000 people around the world. Its shares are listed on the SWX Swiss Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
UBS clients qualified as institutional investors will be able to invest in the fund, UBS Enso will invest both long and short in a broad range of global equity securities. The fund's investment objective is to achieve consistent risk-adjusted returns that are uncorrelated to both general market indices and hedge fund indices, while at the same time preserving capital and minimizing downside risk and volatility.
"We are excited to be aligning Enso with the exceptional wealth management platform at UBS," said Josh Fink, CEO and Chief Investment Officer of Enso. "Partnering with UBS, a recognized leader in the management and distribution of over $100 billion in alternative investment assets, creates a unique and powerful opportunity to expand our global investor base."
The companies said portfolio managers from Enso will manage the fund's investments while UBS will oversee their activities. It said UBS Enso "will seek to identify unusual investment ideas in niche industries that may be overlooked by typical analytical methods."
Founded in 2002, Enso is an investment management firm based in New York that invests in both public and private companies globally, with over $600 million in assets under management. Roughly two-thirds of the portfolios Enso currently manages are allocated outside of North America.
UBS is present in all major financial centers worldwide. It has offices in 50 countries, employing more than 80,000 people around the world. Its shares are listed on the SWX Swiss Exchange (SWX), the New York Stock Exchange (NYSE) and the Tokyo Stock Exchange (TSE).
15 Apr 2008
Hedge Fund Bayou Group Founder Sentenced To 20 Years
U.S. District Judge Colleen McMahon has now sentenced the founder of hedge fund Bayou Group, Samuel Israel, to 20 years in prison. Daniel Marino, the former finance chief was also sentenced to 20 years back in January.
The judge said of Israel at the sentencing, "You were, in every meaning of the sense, a career criminal, you ruined lives,...Financial fraud, white-collar crimes are every bit as heinous as every other type of crime and they will be punished severely."
Hedge fund founder Samuel Israel III and finance chief Daniel Marino pleaded guilty in 2005 to using fake results and a phony auditing firm. Investors lost approximately $400 million according to court papers, but the government put the loss at over $450 million.
Samuel Israel must also pay $300 million in restitution for masterminding a “ponzi scheme” in which investment returns were paid with new investors’ money. His sentence is the longest for a white-collar crime since Enron.
The co-founder James G. Marquez was also implicated in the conspiracy and was sentenced to 51 months in prison.
The judge said of Israel at the sentencing, "You were, in every meaning of the sense, a career criminal, you ruined lives,...Financial fraud, white-collar crimes are every bit as heinous as every other type of crime and they will be punished severely."
Hedge fund founder Samuel Israel III and finance chief Daniel Marino pleaded guilty in 2005 to using fake results and a phony auditing firm. Investors lost approximately $400 million according to court papers, but the government put the loss at over $450 million.
Samuel Israel must also pay $300 million in restitution for masterminding a “ponzi scheme” in which investment returns were paid with new investors’ money. His sentence is the longest for a white-collar crime since Enron.
The co-founder James G. Marquez was also implicated in the conspiracy and was sentenced to 51 months in prison.
Subscribe to:
Posts (Atom)