Bullman Investment Management (BIM), headed by Nick Bullman, has officialy launched the Bullman Global Fund, a global multi-strategy hedge fund with a minimum investment of $100,000.
"Since launch, the Bullman Global Fund has returned 0.76% compared with its benchmarks- the Tremont MS Index and MSCI World Index returns of -13.76% and -36.43% respectively over the same timeframe." Nick Bullman, Managing Partner at BIM said, "We believe there are times in the economic cycle when macro investments provide the best risk adjusted returns and liquidity. At other times, equity valuations become so compelling that they provide a better long term risk reward payoff. Our strategy is to run three distinct and separate portfolio modes. Stress Mode, Transition Mode and Benign Mode. These modes are triggered by objective external inputs. This approach allows us to control risk and preserve capital, and to search the globe for investments that meet our risk return objectives."
The fund’s objective is to seek long term capital appreciation in a broad array of quoted instruments, notably global equities, bonds, commodities and derivatives.
While the fund has been managing money since June 2008, marketing of the fund has been low key until now. With the appointment of Roger Mortimer (previously Vice President of Kotak Mahindra (UK) Ltd) to Head of Sales, the firm intends to raise assets from third party investors now that a one-year track record has been achieved.
Roger Mortimer, Head of Sales at BIM, said, "I am delighted to have joined BIM, which I believe has a sensibly conservative approach to investing in the current climate with the flexibility to transit through to a higher risk strategy, as and when true market fundamentals return. The fund is aimed at long term investors, with a focus on minimising draw-downs during times of high volatility, whilst maintaining long-term appreciation for the patient investor through a value-based approach. In conjunction with Bath University, BIM is constantly developing its own Investment Risk Profiling System, which I believe will deliver significant improvements on the standard VaR models currently in use."
BIM was founded in June 2008 by Nick Bullman, was formerly Chairman and Head of Risk at Investor Select Advisors, a global fund of hedge funds. In addition to Nick’s experience in the hedge fund space, over the past 26 years in the financial industry he has also worked at Scrimgeour Vickers, James Capel and Goldman Sachs in Equity Sales and syndication where he gained direct knowledge of all aspects of analysis with regard to global companies. Nick has seeded the Bullman Global Fund with a significant portion of his personal wealth.
18 Jun 2009
Morgan Stanley Launches Enhanced Protection for Hedge Fund and Prime Brokerage Clients
Morgan Stanley is offering enhanced asset protection to its prime brokerage clients, announcing an expansion of its prime brokerage offering with the launch of new custodial services for long securities held by Prime Brokerage clients.
The custodial services will be provided directly by Morgan Stanley Trust National Association (MSTNA), a U.S national chartered trust company. MSTNA gives clients the option to hold their long securities with a Morgan Stanley subsidiary that is independent from Morgan Stanley's U.S. and U.K. broker dealers.
"Recent market events have increased the demand for solutions that mitigate counter-party risk for hedge funds," said Rich Portogallo, Head of Institutional Clients and Services at Morgan Stanley. "The launch of new custodial services from MSTNA underscores Morgan Stanley's commitment to providing hedge fund managers and investors with alternative asset protection solutions in addition to our best in class financing services and technology."
"We are excited to offer this new asset-protection platform to our clients," said Joe Davis, Managing Director in Morgan Stanley Prime Brokerage and President of the custody business of MSTNA. "We have created a platform that provides a seamless client experience across Prime Brokerage's and MSTNA's systems, and offers fully automated transfers, aggregated reporting and a single client service point of contact."
The custodial services will be provided directly by Morgan Stanley Trust National Association (MSTNA), a U.S national chartered trust company. MSTNA gives clients the option to hold their long securities with a Morgan Stanley subsidiary that is independent from Morgan Stanley's U.S. and U.K. broker dealers.
"Recent market events have increased the demand for solutions that mitigate counter-party risk for hedge funds," said Rich Portogallo, Head of Institutional Clients and Services at Morgan Stanley. "The launch of new custodial services from MSTNA underscores Morgan Stanley's commitment to providing hedge fund managers and investors with alternative asset protection solutions in addition to our best in class financing services and technology."
"We are excited to offer this new asset-protection platform to our clients," said Joe Davis, Managing Director in Morgan Stanley Prime Brokerage and President of the custody business of MSTNA. "We have created a platform that provides a seamless client experience across Prime Brokerage's and MSTNA's systems, and offers fully automated transfers, aggregated reporting and a single client service point of contact."
17 Jun 2009
FBAR's Due For U.S. Investors in Offshore Hedge Funds
On June 12, three IRS personnel participated in a teleconference designed to address open questions regarding the Report of Foreign Bank and Financial Accounts (FBARs) for calendar year 2008 that must be filed by June 30. It was their position that an offshore hedge fund is a “foreign financial account” for FBAR purposes and that, therefore, every U.S. investor in an offshore hedge fund should file an FBAR, whether or not the fund has any offshore bank or securities accounts.
The FBAR needs to be filed by U.S. persons that have a financial interest in, or signature or other authority over, a foreign financial account or accounts if the aggregate value of the account(s) exceeds $10,000 at any time during the year. The instructions to the FBAR provide that foreign financial accounts include “any accounts in which the assets are held in a commingled fund, and the account owner holds an equity interest in the fund (including mutual funds).” In the teleconference, the IRS personnel took the position that offshore hedge funds are foreign financial accounts for FBAR purposes.
Based on the instructions to the FBAR and this insight from IRS personnel, until further guidance is issued by the IRS, we recommend that an FBAR should be filed by the following persons or entities with respect to offshore funds:
• Every U.S. investor, including U.S. tax-exempt entities, in an offshore hedge fund (this includes both stand-alone offshore hedge funds and the offshore feeder in master/feeder hedge fund structure)
• U.S. feeder funds that invest in offshore master funds, and any U.S. investor that owns more than 50% of the U.S. feeder
• Any direct U.S. investor in an offshore master fund
• Investment managers that have a financial interest (for example, through their carry) in any offshore hedge funds (whether stand-alone, feeder or master)
This requirement is in addition to FBAR requirements applicable to U.S. persons or entities that have a direct or indirect interest in an offshore bank, securities or securities derivatives account. Therefore, any U.S. person or entity (for example, a U.S. hedge fund) that has a financial interest in such foreign financial account or owns more than 50% of the equity of an entity that has a foreign financial account needs to file the FBAR. Similarly, anyone with signature or other similar authority over such foreign financial accounts needs to file the FBAR.
The FBAR needs to be filed by U.S. persons that have a financial interest in, or signature or other authority over, a foreign financial account or accounts if the aggregate value of the account(s) exceeds $10,000 at any time during the year. The instructions to the FBAR provide that foreign financial accounts include “any accounts in which the assets are held in a commingled fund, and the account owner holds an equity interest in the fund (including mutual funds).” In the teleconference, the IRS personnel took the position that offshore hedge funds are foreign financial accounts for FBAR purposes.
Based on the instructions to the FBAR and this insight from IRS personnel, until further guidance is issued by the IRS, we recommend that an FBAR should be filed by the following persons or entities with respect to offshore funds:
• Every U.S. investor, including U.S. tax-exempt entities, in an offshore hedge fund (this includes both stand-alone offshore hedge funds and the offshore feeder in master/feeder hedge fund structure)
• U.S. feeder funds that invest in offshore master funds, and any U.S. investor that owns more than 50% of the U.S. feeder
• Any direct U.S. investor in an offshore master fund
• Investment managers that have a financial interest (for example, through their carry) in any offshore hedge funds (whether stand-alone, feeder or master)
This requirement is in addition to FBAR requirements applicable to U.S. persons or entities that have a direct or indirect interest in an offshore bank, securities or securities derivatives account. Therefore, any U.S. person or entity (for example, a U.S. hedge fund) that has a financial interest in such foreign financial account or owns more than 50% of the equity of an entity that has a foreign financial account needs to file the FBAR. Similarly, anyone with signature or other similar authority over such foreign financial accounts needs to file the FBAR.
15 Jun 2009
G8 Implements Lecce Framework
G8 Finance Ministers announced their endorsement of a global regulatory framework for financial institutions worldwide, "We agreed to create a coherent framework which builds on work done by the IMF, World Bank, OECD, FSB, FATF, and other international organizations, to strengthen the global market system." the G8 said in a statement on Saturday.
"To ensure effectiveness, we will make every effort to pursue maximum country participation and swift and resolute implementation. We have agreed on the objectives of a strategy, "the Lecce Framework", to create a comprehensive framework, building on existing initiatives, to identify and fill regulatory gaps and foster the broad international consensus needed for rapid implementation."
The Lecce Framework recognizes that there is a wide range of instruments, both existing and under development, which have a common thread related to propriety, integrity and transparency and classifies them into five categories: corporate governance, market integrity, financial regulation and supervision, tax cooperation, and transparency of macroeconomic policy and data.
Specific issues covered include, inter alia, executive compensation, regulation of systemically important institutions, credit rating agencies, accounting standards, the cross-border exchange of information, bribery, tax havens, non-cooperative jurisdictions, money laundering and the financing of terrorism, and the quality and dissemination of economic and financial data. International institutions and fora have already developed a significant body of work addressing a number of important issues in these areas, but, in many cases, the initiatives suffer from insufficient country participation and/or commitment, the G8 said.
"To ensure effectiveness, we will make every effort to pursue maximum country participation and swift and resolute implementation. We have agreed on the objectives of a strategy, "the Lecce Framework", to create a comprehensive framework, building on existing initiatives, to identify and fill regulatory gaps and foster the broad international consensus needed for rapid implementation."
The Lecce Framework recognizes that there is a wide range of instruments, both existing and under development, which have a common thread related to propriety, integrity and transparency and classifies them into five categories: corporate governance, market integrity, financial regulation and supervision, tax cooperation, and transparency of macroeconomic policy and data.
Specific issues covered include, inter alia, executive compensation, regulation of systemically important institutions, credit rating agencies, accounting standards, the cross-border exchange of information, bribery, tax havens, non-cooperative jurisdictions, money laundering and the financing of terrorism, and the quality and dissemination of economic and financial data. International institutions and fora have already developed a significant body of work addressing a number of important issues in these areas, but, in many cases, the initiatives suffer from insufficient country participation and/or commitment, the G8 said.
Confluence Whitepaper Outlines Hedge Fund Reporting and Control Challenges
Financial administration automation specialist, Confluence, released a new whitepaper for hedge fund administration executives, entitled "Hedge Fund Reporting: The Change Imperative".
"Mandates from investors, regulators, and auditors are driving significant change in hedge fund back offices," said Kirk Botula, Executive Vice President and Chief Operating Officer of Confluence. "Each group is demanding new levels of due diligence, transparency, and disclosure that are driving never-before-seen hedge fund reporting requirements. Technology and automation can improve processes and offer the speed, control and flexibility needed in this new reporting environment."
A recent Rothstein Kass survey showed that 98% of hedge fund managers expect increased regulation of the hedge fund industry by the new administration—adding to burdens already imposed by FAS 157, FAS 161, and International Financial Reporting Standards.
The whitepaper also provides practical advice to help ensure that reporting processes are sufficient to meet these heightened demands. It offers best-practice recommendations and includes a "Sample Checklist" to help administrators evaluate their operations, whether they rely on outside service providers or their own internal back offices.
To obtain a free copy of "Hedge Fund Reporting: The Change Imperative," please visit www.confluence.com/hedgefundradicalchange.
"Mandates from investors, regulators, and auditors are driving significant change in hedge fund back offices," said Kirk Botula, Executive Vice President and Chief Operating Officer of Confluence. "Each group is demanding new levels of due diligence, transparency, and disclosure that are driving never-before-seen hedge fund reporting requirements. Technology and automation can improve processes and offer the speed, control and flexibility needed in this new reporting environment."
A recent Rothstein Kass survey showed that 98% of hedge fund managers expect increased regulation of the hedge fund industry by the new administration—adding to burdens already imposed by FAS 157, FAS 161, and International Financial Reporting Standards.
The whitepaper also provides practical advice to help ensure that reporting processes are sufficient to meet these heightened demands. It offers best-practice recommendations and includes a "Sample Checklist" to help administrators evaluate their operations, whether they rely on outside service providers or their own internal back offices.
To obtain a free copy of "Hedge Fund Reporting: The Change Imperative," please visit www.confluence.com/hedgefundradicalchange.
13 Jun 2009
Global Hedge Fund Summit: Date Change
Institutional Investor/Alpha Hedge announced today that their flagship conference, The Global Hedge Fund Summit, held each year in Bermuda, will take place May 2-4, 2010.
The Global Hedge Fund Summit, now entering its 16th year, has been traditionally held in the Fall, but will now take place each Spring in Bermuda. Past keynote speakers have included industry legends and leading economists including Alan Greenspan, Michael Bloomberg, Julian Robertson, Martin Feldstein and Alan Blinder.
The 2008 Global Hedge Fund Summit welcomed more than 80 investors to the island. With many of the conference’s most loyal investors requesting the date change, record investor turnout is predicted in 2010.
“We are excited about holding the conference next May – our investors originally requested we move the dates and we wanted to make sure we honored that request. Their presence is incredibly important to us and we are thrilled that they are fully on board to participate in this conference. It is also a beautiful time to be in Bermuda and safely away from the hurricane season.” said Lisa Yao, Program Director for Institutional Investor/Alpha Hedge Conferences.
As the Bermuda event will now take place each spring, the Institutional Investment conference traditionally held each spring in San Francisco, will now move to the fall. The next event in San Francisco will take place in September 2010.
The Global Hedge Fund Summit, now entering its 16th year, has been traditionally held in the Fall, but will now take place each Spring in Bermuda. Past keynote speakers have included industry legends and leading economists including Alan Greenspan, Michael Bloomberg, Julian Robertson, Martin Feldstein and Alan Blinder.
The 2008 Global Hedge Fund Summit welcomed more than 80 investors to the island. With many of the conference’s most loyal investors requesting the date change, record investor turnout is predicted in 2010.
“We are excited about holding the conference next May – our investors originally requested we move the dates and we wanted to make sure we honored that request. Their presence is incredibly important to us and we are thrilled that they are fully on board to participate in this conference. It is also a beautiful time to be in Bermuda and safely away from the hurricane season.” said Lisa Yao, Program Director for Institutional Investor/Alpha Hedge Conferences.
As the Bermuda event will now take place each spring, the Institutional Investment conference traditionally held each spring in San Francisco, will now move to the fall. The next event in San Francisco will take place in September 2010.
12 Jun 2009
Hedge Fund BlackRock Buys Barclays, $2.8 Billion In Commitments From Investors
BlackRock, Inc. announced the purchase agreement to acquire Barclays Global Investors, including its market-leading ETF platform, iShares, from Barclays PLC.
“We are incredibly excited about the potential to significantly expand the scale and scope of our work with investors throughout the world. The combination of active and passive investment products will be unsurpassed, and will enhance our ability to offer comprehensive solutions and tailored portfolios to institutional and retail clients,” said Laurence D. Fink, BlackRock Chairman and CEO. “People are at the heart of successful firms, and the depth of talent in BlackRock Global Investors will be tremendous. The thought leadership and intellectual capital of the combined firm ensure we will remain at the forefront of addressing key investment issues and trends that have emerged over the past decade and are now accelerating dramatically, including globalization of capital markets, a greater focus on asset allocation, multi-asset class solutions, fiduciary management, risk management and advisory services.”
The combination of BlackRock and BGI would bring together market leaders in active and index strategies to create the preeminent asset management firm operating under the name BlackRock Global Investors. The transaction would create an independent and fully integrated asset management firm with combined assets under management of over $2.7 trillion.
The firm’s products will include equities, fixed income, cash management and alternatives, and will offer clients diversified access to global markets through separate accounts, common trust funds, mutual funds, ETFs, hedge funds, and closed-end funds.
BlackRock has received commitments from a group of institutional investors to purchase 19.9 million shares at the closing of the transaction for a total of $2.8 billion.
“We are incredibly excited about the potential to significantly expand the scale and scope of our work with investors throughout the world. The combination of active and passive investment products will be unsurpassed, and will enhance our ability to offer comprehensive solutions and tailored portfolios to institutional and retail clients,” said Laurence D. Fink, BlackRock Chairman and CEO. “People are at the heart of successful firms, and the depth of talent in BlackRock Global Investors will be tremendous. The thought leadership and intellectual capital of the combined firm ensure we will remain at the forefront of addressing key investment issues and trends that have emerged over the past decade and are now accelerating dramatically, including globalization of capital markets, a greater focus on asset allocation, multi-asset class solutions, fiduciary management, risk management and advisory services.”
The combination of BlackRock and BGI would bring together market leaders in active and index strategies to create the preeminent asset management firm operating under the name BlackRock Global Investors. The transaction would create an independent and fully integrated asset management firm with combined assets under management of over $2.7 trillion.
The firm’s products will include equities, fixed income, cash management and alternatives, and will offer clients diversified access to global markets through separate accounts, common trust funds, mutual funds, ETFs, hedge funds, and closed-end funds.
BlackRock has received commitments from a group of institutional investors to purchase 19.9 million shares at the closing of the transaction for a total of $2.8 billion.
11 Jun 2009
Cayman Islands Monetary Authority Gains Full IOSCO Membership
The Cayman Islands Monetary Authority (CIMA) was formally admitted as the 189th member of the International Organization of Securities Commissions (IOSCO) at the meeting of the Presidents’ Committee at IOSCO’s 34th Annual Conference in Tel Aviv, Israel.
With the admittance, CIMA also officially becomes a party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information. CIMA signed the MMOU, which is the benchmark for international cooperation among securities regulators, on 24 March 2009.
"Some countries either do not allow investment vehicles from non-IOSCO member countries to be sold in their jurisdictions or will require greatly enhanced due diligence which makes it more difficult to do business with those jurisdictions." CIMA’s Deputy Managing Director, Mr. Langston Sibblies said, "IOSCO membership will remove these impediments and open up these markets for Cayman-domiciled securities providers. This is a development our private sector has looked forward to for a long time. It will be welcomed by the private sector."
IOSCO is the principal global standard setting body for the regulation of securities markets. Its objectives encompass cooperation and information exchange, standard setting and surveillance, and mutual assistance.
With the admittance, CIMA also officially becomes a party to the IOSCO Multilateral Memorandum of Understanding Concerning Consultation, Cooperation and the Exchange of Information. CIMA signed the MMOU, which is the benchmark for international cooperation among securities regulators, on 24 March 2009.
"Some countries either do not allow investment vehicles from non-IOSCO member countries to be sold in their jurisdictions or will require greatly enhanced due diligence which makes it more difficult to do business with those jurisdictions." CIMA’s Deputy Managing Director, Mr. Langston Sibblies said, "IOSCO membership will remove these impediments and open up these markets for Cayman-domiciled securities providers. This is a development our private sector has looked forward to for a long time. It will be welcomed by the private sector."
IOSCO is the principal global standard setting body for the regulation of securities markets. Its objectives encompass cooperation and information exchange, standard setting and surveillance, and mutual assistance.
BTIG to Expand, Hires 4 High Yield Experts
Institutional brokerage and hedge fund services company BTIG LLC, announced the further expansion of its Global Fixed Income Group with four new hires.
The Global Fixed Income Group was launched in February of this year by Jon Bass, formerly of UBS, and John Purcell, formerly of Citigroup. The group focuses on sales and trading of credit products, which will cover the full credit spectrum from investment grade to distressed debt.
George Chalhoub has joined BTIG from Deutsche Bank where he ran the high yield proprietary portfolio on the high yield desk. Chalhoub spent 15 years in high yield research at Deutsche Bank, Merrill Lynch and Citigroup.
Mychal Harrison and Todd Sycoff have been hired as high yield traders in New York. Harrison joins BTIG from Barclays where he last traded high yield cash and credit default swaps. He began his career at Goldman Sachs in high yield syndicate before transitioning into high yield trading. Sycoff comes to BTIG from Bear Stearns where he was last on the buy side as the high yield portfolio manager in the asset management division. Prior to that, Sycoff spent 16 years on the trading desks of Bear Stearns and Merrill Lynch as the head high yield trader.
Chris LeVine comes to BTIG from UBS where he was an executive director in the Fixed Income Sales Group focusing on investment grade and high yield credit. He will be in fixed income sales in BTIG’s New York office. Prior to UBS, LeVine worked at MarketAxess, Trading Edge and started his career at Morgan Stanley after Graduating Cornell University.
“We have been focused on expanding the firm’s capabilities in fixed income over the past few months and are excited to have George, Mychal, Todd and Chris join the group,” Jon Bass, Co-Head of Global Fixed Income, said. “Their combined experience will greatly enhance the efforts of our new division.”
“We have been able to attract top talent with deep institutional relationships and respected reputations on the Street that will help us better serve our clients in the fixed income area,” John Purcell, Co-Head of Global Fixed Income, said. “During the coming weeks, we expect to announce additional hires in fixed income as part of our overall plan to grow the group to 60 people globally this year.”
The Global Fixed Income Group was launched in February of this year by Bass, formerly of UBS, and Purcell, formerly of Citigroup, who together bring 50 years of fixed income experience to the BTIG team. The group focuses on sales and trading of credit products, which will cover the full credit spectrum from investment grade to distressed debt.
BTIG serves nearly 1,000 institutional customers and offers services from four divisions: Institutional Trading, Prime Brokerage, Outsource Trading and Direct Market Access. BTIG has offices in New York, San Francisco, Dallas, Boston, Chicago, Los Angeles, Greenwich, Red Bank, Aspen and Orinda. The firm also has affiliates in London, Hong Kong and Sydney.
The Global Fixed Income Group was launched in February of this year by Jon Bass, formerly of UBS, and John Purcell, formerly of Citigroup. The group focuses on sales and trading of credit products, which will cover the full credit spectrum from investment grade to distressed debt.
George Chalhoub has joined BTIG from Deutsche Bank where he ran the high yield proprietary portfolio on the high yield desk. Chalhoub spent 15 years in high yield research at Deutsche Bank, Merrill Lynch and Citigroup.
Mychal Harrison and Todd Sycoff have been hired as high yield traders in New York. Harrison joins BTIG from Barclays where he last traded high yield cash and credit default swaps. He began his career at Goldman Sachs in high yield syndicate before transitioning into high yield trading. Sycoff comes to BTIG from Bear Stearns where he was last on the buy side as the high yield portfolio manager in the asset management division. Prior to that, Sycoff spent 16 years on the trading desks of Bear Stearns and Merrill Lynch as the head high yield trader.
Chris LeVine comes to BTIG from UBS where he was an executive director in the Fixed Income Sales Group focusing on investment grade and high yield credit. He will be in fixed income sales in BTIG’s New York office. Prior to UBS, LeVine worked at MarketAxess, Trading Edge and started his career at Morgan Stanley after Graduating Cornell University.
“We have been focused on expanding the firm’s capabilities in fixed income over the past few months and are excited to have George, Mychal, Todd and Chris join the group,” Jon Bass, Co-Head of Global Fixed Income, said. “Their combined experience will greatly enhance the efforts of our new division.”
“We have been able to attract top talent with deep institutional relationships and respected reputations on the Street that will help us better serve our clients in the fixed income area,” John Purcell, Co-Head of Global Fixed Income, said. “During the coming weeks, we expect to announce additional hires in fixed income as part of our overall plan to grow the group to 60 people globally this year.”
The Global Fixed Income Group was launched in February of this year by Bass, formerly of UBS, and Purcell, formerly of Citigroup, who together bring 50 years of fixed income experience to the BTIG team. The group focuses on sales and trading of credit products, which will cover the full credit spectrum from investment grade to distressed debt.
BTIG serves nearly 1,000 institutional customers and offers services from four divisions: Institutional Trading, Prime Brokerage, Outsource Trading and Direct Market Access. BTIG has offices in New York, San Francisco, Dallas, Boston, Chicago, Los Angeles, Greenwich, Red Bank, Aspen and Orinda. The firm also has affiliates in London, Hong Kong and Sydney.
Hedge Fund Provider Appoints Risk Specialist as Senior Advisor
Risk management expert, Dr. Stuart Turnbull, has been appointed as senior advisor to independent hedge fund technology provider GlobeOp's Risk Services.
"Risk measurement, analytics and reporting are increasingly important to hedge funds and investors alike," said Tony Glickman, GlobeOp Financial Services head of Risk Services. "This presents GlobeOp with significant opportunities, as risk modeling is a core expertise and client service. Our clients can look forward to Stuart adding additional depth, creativity and pragmatism to the development of new GlobeOp risk models. They will also benefit from his expertise in transitioning theory to practical, efficient implementation."
Dr. Stuart M. Turnbull is the Bauer Chair Professor of Finance at the Bauer College of Business at the University of Houston, TX. He has authored more than 50 academic papers on financial economics, law and economics topics, as well as two books on derivatives. With Robert Jarrow he introduced the reduced form approach for pricing credit-risky assets. This approach was later extended to consider counterparty risk and credit rating transition matrices in risk management and pricing, and to the practical difficulties of credit default swaps valuation.
He currently serves as an associate editor of Mathematical Finance, the International Journal of Theoretical and Applied Finance and the Journal of Derivatives. Turnbull previously held executive positions in fixed income research at Lehman Brothers in New York and in risk management at the Canadian Imperial Bank of Commerce in Toronto, Ontario. He holds a Ph.D. in financial economics from the University of British Columbia, and an M.Sc. in statistics and operational research and a B.Sc. in physics from the Imperial College of Science and Technology in London, UK.
GlobeOp is listed on both the RiskTech 100 and FinTech 100 rankings of global risk and financial technology specialists.
"Risk measurement, analytics and reporting are increasingly important to hedge funds and investors alike," said Tony Glickman, GlobeOp Financial Services head of Risk Services. "This presents GlobeOp with significant opportunities, as risk modeling is a core expertise and client service. Our clients can look forward to Stuart adding additional depth, creativity and pragmatism to the development of new GlobeOp risk models. They will also benefit from his expertise in transitioning theory to practical, efficient implementation."
Dr. Stuart M. Turnbull is the Bauer Chair Professor of Finance at the Bauer College of Business at the University of Houston, TX. He has authored more than 50 academic papers on financial economics, law and economics topics, as well as two books on derivatives. With Robert Jarrow he introduced the reduced form approach for pricing credit-risky assets. This approach was later extended to consider counterparty risk and credit rating transition matrices in risk management and pricing, and to the practical difficulties of credit default swaps valuation.
He currently serves as an associate editor of Mathematical Finance, the International Journal of Theoretical and Applied Finance and the Journal of Derivatives. Turnbull previously held executive positions in fixed income research at Lehman Brothers in New York and in risk management at the Canadian Imperial Bank of Commerce in Toronto, Ontario. He holds a Ph.D. in financial economics from the University of British Columbia, and an M.Sc. in statistics and operational research and a B.Sc. in physics from the Imperial College of Science and Technology in London, UK.
GlobeOp is listed on both the RiskTech 100 and FinTech 100 rankings of global risk and financial technology specialists.
SEC Outlines Securities Regulators Guidelines
SEC Chairman Mary Schapiro, speaking at the IOSCO 2009 Conference, said today that in light of the current economic crisis and in an attempt to restore confidence to investors, the US is currently examining how to best shape the future role that regulators as well as credit rating firms will play in the securities market.
“We need to constantly keep pace with the financial products and with the risks of how the products are packaged and sold,” she said. “Now is the time for securities regulators to prove ourselves and the capital markets around the world can flourish if we succeed.”
In her remarks, Schapiro listed the principles that should guide the decisions made by worldwide securities regulators, including protection of investors, ensuring that markets are always fair, efficient and transparent and protection of systemic risk. She also noted that corporations must address the issue of executive pay and said that the elimination of excessive compensation to executives will ultimately lead to long-term corporate health.
Schapiro’s remarks came as part of a panel discussion focused on improving the role of securities regulators in a changing global financial system. The panel was moderated by Mr. Hans Hoogervorst, Chairman, Authority for the Financial Markets, Netherlands and included Mr. Janichi Maruyama, Deputy Commissioner for International Affairs, Financial Services Agency , Japan ; Prof. John C. Coffee, Adolf A. Berle Professor of Law, Columbia University Law School and Mr. William J. Brodsky, Chairman, World Federation of Exchanges; Chairman and CEO, Chicago Board Options Exchange.
The conference was hosted in Tel Aviv by the Israel Securities Authority (ISA) and the Tel Aviv Stock Exchange (TASE).
“We need to constantly keep pace with the financial products and with the risks of how the products are packaged and sold,” she said. “Now is the time for securities regulators to prove ourselves and the capital markets around the world can flourish if we succeed.”
In her remarks, Schapiro listed the principles that should guide the decisions made by worldwide securities regulators, including protection of investors, ensuring that markets are always fair, efficient and transparent and protection of systemic risk. She also noted that corporations must address the issue of executive pay and said that the elimination of excessive compensation to executives will ultimately lead to long-term corporate health.
Schapiro’s remarks came as part of a panel discussion focused on improving the role of securities regulators in a changing global financial system. The panel was moderated by Mr. Hans Hoogervorst, Chairman, Authority for the Financial Markets, Netherlands and included Mr. Janichi Maruyama, Deputy Commissioner for International Affairs, Financial Services Agency , Japan ; Prof. John C. Coffee, Adolf A. Berle Professor of Law, Columbia University Law School and Mr. William J. Brodsky, Chairman, World Federation of Exchanges; Chairman and CEO, Chicago Board Options Exchange.
The conference was hosted in Tel Aviv by the Israel Securities Authority (ISA) and the Tel Aviv Stock Exchange (TASE).
Northern Trust Named Fund of Hedge Funds
Financial technology vendor youDevise Limited congratulated its client Northern Trust upon being awarded the Fund of Hedge Funds Administrator of the Year award at the inaugural HFMWeek Service Provider Awards, held recently in London.
Northern Trust is a leading, global administrator of FoHFs with approximately US$50 billion of hedge funds under administration at March 31, 2009. Northern Trust employs youDevise’s Hedge Fund Information Provider (HIP) online portfolio management system, which enables Northern Trust’s fund of hedge funds (FoHF) clients to track daily position information and other vital data.
“The award recognised Northern Trust for outperforming its peers during 2008-2009 and demonstrating financial progress, growth and genuine innovation,” said Richard Koppel, Managing Director of youDevise and an expert in FoHF technology who co-developed the HIP. “We are proud to see our client recognized for this achievement. Northern Trust was the first fund of hedge funds administrator to integrate our technology into its platform, and, in so doing, significantly advance its clients’ ability to access more timely and accurate management information, while, at the same time, eliminating the need for error prone spreadsheets to track positions.”
Mr. Koppel noted this is the second time over the last few years that clients have won major industry recognition due, in large part, to their deployment of youDevise technology. In 2006, Trade Ideas Limited (TIL) was named overall winner of the Innovation of the Year category in The Banker magazine's Technology Awards for TIL's trade idea platform, employing youDevise's Trade Idea Monitor (the TIM). Trade Ideas Limited is an industry consortium owned by Citigroup, Credit Suisse, Dresdner Kleinwort, and Merrill Lynch.
The TIM enables more than 300 institutional brokerage firms around the world to send long/short equity trading ideas to more than 100 hedge funds and traditional asset managers, which in turn use the TIM to determine payments for the top-performing ideas they receive. The TIM’s “ideabase” is the foundation of TIM Insight, a more useful short-to-mid term indicator of market direction than traditional consensus earnings estimates.
Northern Trust is a leading, global administrator of FoHFs with approximately US$50 billion of hedge funds under administration at March 31, 2009. Northern Trust employs youDevise’s Hedge Fund Information Provider (HIP) online portfolio management system, which enables Northern Trust’s fund of hedge funds (FoHF) clients to track daily position information and other vital data.
“The award recognised Northern Trust for outperforming its peers during 2008-2009 and demonstrating financial progress, growth and genuine innovation,” said Richard Koppel, Managing Director of youDevise and an expert in FoHF technology who co-developed the HIP. “We are proud to see our client recognized for this achievement. Northern Trust was the first fund of hedge funds administrator to integrate our technology into its platform, and, in so doing, significantly advance its clients’ ability to access more timely and accurate management information, while, at the same time, eliminating the need for error prone spreadsheets to track positions.”
Mr. Koppel noted this is the second time over the last few years that clients have won major industry recognition due, in large part, to their deployment of youDevise technology. In 2006, Trade Ideas Limited (TIL) was named overall winner of the Innovation of the Year category in The Banker magazine's Technology Awards for TIL's trade idea platform, employing youDevise's Trade Idea Monitor (the TIM). Trade Ideas Limited is an industry consortium owned by Citigroup, Credit Suisse, Dresdner Kleinwort, and Merrill Lynch.
The TIM enables more than 300 institutional brokerage firms around the world to send long/short equity trading ideas to more than 100 hedge funds and traditional asset managers, which in turn use the TIM to determine payments for the top-performing ideas they receive. The TIM’s “ideabase” is the foundation of TIM Insight, a more useful short-to-mid term indicator of market direction than traditional consensus earnings estimates.
10 Jun 2009
Hedge Fund Paulson & Co Buys $100 Million CB Richard Ellis Stock, $50 Million Offering Launch
Real estate services company, CB Richard Ellis Group, Inc. has reached an agreement to sell in a direct placement 13,440,860 shares of its Class A common stock for gross proceeds of approximately $100.0 million, to hedge fund manager Paulson & Co. Inc. on behalf of several of its investment funds and accounts it manages.
In addition, Ellis plans to sell Class A common stock, having an aggregate offering price of up to $50.0 million through J.P. Morgan.
Paulson Investment Company, Inc. is an investment banker for emerging companies nationwide and a full service brokerage firm engaged in the purchase and sales of securities from and to the public and for its own account and in investment banking activities. Paulson Investment Company, Inc. is a wholly owned subsidiary of Paulson Capital Corp., a publicly traded company since 1971, and trades on the Nasdaq Capital Market under the symbol "PLCC".
In addition, Ellis plans to sell Class A common stock, having an aggregate offering price of up to $50.0 million through J.P. Morgan.
Paulson Investment Company, Inc. is an investment banker for emerging companies nationwide and a full service brokerage firm engaged in the purchase and sales of securities from and to the public and for its own account and in investment banking activities. Paulson Investment Company, Inc. is a wholly owned subsidiary of Paulson Capital Corp., a publicly traded company since 1971, and trades on the Nasdaq Capital Market under the symbol "PLCC".
Ex Hedge Fund Trader Vs. Ex Wife, High Powered Hide and Seek
In a bizarre hedge fund story sent to me by a reader, an ex JP Morgan Director and ex trader for hedge funds Tudor and Brevan Howard has been traced by his ex wife's investigators to Singapore where he allegedly has done work for JP Morgan.
According to the Sydney Morning Herald, Simon Sywak, who now lives in a Sydney suburb, was caught on video working in Singapore for the investment bank. Sywak had gotten out of paying maintenance for his children in Britain by saying he was a trainee bus driver and so poor he was forced to live with his mother-in-law.
Sywak's ex wife, Helen Sywak, has started bankruptcy proceedings in Australia for $250,000 of court costs he failed to pay.
"If he doesn't pay this amount in the next few weeks, it will bankrupt him and he will have to drop his case suing Westpac Bank for $1.3 million and upwards." Helen said in a letter to the Editor.
Sywak is suing derivatives trader Westpac in Sydney in the Federal Court, arguing that it still owes him a $1.3 million sign-on bonus that it had promised him, however he never started work with the bank because he failed its probity checks, according to the Herald.
His side of the story has yet to surface.
According to the Sydney Morning Herald, Simon Sywak, who now lives in a Sydney suburb, was caught on video working in Singapore for the investment bank. Sywak had gotten out of paying maintenance for his children in Britain by saying he was a trainee bus driver and so poor he was forced to live with his mother-in-law.
Sywak's ex wife, Helen Sywak, has started bankruptcy proceedings in Australia for $250,000 of court costs he failed to pay.
"If he doesn't pay this amount in the next few weeks, it will bankrupt him and he will have to drop his case suing Westpac Bank for $1.3 million and upwards." Helen said in a letter to the Editor.
Sywak is suing derivatives trader Westpac in Sydney in the Federal Court, arguing that it still owes him a $1.3 million sign-on bonus that it had promised him, however he never started work with the bank because he failed its probity checks, according to the Herald.
His side of the story has yet to surface.
9 Jun 2009
AlternativeSoft Teams Up With Eurekahedge & Crédit Agricole Structured Asset Management
AlternativeSoft has forged agreements with Crédit Agricole Structured Asset Management (CASAM) and Eurekahedge to provide all trial users of AlternativeSoft with free trials of the CASAM CISDM and the Eurekahedge Global Hedge Funds databases.
“We're very pleased to build our relationship with AlternativeSoft in a way that will meaningfully strengthen Crédit Agricole Structured Asset Management's presence in the alternative investment software sector. We are happy to offer AlternativeSoft and their potential clients the CASAM Hedge database for their 15 day software trial" said Jeff Lopez, Deputy CEO of Credit Agricole Structured Asset Management Advisers LLC.
"AlternativeSoft offers hedge fund investors the ability to perform complex portfolio optimisations in an efficient manner. We are delighted to be able to offer to these investors our multiple Eurekahedge databases during their 15 days free software trial. Doing so will give the opportunity to experience the software and the breadth of our database at the same time." said Eurekahedge CEO Alexander Mearns.
“AlternativeSoft is a user friendly quantitative portfolio construction software which focuses on extreme negative events. Our potential clients will have access to 13’000 hedge funds and this for free during the 15 days software trial. The trial of our software becomes effortless. The user can essentially construct and optimise their portfolios within minutes of opening the software, even in the 15 days free software trial.” said Laurent Favre, CEO of AlternativeSoft.
AlternativeSoft offers analytical software solutions and is a Swiss registered company with offices in Zurich and London. It is a global company providing a platform for portfolio construction, hedge fund selection, tactical asset allocation and hedge fund replication dedicated to fund of funds, banks and institutional investors. Their software enables investors to analyse numerous hedge funds, funds of funds to help construct portfolios which minimise extreme negative returns.
“We're very pleased to build our relationship with AlternativeSoft in a way that will meaningfully strengthen Crédit Agricole Structured Asset Management's presence in the alternative investment software sector. We are happy to offer AlternativeSoft and their potential clients the CASAM Hedge database for their 15 day software trial" said Jeff Lopez, Deputy CEO of Credit Agricole Structured Asset Management Advisers LLC.
"AlternativeSoft offers hedge fund investors the ability to perform complex portfolio optimisations in an efficient manner. We are delighted to be able to offer to these investors our multiple Eurekahedge databases during their 15 days free software trial. Doing so will give the opportunity to experience the software and the breadth of our database at the same time." said Eurekahedge CEO Alexander Mearns.
“AlternativeSoft is a user friendly quantitative portfolio construction software which focuses on extreme negative events. Our potential clients will have access to 13’000 hedge funds and this for free during the 15 days software trial. The trial of our software becomes effortless. The user can essentially construct and optimise their portfolios within minutes of opening the software, even in the 15 days free software trial.” said Laurent Favre, CEO of AlternativeSoft.
AlternativeSoft offers analytical software solutions and is a Swiss registered company with offices in Zurich and London. It is a global company providing a platform for portfolio construction, hedge fund selection, tactical asset allocation and hedge fund replication dedicated to fund of funds, banks and institutional investors. Their software enables investors to analyse numerous hedge funds, funds of funds to help construct portfolios which minimise extreme negative returns.
Credit Suisse/Tremont Hedge Fund Index Estimated to Finish Up 3.61% In May
Hedge fund managers posted positive returns across all major strategies in May except for Managed Futures. Returns were driven by favorable investment conditions across equity, credit and commodities markets. India led the positive trend in Emerging Markets, with the Sensex index surging 17.3% within less than a minute of the announcement on May 18 that the Congress Party garnered a comfortable majority coalition in the general elections.
Industrial production numbers were up in many parts of Asia, with factories in Japan raising output by the largest monthly margin in nearly 60 years, and the Purchasing Manager’s Index (PMI) in China expanding for a third month to a seasonally adjusted 53.1 (a reading above 50 indicates an expansion). Some managers remained cautious, however, with the view that a switch from a government-led recovery to a consumer-led recovery may face hurdles such as the continuing rise of unemployment in many parts of the world, rising savings rates (particularly in the US), overhangs in vacant housing, as well as assorted weak macro data in Europe.
With spreads tightening and returns strong across the credit spectrum, relative value players such as Convertible Arbitrage and Fixed Income Arbitrage were among the best performers. With fixed income markets apparently unfazed by the General Motors bankruptcy, investment grade financials had the strongest performance, but investment grade industrials, utilities and high yield also had a solid month, as did leveraged loans.
Global Macro has continued to have the longest positive streak of all the strategies in the index for the 7th consecutive month, starting in November 2008. Managers found opportunities in currency trades, fixed income, commodities, as well as tactically trading equities. Managed Futures performance improved over April, but posted a fifth consecutive month of negative returns. Long/Short Equity Managers continued to have wide dispersions of returns, with some managers adding to their long exposures and tactically harvesting returns from the rallies, while others maintained their defensive positioning, citing an absence of fundamental drivers for a strong v-shaped recovery.
Industrial production numbers were up in many parts of Asia, with factories in Japan raising output by the largest monthly margin in nearly 60 years, and the Purchasing Manager’s Index (PMI) in China expanding for a third month to a seasonally adjusted 53.1 (a reading above 50 indicates an expansion). Some managers remained cautious, however, with the view that a switch from a government-led recovery to a consumer-led recovery may face hurdles such as the continuing rise of unemployment in many parts of the world, rising savings rates (particularly in the US), overhangs in vacant housing, as well as assorted weak macro data in Europe.
With spreads tightening and returns strong across the credit spectrum, relative value players such as Convertible Arbitrage and Fixed Income Arbitrage were among the best performers. With fixed income markets apparently unfazed by the General Motors bankruptcy, investment grade financials had the strongest performance, but investment grade industrials, utilities and high yield also had a solid month, as did leveraged loans.
Global Macro has continued to have the longest positive streak of all the strategies in the index for the 7th consecutive month, starting in November 2008. Managers found opportunities in currency trades, fixed income, commodities, as well as tactically trading equities. Managed Futures performance improved over April, but posted a fifth consecutive month of negative returns. Long/Short Equity Managers continued to have wide dispersions of returns, with some managers adding to their long exposures and tactically harvesting returns from the rallies, while others maintained their defensive positioning, citing an absence of fundamental drivers for a strong v-shaped recovery.
Interest Re-engaged in African and MENA Hedge Funds
International investors are coming back to the African and MENA region, hedge fund manager SilkInvest said in their latest equities update, "Few international investors are actually invested so far, however, it now looks like more investors are getting off the bench."
It was reported that roughly 40% of the volume of the Dubai stock exchange was on the back of international buyers, and after last week’s big advances in the MENA markets, the headlines in the local papers have the look & feel of optimism again, SilkInvest said.
Across the African continent, not all markets have gained back positive momentum. Nigeria has been one of the best performing markets lately, despite ending the week in negative numbers. Ghana and Kenya continue to struggle YTD, while South Africa, Mauritius, Egypt and Tunisia further added to their upside.
"We are happy to say that we have been well positioned in the right markets and sectors. More than ever is asset allocation and stock picking of key importance for successful investing in this region." Baldwin Berges, partner at SilkInvest, said. "There are still many undervalued opportunities at current low PE ratios which are unsustainably low both in the MENA and African regions. We therefore believe there is still considerable upside until the right valuation levels that reflect the solid earnings growth many companies enjoy have been reached."
It was reported that roughly 40% of the volume of the Dubai stock exchange was on the back of international buyers, and after last week’s big advances in the MENA markets, the headlines in the local papers have the look & feel of optimism again, SilkInvest said.
Across the African continent, not all markets have gained back positive momentum. Nigeria has been one of the best performing markets lately, despite ending the week in negative numbers. Ghana and Kenya continue to struggle YTD, while South Africa, Mauritius, Egypt and Tunisia further added to their upside.
"We are happy to say that we have been well positioned in the right markets and sectors. More than ever is asset allocation and stock picking of key importance for successful investing in this region." Baldwin Berges, partner at SilkInvest, said. "There are still many undervalued opportunities at current low PE ratios which are unsustainably low both in the MENA and African regions. We therefore believe there is still considerable upside until the right valuation levels that reflect the solid earnings growth many companies enjoy have been reached."
BlackRock In Talks For Largest Global Hedge Fund Transaction On Record
BlackRock, Inc. confirmed that negotiations are ongoing with U.K.’s third-largest bank, Barclays Bank plc, about the potential purchase of Barclays Global Investors (BGI), including the iShares business.
“The discussions are not yet concluded and there are a number of significant open issues which could affect the nature and terms of any transaction,” Barclays said in a statement.
BlackRock's BGI buyout will break its own record in a hedge fund transaction, when in 2006 BlackRock took over Merrill Lynch's asset management business for $8.5 billion. The unconfirmed selling price is $12 billion to $13 billion. Other contenders for Barclays Global Investors include the Bank of New York Mellon and some Kuwaiti sovereign wealth funds, among others.
“The discussions are not yet concluded and there are a number of significant open issues which could affect the nature and terms of any transaction,” Barclays said in a statement.
BlackRock's BGI buyout will break its own record in a hedge fund transaction, when in 2006 BlackRock took over Merrill Lynch's asset management business for $8.5 billion. The unconfirmed selling price is $12 billion to $13 billion. Other contenders for Barclays Global Investors include the Bank of New York Mellon and some Kuwaiti sovereign wealth funds, among others.
8 Jun 2009
Hennessee Says Hedge Funds Post Best Month in 9 Years
“Hennessee Group research and discussions with hedge fund managers has lead us to believe that the 20 year secular bull market in bonds is over.” Charles Gradante, Co-Founder of hedge fund investor consultant, Hennessee Group LLC, said of the 9 year high point seen this month in hedge funds.
“We see a problem growing in the bond market. The Government is issuing more debt than it is buying back. This has to lead to rates increasing and equity PE ratios adjusting downward. Our contacts among hedge fund managers continue to buy gold and short Treasuries. However, Hennessee Group expects the Treasury and Fed to put a short squeeze on at an opportune time.”
The Hennessee Hedge Fund Index advanced +5.68% in May (+11.40% YTD), while the S&P 500 increased +5.31% (+1.76% YTD), the Dow Jones Industrial Average advanced +4.07% (-3.14% YTD), and the NASDAQ Composite Index advanced +3.32% (+12.52% YTD). Bonds also rose, as the Barclays Aggregate Bond Index advanced +0.73% (+1.33% YTD).
Managers have been maintaining a conservative investment strategy, which has caused them to lag in the recent market rally. In May, funds also benefited from long positions in energy and commodity-related positions, which performed strongly.
“With hedge funds up +5.68%, May was the best month for hedge funds since February 2000, when the index was up +6.83,” said Lee Hennessee , Managing Principal of Hennessee Group . “Gains were largely driven by arbitrage strategies. However, long/short equity managers, with reduced levels of exposure, also performed well, participating significantly in the market rally while maintaining hedges. With a market correction in the short term being a possibility, we feel that most hedge funds are positioned conservatively and will be able to quickly alter exposures to protect capital if the market experiences a correction.”
“May had the biggest one month run up in commodities in 35 years,” commented Charles Gradante. “It appears to us, from Hennessee Group research and manager conversations, to be speculative and led by commodity ETF demand, which exceeds "real" demand. Furthermore, margin requirements favor the speculators. Hedge funds are betting commodities will continue to rise with many long agriculture commodities, such as sugar and corn.”
“We see a problem growing in the bond market. The Government is issuing more debt than it is buying back. This has to lead to rates increasing and equity PE ratios adjusting downward. Our contacts among hedge fund managers continue to buy gold and short Treasuries. However, Hennessee Group expects the Treasury and Fed to put a short squeeze on at an opportune time.”
The Hennessee Hedge Fund Index advanced +5.68% in May (+11.40% YTD), while the S&P 500 increased +5.31% (+1.76% YTD), the Dow Jones Industrial Average advanced +4.07% (-3.14% YTD), and the NASDAQ Composite Index advanced +3.32% (+12.52% YTD). Bonds also rose, as the Barclays Aggregate Bond Index advanced +0.73% (+1.33% YTD).
Managers have been maintaining a conservative investment strategy, which has caused them to lag in the recent market rally. In May, funds also benefited from long positions in energy and commodity-related positions, which performed strongly.
“With hedge funds up +5.68%, May was the best month for hedge funds since February 2000, when the index was up +6.83,” said Lee Hennessee , Managing Principal of Hennessee Group . “Gains were largely driven by arbitrage strategies. However, long/short equity managers, with reduced levels of exposure, also performed well, participating significantly in the market rally while maintaining hedges. With a market correction in the short term being a possibility, we feel that most hedge funds are positioned conservatively and will be able to quickly alter exposures to protect capital if the market experiences a correction.”
“May had the biggest one month run up in commodities in 35 years,” commented Charles Gradante. “It appears to us, from Hennessee Group research and manager conversations, to be speculative and led by commodity ETF demand, which exceeds "real" demand. Furthermore, margin requirements favor the speculators. Hedge funds are betting commodities will continue to rise with many long agriculture commodities, such as sugar and corn.”
4 Jun 2009
Hedge Fund Prime Brokerage Provider Expands To Chicago
NorthPoint Trading Partners, LLC has opened a new office in Chicago, IL., with 12 year industry veteran, Michael Ferro, as head. Ferro has held positions at Genworth Financial, Knight Capital Markets, and X-Change Financial Access. He is experienced in both the trading and operations aspects of the buy and sell side, the company said.
“As we continue to expand our presence nationwide, we are very fortunate to have someone with Michael's talent and experience join our team,” says Douglas Nelson, Chief Executive Officer of NorthPoint Trading Partners, LLC. Atlanta based NorthPoint opened also opened an office in Connecticut earlier in the year.
NorthPoint Trading Partners, LLC is an institutional brokerage and fund services company working with small and medium sized hedge funds.
“As we continue to expand our presence nationwide, we are very fortunate to have someone with Michael's talent and experience join our team,” says Douglas Nelson, Chief Executive Officer of NorthPoint Trading Partners, LLC. Atlanta based NorthPoint opened also opened an office in Connecticut earlier in the year.
NorthPoint Trading Partners, LLC is an institutional brokerage and fund services company working with small and medium sized hedge funds.
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