HedgeCo.net - Hedge fund seeder, Revere Capital Advisors LLC has launched an equity partnership with Statistical Research Laboratory (SRL), a UK based technology company.
New York, London and Singapore based, Revere was founded by former Man Group CFO Dan Barnett, as well as other former senior executives of hedge fund Man Group, including Harvey McGrath and Michael Stone.
“Revere is delighted to be partnering with SRL, a company that is at the forefront of the institutionalization of the asset management industry." Barnett said, "The partnership allows Revere and our clients to monitor investments on a real time basis as well as respond to the increasing demand of clients requesting a managed account solution.”
Revere currently provides capital, advisory expertise, sales and distribution and technology infrastructure to its partner hedge fund managers.
Current Revere partner managers include: Dickson Capital Management, a European long/short equity fund based in London, Broadmark Asset Management, a tactical allocation long/short equity fund based in San Francisco and Bayswater Asset Management, a systematic global macro manager also based in San Francisco.
12 Apr 2010
UCITS Hedge Fund Strategy Index Gains 0,79% in April
HedgeCo News - After a strong performance in March the UCITS Hedge Fund Strategy Index showed no signs of weakness in the first week of April (by business day 5, April 8th 2010).
The broad index gained 0,79% as every strategy was positive, the most successful being Credit (1,99%), Global Macro (1,81%) and Convertible (1,29%). These three strategies continue to be the most successful strategies in 2010, bringing the UCITS HFS Index to a year to date performance of 3,04%.
The UCITS HFS Index Series is the first index family that tracks all UCITS funds using hedge fund strategies. The UCITS HFS Index Series includes all UCITS III funds that apply absolute return strategies, have more than €10 million ($13.5 million) of assets under management, offer at least weekly liquidity and have reported numbers for more than one month. Index tracking funds, long-only and 130/30 strategies are excluded.
The broad index gained 0,79% as every strategy was positive, the most successful being Credit (1,99%), Global Macro (1,81%) and Convertible (1,29%). These three strategies continue to be the most successful strategies in 2010, bringing the UCITS HFS Index to a year to date performance of 3,04%.
The UCITS HFS Index Series is the first index family that tracks all UCITS funds using hedge fund strategies. The UCITS HFS Index Series includes all UCITS III funds that apply absolute return strategies, have more than €10 million ($13.5 million) of assets under management, offer at least weekly liquidity and have reported numbers for more than one month. Index tracking funds, long-only and 130/30 strategies are excluded.
LandColt Launches Mutual Fund Model Focused on Precious Metals
Hedgeco News - Alternative trading solutions expert, LandColt Trading, LLC has launched a new investment model, The LandColt Trading Precious Metals Model, which will concentrate on the gold market. The new model capture returns on the upside, and downside, of the market, while emulating the Dow Jones Precious Metals Index.
“We have received many inquiries from investors and traders asking us to launch additional trading models,” said Todd M. Schoenberger, Managing Director of LandColt Trading, LLC. “The success of our Oil & Gas Model really helped incorporate the same investment philosophy into other sectors. We believe the new Precious Metals Model can help investors who wish to incorporate a gold methodology into their portfolios.”
The Precious Metals Model uses the same investment logic as its cousin, the LandColt Trading Oil & Gas Model, which has posted a year-to-date return of 20.80% through April 7th. The official start date for the new Precious Metals Model was April 1st, and it has a return of 9.01% through April 7th.
The LandColt Trading Precious Metals Model uses only three no-load mutual funds, all of which permit frequent trading without penalty. The three funds, all created by the ProFunds Mutual Fund family, are as follows:
1. ProFunds Precious Metals UltraSector Fund (PMPIX)
2. ProFunds Short Precious Metals Fund (SPPIX)
3. ProFunds U.S. Government Plus Bond Fund (GVPIX)
LandColt Trading's mission is to proactively and ethically offer trading solutions for a client's "explore" investments with a passion for calculated risk-taking and thorough due diligence. The firm’s core product is its LandColt Trading Oil & Gas Model, which sells its trading signal and can be purchased as a subscription service.
“We have received many inquiries from investors and traders asking us to launch additional trading models,” said Todd M. Schoenberger, Managing Director of LandColt Trading, LLC. “The success of our Oil & Gas Model really helped incorporate the same investment philosophy into other sectors. We believe the new Precious Metals Model can help investors who wish to incorporate a gold methodology into their portfolios.”
The Precious Metals Model uses the same investment logic as its cousin, the LandColt Trading Oil & Gas Model, which has posted a year-to-date return of 20.80% through April 7th. The official start date for the new Precious Metals Model was April 1st, and it has a return of 9.01% through April 7th.
The LandColt Trading Precious Metals Model uses only three no-load mutual funds, all of which permit frequent trading without penalty. The three funds, all created by the ProFunds Mutual Fund family, are as follows:
1. ProFunds Precious Metals UltraSector Fund (PMPIX)
2. ProFunds Short Precious Metals Fund (SPPIX)
3. ProFunds U.S. Government Plus Bond Fund (GVPIX)
LandColt Trading's mission is to proactively and ethically offer trading solutions for a client's "explore" investments with a passion for calculated risk-taking and thorough due diligence. The firm’s core product is its LandColt Trading Oil & Gas Model, which sells its trading signal and can be purchased as a subscription service.
9 Apr 2010
Is Cyprus Missing From Your Global Footprint? New strategies for multi Jurisdiction management
HedgeCo Blogs - The Cyprus Embassy Trade Center is hosting a seminar: "New strategies for multi Jurisdiction management", on Wednesday, April 14, 2010 at the Harvard Club of New York.
A recent UN report calls Cyprus “the forerunner model for the future of corporate holding jurisdictions and international business centers.” Cyprus, is a clearly defined leader in global commerce that gives you unprecedented transparency and stability to respond to the new realities of today's marketplace.
Seminar Agenda:
* 1. Cyprus as an Intermediate Jurisdiction - Considerations for U.S. investors when investing through Cyprus:
- Uses of jurisdictions as related to corporate activities
- Tax benefits of Cyprus Based Funds
- Fund Structures
- Cyprus as a central platform solution for Multinational
* Administrative issues and solutions:
- Addressing the current issues of administration facing MNC s and Hedge Funds
* Issues of Taxation in a multi jurisdiction solution
* Legal framework
* Administrative requirements as related to Hedge Funds
- Defining the capacity of Cyprus as a central administrative hub within the global footprint of your company
This private event is an opportunity to meet with leading global legal, administrative and corporate structure specialists, defining relevant multi jurisdiction strategies, tax efficiencies, opportunities for minimizing costs and limiting liability.
Panelists include:
* Michael F. Mavrides, partner: Bingham McCutchen LLP
Named one of the leading up-and-coming attorneys in the U.S., The Lawdragon 500 New Stars, New Worlds Mike Mavrides is a Member of the American Bar Association and New York State Bar Association and focuses on working with hedge funds. His practice includes counselling domestic and offshore private investment funds, funds of funds, and other pooled investment vehicles, including general equity funds, arbitrage funds, market neutral, small cap, global investment and emerging market funds, distressed debt funds, multi-manager funds, group trusts for employee benefit plans and commodity pools.
* Dr. Christodoulos G. Pelaghias, Attorney-at-Law, Law Offices of Christodoulos G. Pelaghias
Dr. Pelaghias holds a postgraduate degree in International Affairs, as well as J.D and Ph.D. degrees (in Law and Political Science) from Columbia University. He is admitted to practice Law in New York and Cyprus. He served as adviser to the Cyprus Mission at the UN, is a fellow of the World Policy Institute in New York and the Western European Institute of Columbia University.
The Law Offices of Chr. G. Pelaghias & Co is a Cyprus based law firm which dates back to the early 1950s. The firm’s main practise areas are corporate law, international taxation, finance law and EU-law. Pelaghias & Co focuses exclusively on international clients, and the firm has a long history of accommodating clients despite geographic boundaries or complexity.
Seaward Management Ltd. is a corporate management firm established by Pelaghias & Co in 1986 with a broad scope of Administrative and management services that include corporate and tax planning for a wide spectrum of clients. Seaward was one of the first service providers in Cyprus to set-up and manage holding and investment structures in Russia and the NIS on behalf of major U.S. investment funds. In 1999 Seaward also became the first Cypriot company to list a foreign public company on the Cyprus Stock Exchange.
A recent UN report calls Cyprus “the forerunner model for the future of corporate holding jurisdictions and international business centers.” Cyprus, is a clearly defined leader in global commerce that gives you unprecedented transparency and stability to respond to the new realities of today's marketplace.
Seminar Agenda:
* 1. Cyprus as an Intermediate Jurisdiction - Considerations for U.S. investors when investing through Cyprus:
- Uses of jurisdictions as related to corporate activities
- Tax benefits of Cyprus Based Funds
- Fund Structures
- Cyprus as a central platform solution for Multinational
* Administrative issues and solutions:
- Addressing the current issues of administration facing MNC s and Hedge Funds
* Issues of Taxation in a multi jurisdiction solution
* Legal framework
* Administrative requirements as related to Hedge Funds
- Defining the capacity of Cyprus as a central administrative hub within the global footprint of your company
This private event is an opportunity to meet with leading global legal, administrative and corporate structure specialists, defining relevant multi jurisdiction strategies, tax efficiencies, opportunities for minimizing costs and limiting liability.
Panelists include:
* Michael F. Mavrides, partner: Bingham McCutchen LLP
Named one of the leading up-and-coming attorneys in the U.S., The Lawdragon 500 New Stars, New Worlds Mike Mavrides is a Member of the American Bar Association and New York State Bar Association and focuses on working with hedge funds. His practice includes counselling domestic and offshore private investment funds, funds of funds, and other pooled investment vehicles, including general equity funds, arbitrage funds, market neutral, small cap, global investment and emerging market funds, distressed debt funds, multi-manager funds, group trusts for employee benefit plans and commodity pools.
* Dr. Christodoulos G. Pelaghias, Attorney-at-Law, Law Offices of Christodoulos G. Pelaghias
Dr. Pelaghias holds a postgraduate degree in International Affairs, as well as J.D and Ph.D. degrees (in Law and Political Science) from Columbia University. He is admitted to practice Law in New York and Cyprus. He served as adviser to the Cyprus Mission at the UN, is a fellow of the World Policy Institute in New York and the Western European Institute of Columbia University.
The Law Offices of Chr. G. Pelaghias & Co is a Cyprus based law firm which dates back to the early 1950s. The firm’s main practise areas are corporate law, international taxation, finance law and EU-law. Pelaghias & Co focuses exclusively on international clients, and the firm has a long history of accommodating clients despite geographic boundaries or complexity.
Seaward Management Ltd. is a corporate management firm established by Pelaghias & Co in 1986 with a broad scope of Administrative and management services that include corporate and tax planning for a wide spectrum of clients. Seaward was one of the first service providers in Cyprus to set-up and manage holding and investment structures in Russia and the NIS on behalf of major U.S. investment funds. In 1999 Seaward also became the first Cypriot company to list a foreign public company on the Cyprus Stock Exchange.
7 Apr 2010
CalSTRS Launch 3-Year Hedge Fund Pilot Project
HedgeCo News - The California State Teachers’ Retirement System (CalSTRS) is looking to hire a hedge fund consultant. CalSTRS said they are seeking a consultant to help select, monitor and assess hedge fund managers for a global macro strategy the fund will be undertaking.
CalSTRS is the second largest public pension fund in the United States. The selected firm will help the $132.5 billion public pension fund initiate, monitor and assess a global macro hedge fund strategy for its new absolute return asset class. The strategy will undergo an incubation period of not more than three years.
CalSTRS staff will work with the consultant to select three to six hedge fund managers who will invest a $200 million commitment in global macro strategies. Within the three-year period, the CalSTRS board will determine whether to expand or terminate the strategy.
During the three-year period, the global macro hedge fund strategy will be part of the innovation portfolio, which is charged with incubating new investment opportunities outside the traditional asset classes that CalSTRS currently uses. The purpose is to try out new investment strategies and to determine their success before committing large dollar amounts to them.
CalSTRS is the second largest public pension fund in the United States. The selected firm will help the $132.5 billion public pension fund initiate, monitor and assess a global macro hedge fund strategy for its new absolute return asset class. The strategy will undergo an incubation period of not more than three years.
CalSTRS staff will work with the consultant to select three to six hedge fund managers who will invest a $200 million commitment in global macro strategies. Within the three-year period, the CalSTRS board will determine whether to expand or terminate the strategy.
During the three-year period, the global macro hedge fund strategy will be part of the innovation portfolio, which is charged with incubating new investment opportunities outside the traditional asset classes that CalSTRS currently uses. The purpose is to try out new investment strategies and to determine their success before committing large dollar amounts to them.
6 Apr 2010
Goldman Sachs Invests In $4 Billion Hedge Fund
Goldman Sachs’s Petershill Fund Offshore LP, a $1 billion fund set up buy hedge fund shares has bought a minority stake in a $4 billion hedge fund, according to a Bloomberg report.
The New York hedge fund, Level Global Investors LP., founded by David Ganek, bets on the global rise and fall of stock prices employing long/short strategy to make its investments. The firm typically invests in technology and financial sectors. Level Global Investors was founded in 2003 and is based in Greenwich, Connecticut with an additional office in New York, New York.
“We believe this investment by Petershill is an important milestone in the continued development of Level Global’s investment management platform as an institutional quality business,” managing partners David Ganek and Anthony Chiasson said in a letter to shareholders, which was first published by Bloomberg news.
1 Apr 2010
Cayman Islands & Australia Sign Tax Information Exchange Agreement
HedgeCo Blogs - The Cayman Islands signed its fifteenth tax information exchange agreement with Australia on Tuesday, during a ceremony held at the Australian embassy in Washington, D.C.
“The Cayman Islands Government is pleased to have signed this agreement with our Australian counterparts and we look forward to many years of cooperation between our two countries as part of our global commitment to upholding international standards of tax transparency and accountability,” said the Premier, the Honourable W. McKeeva Bush.
The Premier was accompanied at the signing by three members of the Cayman Islands TIEA negotiating team: The Honourable Samuel Bulgin, Attorney General, Mr George McCarthy, Chairman of the Cayman Islands Monetary Authority, and; Mrs Michelle Bahadur, Director of the Financial Services Secretariat, Ministry of Finance.
“We believe this agreement will reinforce an already solid relationship that exists between Australia and the Cayman Islands, as Cayman’s excellent professional infrastructure, effective legal and regulatory framework and stable business environment are well-known amongst Australian private equity and hedge fund firms.” the Premier, said.
The Cayman Islands is successfully concluding negotiations with several OECD and G-20 countries and the Government anticipates signing a number of additional agreements over the coming months.
GreenTech and the Obama Budget
New York (HedgeCo.net) – GreenWorld Capital reports: “President Obama has put his weight behind a new budget that sends a clear message: despite Congressional gridlock, the administration will push forward on cleantech. The budget reflects Obama’s promise to triple US cleantech investment over the next four years as well as his G20 pledge to phase out fossil fuel subsidies. Cleantech has become a centerpiece of the Obama budget and the administration has made it clear that it will use the president’s veto power to get this budget passed. “
Following is a summary by agency:
- Department of Energy: $3-5 billion in loan guarantees for energy efficiency and renewable energy, $4.7 billion in cleantech investment and $144 million for smart-grid research;
- Department of the Interior: $73 million for fast-tracking permits for renewable energy projects on federal lands, with a goal of offering permits for at least 9,000 megawatts of new solar, wind, and geothermal electricity by the end of 2011, plus $85 million to foster 14,000 new green jobs;
- Department of Transportation: $530 million for sustainable transportation; and
- Environmental Protection Agency: $21 million to implement the Mandatory Greenhouse Gas Reporting Rule and $56 million to address climate change through regulatory initiatives.
The biggest winners over last year’s budget are solar, GreenWorld Capital says, wind and geothermal, which will see annual increases in the range of 25%-50%. The big loser will be petroleum. The budget eliminates $36.5 billion in tax breaks to the oil and natural gas industry and cuts $2.3 billion for the coal sector between 2011 and 2020. In 2008, the Senate curtailed Obama’s attempts to cut petroleum subsidies. However, this year’s emphasis on fiscal responsibility gives Obama cover to fight the petroleum lobby. The other rallying point is US economic recovery. Obama has argued that cleantech investment will fuel US economic growth, a message underscored in his 2010 State of the Union Address.
Meridian Hedge Funds Lose Case Against Madoff 's "Feeder Fund" Auditor
HedgeCo News - The U.S. District Court in Manhattan has ruled that KPMG LLP cannot be sued for its ties with a hedge fund which was found to be a "feeder fund" for Madoff.
The accounting firm won dismissal yesterday, "Because it lacked actual intent to deceive, manipulate, or defraud the investors in the funds that brought the suit." Judge Thomas Griesa said, according to a Reuters report.
KPMG audited hedge fund manager Tremont Partners, which Meridian Horizon Fund and other affiliated hedge funds claim received fees for investing enormous amounts of money with Madoff, Reuters said.
The Meridian hedge funds claim that the auditors should have noticed something wrong, as Tremont lost more than $3 billion investing in the ponzi scheme. However, the Judge ruled, that, "Merely alleging that the auditor had access to the information by which it could have discovered the fraud is not sufficient."
The accounting firm won dismissal yesterday, "Because it lacked actual intent to deceive, manipulate, or defraud the investors in the funds that brought the suit." Judge Thomas Griesa said, according to a Reuters report.
KPMG audited hedge fund manager Tremont Partners, which Meridian Horizon Fund and other affiliated hedge funds claim received fees for investing enormous amounts of money with Madoff, Reuters said.
The Meridian hedge funds claim that the auditors should have noticed something wrong, as Tremont lost more than $3 billion investing in the ponzi scheme. However, the Judge ruled, that, "Merely alleging that the auditor had access to the information by which it could have discovered the fraud is not sufficient."
31 Mar 2010
BNY Mellon Named Asia's Best Hedge Fund Administrator
HedgeCo News - BNY Mellon was named Best Fund Administrator - Hedge Funds and Best in Corporate Trust for the at The Asset magazine's Triple A Transaction Banking Awards 2010.
Scooping six accolades including the title of Best Global Custodian in Asia for the third consecutive year, BNY Mellon's Corporate Trust division also walked away with the trophies for Australia, Korea and India.
"Hedge funds are increasingly turning to BNY Mellon not only because of our global strengths, but also because of our sophisticated local capabilities in the region." Andrew Gordon, Head of Alternative Investment Services for Asia at BNY Mellon, said, "They believe it is vital to choose a partner which has a long term commitment to Asia. This award underlines the strengths of our offering and shows that our focus on quality and service excellence over the last three years has paid off handsomely."
BNY Mellon has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day.
Scooping six accolades including the title of Best Global Custodian in Asia for the third consecutive year, BNY Mellon's Corporate Trust division also walked away with the trophies for Australia, Korea and India.
"Hedge funds are increasingly turning to BNY Mellon not only because of our global strengths, but also because of our sophisticated local capabilities in the region." Andrew Gordon, Head of Alternative Investment Services for Asia at BNY Mellon, said, "They believe it is vital to choose a partner which has a long term commitment to Asia. This award underlines the strengths of our offering and shows that our focus on quality and service excellence over the last three years has paid off handsomely."
BNY Mellon has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day.
Fund.com Expands Hedge Fund & ETF Operations With The Acquisition Of Weston Capital Management
HedgeCo News - New York hedge fund manager, Fund.com, Inc., has acquired a $1 billion hedge fund distributor based in West Palm Beach Fl., Weston Capital Management, LLC.
“With Weston Capital’s proven capability to seed new fund products, combined with its seasoned global institutional sales force, Fund.com is now positioned to capture revenue streams from an array of hedge fund and actively managed ETFs.” Gregory Webster, CEO at Fund.com, said.
Founded in 1993, Weston originates and markets fund of funds, single-manager hedge funds and raises capital to seed new hedge funds. In 2010, Weston Capital formed a strategic alliance for investment manager identification and fund seeding with Harcourt AG, a $4.5 billion alternative investments manager that is majority owned by Vontobel Group, the $70 billion Swiss banking group, is a leading global advisor of alternative investments for institutional investors.
Under the Harcourt strategic alliance, Weston Capital and Harcourt will seed and develop new hedge fund businesses via Weston Capital’s incubation platform. The alliance combines Weston’s extensive experience in early stage hedge fund investing and marketing with Harcourt’s proven investment expertise in global manager selection, due diligence and risk management.
Weston Capital founder Albert Hallac continues as CEO of Weston Capital, directing its day-to-day operations and business strategy. In addition, Fund.com Chairman Joseph J. Bianco will become Chairman of Weston Capital. Weston Capital also has offices in London and New York City.
Since January 2004, Weston Capital’s hedge fund seeding platform (via the Weston-Atlas Partners Fund and the Weston Capital Partners Fund II) has provided sponsor capital for 13 emerging hedge fund managers. Weston intends to raise $250 million for its third incubation fund, Partners III, which will seed both hedge funds and actively managed ETFs, with Harcourt providing investment infrastructure and risk management.
“With Weston Capital’s proven capability to seed new fund products, combined with its seasoned global institutional sales force, Fund.com is now positioned to capture revenue streams from an array of hedge fund and actively managed ETFs.” Gregory Webster, CEO at Fund.com, said.
Founded in 1993, Weston originates and markets fund of funds, single-manager hedge funds and raises capital to seed new hedge funds. In 2010, Weston Capital formed a strategic alliance for investment manager identification and fund seeding with Harcourt AG, a $4.5 billion alternative investments manager that is majority owned by Vontobel Group, the $70 billion Swiss banking group, is a leading global advisor of alternative investments for institutional investors.
Under the Harcourt strategic alliance, Weston Capital and Harcourt will seed and develop new hedge fund businesses via Weston Capital’s incubation platform. The alliance combines Weston’s extensive experience in early stage hedge fund investing and marketing with Harcourt’s proven investment expertise in global manager selection, due diligence and risk management.
Weston Capital founder Albert Hallac continues as CEO of Weston Capital, directing its day-to-day operations and business strategy. In addition, Fund.com Chairman Joseph J. Bianco will become Chairman of Weston Capital. Weston Capital also has offices in London and New York City.
Since January 2004, Weston Capital’s hedge fund seeding platform (via the Weston-Atlas Partners Fund and the Weston Capital Partners Fund II) has provided sponsor capital for 13 emerging hedge fund managers. Weston intends to raise $250 million for its third incubation fund, Partners III, which will seed both hedge funds and actively managed ETFs, with Harcourt providing investment infrastructure and risk management.
30 Mar 2010
Vegas Hedge Fund Sued For $8.2 Million
HedgeCo News - Ethan Conrad, Frank Sim and Harrold Pressly, are being accused of running a bogus hedge fund, the Black Card Group. The allegations, according to Courthouse News Services, claim a family was cheated out of $8 million which the 'hedge fund managers' then spent on luxury vehicles and resort property.
Ex IBM SVP Pleads Guilty To Hedge Fund Insider Trading
Hedgeco News - Robert Moffat, Jr., a former senior executive at International Business Machines Corp. (IBM), pleaded guilty in the Manhattan federal court to conspiracy and securities fraud stemming from his involvement in the largest US hedge fund insider trading case in history. Hedge fund founder Raj Rajaratnam v. SEC.
"Moffat's guilty plea marks the 11th conviction in this ongoing insider trading investigation." U.S. Attorney Preet Bharara said Together with our partners at the FBI and the SEC, we will continue to protect the integrity of our markets by prosecuting illegal tipping by corporate professionals."
From August to October 2008, Moffat got insider information relating to IBM, Advanced Micro Devices, Inc. (AMD) and Lenovo Group Ltd. (Lenovo), according to information and statements made during the guilty plea proceedings.
Moffat confessed to providing the indider information to to Danielle Chiesi, Rajaratnam's co-defendant. She worked for New Castle Partners, an equity hedge fund group affiliated with JPMorgan Chase & Co.
The court documents reveal that in September 2008, Moffat provided Chiesi with information relating to IBM's and Lenovo's performance in the companies' respective fiscal quarters ending in September 2008.
The conspiracy count carries a maximum sentence of five years in prison and a maximum fine of the greater of $250,000 or twice the gross gain or loss from the offense. The securities fraud count carries a maximum sentence of 20 years in prison and a fine of $5 million.
Moffat is scheduled to be sentenced on July 26, 2010, by Judge Buchwald.
29 Mar 2010
Australia Hedge Fund Roundtable Highlight Super Funds, Mezzanine, Retail
HedgeCo News - Opalesque launched the 28th issue in a series of regional roundtable forums, the “Opalesque 2010 Australia Roundtable”. With Matthias Knab, founder of Opalesque and internationally recognized expert on hedge funds and alternatives, moderating, the Opalesque Roundtable discussed the growth of the Aussie pension fund industry.
Leading Australian hedge funds discussed what opportunities they see for their funds and strategies going forward. Superannuation Funds explained how they select their hedge funds, and what at the moment excites seeders who work exclusively with Australian funds.
With A$1.2 trillion (US$1,1 trillion), it is now the world's fifth largest investment industry. 9% of every person’s salary in Australia getting invested into a registered superannuation (pension) fund, the country has created one of the fastest growing asset pools worldwide.
Australia has very mature wholesale and retail markets, which both offer unique opportunities for local and global hedge funds, th paper informs.
However, "Be aware of the rules and set-up of those markets." Opalesque warned "Beyond wholesale and retail, the Roundtable also explains how to access a third rapidly growing asset pool, the so-called mezzanine market which is managed by the local dealer groups."
One of the most stunning aspects of the Australian pension fund industry has been the ascent of the Self-Managed Super Funds, where the individual is managing his pension assets himself as a self-directed investor. At the smaller end, a Self-Managed Super Funds may have only $250,000 in assets, through to many millions at the high end. Within just five years, over one third of all superannuation assets have been moved into the 400,000 self-managed super funds.
The domestic Australian hedge fund industry has traditionally been a strong performer and was also able to protect the downside in the crisis of 2008, where the average Australian hedge fund lost 17.74% against the ASX which fell over 40%, the report explains.
At the same time, the global industry fell somewhere between 17% and 21%. In addition, 25% of the 200 plus managers in the Australian Fund Monitors database produced positive returns, and over 90% of them outperformed the ASX200.
The following experts participated:
Bruce Tomlinson, Portfolio Manager, Sunsuper Superannuation Fund
Adrian Redlich, Chief Investment Officer, Merricks Capital
Chris Gosselin, Founder, Australian Fund Monitors
Dominic McCormick, Chief Investment Officer, Select Asset Management
John Corr, Founder, Fortitude Capital
Larry Simon, Co-Founder, Lazorne Group
Nelson Lam, Head of Investments, Ascalon Capital Managers
The 2010 Opalesque Australia Roundtable was sponsored by Australian Fund Monitors and the Opalesque 2010 Roundtable Series sponsors Custom House Group and Taussig Capital.
Leading Australian hedge funds discussed what opportunities they see for their funds and strategies going forward. Superannuation Funds explained how they select their hedge funds, and what at the moment excites seeders who work exclusively with Australian funds.
With A$1.2 trillion (US$1,1 trillion), it is now the world's fifth largest investment industry. 9% of every person’s salary in Australia getting invested into a registered superannuation (pension) fund, the country has created one of the fastest growing asset pools worldwide.
Australia has very mature wholesale and retail markets, which both offer unique opportunities for local and global hedge funds, th paper informs.
However, "Be aware of the rules and set-up of those markets." Opalesque warned "Beyond wholesale and retail, the Roundtable also explains how to access a third rapidly growing asset pool, the so-called mezzanine market which is managed by the local dealer groups."
One of the most stunning aspects of the Australian pension fund industry has been the ascent of the Self-Managed Super Funds, where the individual is managing his pension assets himself as a self-directed investor. At the smaller end, a Self-Managed Super Funds may have only $250,000 in assets, through to many millions at the high end. Within just five years, over one third of all superannuation assets have been moved into the 400,000 self-managed super funds.
The domestic Australian hedge fund industry has traditionally been a strong performer and was also able to protect the downside in the crisis of 2008, where the average Australian hedge fund lost 17.74% against the ASX which fell over 40%, the report explains.
At the same time, the global industry fell somewhere between 17% and 21%. In addition, 25% of the 200 plus managers in the Australian Fund Monitors database produced positive returns, and over 90% of them outperformed the ASX200.
The following experts participated:
Bruce Tomlinson, Portfolio Manager, Sunsuper Superannuation Fund
Adrian Redlich, Chief Investment Officer, Merricks Capital
Chris Gosselin, Founder, Australian Fund Monitors
Dominic McCormick, Chief Investment Officer, Select Asset Management
John Corr, Founder, Fortitude Capital
Larry Simon, Co-Founder, Lazorne Group
Nelson Lam, Head of Investments, Ascalon Capital Managers
The 2010 Opalesque Australia Roundtable was sponsored by Australian Fund Monitors and the Opalesque 2010 Roundtable Series sponsors Custom House Group and Taussig Capital.
26 Mar 2010
Novum Statement on FSA Insider Trading and Hedge Fund Fraud Case
HedgeCo News - The Financial Services Authority (FSA) visited the offices of independent UK securities stockbroker, Novum Securities, on the 23 March in relation to an investigation into a single member of staff, who has been with the firm since July 2009.
Novum Securities said that they have, "been cooperating fully with the investigation and will continue to do so."
In what is being called the largest insider trading crackdown in Britain’s history, an operation was carried out this week by 143 FSA personnel together with officers from the Serious Organised Crime Agency (SOCA).
A junior trader for Moore Capital was arrested at the hedge fund's office in Mayfair and an employee in Deutsche Bank’s office was also taken for questioning. All together, 6 mix men were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement.
Novum Securities said that they have, "been cooperating fully with the investigation and will continue to do so."
In what is being called the largest insider trading crackdown in Britain’s history, an operation was carried out this week by 143 FSA personnel together with officers from the Serious Organised Crime Agency (SOCA).
A junior trader for Moore Capital was arrested at the hedge fund's office in Mayfair and an employee in Deutsche Bank’s office was also taken for questioning. All together, 6 mix men were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement.
J.P. Morgan Funds Wins Five 2010 Lipper Awards
HedgeCo News - J.P. Morgan Funds, the mutual fund arm of J.P. Morgan Asset Management has been recognized by Lipper as a best performer in five categories.
5 Year Performance
JP Morgan Core Bond Fund, Select ranked 1st out of 57 funds in the U.S. Government Funds category. With $14.7 billion in assets, this fund is managed by Douglas Swanson.
JP Morgan Research Market Neutral Fund, Institutional ranked 1st out of 23 funds in the Equity Market Neutral category. With $818 million in assets, this fund is managed by Terance Chen.
3 Year Performance
JP Morgan Core Bond Fund, Ultra ranked 1st out of 63 funds in the Intermediate U.S. Government Funds. With $14.7 billion in assets, this fund is managed by Douglas Swanson.
JP Morgan SmartRetirement 2020 Fund, Institutional ranked 1st out of 109 funds in the Mixed-Asset Target 2020 Funds category. With $405 million in assets, this fund is managed by the J.P. Morgan Global Multi-Assets Group, with Anne Lester as senior portfolio manager.
JP Morgan SmartRetirement 2030 Fund, Institutional ranked 1st out of 106 funds in the Mixed-Asset Target 2030 category. With $358 million in assets, this fund is managed by the J.P. Morgan Global Multi-Assets Group, with Anne Lester as senior portfolio manager.
"These awards clearly demonstrate the strength of our investment capabilities across all asset classes during a very challenging market cycle and over the long-term," said George Gatch, President and CEO of J.P. Morgan Funds.
Cayman Islands on Transparency
The Cayman Islands is concluding a further 16 tax information exchange agreements (TIEAs) with several G-20 jurisdictions of economic significance to the country, in addition to the 14 TIEAs already in place.
The Cayman Islands has also advanced its work with the Organisation for Economic Development and Cooperation (OECD) Global Forum Steering Group, particularly in reference to the recently announced peer review evaluation programme (link to OECD statement).
“The results of our negotiation programme along with the Negotiating Team’s deep involvement in helping shape international standards in tax transparency through active participation in key initiatives is commendable and has been recognised by the OECD and the global community,” said the Premier, the Honourable W. McKeeva Bush, OBE JP. “We look forward to continuing this engagement and doing our part in demonstrating the effectiveness of our transparency regimes and our expertise as a jurisdiction.”
A breakdown of the identified 16 pending TIEAs is as follows:
- An agreement with Australia will be signed in Washington, D.C. on 30 March.
- Agreements have been reached with 6 countries: Aruba, Canada, Germany, Italy, Mexico and South Africa. These agreements, which have been finalised from the Cayman Islands, are with the signatory countries for their authorisation process and confirmation of a signing date.
- Negotiations are in various stages with 9 additional OECD/G-20 countries.
For the Steering Group, the Cayman Islands delegation was able to provide input, guidance and direction on the methodology and terms of reference for the peer review programme. The Cayman Islands will also be an assessor for the peer review programme and a representative from the Ministry of Finance recently participated in the assessor training, as organised by the OECD.
In addition to having input on OECD’s peer review process, the Cayman Islands has been identified in the first cohort of countries to undergo a peer review evaluation. The Financial Services Secretariat, Ministry of Finance, is leading the first phase of this process with supervisory oversight by the Negotiating Team.
This phase of the peer review involves providing comprehensive information on the implementation of Cayman’s tax transparency regimes to OECD assessors, including relevant laws, regulations and guidance notes.
The Cayman Islands is on the Organisation for Economic Cooperation and Development (OECD) ‘white list’ of jurisdictions that substantially implement international tax standards and has 14 bilateral arrangements with the following countries for the provision of tax information: Denmark, Faroe Islands, Finland, France, Greenland, Iceland, Ireland, the Netherlands, Netherlands Antilles, New Zealand, Norway, Sweden, the United States and the United Kingdom.
25 Mar 2010
Morgan Stanley Loses 6 Senior Traders To Hedge Funds
HedgeCo News - Marcin Wiszniewski, a 14 year veteran of Morgan Stanley has quit his job to join the $18.3 billion hedge fund, BlueCrest Capital Management, the Wall Street Journal Reports.
Wiszniewski joins the London hedge fund May 10, as a portfolio manager for the hedge fund’s $500 million BlueCrest Emerging Markets Fund.
Wiszniewski was co-head of European foreign exchange and emerging markets at Morgan Stanley, previous co-heads who have left Morgan Stanley include Bart Turtelboom and Karim Abdel-Motall who were hired by London hedge fund firm GLG Partners.
Wiszniewski is the fourth Morgan Stanley senior trader to leave this year, the newspaper reported. Eric Cole is moving to hedge fund Appaloosa Management. Ahsim Khan is set to join Europe’s largest hedge fund firm, Brevan Howard. Geoffroy Houlot has already left in January to join the $30 billion hedge fund, the Wall Street Journal said.
BlueCrest Capital Management LLP is founded by Michael Platt and William Reeves, both former Managing Directors and senior proprietary traders at JP Morgan, who left to establish BlueCrest in 2000. The Hedge fund is 25% owned by Man Group Holdings.
Wiszniewski joins the London hedge fund May 10, as a portfolio manager for the hedge fund’s $500 million BlueCrest Emerging Markets Fund.
Wiszniewski was co-head of European foreign exchange and emerging markets at Morgan Stanley, previous co-heads who have left Morgan Stanley include Bart Turtelboom and Karim Abdel-Motall who were hired by London hedge fund firm GLG Partners.
Wiszniewski is the fourth Morgan Stanley senior trader to leave this year, the newspaper reported. Eric Cole is moving to hedge fund Appaloosa Management. Ahsim Khan is set to join Europe’s largest hedge fund firm, Brevan Howard. Geoffroy Houlot has already left in January to join the $30 billion hedge fund, the Wall Street Journal said.
BlueCrest Capital Management LLP is founded by Michael Platt and William Reeves, both former Managing Directors and senior proprietary traders at JP Morgan, who left to establish BlueCrest in 2000. The Hedge fund is 25% owned by Man Group Holdings.
Hedge Fund Founder Sued in Atlanta
HedgeCo News - Robert L. Duncan, an Atlanta hedge fund manager is being accused of misleading investors. His fund, Seaside Partners Fund LP. is being sued by an Atlanta trust and two investment managers, the Piedmont Family Office Fund LP and West Mountain Partners LP., according to a report by the Wall Street Journal.
Duncan will appear on Friday in Fulton County Superior Court in Atlanta. His clients allege that Duncan had been faking his performance numbers and forging statements since 2006. The clients claim that Duncan confessed his fraud to them in a private meeting.
The Wall Street Journal spoke to the hedge fund manager by phone and Duncan is reported to have said he was trying to work out how to return his clients' money. "I want everyone to have their money back," said Duncan, without answering further questions.
Seaside Partners Fund has approximately $20 million in assets under management and the alleged fraud is considered to reach $4.5 million.
Duncan will appear on Friday in Fulton County Superior Court in Atlanta. His clients allege that Duncan had been faking his performance numbers and forging statements since 2006. The clients claim that Duncan confessed his fraud to them in a private meeting.
The Wall Street Journal spoke to the hedge fund manager by phone and Duncan is reported to have said he was trying to work out how to return his clients' money. "I want everyone to have their money back," said Duncan, without answering further questions.
Seaside Partners Fund has approximately $20 million in assets under management and the alleged fraud is considered to reach $4.5 million.
24 Mar 2010
London Hedge Fund Raid Update
HedgeCo News - London $14 billion hedge fund, Moore Capital Management was raided yesterday in the crackdown on insider trading, the New York Times reported.
In their first joint operation the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA) searched 16 addresses in London, seizing documents and computers from both residential and business premises.
A junior trader for Moore Capital was arrested at the hedge fund's office in Mayfair and an employee in Deutsche Bank’s office was also taken for questioning the newspaper reported.
All together, 6 mix men were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement.
The FSA alleges that the city professionals passed inside information to traders (either directly or via middlemen) who traded based on this information and have made significant profits as a result.
In what is being called the largest crackdown in Britain’s history, the operation was carried out by 143 FSA personnel together with officers from SOCA as part of a joint investigation started in late 2007.
Moore Capital said the investigation did not involve any of its own funds and that it was cooperating with authorities.
In their first joint operation the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA) searched 16 addresses in London, seizing documents and computers from both residential and business premises.
A junior trader for Moore Capital was arrested at the hedge fund's office in Mayfair and an employee in Deutsche Bank’s office was also taken for questioning the newspaper reported.
All together, 6 mix men were arrested on suspicion of being involved in a sophisticated and long-running insider dealing ring, the FSA said in a statement.
The FSA alleges that the city professionals passed inside information to traders (either directly or via middlemen) who traded based on this information and have made significant profits as a result.
In what is being called the largest crackdown in Britain’s history, the operation was carried out by 143 FSA personnel together with officers from SOCA as part of a joint investigation started in late 2007.
Moore Capital said the investigation did not involve any of its own funds and that it was cooperating with authorities.
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