Latest News
The International Securities Lending Association says it is disappointed in Germany’s decision to ban the naked short selling of certain assets, including the prohibition of credit default swaps on government bonds.
Isla’s chief executive Kevin McNulty says short selling is a good thing because it adds liquidity to markets, helps price discovery, and reduces spreads.
“It lends a huge hand in price formation so share prices are more reflective of their actual value and are therefore more valuable to all investors,” he says.
There is a theoretical risk with naked short selling that it can lead to large numbers
Iridium Asset Management has selected LaCrosse Global Fund Services to provide fund administration and operational support for its Iridium Alpha Fund, an Asian equity long/short strategy that invests in commodity-related sectors.
The Iridium Alpha Fund was launched in April 2010 by Jason Wang, a former manager at GLG Partners, Simon Quirke, who helped manage Lionhart Advisors Group’s Asian investments, and Sree Vallipuram, former chief operating officer of a large Asian multi strategy, long/short and macro hedge fund.
The fund intends to capitalise on the global trends of basic resources, investing mainly in Asian markets and securities pertaining to the production
Early estimates indicate the Dow Jones Credit Suisse Hedge Fund Index will experience negative performance in June, with a 0.88 per cent decrease for the month.
This brings year-to-date performance to 0.59 per cent.
Global equity markets, as represented by the MSCI World index, fell 3.56 per cent in June and 10.88 per cent in the first half of the year.
Global macro sub-index was one of the positive performers in June, with an estimated increase of 0.53 per cent in June and 4.15 per cent year-to-date. Macro managers have largely avoided market volatility due to their bearish outlooks and
The US Commodity Futures Trading Commission has filed an enforcement action charging Phillip Milton of Palm Beach Gardens, Florida, Gregory Center of McLean, Virginia, William Center of Richmond, Virgina, and their Florida-based company Trade with operating a Ponzi scheme involving approximately USD28m in connection with the Trade commodity pool.
On 22 June, the same day the CFTC complaint was filed under seal in the US District Court for the Southern District of Florida, the court entered an order, also under seal, freezing defendants’ assets and preserving books and records. Both documents were unsealed by the court on 2 July.
As
Societe Generale Securities Services (SGSS) has appointed Olivier Renault as Country Manager for Luxembourg, replacing Michel Becker.
Renault will report to SGSS Executive Management and becomes a member of the Executive Committee of Societe Generale Bank and Trust (SGBT), in charge of Securities Services1.
SGSS in Luxembourg offers its clients international custody, fund administration and fund distribution services, as well as securities lending and borrowing & independent OTC valuation services, an expertise which is increasingly sought after by asset managers in the current financial context. The firm also provides numerous advantages for French investors, enabling them to benefit
Hedge funds concluded the surprisingly volatile first half of 2010 with a decline of 0.81% for the HFRI Fund Weighted Composite Index, bringing first-half performance to a narrow decline of 0.18%.
After a quiet Q1, volatility increased significantly in Q2 with concerns about sovereign credit risk, currency policy adjustment, economic and energy market impact of the environmental disaster and concerns about slowing growth in both developed and emerging economies contributing to declines in global equity markets, a powerful late-quarter rally in US Treasury bonds and volatile directional moves in currency & commodity markets.
Equity Hedge was the weakest area
The Lyxor Hedge Fund Index was down 0.59% in June, but year-to-date performance as of June 2010 is up 0.09%.
The top performing strategies over the month were Lyxor L/S Equity Short Bias Index (+1.88%), Lyxor Distressed Securities Index (+1.49%) and Lyxor Fixed Income Arbitrage Index (1.27%).
The ‘Lyxor Hedge Indices’ are investable, asset-weighted hedge fund indices. They are based on Lyxor’s hedge fund platform that covers all the major hedge fund strategies and benefits from a high level of transparency and risk control, while ensuring weekly liquidity.
The Board of Directors of Newedge, composed of directors representing Crédit Agricole CIB and Société Générale, have appointed a new chairman, two vice chairman and CEO.
The new full-time independent chairman is Duncan Goldie-Morrison (pictured), who served as chairman of Newedge Board since May 2009 representing Crédit Agricole CIB, but has now resigned his position of senior advisor to Patrick Valroff, CEO of Crédit Agricole. His appointment ends the rotation of Newedge’s chairmanship between the two shareholders, reflecting their determination to strengthen Newedge’s governance and the role of the chairman.
Jacques Ripoll, Head of Global Investment Management and Services (GIMS)
Butterfield Fulcrum, an alternative fund administrator, has appointed Michael K. Clark as chief executive officer.
Clark has over 25 years of experience in the global securities industry, having led the growth of several global servicing firms.
Most recently he was president, institutional products group at Fidelity Investments since 2007.
Before that he was chief executive of both JPMorgan’s Worldwide Securities Services and its Trust and Clearing Services from 1997.
Clark’s appointment comes as Akshaya Bhargarva (pictured), current chief executive, leaves the company after three years at the helm of the business.
Jill Considine, chairman of Butterfield Fulcrum, says: “We are
The Blackstone Group has appointed John G. Finley as a senior managing director and chief legal officer, effective 1 September 2010.
Finley is currently a partner at the law firm of Simpson Thacher & Bartlett, where he is head of the global mergers and acquisitions group.
In becoming Blackstone’s chief legal officer, Finley will be succeeding Robert L. Friedman, who will continue at Blackstone for a period of time before retiring from the firm. Finley will serve on Blackstone’s executive committee.
Stephen A. Schwarzman, Blackstone’s chairman and chief executive, says: “John is one of the most outstanding corporate lawyers
