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Last week the SEC officially changed its position, voting to adopt new rules concerning public pension funds’ pay-to-play practices. Donald A. Steinbrugge, CFA, Managing Member,
 Agecroft Partners, LLC, examines the impact of the new rules.
The new rules permit managers to pay third party marketers that are registered as investment advisers or broker-dealers. In addition, the new rule “prohibits an investment adviser from providing advisory services for compensation — either directly or through a pooled investment vehicle — for two years, if the adviser, or certain of its executives or employees, make a political contribution to an elected official in
International Assets Holding has acquired the Chicago-based Hanley Group of companies, a trading firm and market maker of exchange-traded agricultural options.
As a result of the all-cash transaction which is expected to close on 7 July, the companies of Hanley Group Capital will be combined with FCStone’s existing OTC trade desk to provide an integrated solution for the INTL/FCStone commercial customer base.
This combination brings together the relationships of INTL/FCStone global brokerage and sales network with the trading and risk management expertise of Hanley Group Capital.
Sean O’Connor, chief executive of International Assets Holding, says: "Hanley Group Capital’s unique expertise
LCH.Clearnet is set to launch clearing for the over-the-counter wholesale London gold market in a joint initiative with the London Metal Exchange.
This post-trade service, to be introduced in November 2010, will allow bilateral OTC trades to continue to be negotiated and executed as per current market practices.
Contracts to be cleared will be captured via LME’s trade capture system, LMEsmart, with matched bilateral trades submitted to LCH.Clearnet for clearing.
Market participants will be able to benefit from margin offsets with other metal contracts listed on the LME, improved collateral management, increased liquidity and lower operational costs.
Introducing clearing
Union Bancaire Privée has appointed Larry Morgenthal as chief executive of UBP Asset Management, the group’s US business.
He also assumes the role of chief investment officer of alternatives.
Morgenthal will spearhead the renewed activity in the company’s fund of hedge funds platform, following the reinforcement of its investment and risk management teams since 2009. UBP has been investing in hedge funds since 1972.
“The case for hedge funds and their alpha-generation potential is undisputed,” says Richard Wohanka, chief executive of asset management and alternative investments at UBP. “It is time to look at hedge funds in a new way:
The International Capital Market Association and the International Securities Lending Association will partner to hold joint public workshops on the Global Master Repurchase Agreement and the Global Master Securities Lending Agreement.
The two separate master agreements are the legal underpinnings for repo and securities lending markets respectively.
These two close and increasingly integrated areas of collateral management are frequently handled by the same legal teams within a bank.
ISLA decided to develop a formal education framework in 2009 to help support the training and competence requirements of its members and other market participants. Rather than develop training modules in-house, the
NYSE Euronext and Microfis plan to set up the first organised market for listing and trading of bonds based on debt from international microfinance institutions and solidarity businesses as defined by the Economic Modernisation Act (LME).
The new NYSE Euronext market segment will offer investors a range of products in an environment that is secure and transparent.
Microfis will handle origination, analysis and tracking of high-quality assets, as well as their transformation into tradable securities and their syndication.
Scheduled for launch in the last quarter of 2010, the market segment is dedicated to responsible finance.
Paris Europlace, the organisation that
Following approval by the Guernsey Financial Services Commission, Appleby is now licensed to offer fiduciary services through Appleby Trust (Guernsey).
This follows the opening of a Guernsey office in April for the provision of legal services.
Chris Ward (pictured) has been appointed as managing director of Appleby Trust (Guernsey) and will oversee the growth of the business.
Ward was previously managing director of Rothschild Trust Guernsey and has over 25 years’ experience within the offshore trust environment. He has knowledge of both listed and unlisted companies, and has overseen the management of many different businesses including the hedge fund industry,
The British Virgin Islands
The British Virgin Islands is a leading jurisdiction for the formation of alternative investment funds, having approximately 2,800 funds registered or recognised under the Securities and Investment Business Act 2010 (SIBA). SIBA replaced the Mutual Funds Act, 1996 (the MFA) in May 2010 and has been welcomed with widespread praise by the industry. SIBA has retained the familiar and well liked framework of public, professional and private funds first established by the MFA but has updated the regime to codify long standing policy and practices as well as bringing the BVI fully into line with best
