Each business day HedgeCo.Net keeps you informed with the top hedge fund industry news, opinion and insight from around the globe. From the latest hedge fund launches, to the impact of regulation, competition, and investor activism - we track the topics and people that make a difference to you.
West Palm Beach (HedgeCo.net) – Millennium Management LLC, a global multi-strategy investment management firm with over $11 billion in assets under management, has outsourced fund administration to hedge fund manager GlobeOp Financial Services.
GlobeOp became administrator of record for all three Millennium funds on January 1, 2009 (Millennium USA, LP, Millennium International, Ltd., and Millennium Global Estate, LP).
“We are sending a strong signal about our commitment to transparency and the independent validation of Millennium’s portfolio positions, asset pricing and expense allocation by appointing GlobeOp as an independent administrator, and by increasing our online investor portfolio reporting,” said Terry Feeney, co-president and chief operating officer of Millennium. “This is also consistent with our strategy of enabling our fund investment professionals to concentrate their energies on what they do best – managing portfolios – supported by the trading, operational, technology and risk management infrastructure which is essential in this industry. The quality of the services GlobeOp has provided since 2006 was key to our appointing them as our independent administrator.”
“We welcome this opportunity to strengthen our relationship with Millennium by providing independent fund administration services,” said Vernon Barback, GlobeOp president and chief operating officer. “We will quickly demonstrate to Millennium’s investors the value of our robust and scalable technology platform, 24/5 global support network, and process controls affirmed by SAS 70 Type ll certification.
Established in 2000, GlobeOp serves more than 180 clients worldwide, representing $95billion in assets under administration. As an independent financial technology specialist, GlobeOp provides automated, integrated middle and back-office administration to hedge funds and asset management firms—including banks, insurance companies, mutual & pension funds and proprietary traders.
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HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds!
Reuters India – Goldman Sachs said it has regulatory approval to launch mutual funds in India, Asia’s third-largest economy, joining the likes of AIG, JPMorgan and South Korea’s Mirae Asset who have started operations in the past 18 months.
Adam Broder will be the chief executive of Goldman Sachs Asset Management Company (India) and Prashant Khemka will be chief investment officer, the firm said in a statement on Monday.
"India is one of the most important countries to our Asian business and we have a long-term strategic commitment to this market," Broder said.
India’s 35 member funds industry managed about 5.4 trillion rupees at the end of July, data from the Association of Mutual Funds in India showed.
While the industry has been hit by a fall of about 30 percent in the Indian stock market this year, Boston Consulting Group has forecast assets could more than quadruple by 2015.
Reuters – JPMorgan plans to invest more than $1 billion in Asian real estate over the next three years, hoping to fill a gap as Indian and Chinese developers crave funds and rival investors recoil from property markets.
The investment bank, which has fared better than some Wall Street rivals because of smaller exposure to U.S. subprime mortgage investments, is using its special opportunities group to finance Asian property firms and their projects.
"It’s a fantastic opportunity for us at a time when a lot of our competitors are scaling down because of difficulties accessing their balance sheet," the group’s Asia real estate head, Bryan Southergill, told Reuters in an interview.
New York (HedgeCo.Net) – Eight people were arrested yesterday in London on suspicions of insider trading.
The city of London police and about 40 Financial Services Authority officials targeted workers at UBS and JPMorgan Cazenove, in what they are calling “a major ongoing investigation into insider dealing rings.”
It is believed that the suspected individuals shared price-sensitive information contained at the bank’s printing facilities that had not yet been made available to the public.
Ironically, Malcolm Calvert was indicted last week, also from Cazenove who allegedly used inside info to purchase huge stakes in companies that were rumored to be potential targets for takeovers from 2003-2005. It is unknown as to whether or not the two instances are related.
Names have not been released, but the FSA did confirm to the Financial Times that one of the men arrested was a junior member of UBS’s support staff in London. He is currently suspended while the investigation unfolds.
As for the others, the FSA has only confirmed that they are men between the ages of 27 and 48. No word yet on how much money the individuals are thought to have gained through the insider deals.
This marks the third insider trading case filed by the FSA this year. The City of London police were asked to get involved, as the FSA does not have the authority to arrest.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
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New York (HedgeCo.Net) – In an effort to stabilize U.S financial markets and prevent further turmoil in the economy, Federal Reserve Chairman Ben Bernanke suggested expanding its control and authority over our country’s financial firms.
Bernanke spoke at a Federal Deposit Insurance Corp. conference regarding the improvement of mortgage lending yesterday, where he explained they were “currently monitoring developments in financial markets closely and considering several options, including extending the duration of our facilities for primary dealers beyond year-end, should the current unusual and exigent circumstances continue to prevail in dealer funding markets."
Citing strains on short term funding markets, Bernanke said that the Federal Reserve will continue to improve the clearing and settling of default swaps and other derivatives. The economy took a blow last summer when borrowers started defaulted on subprime mortgages, causing the values of many securities to plummet in value.
“We aim not only to make the financial system better able to withstand future shocks, but also — by reducing the range of circumstances in which systemic stability concerns might prompt government intervention — to mitigate moral hazard and the problem of ‘too big to fail’," he explained.
Too big to fail of course referring to the Bear Stearns collapse and the subsequent rescue by JPMorgan that was backed by the Fed and $30 billion. Bernanke added that they may extend its emergency credit facility program into 2009, which provides financing to large investment banks and other financial institutions.
Amidst much criticism, Bernanke defended his stance on the Bear rescue in March when he explained how a default by Bear could’ve been “severe and extremely difficult to contain,” alluding to a domino effort.
Touching on the topic of mortgage lending, Bernanke says the Fed plans to launch a crucial rule on mortgage lending that will apply to all lenders. It will be voted on at the Fed’s board meeting on Monday.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
HedgeCo.Net is a premier hedge fund database and community for qualified and accredited investors only. Membership on www.hedgeco.net is FREE and EASY. We also offer FREE LISTINGS for Hedge Funds! Be sure to check out our sister sites. For more information, visit www.hedgeconetworks.com
