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.
Caribbean Net News – Cayman Islands hedge fund Harley International Ltd withdrew $425 million from swindler Bernard Madoff in the three months before his arrest, according to a lawsuit seeking more than $1 billion from the fund.
The lawsuit on Tuesday by trustee Irving Picard, who is spearheading a global search to return money to thousands of defrauded customers, is one of several against funds that fed Wall Street’s biggest investment scheme over 20 years.
Caymen Net News – Hedge fund managers from across the world are expected to convene in the Cayman Islands for GAIM Ops, a forum that will be held 26-29 April at the Ritz Carlton Resort. GAIM Ops Cayman is the largest hedge fund operational due diligence, compliance, and risk management forum internationally. Industry professionals including Operational Due diligence, COOs, CFOs, CCOs, and general counsel for hedge funds will come to discuss issues affecting the industry.
More than 500 senior delegates are expected to attend the conference, reportedly to tackle issues such as risks that may still be prevalent in the market, and the possible positive outcomes for practioners of operational due diligence.
Hedge Week.com – For most of the past decade, the Cayman Islands have been the world’s dominant offshore alternative fund domicile. At the last count, the jurisdiction had around 10,000 funds, the vast majority of which are hedge funds of one stripe or another.
But with offshore financial services under hostile scrutiny as never before, Cayman finds itself on a ‘grey list’ of jurisdictions assessed by the Organisation for Economic Co-operation and Development as having signed up to the principles of tax transparency and exchange of information but failed, so far at least, to have adequately implemented them by signing tax information exchange agreements with OECD members.
Insurance giant Aviva could end the practice of lending shares to hedge funds in a move against short-selling.
Aviva shares were battered on the stock market earlier this month – losing 40pc of their value in two days – amid claims that short-sellers were looking to make quick profits by driving down the company’s share price.
Now Aviva directors are said to favour bringing to an end the company’s involvement in lending shares from its own investment portfolio to hedge funds.
Times Online – Alex Salmond is under renewed pressure over his links with Sir George Mathewson, the former HBOS chairman, after it emerged that Sir George’s investment group’s hedge fund is running businesses from the Cayman Islands.
John McFall, the Labour chairman of the Treasury Select Committee, questioned Mr Salmond’s continuing use of Sir George as his chief economic adviser yesterday following the revelation.
Mr McFall said: “I am highly surprised that someone who appears to be avoiding paying tax in this country is an adviser to Alex Salmond. It is not in Scotland’s interests and sends very mixed messages to both bankers and the Scottish public.”
West Palm Beach (HedgeCo.net) -Hedge fund admin provider, Variman LLC, and Hedge Funds Care are working together offering discounted monthly service fees to emerging hedge fund managers who donate the standard set-up fee to Hedge Funds Care on behalf of Variman LLC.
"Given the difficult times our industry is currently facing, Variman Fund Services is making an effort to support both the needs of the marketplace and those of abused children, we believe this initiative will be worthwhile and bring solid value to all involved." Variman said
Hedge Funds Care was established in 1998, Hedge Funds Care has distributed over $18 million through more than 500 grants. In 2009, annual benefits will take place in New York, San Francisco, Chicago, Atlanta, Boston, Denver, Toronto, London and the Cayman Islands. Variman LLC is headquartered in Short Hills, NJ, USA with offices in Dubai and India.
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!
Street.Com – Financial authorities on the Cayman Islands are promising a legislative crackdown to bolster investor confidence in the post-Madoff era. But while the Caymans — long a hedge fund haven due to tax advantages and light regulation — may push for tighter oversight, experts predict they will not lose their status as hedge funds’ offshore crown jewel.
The Caymans have been touted in recent years as the "centre of choice" for hedge funds by Walkers, a major offshore law firm, as well as other service providers for several investor-friendly reasons.
