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) – Stephen Markowitz, most recently the Senior Vice President, Equity Derivative Sales for global inter-dealer broker Tullett Prebon, has joined hedge fund provider, WallachBeth Capital LLC (WBC) as a Managing Director of the firm.
“Having known and worked with Stephen for the better part of twenty-five years, and as the options markets have evolved, his decision to now play a senior role within our firm is a real coup." Michael Wallach, WBC’s co-founder and CEO, said, "His breadth of product knowledge, broking talents, and his deep, trusted relationships with institutional portfolio managers and hedge funds that are active in the option and ETF space will prove to be a great complement to the audience that we serve, and the services that we provide.”
WBC specializes in exchange-listed options and ETF’s, operating on a fully-disclosed, agency-only basis while serving the needs of institutional managers, premiere hedge funds, sell-side trading desks, and sophisticated professionals trading in the wide-spectrum of exchange-listed equity options, listed and OTC equities, ETF’s, and non-US equities. Member FINRA, SIPC, CBSX, ISE, ARCA, and New York Amex options.
“After spending the first half of my career helping to build a major derivatives broking division within a global enterprise, I’m thrilled to be joining a boutique environment and to work with a team of trading industry professionals that I’ve known and respected for many years. This is a rare opportunity for me to focus on what I do best and enjoy the most; executing orders for institutional managers that depend on objectivity and personal service in the course of their navigating the options markets and managing risk-oriented portfolios.” Stephen Markowitz said of the new postition.
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West Palm Beach (HedgeCo.net) – Ali Mudeen has joined hedge fund provider ATC Group as managing director of its Cayman Islands operations.
Mudeen will oversee and build the firm’s Private Clients and Corporate Services practices in the region, as well as work closely at a group level with ATC’s hegde fund administration practice.
Mudeen brings over 20 years of international experience to ATC, having worked in the US, South America and the Caribbean in banking, legal and trust services. He joins ATC from Caledonian Global, where he was a director and shareholder and had overall responsibility for marketing and business and strategic development.
“Ali’s industry expertise and leadership make him an invaluable addition to the ATC executive team." Robert Govaerts, ATC’s chairman, said, "His broad knowledge base and commitment to client service will significantly enhance ATC’s leadership position in the industry.”
“ATC is an impressive financial services company with a clear vision for the future, having enjoyed strong growth even in these unprecedented economic conditions,” Mudeen said. “I am delighted to join a company which has such a strong focus on client services and on its people.”
Serving international business, private clients, capital markets and alternative investment funds, ATC was established in 1893. ATC employs over 350 professionals in 17 offices across Europe, the Caribbean and the Asia Pacific region.
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West Palm Beach (HedgeCo.net) – Stock transfer agency, StarInvest Group, Inc (STIV) has completed the acquisition of a privately held hedge fund provider EXX.COM.
“This acquisition will unleash the value of STIV management, and relationships in our effort to grow revenues and increase the value of our company for its shareholders. In line with our recent acquisition of My Transfer Agent, LLC (‘MTA’), EXX will offer a recurring revenue model by servicing brokerage firms, hedge funds, trading firms, or individuals on a single platform that interlinks all current trading systems and clearing houses thus yeilding the best execution services for all of its clients.”
EXX is a specialized in providing connectivity and software solutions to small and medium sized stock brokerage, arbitrage, investment banking firms, and hedge funds in major American markets. StarInvest’s main business is customizing proprietary platforms so from one program STP is enabled across all the financial networks.
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West Palm Beach (HedgeCo.net) – Leading alternative investment firms are adopting best practices for their funds with an eye to the Sarbanes-Oxley act*, hedge fund provider, TKS Solutions said in an announcement, also launching a new system specifically designed for hedge funds.
*The act was created in 2002 as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. A new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies.
"New regulations are not the only issue funds have to deal with" says Ron Kashden, president of TKS Solutions. "With the tight capital market many investors are demanding more flexibility in their fee structure and liquidity terms. The days of complacent investors willing to lock in their capital for years at a time may be over. Funds that have always allowed for annual and even quarterly redemptions are finding that they have to offer monthly liquidity to attract new capital. While this makes sense from a business stand-point, it introduces accounting complexities that are wreaking havoc in the back office. Simple tasks, such as accruing management fees, can quickly become an arduous calculation when funds that charge quarterly allow redemptions on a monthly basis.
Adding to the complexity, TKS said, is that fund administrators are reporting new fee structures with innovative loss-recovery provisions. While this adds pressure for portfolio performance, it also provides the fund with a revenue source to live off of in bad times. Managing these intricacies necessitates accounting tools and practices that funds may not have required historically. Yesterday’s spreadsheets are giving way to sophisticated software packages specifically tailored for the back-office needs.
From an operational perspective, the hedge fund industry is finally growing up, TKS said. Their ad-hoc practices, more appropriate to a "mom and pop" shop than a sophisticated financial enterprise, are being replaced with a regulatory best practices framework and the expert systems used by their institutional counter parts.
TKS Solutions works with partners worldwide to serve its customer base of leading hedge funds, fund of funds, private equity firms, administrators and management companies, ranging from $50 million up to $20 billion under management.
Alex Akesson
Editor for HedgeCo.Net Email: alex@hedgeco.net
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West Palm Beach (HedgeCo.net) – Financial News is hosting the the Investors India Summit 2009 on the 19th and 20th May in London with Indian hedge fund provider Axience as its media partner.
The summit is aimed at delivering insight into the domestic as well as global development of India while identifying the potential hurdles and risks of doing business in the country. In this process, it intends to examine the possible impact of a global economic downturn on India as well as provide a unique meeting point and networking platform for all those doing or wishing to do business with or in India.
The conference will cover keynote discussions on varied subjects like ‘The global challenges of the 21st century’, ‘Global Indian Investments’, ‘Development of Financial Markets in India’, ‘India – Fertile ground for Private Equity’, etc. It will also discuss case studies on diverse topics like Capital markets, Infrastructure, Technology, Media, Telecommunication, Real Estate, etc.
Approximately 500 delegates including senior executives representing reputed firms from across the globe are expected to attend this summit.
Financial News has appointed Axience, an India-based business services firm, as its Media Partner for the conference. Its key clients include global investment banks, asset management, hedge fund and private equity firms, leading consultancies and governmental agencies.
"We are glad to partner with Financial News for this key industry event which promises to bring industry, regulators, agencies and financial services firms together. Though doing business in and with India has been a topic of interest since quite sometime now, yet we still lack platforms which bring various parts of industry together. Financial News Summit 2009 fills in that gap," said Hemant Jain, CEO of Axience.
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Independant – Gordon Brown will hail a new £1.5 billion drive to eradicate deaths from malaria in the developing world by 2015 at an emergency United Nations summit on world poverty and disease.
The initiative, to develop a vaccine and distribute bed nets and sprays over the coming years, is expected to save the lives of one million people who die from malaria every year.
It will be announced by the Prime Minister and Microsoft boss Bill Gates in New York, where 90 world leaders are gathering at the UN to discuss getting progress on the Millennium Development Goals back on track.
Mr Brown is also meeting Wall Street hedge fund chiefs to discuss the global financial turmoil which has sent shockwaves through the markets over the last week.
