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Wall Street Journal – Hedge fund subscriptions have returned to pre-financial crisis levels and redemptions slowed markedly in August, GlobeOp Financial Services SA, a hedge fund administrator, said Thursday.
The company, which runs middle- and back-office functions for 180 hedge fund firms and other asset managers, including keeping track of money coming in and out of funds, said client subscriptions were more than $2 billion in July and nearly that much in August, marking the first month since September 2008 to exceed that level.
Redemptions of client funds are only $700 million so far in August, sharply down from $6.4 billion in July, and GlobeOp’s schedule of forward redemptions shows “a substantial reduction compared to 2008 and early 2009 levels.”
West Palm Beach (HedgeCo.net) – SEC Chairman Mary Schapiro, speaking at the IOSCO 2009 Conference, said today that in light of the current economic crisis and in an attempt to restore confidence to investors, the US is currently examining how to best shape the future role that regulators as well as credit rating firms will play in the securities market.
“We need to constantly keep pace with the financial products and with the risks of how the products are packaged and sold,” she said. “Now is the time for securities regulators to prove ourselves and the capital markets around the world can flourish if we succeed.”
In her remarks, Schapiro listed the principles that should guide the decisions made by worldwide securities regulators, including protection of investors, ensuring that markets are always fair, efficient and transparent and protection of systemic risk. She also noted that corporations must address the issue of executive pay and said that the elimination of excessive compensation to executives will ultimately lead to long-term corporate health.
Schapiro’s remarks came as part of a panel discussion focused on improving the role of securities regulators in a changing global financial system. The panel was moderated by Mr. Hans Hoogervorst, Chairman, Authority for the Financial Markets, Netherlands and included Mr. Janichi Maruyama, Deputy Commissioner for International Affairs, Financial Services Agency , Japan; Prof. John C. Coffee, Adolf A. Berle Professor of Law, Columbia University Law School and Mr. William J. Brodsky, Chairman, World Federation of Exchanges; Chairman and CEO, Chicago Board Options Exchange.
The conference was hosted in Tel Aviv by the Israel Securities Authority (ISA) and the Tel Aviv Stock Exchange (TASE).
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New York (HedgeCo.Net) – The glitz and glamour that is usually indigenous to one of the world’s most prestigious car shows will be somewhat absent this year, as the U.S. auto makers instead will focus on what’s to come at the annual Detroit Auto Show.
Chrysler, who was granted a $4 billion bailout by Uncle Sam, announced they would unveil 24 new models over the next four years while denying rumors of a sale.
“No one should read what we’re doing as if we are trying to position the company for sale,” said Chrysler CEO Robert Nardelli. “Hibernation would be the furthest thing from the truth.”
Private equity firm Cerberus Capital Management purchased over 80 percent of Chrysler from Daimler AG in August 2007, although Daimler has said that their demands had surpassed their original $7.2 billion investment.
Consumers should expect three or four brand new or revamped models in 2009. All 30 of Chrysler’s plants have halted production until at least January 19th, so dealers can get rid of current inventory first.
The Detroit Auto Show, formally called the 2009 North American International Auto Show, will see a plethora of new models and ideas. All in all, there will be 57 new car debuts, with 14 coming from North America.
GM is no exception. After almost sinking in the wake of its troubles, GM will be forced to come up with new concepts and ideas that lean more towards fuel efficiency. Such as the Cadillac Converi concept car, introduced this past weekend, which would run for about 40 miles on just electric power before needing a charge or switching over to its gas-assist engine.
The Detroit Auto Show runs from January 17 – January 25.
Julie Scuderi Senior Editor for HedgeCo.Net Email: julie@hedgeco.net
