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eGov monitor - The international financial crisis has left the world as a whole facing exceptional challenges. The breakthrough in the efforts to bring about closer international cooperation and a reform of international financial institutions achieved at the G-20 meeting in Washington on 15 November owes much the coordinated approach developed in the European Union.

If we can now see a chance of resolving the crisis, it is because the European Union has shown the determination needed to take a pioneering role at world level.

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Tags: 163, 1990s, infrastructure, NY, richard-s-fuld

Globe and Mail - Black clouds have been building over the hedge fund industry for much of the year, and a storm could break in coming weeks as investors receive their second set of lousy monthly results from funds that are meant to do well in good markets and bad.

A series of challenges, some unrelated to the hedge funds’ investment strategies, have combined to create lower returns and investor redemptions.

Industry experts expect some funds will be forced to close down as clients walk away.

The single biggest problem is performance. The most recent update of Scotia Capital Inc.’s hedge fund index shows the average fund was down 8.6 per cent in July, compared to a 1.74-per-cent decline in the S&P/TSX equity benchmark. Since its inception in 2005, the Scotia Capital hedge fund index averaged a 13.9-per-cent annual gain.

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Tags: accountant, extensive-network, first-avenue, gyrations, inception, infrastructure, mantra, market-funds, medallion, month-of-january, newcastle, NY, oil-tycoon, party-vendors, rjr-nabisco, stock-trader, tremont-hedge-fund-index

Wealth Bulletin- US hedge funds keen to support their European client bases are looking at expansion into London. Institutional Credit Partners Capital and Silver Creek have made the move.

Despite predictions that the UK’s non-domiciled tax regime would lead to hedge funds migrating to other European destinations, London remains the hedge fund centre of Europe, handling some 75% of Europe’s $300bn hedge fund assets.

Setting up in the UK poses challenges for unwary US firms – and those coming unprepared may be in for a rude awakening. US hedge funds are generally accustomed to an “employment at will” legal system – hiring and compensating employees without formal written agreements and firing them without any reason (bar discriminatory ones) or any form of prior disciplinary action or dismissal procedure. This is not the case in the UK.

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Tags: 1-million, chief-executive, finance, infrastructure, michael-klein, nara, real-gdp, survey-respondents