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.
Bloomberg – Credit Suisse Group AG, which sold its Japanese asset management unit in June, will offer alternative investments including private-equity funds to attract the nation’s $800 billion in pension money.
Tokyo-based Credit Suisse Securities (Japan) Ltd., the Japanese brokerage unit of Switzerland’s second-largest bank, won approval on Oct. 2 from Japan’s Financial Services Agency to act as an investment management firm, according to Akira Takahashi, the head of the brokerage’s asset management group. The unit in August hired BlackRock Inc.’s Shinichiro Sato to head a six-member investment team, Takahashi said.
HedgeCo.net (West Palm Beach) – Cinneas Foreign Exchange LLC, an alternative investment management firm specializing in momentum based trading in the foreign exchange market, have announced the launch of a Commodity Trading Advisor (CTA).
The Cinneas investment process combines technical, fundamental and intraday market flow analysis with the careful application of leverage for the purpose of delivering non-correlated returns, preserving capital and mitigating risk. Cinneas offers a low barrier to entry with a minimum investment of $5,000 with no lock-up period.
Cinneas was founded by Morgan Stanley veterans Michael Myrtetus and Douglas Borthwick. Myrtetus and Borthwick met in 1996 when Douglas joined Morgan Stanley’s foreign exchange trading team. At that time Morgan Stanley’s FX business had revenues approximating $200 million. Over the 9 years they worked together, the business grew to approximately $1 billion.
"We believe that an actively managed, globally diverse portfolio can adapt and grow with the changing markets," said Douglas Borthwick, Managing Partner. "Our approach draws upon global economic, fundamental, and technical analysis to identify momentum trading opportunities, with the ultimate goal of producing non-correlated risk-adjusted returns."
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Forbes – Gottex Fund Management Holdings Ltd has bought a controlling interest in SJC Capital Partners, a U.S.-based investment management firm.
The fund of hedge funds provider said SJC founder and Chief Investment Officer Stephen Czech and his team would join Gottex’s New York operations with immediate effect.
CNNMoney.com – In what looks like a sign of the hard times in the hedge fund world, AQR Capital Management – one of the industry’s biggest names – is opening its doors to the retail market.
In January, the investment management firm launched its Diversified Arbitrage Fund, its first mutual fund. Its Class I shares are up just 0.15% through the end of February, but that doesn’t look so bad compared with the S&P 500, which dropped 12.5% during the same period.
AQR says it wants to give average investors access to strategies that were once only available to hedge fund clients. While the fund may not be designed as a main holding, David Kabiller, co-founder of AQR with Cliff Asness, John Liew and Robert Krail says it can help individual investors balance out their portfolios.
GEORGETOWN, GRAND CAYMAN – January 26, 2009 – Caledonian Global Fund Services, a provider of specialized administration services to the alternative investment industry, today announces the completion of its SAS 70 Type I certification. SAS 70, or Statement on Auditing Standard, is an internationally recognized auditing standard developed and maintained by the American Institute of Certified Public Accountants (AICPA) and is awarded to service organizations that have implemented stringent internal controls. High quality operations and internal control effectiveness are of paramount importance across all industries, especially those that deal with financial transactions and critical data. The SAS 70 Type I audit was performed by leading independent auditor Grant Thornton, LLP.
Managing director of Caledonian Fund Services located in the Isle of Man, Gordon Wilson, said obtaining this certification represents the culmination of a rigorous process involving a far reaching review of all processes and procedures. “Our control environment has successfully withstood this review with no exceptions noted, an outcome of which we are particularly proud,” he added.
“In light of the current state of the financial services sector, we have taken special care to embed extensive internal controls throughout our organization” said David Walker, Managing Director. He added, “our existing clients, together with potential new clients, can see that we have committed to the highest of industry standards, and that we are a robust, effective and trustworthy partner.”
The Group’s consultant who assisted with the SAS 70 certification was Boris Onefater, President and Chief Executive Officer of the Constellation Investment Consulting Corporation. Over the course of his career, Mr. Onefater performed various executive roles for a $19 billion investment management firm, and served as a Partner of a “Big” 4 Professional Services Firm in New York. He was also the Chairman of the Board of a proprietary mutual fund family. Constellation is one of the best known names in the field of strategy, infrastructure and risk management consulting to the investment industry.
Earlier this month, the financial website Fund Domiciles.com named Douglas-based Caledonian Fund Services (Europe) Ltd. as the Best Fund Administrator in the Isle of Man.
ABOUT CALEDONIAN
Caledonian Global Fund Services (www.caledonianfs.com) administers over $13 billion in assets and offers a fully outsourced and highly automated front to back office solution for hedge fund managers. Our services include back office accounting, mark to market pricing, cash and position reconciliation, management and incentive fee calculations, income and expense accruals, web based investor reporting, anti-money laundering compliance, and US tax reporting.
Caledonian Global Fund Services is part of the Caledonian Group which was founded in 1970. The firm has principal offices in Chicago, the Cayman Islands, and the Isle of Man, a marketing office in New York, and an institutional quality operations center in Orlando, Fl.
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.
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!
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!
West Palm Beach (HedgeCo.Net) – Cayman Island based hedge fund manager Rival Capital Management Inc., announced the launch of the Rival North American RRSP Growth Fund, an RRSP eligible fund that will invest in the current Rival North American Growth Fund LP.
The new fund plans to buy units in the current fund instead of holding individual securities, the fund enables accredited investors who wish to make RRSP investments to gain access to the Firm’s flagship Fund through their RRSP.
Investing primarily from both a long and short perspective in small and midcap growth stocks listed in Canada and the US, the fund’s investment process is centered around a top-down disciplined technical and fundamental approach. The fund employs a rigorous proprietary screening process to identify stocks exhibiting certain technical and fundamental characteristics that Rival considers key to identifying long term performance.
Tony Warzel, Chief Investment Officer and head of the Rival investment team is primarily responsible for stock selection as well as overall portfolio management of the Rival North American Growth Fund.
With approximately $14.9 million in assets under management, Rival Capital was founded in 2006. It is a niche investment management firm that provides pooled fund portfolio management services to accredited investors.
