Reuters – The value of Japanese retail-targeted mutual funds rose to a 10-month high of 58.8 trillion yen ($613 billion) in July, lifted by inflows into international equities funds and strength in share prices, an industry body said on Thursday.

It was the sixth straight month of increases in the value of publicly placed investment trust funds, or "toshins", as signs of a global economic recovery boost investor confidence. The value was also helped by rises in share prices, with the benchmark Nikkei share average .N225 gaining 4 percent in July.

The overall value of publicly placed investment trust funds rose by 1.7 trillion yen or 3 percent from the previous month to 58.8 trillion yen in July, the highest since September, Japan’s Investment Trusts Association said.

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Tags: economic recovery, international equities, investment trust, investment-trusts, investor-confidence, japan, mutual funds, nikkei, reuters, share prices, signs, trillion, trust-funds, yen

Citywire.co.uk – European regulation intended to introduce some controls on hedge funds will inadvertently capture almost all investment trusts.

Draft rules released by the European Commission define ‘alternative’ funds as any non-UCITS investment fund, said the Association of Investment Companies.

Among the proposals unsuited to listed funds is a requirement to allow for the redemption of all shares and the assumption that one manager will be responsible for both asset management and administration.

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Tags: asset-management, assumption, citywire, draft rules, european commission, investment-companies, investment-trusts, proposals, redemption, ucits investment fund

New York (HedgeCo.Net) – South Florida-based hedge fund Palm Beach Finance Partners LP says it lost more than $1 billion to the company run by famed fraudster Tom Petters. 

Petters headed Minnesota-based Palm Beach Finance Holdings Inc. before being charged in September with money laudering, obstruction of justice and mail and wire fraud that were used to fund his extravagant south florida lifestyle. 

Petters allegedly masterminded a scheme that bilked over $3 billion out of trusting investors by setting up fake companies in which he supposedly was invested in.  Petters has been slammed with lawsuits in recent months, forcing a judge to freeze any further lawsuits until things can be sorted out.   

According to the Palm Beach Post, five investors in Palm Beach Finance Partners have appointed New York law firm Sadis & Goldberg to probe deeper into whether the hedge fund properly managed their funds and whether or not the highly recommended due diligence was performed. 

Petters, who currently resides in a Minnesota jail far from his $9 million oceanfront mansion, insists he is innocent.  He currently has over 30 civil suits pending against him.

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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