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West Palm Beach (HedgeCo.net) – Todd Groome, Chairman of the Alternative Investment Management Association (AIMA) said in a statement regarding the Public-Private Investment Program announced by Tim Geithner, "It shows that there is recognition among policy makers at the highest level that the hedge fund industry is part of the solution."
The Treasury’s Public−Private Investment Program aims to unclog credit markets and promote credit extensions, according to the Northern Trust Economic Research Department. The program has chalked out two initiatives – Legacy Loans Program and Legacy Securities Program. The Legacy Loans Program combines FDIC guarantee with debt financing from the private sector and Treasury to purchase troubled loans from financial institutions.
"Hedge funds can and should play a crucial role in assisting the recovery by providing counter-cyclical risk capital at times of distress like this," Groome said.
"AIMA, as the global trade body for the world’s hedge fund industry, is committed to working with policy makers internationally to help solve the current market crisis and prevent future crises from taking place," he concluded.
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West Palm Beach (HedgeCo.net) – Hedge fund broker MF Global Ltd. has appointed Michael Roseman as its new chief risk officer.
“Michael has very broad experience managing risk around the asset classes that this company brokers,” said Kevin R. Davis, chief executive officer, MF Global. “I’m delighted that he has decided to join MF Global and believe he will make a strong addition to our executive management team.”
Mr. Roseman is responsible for the overall management of MF Global’s risk department worldwide including market, credit and operational risk. He will also oversee the company’s compliance function and will report directly to the CEO.
Prior to joining MF Global, Mr. Roseman served as chief risk officer for the Americas at Newedge Group. He joined Newedge, then Fimat, USA, in 2004 prior to its merger with Calyon where he oversaw all aspects of risk related to their Americas brokerage business.
MF Global Ltd. is diversified across products, trading markets, customers and regions. Its worldwide client base of more than 138,000 active accounts ranges from financial institutions, industrial groups, hedge funds and other asset managers to professional traders and private/retail clients.
MF Global operates in 12 countries on more than 70 exchanges, providing access to the largest and fastest growing financial markets in the world. It is the leader by volume on many of these markets and on a single day averages eight million lots, more than most of the world’s largest derivatives exchanges.
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West Palm Beach (HedgeCo.net)- New York based fund manager Auda Hedge LLC has selected hedge fund manager Northern Trust to provide fund administration, custody, banking and foreign exchange services to its fund of hedge fund program, with assets in excess of US$1 billion.
In January 2008, Northern Trust announced a worldwide exclusive partnership with youDevise to provide enhanced fund of hedge fund data to the fund of hedge fund community via the Hedge Information Provider ("HIP") system.
"Funds-of-hedge-funds have become the route chosen by many institutional investors when accessing hedge funds." Wilson Leech, head of Northern Trust’s Global Fund services group said, "By fully integrating HIP onto Northern Trust’s global platform we will be able to deliver an enhanced reporting capability and reduce operational risk, enabling our clients to make decisions faster and more effectively."
The HIP is an online portfolio management system developed specifically for funds-of-hedge-funds. It considerably improves the timeliness of information that funds-of-hedge-fund managers receive from underlying hedge funds regarding hedge fund holdings, current value, performance, liquidity and hedging, as well as a detailed breakdown of assets and transactions. HIP makes it possible for funds-of-hedge-fund managers to see portfolio management data daily that, historically, was only available monthly.
Where Northern Trust’s UK entities undertake regulated business, they are authorized and regulated in the United Kingdom by the Financial Services Authority.
