Industry Headlines:



On November 7, 2019, the U.S. CFTC (Commodity Futures Trading Commission) announced that it was ordering proprietary trading firm, Tower Research Capital, LLC (TRC), to pay $64.7 million in restitution, disgorgement and penalties for what amounts to the "largest total monetary relief ever ordered in a spoofing case." Apparently, this is all due to activity [...]



Investors race to tech start-ups despite SoftBank stumbles  Financial Times


As we approach the completion of our initial bulge broker analysis in equities - leaving Citi, Barclays and BNP Paribas modeling among some of the remaining work to be done - today's addition to the thread is none other than the masthead for what used to be known as the "Thundering Herd": Merrill Lynch Pierce [...]










Even the most intense critics of the #MeToo movement will have to admit that it has caused a dramatic upheaval of office dynamics in American society and that many powerful men throughout American business have paid a huge price for office behavior that is now considered irredeemable. This is ...



Gregory Zuckerman’s “The Man Who Solved the Market” tells the extraordinary story of an investor (not named Warren Buffett) who made a fortune on Wall Street.




Citadel promoted veteran leader to the new positions of president and co-CIO effective Jan. 1.



This Special Report showcases some of the US hedge fund industry's top service providers, including fund administrators, regulatory and compliance specialists, law and accounting firms, as well as a host of fintechs providing a range of solutions…


Two Sigma has launched Venn, a cloud-based investment analysis software platform. Venn was introduced initially on a limited, invite-only basis, but is now available to institutional investors and wealth managers among others.


With more investors increasing allocations to private equity and other alternative asset classes, largely at the expense of traditional hedge fund offerings, alternative fund managers are examining their strategic priorities and focusing on how to develop products and prepare their business for a rapidly evolving future.


The Investment Management Due Diligence Association (IMDDA), an investor-based organisation dedicated to the professionals who perform investment and operational due diligence, has appointed Kelly DePonte, Managing Director at Probitas Partners, to its Advisory Board.


EDBI,a global Asian-based Investor, is now a Pico investor and strategic partner. Pico provides transparent, low-latency financial markets solutions.





Align: Best Cyber-Security Services Provider –In the fast-paced world of technology, efficiency and speed are highly valued. Align, a technology infrastructure solutions & managed IT services firm, prides itself on offering clients the innovation that occurs in the public cloud at a faster rate than any of its competitors. This, in turn, allows its clients access to the full benefits of these developments.


Peaks Strategies: Best Public Relations Firm -Technology is playing a greater role in all aspects of the asset management value chain and communications agency Peaks Strategies is focused on introducing new, analytical technologies to help clients better understand the impact and the effectiveness of PR.


Agecroft Partners: Best Third Party Marketing Firm –In order to attract high quality hedge funds and help grow their assets, a hedge fund consulting and marketing firm needs to nurture its reputation for having strong investment knowledge, being ethical and highly selective in terms of the hedge funds it chooses to represent. Agecroft Partners is a consulting and third party marketing firm whose objective is to be viewed in the marketplace as a thought leader within the hedge fund industry; a firm of high institutional quality and representing some of the top hedge funds in the industry.


Horseshoe: Best Offshore Hedge Fund Administrator –As the pace of change accelerates, operational excellence, customisation and innovation becomes critical. In view of this, Horseshoe is focused on growing its brand in the fund administration industry by launching services to help clients streamline their processes and improve their efficiency.


UMB Fund Services: Best Hedge Fund Administrator –Atop priority for UMB Fund Services is the client experience. One of the essential building blocks is a considerable investment in technology which helps ensure UMB’s clients have at their disposal a wide range of tools to support their own product offering to investors.


SS&C Advent: Best Managed Account Platform Technology Firm –Alternative managed accounts have become increasingly popular with institutional investors over the past decade, and Geneva is among the first platforms that enabled fund managers and administrators to service this market at scale.


SS&C Eze: Best Front to Back Technology Firm –Joining SS&C Technologies in October 2018 has helped Eze Software get closer to its goal of bringing together different parts of the financial ecosystem in efficient and effective ways. Being part of a larger entity has helped Eze extend its knowledge of project management best practices and apply them to help customers tailor and optimise their operations.


EisnerAmper: Best Accounting Firm –EisnerAmper LLP is among one of the nation’s largest accounting firms, with a dedicated and well-established Financial Services Practice that provides audit, tax, and advisory services. Our Financial Services Practice, comprised of the Asset Management and Capital Markets Groups, is the largest industry group within EisnerAmper servicing more than 2,500 financial services clients.


Opus Fund Services: Best Hedgefund Administrator for Start-Up and Emerging Funds –Championing growth and development both internally and externally, Opus is making big moves to close out 2019 and head into the coming year with vigour.





Viteos: Best Shadow Accounting Firm –The investment book of record (IBOR) a crucial component for a hedge fund manager, is facing a number of challenges as managers search for alpha. Shankar Iyer (pictured), chief solutions officer at Viteos, explains how innovation is helping hedge funds alleviate some of these pressures.


Mark Cuban and Leon Cooperman don’t have much in common beyond 10 figures in the bank and allegations of insider-trading. Certainly, they don’t see eye-to-eye politically. But Democratic presidential frontrunner Elizabeth Warren has a way of making strange bedfellows, certainly among the Forbes ...


Anchin, Block & Anchin: Best Accounting Firm for Start-Up Funds –Start-up hedge funds should adopt best practices at the onset as this will help set them up for long-term success. Accounting firm Anchin, Block & Anchin focuses on supporting these nascent businesses and guides them through the process of setting themselves up forgrowth.


Imagine Software: Best Risk Management Software Firm –Imagine Software has a 26-year track record for transforming challenges into opportunities for growth and development. Over the past few years, Imagine re-architected its award-winning risk engine and introduced massive parallelisation across a server farm so that it can now handle extremely large, if not limitless, volumes of positions and trades in real time.


Investcorp: Best Seeding Platform –Amidst various economic and geopolitical uncertainties, Investcorp has made significant progress executing its growth and diversification strategy. In the last year, the global alternative asset manager entered new geographies, strengthened its presence in adjacent asset classes, expanded its institutional client base and launched new lines of businesses. This was executed while embracing a culture of best practices supported by a strong alignment of interests that includes sharing in the risks and rewards with the firm’s clients, a long hallmark of Investcorp’s success.


Eze Castle Integration: Best Cloud Services –Cloud technology and security risks continue to evolve and Eze Castle Integration is working incessantly to develop solutions to empower and protect their investment management clients in the face of this evolution.



Harneys: Best Offshore Law Firm –Laws in several financial jurisdictions, such as Luxembourg, BVI, Cayman Islands and Cyprus, are constantly changing. To ensure law firms uphold best practice at all times they require a combination of a strong team, robust communication, systems and practices. In addition, crucial investment in technology can help enhance a firm’s service offeringfurther.


Regulatory technology company, Evidology Systems, is launching a new service which combines real-time specialist legal opinion with principles-based regulations compliance software.




DMS Governance: Best Offshore Regulatory & Compliance Firm– In today’s ever-changing regulatory environment, asset managers can expect existing and upcoming product ranges to be affected by new regulation. DMS Governance supports its clients through a governance, risk and compliance framework to prepare them for any upcoming changes.


Constellation Advisers: Best Regulatory Advisory & Compliance Firm –Hedge funds continue to face increasing demands by institutional investors. Delegating key, non-investment related functions to experienced outsourced partners, can see funds of all sizes optimise and streamline their operations.


Richard Robb, hedge fund manager and Columbia University economics professor, and Mark Zandi, Moody's chief economist, join "Squawk on the Street" to discuss the Chamber of Commerce's remarks on Sen.


Cowen Outsourced Trading:Best Outsourced Trading Solution –Experienced traders, well established and highly regarded buy-side order management and execution technologies overlaid with a totally transparent operating model is what drives the core of the service Cowen Prime Services provides its clients.




Billionaire Paul Tudor Jones says the stock market is getting a boost from a combination of easy monetary policy in the U.S. and lower taxes.




Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. THAT'S SHOWBIZ BABY There’s nothing magical about a grown-ass man in mouse ears @’ing @disneyplus. ...



Context Capital Partners, an alternative specialist firm with holdings and operating companies in various sectors of the alternatives space, has appointed Eric Nollas Chief Executive Officer of Context Capital Partners, withRon Biscardi(pictured) shifting to become Chief Executive Officer of Context Summits on a full-time basis.


The Association for Financial Markets in Europe (AFME) has published a new paper setting out fiverecommendations to deliver supervisory convergence on the regulation of crypto-assets in Europe.


The Wilshire Liquid Alternative Index, which provides representative baseline for how the broad liquid alternative investment category performs, returned 0.31 per cent in October, in line with the 0.31 per cent monthly return of the HFRX Global Hedge Fund Index.


Jill Kreutz is to join BTIG’s Outsource Trading division in Dallas.





By Gary Paulin (pictured), Global Head of Integrated Trading Solutions, Northern Trust Capital Markets –The asset management industry is facing unprecedented pressure from competition, fees, regulatory and compliance challenges, technology costs and shifting product demand. The resulting squeeze on margins is forcing many to lower operating costs and increase scale via consolidation and/or outsourcing.




My First Million: Mike Battle, LaplandUK founder  Financial Times




Venn was initially introduced on a limited, invite-only basis


Matthew X. Hanauer and Steffen Windmueller, two scholars affiliated with the Technical University of Munich, compare the performance of three risk management approaches applicable to the momentum strategy. Their new paper also explores the risk management techniques available for hedge fund managers and others who pursue a momentum strategy. ARead More


Bailey McCann, Opalesque New York for New Managers: A new report from Cayman law firm Walkers shows that hedge funds are hanging on despite continuing headwinds. New hedge fund launch data compiled by Walkers shows that equity and credit hedge funds continue to have a strong volume of launches de...


Laxman Pai, Opalesque Asia: Hedge fund managers were up 0.26% in October, pushing their year-to-date return to 6.21%, according to Eurekahedge. The Eurekahedge Hedge Fund Index gained 0.26% in October, supported by the global equity market rally as represented by the 1.93% gain recorded by the MSCI ...


Laxman Pai, Opalesque Asia: New York-based technology-focused private equity firm Dyal Capital Partners has taken a passive, non-voting minority stake in alternative investment firm Owl Rock Capital Group. Established in 2011 as a division of Neuberger Berman, Dyal Capital specializes in taking mino...


Laxman Pai, Opalesque Asia: Asset managers were able to exceed investors' expectations, both retail and institutional, on the crucial dimensions of risk/return and Environmental, Social and Governance (ESG). These were also among the top three most important dimensions for investors globally, said P...


Laxman Pai, Opalesque Asia: North America continued to attract the major chunk of global venture capital (VC) funding during the third quarter (Q3) of 2019, says a study. According to GlobalData, North America accounted for 48.5% of the global VC investment volume and 52.4% of the investment value i...


October sees positive gains for hedge funds, S P 500 Opalesque Industry Update - The pace of hedge fund returns picked up a bit in October, with the industry posting a monthly gain of 0.88%, according to the Barclay Hedge Fund Index compiled by BarclayHedge, a division of Backstop Solutions. By com...


Viking's former investment chief Ben Jacobs is gearing up to launch his own fund in mid-2020 From Business Insider: Ben Jacobs, the former co-chief investment officer at Viking Global, is in the process of starting his own fund, which sources tell Business Insider will be named Anomaly Capital. Ja...


Should alternative portfolios favor smaller, medium or larger hedge funds? The choice might not be as obvious as it used to be and more dependent on the stage of the business cycle. For many years, small hedge funds have steadily outperformed their larger peers, at times by double digits, as in ...


Illinois State Universities looking for global equity managers From PIonline.com: Illinois State Universities Retirement System, Champaign, is searching for managers to provide diversified global equity strategies. The $19.2 billion pension fund will also consider manager-of-managers programs and w...


BlueMountain: The hedge fund that lost its way From FT: When Californian utility Pacific Gas Electric filed for bankruptcy protection in January, a once-prominent Wall Street hedge fund was feeling the pain. BlueMountain Capital, founded in 2003 by two former Harvard Law School students during th...


Goldman Sachs keeps losing top traders to hedge funds From eFinancial Careers: As managing director promotions approach at Goldman Sachs, some people at the firm aren't waiting around to see who's on the list. Especially, it seems, if they work on a rates desk. In the past month, Michael Graham,...


Association for Digital Asset Markets releases a code of conduct for digital asset markets Opalesque Industry Update - Today, the Association for Digital Asset Markets (ADAM) published its Code of Conduct to promote integrity, fairness, and efficiency in digital asset markets. All ADAM members plan...


From ARS Technica: Google now has access to detailed medical records on tens of millions of Americans, but the company promises it won't mix that medical data with any of the other data Google collects on consumers who use its services. Google provided this statement yesterday shortly after The W...


Charles Schwab joins chorus of billionaires opposing wealth tax From Bloomberg: Charles Schwab, founder of the giant discount brokerage firm, is joining other finance billionaires in opposing the wealth tax backed by presidential candidate Elizabeth Warren. "It's sort of wrong-directed ...


Asia's flourishing hedge-fund industry Asian hedge funds are one of the bright spots in the hedge fund industry, fueled by strong inflows, robust performance and China's moves to open up its financial markets. Just two decades ago, Asia hedge fund managers collectively controlled about $10 billion...


Most Wall Street workers to get slightly smaller bonuses in 2019 From Reuters: Year-end bonuses for most Wall Street workers are expected to decline this year compared to 2018 amid a drop in investment bank underwriting and trading activity, compensation firm Johnson Associates Inc said on Tuesday...


Reputational risk drives ESG at pension funds more than at other investors From IPE: Avoiding reputational risk drives pension funds to adopt environmental, social and corporate governance (ESG) "principles" more so than it does other types of institutional investors, a survey sug...


From Bloomberg: The former European head of Och-Ziff Capital Management Group told a U.S. judge that he shouldn't be sent to prison for his minor role in a bribery scandal, because the public shame was punishment enough for his crime of lying to investigators. Michael L. Cohen, 48, was the only e...


Hawaiian Electric Industries blasts activist investor letter on replacing CEO From Biz Journals: Hawaiian Electric Industries on Tuesday blasted a letter sent by the CEO of activist investor ValueAct Capital Management urging company stakeholders to look outside the company for President and CEO Co...


Sorin Capital, a commercial mortgage bond investor that ran $1.6 billion at its peak, is shutting down after a 15-year run.After liquidating two hedge funds earlier this year, Sorin continued to run a $500 million portfolio for Blackstone. But with Blackstone’s blessing, Sorin transferred management of that vehicle to relative-value credit manager Good Hill Partners at the end of October.Managing director Joel Jasinski and vice president...


We've talked a lot about DJ D-Sol's culling of the trading floors at 200 West Street in the last year or so, removing a very volatile part of Goldman's business and making room for a newer, younger, cheaper generation of Goldmen to focus on things like dealmaking, Marcus and the Apple Card. ...


At long last, it seems that Saudi Aramco, allegedly the most profitable company in the world by far, is finally going public, in what will be the largest IPO in history. Of course, nothing in life is guaranteed, least of all this particular floatation, given its history and also the stubborn ...







EEX Group is to acquire Nasdaq Futures’ (NFX) futures and options exchange business. EEX Group will acquire the core assets of NFX, including the portfolio of open interest in NFX contracts.



FactSet, a provider of integrated financial information and analytical applications, has deployed the FactSet workstation on OpenFin, the financial industry’s operating system.



Electra Information Systems (Electra), a provider of post-trade solutions for the buy-side investment management industry, has added new capabilities to its Electra Reconciliation platform to enable firms to expedite investigations by quickly identifying the root causes of trade breaks or exceptions.



Start your day with the Opening Bell powered by The Water Coolest. The Water Coolest is the preferred bathroom stall reading material of finance professionals. Sign up for the free daily newsletter. PLAYING HARD TO GET Everyone's got a "type" ... And it appears that The We Company's type is ...







London-based investment firm, Carbon Cap has added several trading and environmental experts to its team in preparation for the launch of a global carbon and environmental markets fund.


iM Global Partner, an investment and development platform focused on acquiring strategic investments, and Scharf Investments, an investment firm providing high quality value investment strategies, have launched the iM Scharf US Quality Value fund, the first collaborative UCITS fund between the two firms.


Integral, a financial technology company, and Jefferies, a global investment banking firm, have launched TrueFX, a fully integrated service designed for buyside firms to conveniently connect and trade with the FX market.


Active fund managers could preserve more than 1.2 per cent per year, net-of-fees, of outperformance versus passive index funds, according to Essentia Analytics’ latest report.


OSTC, a global derivatives trading and education business, has appointed Professor Rose Luckin as an independent non-executive Board member.








Hedge funds recently are interested in taking the long position on Telenav (NASDAQ: TNAV). According to Insider Monkey, the number of hedge funds with positions in TNAV rose from eight to 13 at the end of 2018 and the beginning of 2017. Then it slid gradually back to eight overRead More


Each day on the European market opening Anthony Cheung, Sam North, and Amplify Trading gets you prepared for the trading day. They focus on relevant macroeconomic insights and trade idea generation for the global macro futures markets.


Laxman Pai, Opalesque Asia: More women are working in private capital and hedge funds compared with two years ago, but large gaps remain at senior levels, said Preqin. At the Managing Director level and above, a significant gender imbalance remains, it said. According to the report, less than 12% of...


Laxman Pai, Opalesque Asia: London-based investment firm Carbon Cap Management is aiming to launch its World Carbon Fund early next year, with the vehicle's main focus being the international CO2 emissions trading markets. The British company informed that it has appointed several carbon trading and...


Laxman Pai, Opalesque Asia: Over 80% of global investors plan to increase either significantly or moderately their organization 's allocation to Chinese investments over the next 12 months, in spite of current uncertainty, said a survey. The study, conducted by the Economist Intelligence Unit (EIU) ...


Laxman Pai, Opalesque Asia: Most Alternative UCITS funds are having a very solid 2019 so far with the LuxHedge Global Alternative UCITS Index posted a tiny gain of +0.06% in October, bringing year-to-date (YTD)results for the average fund up to +3.22%. 80% of funds can post positive results so far ...


Ex-Edoma trader homes in on ESG sector with hedge fund launch From FT: A former trader at hedge fund Edoma Partners is launching a new fund focusing on responsible investments, the latest sign that a sector known for its single-minded focus on making money is turning its attention to the world of...


From Reuters: Social unrest worldwide is alarming some global investors, who say protests from Hong Kong and Lebanon to Chile are forcing them to be more cautious even though the impact on financial markets has been spotty so far. Investors at the Reuters Global 2020 Investment Outlook Summit la...


San Francisco fund moving $150m to alternatives From PIonline.com: San Francisco City County Employees' Retirement System disclosed two new commitments totaling $150 million in a report from Chief Investment Officer William J. Coaker Jr. for the upcoming board meeting Wednesday. The $26.7 bi...


Hedge fund Whitebox places big bet on gunmaker Remington From Reuters: Whitebox Advisors LLC, a credit-focused hedge fund, has been quietly capitalizing on Wall Street's ambivalence toward gun manufacturers by replacing some banks as a lender to Remington Outdoor Company. Whitebox, whose asset...


Allianz GI CEO Utermann to retire From Investment Week: Andreas Utermann will retire as CEO of Allianz Global Investors (GI) at the end of the year, to be replaced by Tobias C. Pross, the asset management firm said on Monday (11 November). Utermann's other role at the firm, global head of inve...


Cryptocurrencies shouldn't be issued by central banks, says former Fed chair From CNBC: Former U.S. Federal Reserve Chairman Alan Greenspan said Tuesday that there is no need for central banks to issue digital currency. "There's no point for them to do it," Greenspan said at Ch...


Hedge funds loosen their grip on bullish gold bets From Kitco News: The selling pressure in gold hasn't abated just yet, even after the precious metals worst week in 2.5 years. Analysts note that the latest trade data from the Commodities Futures Trading Commission (CFTC) shows money managers sti...


Hedge fund body sets out 45 steps for change in diversity push From Financial News: The trade body for the world's alternative investment firms, often labelled among the worst offenders for gender inequality in finance, has recommended 45 steps its hedge fund members can take to make their indust...


Selloff in complex investments flashes warning for junk bonds From WSJ: Stocks rose to records in October. One corner of the debt market had a rougher time. Some securities in the $680 billion market for collateralized loan obligations, or CLOs, lost about 5% in October, reflecting worries about ...


Shard: The London broker at the heart of Lars Windhorst's network From FT: When one of Europe's best performing asset managers plunged into crisis this summer, a little-known brokerage took a contrarian view on the illiquid debt securities at the heart of the affair. H2O Asset Management was s...


A record $173bn flowing from Korea into risky assets From Bloomberg: A hunt for yield is prompting South Korean investors to pile tens of billions of dollars into unconventional assets abroad, raising risks of losses on unfamiliar products. Holdings of overseas alternative assets such as real ...


Europe VC seals strong quarter despite Brexit uncertainty, countries outside UK gaining more attention From Altassets: North America and Europe have both seen surges in venture capital dealmaking activity in Q3 compared to the same period last year. Europe registered more than 80 per cent growth ...


ESG funds enjoy record inflows, still back big oil and gas From WSJ: Funds with a focus on socially responsible investing are enjoying a record year of inflows. But many such portfolios aren't as clean as investors might expect. Eight of the 10 biggest U.S. sustainable funds are invested in oi...


From WSJ: Union pension funds promote transparency and democracy in corporate governance-so we're told, and at least when it serves their political purposes. But look who's now opposing the Securities and Exchange Commission's efforts to break up a corporate protection racket by proxy firm duopolist...


From Barrons: Saudi Arabia moved closer to an initial public offering of Aramco, the state-owned oil company, releasing a preliminary prospectus late Saturday. But the document didn't offer many details about the listing and much of the key information that was included is potentially unsettling. ...


From BizarreNews: A Maine school is celebrating the 43rd anniversary of a Twinkie that has been on display at the school since being unwrapped by a science teacher. George Stevens Academy in Blue Hill said the Twinkie originally unwrapped by teacher Roger Bennatti in 1976 as part of a lesson on food...


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