Tower Research Capital: The Joy of Spoofing
3w ago

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 [...]

Industry Headlines:

Disruption is the trend of the moment in many industries and the investment world is no exception. Deloitte Insights has just posted an article that takes a comprehensive look at the investment world today, traditional and alternative. Its theme is that this world is in search of new leadership andRead More




New rules shelter companies from shake-ups but implementation has been vague


Welcome to Due Diligence, the FT’s daily deals briefing






The Eurekahedge Hedge Fund Index gained 0.84 per cent in November, supported by the strong performance of the global equity market as represented by the 2.76 per cent gain recorded by the MSCI ACWI (Local).



Bernie Madoff is having the time of his life at the minimum-security federal resort down in North Carolina. His predecessor in Ponzi scheming, Samuel Israel, is not, and he thinks that half of his 22-year sentence is more than enough for him to have learned his lesson. The judge who imposed that ...


GCM Grosvenor, a global alternative asset manager, has completed the final close for Multi-Asset Class Fund II at the high end of its targeted capital raise with USD983 million in committed capital.



Arabian Bourse (ABX), which has received In-principal Approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) top operate as a crypto asset exchange and custodian, has received a double digit multi-million dollar investment from HBK-GoChain.


More and more professional investment allocators are directly asking about sexual harassment during the fund manager due diligence process, while a rising number of allocators – nearly 1-in-10 – upon identifying sexual harassment issues would still invest with a given manager.


Just over a month ago, Bill Ackman was playing coy. He’d poured as much as 9.5% of his investors’ money into something, but he couldn’t say just what yet. He hadn’t finished buying it yet, and anyway, already up by 45% on the year and drunk on love and kombucha, he didn’t see the harm in having a ...


Murano’s Ole Rollag (pictured) reflects on the past year and makes his predictions for hedge funds in 2020…



The lure of an attractive yield has made property companies and real estate investment trusts (REITs) particularly interesting at the moment.


As global consultancy McKinsey and retired turnaround pro Jay Alix move closer to a February trial over McKinsey’s disclosures surrounding its potential bankruptcy advisory work with Westmoreland Coal ...



After four years, the civil case of Renegade Swish versus the assistant house manager is going to trial. In 2015, Fort Worth hedge fund manager Geoffrey Raynor, through his company Renegade Swish (a ...


CUTTING SZN Imagine getting fired this week, right before getting together with family for the holidays. That would suck … Welp, from 1.5k employees at Morgan Stanley that nightmare is about to play out in real life. The bank announced yesterday that it is laying off employees in the tech and ...


Boutique law firm Kleinberg Kaplan has appointed Joshua M Kaplan as a partner in its Estate Planning and Administration Practice. He joins from Dechert.


Refinitiv has expanded its long term partnership with Antara, Indonesia's national news agency to provide customers with access to in-depth news and information in Bahasa Indonesian and English across Refinitiv's products, including via Eikon.


State Street Corporation has appointed Brian Franz as chief information officer (CIO). Franz, who joins the Company in January 2020, will report to Chief Operating Officer, Lou Maiuri and become a member of State Street’s Management Committee, its senior-most strategy and policy making group.



Following the announcement of their strategic partnership in September 2019, Sanne and Colmore have now entered into the next phase of development.


NZX and the European Energy Exchange (EEX) have announced a Co-operation Agreement with a focus on securing new opportunities in the New Zealand carbon market.







Investor says Broadmark trades at a meaningful discount to its peers despite having a higher-quality loan portfolio


Bailey McCann, Opalesque New York: Marketing is an increasingly important aspect of the business of asset management, but a new survey from Cutter Associates shows that asset managers are slow to act and haven 't fully embraced data capture and marketing automation. The survey results point to an ...


Laxman Pai, Opalesque Asia: Los Angeles-based buyout firm Leonard Green Partners (LPG) has raised $14.75 billion for two new funds, including a middle-market focused fund. The private-equity firm collected the total in roughly seven months, including $12 billion for its latest flagship buyout fun...


Laxman Pai, Opalesque Asia: The US-based mid-market private equity firm Parthenon Capital closed its growth-oriented private equity fund Parthenon Investors VI at its hard cap of $2 billion. The closing exceeds its fundraising target of $1.5 billion, said a press note. Investors include the $30 b...


From FT: Some investors are betting that rumours of the death of the global macro fund have been greatly exaggerated. US asset manager Neuberger Berman on Monday announced the launch of a "macro opportunities" fund, focused purely on major currencies. Specialist currency manager ...


UBS plans long-short fund with ESG strategy From Institutional Investor: UBS Group's multistrategy hedge fund business is planning to launch a long-short fund to make bets tied to environmental, social and governance criteria, according to the unit's chief investment officer. Kevin Russell, CIO...


Citadel surges past multistrat peers From Institutional Investor: Citadel's main multistrategy fund is poised to post its best results in at least five or six years, depending on how it fares in the final month of the year.The hedge fund firm's Wellington fund gained 1.3 percent in November and i...


Texas Teachers assigns more than $500m to alts From PIonline.com: The $154.6 billion Texas Teacher Retirement System, Austin, committed $525 million to three private equity/venture capital managers in November, a monthly transaction report showed. Members of the plan's private equity team awarde...


Pershing Square reports stake in Agilent Technologies From WSJ: Bill Ackman's hedge fund Pershing Square Capital Management on Monday disclosed a 2.9 million-share stake in laboratory instrument and software company Agilent Technologies Inc. The stake was disclosed in an amendment to Pershing Sq...


GAM fixed income and FX trading head to exit From Financial News: GAM, the Swiss asset manager reportedly considering hundreds of job cuts under its recently appointed chief executive, is about to lose another high profile employee from its ranks. Christopher Jarman, head of fixed income and FX ...


Saga, a blockchain firm advised by Nobel laureate Myron Scholes just launched a rival to Facebook's libra From CNBC: One blockchain company thinks it has an alternative to Facebook's digital currency proposal. With an advisory board that includes top economists like Nobel Prize-winner Myron Schol...


UBS hedge fund CIO sees 'peak anxiety' before U.S. elections From Bloomberg: U.S. equity markets should prepare for more turbulence as the 2020 presidential election draws near, according to Kevin Russell, chief investment officer of UBS O'Connor, the $5.1 billion hedge fund unit at UBS Group AG....


Now repo distortions emerge in Europe's $9tn market The European repo market may have escaped the kind of turmoil that engulfed the U.S. financial system this year, but that doesn't mean all is calm. The 8 trillion-euro ($9 trillion) market is becoming increasingly fragmented, according to the B...


The truth about private equity fund size From Institutional Investor: As the end of the year approaches, institutional investors in private markets are wrapping up work on the last few funds we need to invest in to hit our targeted annual commitment levels. You see, private equity is sort of li...


CDC, Laerernes commit to Amundi, EIB green bond program From PIonline.com: French and Danish asset owners have invested in Green Credit Continuum program, which has raised euro;253 million ($278.4 million) as of Nov. 30 to support green debt issuance in Europe, the European Investment Bank said ...


From Reuters: The ailing former Bayou hedge fund manager Samuel Israel has lost his bid for an early end to his 22-year prison sentence for running a $450 million fraud, as a U.S. judge found it would make a "mockery" of federal sentencing laws to set him free. Chief Judge Colleen...


S.Africa: Are we missing out on hedge fund diversification? From Business Live: Local hedge funds have slowly been cleaning up their act to be more appealing to ordinary investors. But they still have a way to go before financial advisers and investment platforms make them readily accessible. Hed...


From BizarreNews: A New York state college professor set his second Guinness World Record when he bent seven steel railroad spikes in one minute. William Clark, a professor in the Binghamton University health and wellness department and a former Olympic strongman, bent seven steel spikes at the coll...


Jim Gorman doesn’t need to let anyone go this holiday season. Morgan Stanley’s still No. 1 in trading. It bested estimates in the third quarter. Shares are up 25% this year. In spite of all that, Gorman feels uneasy. Brexit, Trump, macroeconomic concerns, a general malaise, a certain sense of ...





Agilent Technologies gain after-hours trading after hedge fund investor Bill Ackman revealed he has taken a stake in the company.





For months, even as California firestarter PG&E did all it could to keep itself out of his hands, Paul Singer seemed to have the upper hand. However Gov. Gavin Newsom felt about the hedge fund manager, Elliott Management and its fellow PG&E bondholders had kept the utility’s victims The post appeared first on dealbreaker..


Pimco, CQS, Hayfin all have plans to launch funds investing in crumbling companies


The search for unfairly undervalued energy investments is peppered with difficulties




After a lifetime working his way up the rungs at HSBC, John Flint managed to muck things up so royally that he was escorted out after just 18 months in the top job. Still, five months later the stench in the boardroom is so great that a number of other longtime veterans infected by it now have to ...


Neuberger Berman has launched the Neuberger Berman Macro Opportunities FX Fund, which aims to deliver positive returns of 5-6 per cent in excess of cash per annum before fees, primarily by exploring relative value across G10 currencies.


Before putting in our own effort and resources into finding a good investment, we can quickly utilize hedge fund expertise to give us a quick glimpse of whether that stock could make for a good ...


Former Federal Reserve Chairman Paul Volcker is dead at the age of 92. But given the thankless, miserable world in which he ended his life, he might as well have died at 82. For however nice the book deal, score-settling and encomium from Ray Dalio have been, Volcker was unfortunate to live just ...


Risk concentration in investor portfolios has been building in a prevailing ‘risk-on’ environment, leading to substantial growth in global equity markets over the past decade. There are numerous reasons for this, led principally by the decisive action of central bankers to print money through quantitative easing. This has led to an artificial suppression of market volatility causing equities to boom and fixed income yields to head into unparalleled negative territory.




BlueCrest and its subsidiary, Special Capital Ltd., are suing Codrington and Hartley for more than £7.4 million. The U.K.-based hedge fund manager accused the former partners of deceit, breach of ...


Geneva-based group Notz Stucki has acquired the Geneva-based alternative management company JAM Research, a provider of hedge fund investment services to wealthy private clients.




The Senior Managers & Certification Regime that comes into effect today (9 December) is a positive step for the financial services industry – but its failure to include Appointed Representative Firms (ARFs) and their individuals is an oversight, according to Sturgeon Ventures, a regulatory incubator.


The Bank of New York Mellon Corporation (BNY Mellon) and SimCorp have partnered to connect BNY Mellon’s range of custody capabilities – including settlement, safekeeping, and cash and securities services – with SimCorp’s integrated front-to-back investment management system, SimCorp Dimension.


Mediolanum Banking Group has officially opened it new European Asset Management Headquarters in Dublin. The Irish operations of Banca Mediolanum comprise Mediolanum International Funds Limited (MIFL) and Mediolanum International Life Dac.


Heading into year-end, hedge funds extended their run of positive performance in November with broad-based gains across all strategies, led by the high-beta exposure sub-strategies, Healthcare, Technology, and Fundamental Value.


First Eagle Investment Management (First Eagle) is to acquire THL Credit Advisors, an alternative credit manager with approximately USD17 billion in assets under management as of 30 September, 2019.


Industry experts fear the suspension of the M&G Property Portfolio could lead to a swathe of gatings in the space, despite reassurances from asset managers that their funds have enough of a cash buffer to meet investor redemptions.


By Nicolas Rabener of FactorResearch (@FactorResearch) Beta is like ice cream and comes in many flavors. Broadly we can categorize it into the following four types: Plain beta: Market capitalization-weighted benchmark indices like the S&P 500 or FTSE 100. Smart beta: Indices with tilts to factors backed by academic andRead More


Laxman Pai, Opalesque Asia: Las Vegas-based asset management and advisory firm Five Star Funds has announced the formation of the Flamingo All Weather Fund, LP, the first hedge fund of its kind to be based in the City of Las Vegas. The area has enjoyed sustained periods of significant economic grow...


Laxman Pai, Opalesque Asia: The HFRI Fund Weighted Composite Index gained +1.2 percent in November, as optimism regarding U.S. economic growth outweighed risks and negative sentiment around trade/tariff negotiations and impeachment proceedings, according to HFR. Heading into year-end, hedge funds ex...


A report in the week ending December 6th 2019, said that with gains in November, Bill Ackman 's hedge fund Pershing Square Capital Management is on track to land massive returns. It posted a 3.4% gross gain for November, or 3.2% after fees. The month 's performance brought its year-to-date return t...


Hedge funds key in exacerbating repo market turmoil, says BIS From FT: Hedge funds exacerbated the recent turmoil in the repo market with their thirst for borrowing cash to juice up returns on their trades, according to the Bank for International Settlements. Investors, bankers and policymakers ...


Magnetar seeks $400m for its first health-care hedge fund From Bloomberg: Magnetar Capital, the alternative investment firm started by Alec Litowitz and Ross Laser, is set to launch its first health-care hedge fund next year, seizing on a strong sector for startups. The firm is seeking about $...


CPPIB earmarks $600m for India infrastructure From PIonline.com: Canada Pension Plan Investment Board, Toronto, announced commitments and co-investments totaling $600 million with the National Investment and Infrastructure Fund of India, in a news release Thursday. The C$409.5 billion ($307.8 ...


Why some hedge funds are warming towards Europe From FT: Investors expecting "more of the same" from equity markets could be in for a shock next year. For much of the past decade there has been little reason to question the orthodoxy of buying and holding stocks, preferably in t...


Former US Ranger ready to take command at Bridgewater From FT: A decade ago Bridgewater founder Ray Dalio set out to convince David McCormick, a former US Treasury official, to join his $160bn hedge fund. Over dinner, Mr Dalio told him that there were "very high odds" of him suc...


Korea's top court acknowledges economic value of cryptocurrencies From Business Korea: The Supreme Court of South Korea acknowledged the economic value of cryptocurrencies for the first time in May last year. At that time, the court ruled that the Bitcoin is an intangible asset, implying that cry...


From FT: Latin America's asset management industry is set to double by 2025, driven by the growing wealth and size of the region's middle class, as well as a big increase in pools of pension savings. Assets held in mutual funds, institutional mandates and alternatives across Latin America are for...


China's privately offered funds expand in November From Xinhua: China's privately offered funds managed 13.74 trillion yuan (about 1.95 trillion U.S. dollars) at the end of November, industry association data showed. The figure was up 49.27 billion yuan, or 0.36 percent from a month earlier, acco...


Drop in European private equity exits via IPOs as tough conditions bite From City AM: The number of European private equity exits executed via listings is declining as sponsors seek alternative routes amid challenging market conditions, new figures show. Of the European private equity exits that ha...


AQR: Active fixed-income strategies don't deliver much 'true alpha' From Institutional Investor: Active fixed income strategies tend to beat their benchmarks - but much of that excess return just comes from passive exposures to traditional risk premia, according to researchers at AQR Capital Mana...


Negative yields, shrinking unicorns and more challenges for 2020 From Yahoo: Risk took on some surprising shapes in 2019. People stood up to governments. Negative yields rattled the bond market. Passive funds overtook the stockpickers. Leverage peaked, unicorns deflated, and illiquidity destroyed...


Wealthy and young investors are driving shift towards ESG From Investment Europe: The idea of applying ESG criteria to the investment process is increasingly gaining momentum among HNW investors, according to Cerulli Associates. In its latest report, the Boston-based research firm reveals that th...


Laxman Pai, Opalesque Asia: Probable sexual harassment at fund portfolio management firms is an increasingly important concern for institutional investors as they seek to allocate assets. But, according to a survey, most investors are not asking money managers about their record on sexual harassmen...


From Bloomberg: Argentina tried a novel defense as a fourth hedge fund tried to sue it: asking the investors to wait until the country's new president is sworn in. The London suit began with three funds -- Palladian Partners LP, HBK Master Fund LP and Hirsh Group LLC that allege the country manip...


Bank for International Settlements point to firms’ thirst for borrowed cash to fire up returns



Hedge funds key in exacerbating repo market turmoil, says BIS  Financial Times




We aren't sure whether value stocks outperform growth, but we follow hedge fund investor letters to understand where the markets and stocks might be going. That's why we believe it would be worthwhile ...




Is OneMain Holdings Inc (NYSE:OMF) undervalued? The smart money is in a bearish mood. The number of long hedge fund positions shrunk by 1 in recent months. Our calculations also showed that OMF isn't ...







We don’t get out of bed for a Deutsche Bank fine of less than $100 million, because really who has the time, and also because anything less is very literally only a drop in the bucket of the $20 billion-plus the other DB has had to part ways with for being naughty over the last few years. There ...


As we’ve established, most trading in bitcoin—like everything else about it—is fake. But even if now really is finally the time to buy, or pretend to buy, on account of its most recent plunge, there’s apparently no sport in trying to manipulate the imaginary anymore. In the last week of November, ...



David McCormick’s rise through the ranks at hedge fund is striking


David Solomon has been CEO of Goldman Sachs for a little over a year. It has not been a good year. (It wasn’t even a good first month.) From the Malaysian bribery scandal to the credit card debacle to the beating estimates only by cutting pay to the money-losing to the latest insider-trading ...




What are millennials killing now? Says here, it’s… the NBA? Really? Mark Cuban wasn’t entirely faulting the scapegoat generation for this season’s decline in pro basketball’s television ratings, but the Mavericks’ owner went down that road in an interview with the Dallas Morning News. “Kids, I ...



Insider trading certainly seems illegal. People continue to be indicted for it. Congressmen continue to plead guilty to it. Other people remain in jail convicted of it, or, having left jail, just convicted of it. Still others continue to be sued by the SEC for it. So, yea, in spite of the hopes ...


If you were about to drop north of $2 billion on one of the most high-profile businesses around, you’d probably want to spend some time on it. Focus your attention there. Work hard to make it better than it is, especially if that business were the New York Mets and obviously in need of all the help ...




During the rise of renewables, solar energy in the UK has – unsurprisingly for such a cloudy country – often taken a backseat to wind power generation.






Hedge fund billionaire Steven A. Cohen is reportedly working on a deal that, if approved, would make him the new owner of the New York Mets. A decades-long Mets fan, Cohen would bring his estimated ...


The global economy is slowing down at an increasing speed. The International Monetary Fund projects real economic growth in advanced economies to slow down from 2.2% in 2018 to 1.9% in 2019 and 1.7% in 2020.



TIL HR DO US PART BlackRock fired a potential heir to Larry Fink’s throne whose wife is also an employee at the company. Why did he get the boot? For not disclosing a consensual relationship with a colleague. Confused? Plot twist: the relationship wasn’t with his wife. This is some 'Mad Men' ...


Eventus Systems, a global trade surveillance and market risk platform provider, has selected Itiviti’s Managed FIX Service to consolidate drop copies from market centres.


Ambitious new proposals for one of Edinburgh’s largest development projects for more than a decade have been unveiled.


Liberty Global plc (NASDAQ:LBTYA) shares haven't seen a lot of action during the third quarter. Overall, hedge fund sentiment was unchanged. The stock was in 27 hedge funds' portfolios at the end of ...



Following two challenging months, all SG CTA indices were back in positive territory in November with the SG CTA Index closing the month at +0.87 per cent as 14 out of 20 constituents were positive and cemented their gains YTD, up at +6.93 per cent.


Hedge fund billionaire Steve Cohen, CEO of Point72 Asset Management, is in talks to boost his ownership in the New York Mets baseball team to a majority stake, perhaps bringing more of a Wall Street ...





Amundi-CREATE Research has offered its independent assessment on challenges now faced by the world’s pension funds, given the policies of central banks. The subject is of great significance to alternative investments managers who represent the aggressive end of many a pension fund’s portfolio. The gist of the report is thatRead More


Elon Musk is a billionaire entrepreneur, and as such is not used to be called to account for his actions, whether those actions are alleged securities law violations or smoking weed on camera while under scrutiny for a Twitter habit at the heart of those alleged securities law violations or ...


Laxman Pai, Opalesque Asia: Alternative investment firm Apollo Global Management plans to build out a private equity business in Japan, where it sees opportunities in alternatives market. The global alternative investment manager announced the appointment of Tetsuji Okamoto as a Partner, Head of Ja...


Laxman Pai, Opalesque Asia: Global asset management 2020 outlook remains stable amid structural headwinds, which constrain EBITDA growth. "The 2020 outlook for the global asset management sector is stable, reflecting high-profit margins, manageable debt burdens, and sustained risk appetite...


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