Tullet Prebon to pay USD13m CFTC penalty for supervisory failures and false statements
1mo ago

The US Commodity Futures Trading Commission has issued two orders filing and settling charges against Tullett Prebon Americas Inc, an interdealer broker and CFTC-registered introducing broker headquartered in New Jersey, requiring the company to pay a total of USD13 million for failing to supervise employees and making false or misleading statements to CFTC staff.

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Here’s a heartwarming paternal anecdote about one Carl C. Icahn: For years, although he prefers poker, the legendary investor set aside Sundays to play some (for him) rather low-stakes games of chess with his son, Brett. Last year, he stopped. You can guess why. The two for years played ...


By John L. Bowman, CFA This editorial first appeared on Sept. 18 in Crain’s Pensions & Investments online edition. It’s open season on private equity in the Democratic presidential debates. Senators Elizabeth Warren and Bernie Sanders and others have made attacking “Wall Street” a major plank in their campaign platforms.Read More


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. THE PRODIGAL SON Masayoshi Son and SoftBank are bailing out WeWork with an investment expected to be ...


Melanion Capital, a Paris-based independent alternative investment management company, has appointed Dan Costinescu as a portfolio manager for a new systematic macro fund.


Spotex, a developer of foreign exchange (FX) technology systems and ECN operator, has launched Periscope, a new multilevel credit and margin management module.


The hedge fund redemption trend stretched to three straight months in August as the industry experienced USD11.3 billion in outflows, according to the Barclay Fund Flow Indicator published by BarclayHedge.


IHS Markit (NYSE: INFO), a specialist in critical information, analytics and solutions, has announced the appointment of Deborah Orida as an independent director to its board and the retirement of Richard Roedel from the board.


The US Securities and Exchange Commission has canceled its meeting to vote on proposed rule changes to its whistleblower program.





Laxman Pai, Opalesque Asia: Active strategies' relative performance in Q3 was slightly weaker than in Q2, though uneven across regions, says Lyxor. "Going forward, we expect a sense of déjà vu in Q4. A respite in uncertainties could yet again spur, for a time, a great...


Laxman Pai, Opalesque Asia: Jeff Hammer and Paul Sanabria joined Manulife Investment Management as senior managing directors and global co-heads of the firm 's new private capital secondary investment business. The investment arm of Toronto-based insurer Manulife Financial Corp, the appointment of ...


Bailey McCann, Opalesque New York: New data from eFront shows that private equity performance faltered a bit in 2019. LBO fund performance dipped from the record levels seen in 2017. For the US, active LBO funds are performing well when compared with the historical average, but the correction in v...


Ex-Soros senior analyst Yiannakas plans stocks hedge fund From Bloomberg: Sof Yiannakas, a former senior analyst at billionaire George Soros's family office, is setting up his own hedge fund to bet on European stocks. EOF Partners, a London-based long/short investment firm, plans to start tradi...


From BBC: One of the world's leading fund managers has been forced to resign after the BBC discovered he had broken investment rules. Mark Denning helped to manage more than $300bn ( pound;229bn; euro;265bn) of investors' money at Capital Group. BBC One's Panorama uncovered evidence that sugges...


...Robert Graham-Smith, a senior investment analyst at Mine Super , said with alpha being so scarce in the last decade any managers that can consistently deliver ?"deserve to charge a premium." The analyst said he is seeking diversification rather than alpha.?He stressed the import...


The SS C GlobeOp Forward Redemption Indicator for October 2019 measured 3.76%, up from 3.67% in September. "SS C GlobeOp's Forward Redemption Indicator was 3.76% for October 2019, reflecting a year over year increase compared to the 2.66% reported for October 2018," said Bill S...


Los Angeles Fire Police tracks down 2 for private equity From PIonline.com: Los Angeles Fire Police Pension Fund committed up to $65 million to two private equity funds: Longitude Venture Partners IV and BDCM Opportunity Fund V, according to agenda materials for the $23.9 billion pension fund's...


Elliott buys stake in EQT-backed Parques Reunidos From Unquote: US-based investment management firm Elliott Management has used its Elliott Capital vehicle to acquire a 12.79% stake worth around euro;140m in Madrid-listed amusement parks operator Parques Reunidos, which is controlled by Swedish pr...


Global equities head exits German giant Deka and drops $8.5bn fund From City Wire: The head of global equities at Deka, Ilga Haubelt, has left the German asset manager. This was confirmed to Citywire Selector's sister website Citywire Deutschland. Haubert had overseen the euro;7.6 billion ($8.5bn ...


China's cyberspace watchdog approves 309 more blockchain services From Coin Telegraph: The Cyberspace Administration of China, the country's central Internet regulator, censor, oversight and control agency, has published its second list of registered blockchain service providers. The new batch ...


Hedge funds hold fire after two weeks of heavy selling in oil From Reuters: Hedge funds stuck with their existing bearish view on oil prices last week - leaving positions in petroleum broadly unchanged after two weeks of heavy selling at the end of September and the start of October. Hedge fund...


Netherlands again tops list in global pension fund rankings From PIonline.com: The Netherlands earned the best score for the second year in a row among 37 national pension systems for adequacy, sustainability and integrity. The Melbourne Mercer Global Pension index, which ranks 37 national pens...


Trade talks pressure China to open up financial sector - analysts From Finance Asia: It has been a long time coming but with its feet to the fire as economic growth slows and a more belligerent US government squeezes it on trade, Beijing is biting the bullet of financial reform just that little bit...


Picking a private equity manager has gotten easier From Institutional Investor: Betting on the wrong private equity manager was always one of the biggest risks in the investment strategy. But the chances of picking a poor manager are going down. Since 2010, the difference between the top and bottom...


Fixed-income investors are ready for factor funds, survey says From Market Watch: As the bond bull market grinds on, investors increasingly see fixed income as fertile ground for factor investing. "Factors" are broad characteristics of securities, such as volatility, momentum, and...


Abe's green arrow: The rise of ESG investing in Japan One of the more unexpected outcomes of Japan's "Abenomics" program, designed to stimulate growth and inflation in the nation's stagnant economy, has been the surge in initiatives around Environmental, Social and Governance (ESG...


From Institutional Investor: Soon after Senator Marco Rubio led the bipartisan roll-out of the Equitable Act in June, short seller Dan David of FG Alpha Management heard from the Florida Republican's office.The bill calls for delisting foreign companies that don't comply with accounting oversight ru...


From City Wire: The world's largest wealth managers together controlled $22.2 trillion ( pound;17.1 trillion) at the end of last year, according Aite Group's Top 25 Global Wealth Management Firms Market Monitor. While this included non-discretionary assets, the study provided separate figures fo...




JPMorgan CEO and avowed-but-winking non-presidential candidate Jamie Dimon has a surprisingly robust publicly-announced platform for someone not seeking public office. The not-46-President-of-the-United-States is against tariffs, wants to tax people like himself to help pay better schools (like ...


WeWork is a shiny, famous, charismatic startup with terrible personal habits and an uncertain future. SoftBank is the sad finance bro who just knows in his heart he can save her. And like every scenario in which someone too needy hooks up with someone with too much to give, there are no winners, ...


Ray Dalio’s flagship Pure Alpha fund lost 2.3% in nine months to September



IHS Markit is using advanced analytics to more than double the number of companies covered by its Dividend Forecasting service. The expanded global service covers an unparalleled 28,000 stocks in more than 90 markets, providing up to five years of dividend forecast data for each stock covered.


The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, has named its new leadership team.




As Rudyard Kipling is commonly misquoted, the most important thing to do in a crisis is to "keep your head while all around are losing theirs." In fact, incoming trading head Marc Nachmann [sorryJim Esposito and Ashok Varadhan, but we all know what's happening] would be wise to have that ...



Once JPMorgan opened the floodgates last year, all the cool online brokerages [and Schwab] followed suit, so now the other big banks are slowly confronting the inevitable reality that no-commission trading is the way of the future. The only question was which titan of finance would capitulate ...




Sorry, Tom Steyer, Wrong Minimum-Wage Benchmark (Forbes) During the October 15 Democratic presidential debate, CNN news anchor Erin Burnett posed a question to candidate Tom Steyer, the founder of ...



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. 200 (WILD) WEST Goldman Sach’s Bryan Cohen took a page out of Martha Stewart’s cookbook, getting hit ...




Intertrust, a specialist in providing tech-enabled corporate and fund solutions to clients operating and investing in the international business environment, has expanded it onshore presence in China with a new office in Shenzhen.


The founding CEO of The Crypto Company, one of the first publicly traded companies investing in blockchain, has formed a specialised hedge fund to directly invest in businesses associated with distributed ledger technologies (DLT).



London-based asset management consultancy MJ Hudson is to acquire the Jersey administrator, Anglo Saxon Trust (AST), subject to Jersey Financial Services Commission regulatory approval and certain other conditions.


Thesis Unit Trust Management Limited (Tutman), an independent Authorised Fund Manager (AFM), CRUX Asset Management Limited (CRUX), an independent fund management company, and Sanditon Asset Management Limited (Sanditon), an independent investment management firm, have transferred two Sanditon funds to CRUX.


Thesis Unit Trust Management Limited (Tutman), an independent Authorised Fund Manager (AFM), CRUX Asset Management Limited (CRUX), an independent fund management company, and Sanditon Asset Management Limited (Sanditon), an independent investment management firm, have transferred two Sanditon funds to CRUX.


The US Securities and Exchange Commission (SEC) is neeting on Wednesday 23 October to vote on proposed changes to the SEC's highly successful Dodd-Frank Act whistleblower reward program.



B. G., Opalesque Geneva: The Altaica Sustainable Equity Long Short (SELS) Fund is an up and coming ESG hedge fund; since its launch in March, it has returned 18.2% through an astute selection of stocks that have high ESG ratings, the use of factor modeling, risk hedging and leveraging. 100% of ...


Laxman Pai, Opalesque Asia: CTAs were down -2.6% in September due to their long positioning on fixed income, while Global Macro strategies were up +1.4%, Lyxor said. Concurrently, Event-Driven and L/S Credit strategies were slightly up (+0.2 and +0.3% respectively) and L/S Equity strategies were fla...


In the week ending October 18th 2019, a report said that Hong Kong 's hedge fund industry saw its biggest quarterly outflow since the global recession a decade ago, a shift that may deepen concern about investor sentiment in the protest-wracked financial hub. Hong Kong hedge funds ' US$1 billion re...


Hedge fund Lansdowne thinks 'idiotic' bond prices will fall From FT: Lansdowne Partners, one of Europe's biggest and most influential hedge funds, is betting that financial markets are on the brink of a reversal that will see a big fall in "idiotic" bond prices, a slump in tec...


From Institutional Investor: Investors should be wary of piling into popular hedge fund strategies, according to a paper recently published in the Journal of Economics and Business. When too much capital targets the same investment strategy, the alpha produced by that strategy is diminished, found ...


RiverGlade Capital closed its debut buyout fund with $325 million worth of commitments-surpassing its $300 million target. The Chicago-based firm's inaugural fund isn't outsized or particularly notable in and of itself. However, its existence underscores a larger trend: the amount of US first-ti...


University of Michigan commits $359m From PIonline.com: University of Michigan, Ann Arbor, committed up to $250 million to two investment funds new to the institution's $12.7 billion long-term endowment pool and disclosed $109 million to existing managers. University regents approved the reco...


From Bloomberg: Billionaire Chris Rokos is back to calling all the shots at his $9 billion eponymous hedge fund firm. London-based Rokos Capital Management is merging the portfolios previously run by individual traders into a single pool of money, allowing it to place bigger bets, Alan Kilkenny,...


Investors flee international stock funds From Institutional Investor: Investors have yanked money from international stock funds at levels not seen since the 2008 crisis. Mutual funds and exchange-traded funds that focus on international equities saw $4.7 billion of net outflows in September, a f...


From AFR: When Phil King, the co-founder of Regal Funds Management, was inducted into the funds management Hall of Fame on Thursday night it capped an extraordinary 15 years for one of the most astute readers of the share market. King has had an uncanny ability to pick some of the best performin...


CME Bitcoin futures sees institutional interest and demand from Asia From Bitcoin.com: Global markets business CME Group said that institutional interest toward the firm's Bitcoin futures is thriving and 2019's third-quarter data showed a record number of open interest. Moreover, despite the lack...


10 steps for ransomware protection From Threat Post: Here are things you can do right now to shore up your defenses and help your recovery when you get hit: Just the thought of ransomware is enough to keep CISOs and security teams up at night. Victims are caught in an awful choice between paying ...


Is Ken Griffin shopping around a piece of his business? From Chicago Business: Ken Griffin's Citadel and Citadel Securities have been on a roll, even as the hedge fund industry shrinks and trading rivals stumble. Citadel's hedge fund assets have grown to about $32 billion under management since a...


Dutch pension pots stand out among global retirement funds From Reuters: The world's rich nations face a double-whammy, with ageing populations meaning more retirees - just as low and negative interest rates make it harder for pension funds to secure the investment returns needed to fill up their...


China growth rate - weakest since 1992 From Asia Fund Managers: China's economic growth fell to 6.0 percent in the third quarter of this year, its lowest level in 27 years. In the second quarter, the gross domestic product (GDP) growth rate was still at 6.2 percent. Combined, China's growth r...


Asia set to eclipse US as world's venture capital powerhouse From Nikkei: Asia could overtake North America as the global center for venture capital funding as early as next year, according to a study backed by a unit of Singapore state investment company Temasek. Asia-focused venture capital...


From Institutional Investor: Active managers can produce persistent excess returns when it comes to their best ideas - but they only devote half of their capital to these investments. The result has been a shredding of the industry as investors have moved to passive index funds, according to new CFA...


Money market fund managers bet on a surge in demand for ESG products From FT: After outsized growth through the first half of 2019, fund managers are expanding their suites of money market funds that incorporate environmental, social and governance factors into their investment decisions. Eur...



SEC filings and hedge fund investor letters indicate that the smart money seems to be paring back their overall long exposure since summer months, though some funds increased their exposure ...








Meet the Buffett bot: quant fund tries to crack the ‘value’ code  Financial Times






Former Brevan star to assume oversight of all trading after lacklustre returns


Computer-powered Havelock is battling the market’s shrinking attention span



College is expensive. Getting your kinds into college can be even more so. Just ask David Shaw. Or, better yet, Manuel Henriquez. It allegedly cost the former hedge fund manager $425,000 to get his daughter into Georgetown, first to pay someone to feed her answers on the SAT, and then to get ...



For every Major League Baseball team except the Nationals, Astros, and Yankees, it is now the offseason, the time to plot out the moves that will result in next year being different, where they are the teams still playing in late October, rather than watching from afar. So, let’s check in on some ...



Below is our quarterly newsletter. If you would like to be added to our distribution list, please contact us. Clients, Friends, Associates: We hope you had an enjoyable summer. Typically, the third quarter is quieter than the second quarter from a compliance perspective, however we continue to see meaningful enforcement actions taken by regulatory authorities […]



Secured Investment Corp presents a real estate-backed fund that is open to all investors, whether accredited or non-accredited




Much as the first time, we report with astonishment: We have a Brexit deal. This new Brexit deal is materially worse in just about every way than the old Brexit deal the authors of the new so gleefully rejected, except in the ways that it is exactly the same, which is to say most of the ways. It ...


Not to get ahead of ourselves, but we think it might be time for someone to stand up and mention that the whole "WeWork IPOing at $47 billion valuation" thing did not go very well. Instead of everyone getting really rich, WeWork is in the death throes section of a tailspin, and its investors are ...


Some years ago, before she was better known as an unprincipled stooge for an evil company, Sheryl Sandberg was famed for writing a book. Perhaps you’ve heard of it. Anyway, in this book, Lean In, she argued that, notwithstanding systemic gender bias, etc., women had only themselves to blame for ...





Data is the lifeblood for performance-hungry hedge funds, and ExodusPoint just lost its person, Chris Petrescu, who finds and buys unique datasets.





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. NOTHING TO SEE HERE Chime took a page out of Fortnite’s book, going dark for the last 24+ hours ... ...



Jersey Finance has formally opened its new office in New York as the jurisdiction looks to enhance its visibility in the US and promote its proposition as a gateway to Europe for US alternative fund managers.


Thornburg Investment Management (Thornberg), a global investment firm that oversees USD43 billion in assets, has appointed Ben Kirby and Jeff Klingelhofer as co-heads of investment – a newly-created position.


Charles A Hurty, a board member of SkyBridge Capital’s Multi-Advisor Hedge Fund Portfolios, has retired after 17 years as a director.


ACA Compliance Group (ACA) is expanding its European presence with the opening of a new office in Birmingham.




Since, as everyone says, “past performance is no guarantee of future results,” a history of close correlation between two assets, or between a single asset and a benchmark, is no guarantee of future correlation. The threat that a correlation upon which a particular investor has relied will cease to applyRead More


Bailey McCann, Opalesque New York: Institutional investors are beginning to show signs of worry about the economy heading into 2020, according to a new survey from placement agent Eaton Partners. The quarterly "Eaton Partners LP Pulse Survey" questioned more than 60 leading LPs, ma...


Laxman Pai, Opalesque Asia: Hedge funds posted their first negative quarterly return for the year in Q3, 2019 with the Preqin All-Strategies Hedge Fund benchmark losing 0.21% . Among single manager fund types, CTAs produced the highest return (+1.37%), compared with the significant gains of 2.81% m...


Laxman Pai, Opalesque Asia: Traditional single-manager funds accounted for 84% of all hedge funds launched in Q3 2019, in line with the statistics from Q2 2019, when such funds accounted for 87% of funds launched, said Preqin. However, there has been a steep decline in the number of hedge funds lau...


Laxman Pai, Opalesque Asia: As investors search for richer returns in riskier assets after recent interest rate cuts by central banks, the corporate debt market has been swelling. Low-interest rates are encouraging companies to take on a level of debt that risks becoming a $19 trillion timebomb in...


Laxman Pai, Opalesque Asia: Institutional investors have identified the aging population as the top trend affecting global investment allocations over the next 30 years, according to the latest Investcorp annual survey. Seventy-eight percent of 185 institutional investors surveyed cited the aging p...


Point72, Balyasny led decline among big multi-strategy funds From Yahoo: Billionaire Steve Cohen led losses among his biggest multistrategy hedge fund peers last month as sweeping market shifts blindsided investment managers. Cohen's $15 billion Point72 Asset Management fell about 2%, trimming gain...


GIP fund nears a record as investors flock to infrastructure strategy From WSJ: Global Infrastructure Partners is set to break the record for the largest fund ever raised for infrastructure deals. The New York-based private-equity firm, which counts former World Bank President Jim Yong Kim among it...


From City Wire: A global recession is likely to be the primary driver of markets next year, private office investors fear, with 55% telling the annual UBS Global Family Office report they now feared an imminent downturn. The 2019 edition interviewed 360 family offices across the world with an aver...


From Yahoo: Endowments and foundations cut their hedge fund exposure in the last year, citing high fees and concerns about liquidity and transparency. A survey released Thursday found that 37% of institutions polled reduced hedge fund wagers, while 14% increased them and about half remained unchange...


Italian pension fund awards multi-asset mandate to $114bn US firm From City Wire: Italian pension fund Arco has awarded a balanced equity and fixed income mandate to US investment house Payden Rygel Investment Management. The asset manager will be in charge of euro;140 million on behalf of the...


Record inflows to Brazil equity funds defy fleeing foreigners From Bloomberg: Investors are pouring money into Brazil's equity funds at the fastest pace in at least a decade, helping fuel the region's best performing stock gauge as record-low interest rates on bonds spur the hunt for more lucrative...


Thornburg Investment Management, a global investment firm that oversees $43 billion in assets, announced that Ben Kirby and Jeff Klingelhofer each have been appointed to the newly-created position of head of investments. In their expanded roles, Messrs. Kirby and Klingelhofer will lead Thornburg'...


BlockFi sees institutional investors emerging from the crypto closet From Crypto Briefing: BlockFi has revealed the current state of crypto interest among institutional investors. They found that while interest was healthy and growing, it pales in comparison to the segment of the market that was no...


From Finance Asia: Hong Kong real estate prices were already starting to slide before the recent protests accelerated the drop. How far and fast could they fall? Hong Kong's anti-China protests have now been going for fourth months, and one thing is crystal clear they are bad news for the city's pro...


There must be some value left in the sorry carcass that is Pacific Gas Electric, California's biggest utility company. Otherwise we wouldn't be witnessing a free-for-all among Wall Street hedge funds and investment firms to take it over. Indeed, value there is - billions of dollars' worth. It's ...


GAM turns to alternatives as assets continue to slide From City Wire: GAM's incoming chief executive is to put a greater emphasis on alternative ideas as the firm's interim report shows a continued decline in assets under management. In its interim report, which covers the three months period to 30...


Hong Kong hedge funds see biggest quarterly outflow since 2009 From Bloomberg: Hong Kong's hedge fund industry saw its biggest quarterly outflow since the global recession a decade ago, a shift that may deepen concern about investor sentiment in the protest-wracked financial hub. Net redemptions ...


Average private equity fund selling at face value From PIonline.com: The average price of LP interests in 40 alternative investment funds was 100% of net asset value in the six months ended Sept. 30, according to the latest secondary market pricing survey from online marketplace Palico. Thomas H...


Corporate debt defaults predicted to increase - survey From PIonline.com: Over two-thirds of credit portfolio managers expect corporate defaults to increase globally over the next 12 months, a significant sign of an economic slowdown. Among surveyed managers, 75% believe defaults will increase in...


Elliott pushes Japan's Unizo to accept $1.6bn Blackstone bid From Reuters: Unizo Holdings' top shareholder Elliott Management pushed the Japan hotel operator to accept a $1.6 billion tender offer from Blackstone Group, warning it would take "all available measures" if it fails to ...



We don't know if you've heard, but things are different in finance these days. Platform technology has revealed itself to be just as effective at losing money as human beings and tech has fundamentally uprooted trading desks around the world. Bots and algos run the show, big FiSi firms are doing ...




Tune in here at 4:20pm ET on 10/17 to view the livestream. - The post appeared first on managedfunds




Overall, hedge fund sentiment was unchanged. The stock was in 11 hedge funds' portfolios at the end of June. The level and the change in hedge fund popularity aren't the only variables you need to ...


The hedge fund titan believes it is too late for central banks to reverse a global slowdown..


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