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International
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Hedge Fund Managers Don Hairshirts and 'Impact Investing' at Monaco Meet
By Reuters
06/18/2013 2:20:46 PM ET
MONACO (Reuters)—Hedge funds, once seen as a quick route to riches for managers and investors alike, are trying to reinvent themselves as more socially conscious and make money all the same.
After an extended run of poor returns, executives at a slimmed-down annual industry conference in Monaco on Tuesday [June 18] were as likely to be found talking about charitable giving as top trading ideas.
U.A.E. Revives Bourse Merger Proposal
By Reuters
06/17/2013 9:59:48 AM ET
ABU DHABI/DUBAI, United Arab Emirates (Reuters)—The United Arab Emirates has revived a proposal to merge its two main stock exchanges in a state-backed deal that could boost trade in the local market and attract more foreign investment to the Gulf state, sources familiar with the plan said.
Talks on a potential merger between the Dubai Financial Market (DFM) and the Abu Dhabi Securities Exchange (ADX) have occurred on and off since at least 2010.
NYSE Program to Boost ETP Liquidity
By Reuters
06/13/2013 2:58:23 PM ET
NEW YORK (Reuters)—NYSE Arca, a major U.S. market for exchange-traded products (ETPs), will launch an initiative this year to help issuers of some lightly-traded securities to boost their liquidity.
Prequin: More Than $100 Billion Trapped in 'Zombie' Funds
By Reuters
06/13/2013 1:12:30 PM ET
LONDON (Reuters)—Private equity firms are sitting on $116 billion of assets trapped in so-called "zombie" funds that lie dormant but still rake in fees from investors, research showed on Thursday [June 13].
Almost 1,200 private equity funds can be classed as zombie — poor-performing funds that have been retained beyond their planned life span and whose managers have little hope of raising more money — according to data from industry tracker Preqin.
Dimon Defends Disclosures in 'Whale' Episode
By Reuters
06/12/2013 12:32:12 PM ET
NEW YORK (Reuters)—JPMorgan Chase & Co. Chief Executive Jamie Dimon, who won a strong vote of confidence from shareholders last month, on Tuesday [June 11] defended the disclosures the bank made last year about its unfolding "London Whale" derivatives loss.
U.K. FCA Looks Into Foreign Exchange Rate Manipulation Report
By Reuters
06/12/2013 12:11:39 PM ET
LONDON (Reuters)—Britain's financial watchdog is looking into a report that traders manipulated benchmark foreign exchange rates that are widely used by companies and funds.
The discussions come at a time of increased global scrutiny of financial benchmarks after the discovery that some other financial benchmarks, such as the LIBOR benchmark for interest rates, had been rigged.
Natixis: Middle East Investors Eye PE, Alternatives
By Reuters
06/10/2013 11:53:16 AM ET
DUBAI, United Arab Emirates (Reuters)—Large institutional investors in the Middle East are increasingly switching towards alternative investments such as private equity and hedge funds to generate returns in volatile global markets, a study released on Monday [June 10] showed.
The Gulf Arab region is home to some of the world's largest sovereign wealth funds and family investment offices, which are major sources of revenue for global fund managers.
Israeli Court Ruling Marks New Phase in IDB Ownership Battle
By Reuters
06/10/2013 11:47:37 AM ET
TEL AVIV, Israel (Reuters)—A Tel Aviv court set a late August deadline on Sunday [June 9] for indebted Israeli conglomerate IDB Holding to sell its stake in an insurance firm, giving its chairman some breathing space in a bitter ownership battle.
Many of the companies IDB owns have been hit by slowing economic growth and increased competition.
BoA Merrill Lynch, JP Morgan Top Extel Awards
By Reuters
06/10/2013 11:20:05 AM ET
LONDON (Reuters)—Bank of America Merrill Lynch scooped the prize as top pan-European equity brokerage at the annual Thomson Reuters Extel Awards on Monday [June 10], ending UBS's 12-year winning streak.
JP Morgan Asset Management was named best fund manager for the fourth consecutive year.
Steinmetz Settles With Ex-Adviser, Former U.K. Minister
By Reuters
06/10/2013 11:01:41 AM ET
LONDON (Reuters)—Israeli billionaire Beny Steinmetz has agreed a cash settlement to end a legal dispute with a former London-based business adviser, closing a chapter in a multi-billion dollar battle over mineral wealth in Guinea.
BSG Resources (BSGR), the mining arm of Mr.
Hedge Funds' Bullish Commodities Bets Drop from April
By Reuters
06/10/2013 10:06:44 AM ET
NEW YORK (Reuters)—The bullish money held by hedge funds and other big speculators in U.S. commodities has fallen by its most since late April, trade data showed on Friday [June 7], as they dumped large positions in oil and natural gas on concerns about the economy and demand.
Bankers: Yuan to Rival Dollar in Commodity Trade
By Reuters
06/06/2013 3:05:52 PM ET
GENEVA (Reuters)—China's yuan will become a key currency for trade in commodities over the next few years and has already begun making inroads into the U.S.
E.U. Plans Could Spell Doom For Oil Price Reporting
By Reuters
06/06/2013 2:55:12 PM ET
LONDON (Reuters)—Tough new rules proposed by the European Union for financial benchmarks would seriously threaten oil price reporting agencies (PRAs), industry sources say, as they could impose huge liabilities on oil publishers and participants.
Oil price reporting agencies were already under renewed scrutiny after European authorities raided the London office of lead price publisher Platts — a unit of McGraw Hill — as well as oil majors BP, Shell and Statoil , saying they suspected oil prices had been manipulated.
Report: Brussels Seeks to Give LIBOR to European Body
By Reuters
06/05/2013 5:09:17 PM ET
LONDON (Reuters)—The European Commission is going to suggest stripping London of its control over the scandal-hit LIBOR lending rate and hand over supervision to the Paris-based European Securities and Markets Authority (ESMA), the Financial Times said.
Citing a draft copy of the European Commission's proposal, the financial daily said that countries running LIBOR, Euribor or other "critical union benchmarks" would be under the direct supervision of ESMA.
Man Group's Shares Tumble After Flagship Fund Loss
By Reuters
06/05/2013 11:25:47 AM ET
LONDON (Reuters)—Man Group's shares fell more than 11 percent on Wednesday [June 5] after it said its flagship hedge fund AHL had suffered one of its biggest weekly losses, wiping out its profits so far this year.
The $14.
MF Global Ends Bankruptcy as Trustee Freeh Steps Down
By Reuters
06/05/2013 10:51:21 AM ET
NEW YORK (Reuters)—Collapsed brokerage MF Global Holdings Ltd. on Tuesday [June 4] effectively ended its bankruptcy, saying court-appointed trustee Louis Freeh will step down and hand the estate's remaining wind-down duties to a new three-member board.
SAC Redemptions Grow, as Magnitude Capital Joins in
By Reuters
05/31/2013 4:55:43 PM ET
Editor's note: This verison of the story has been updated throughout.
NEW YORK (Reuters)—Investor redemptions from Steven A. Cohen's hedge fund, SAC Capital Advisors, continue, with Magnitude Capital emerging as the latest outside investor asking to get money back from the $15 billion hedge fund.
Lehman, Barclays Battle Goes Before Appeals Panel
By Reuters
05/30/2013 9:09:30 AM ET
NEW YORK (Reuters) Lehman Brothers' defunct brokerage told an appeals court on Wednesday [May 29] it was entitled to billions of dollars in cash it says was wrongly included in its 2008 sale to Barclays Plc.
The arguments in federal appeals court in New York renewed a murky, years-old court battle with huge implications for the brokerage's creditors, including Lehman affiliates and hedge funds.
Tiger Global Puts $50 Million in Automattic, WordPress
By Reuters
05/28/2013 11:03:28 AM ET
SAN FRANCISCO (Reuters) Automattic, the company that operates blogging service WordPress.com, announced a $50 million investment from hedge fund and private equity investor Tiger Global on Friday [May 24].
CME Vows Not to Sway Membership Prices After MF Global Sales
By Reuters
05/23/2013 3:20:57 PM ET
CHICAGO (Reuters)—CME Group Inc. will never influence the price of its memberships, Executive Chairman Terry Duffy said on Wednesday [May 22] after seats formerly owned by bankrupt broker MF Global Holdings Ltd.
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