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Traditionally Luxembourg hedge funds and funds of hedge funds have been set up under part II of the law of December 20, 2002 on UCIs and, more recently, Specialised Investment Funds governed
Ifina’s organisation in June of a networking evening at BVI House in London, featuring speakers representing the global hedge fund industry and the funds sectors in the British Virgin I
Market commentary and discussion on the merits and limitations of alternative Ucits funds continue to generate considerable interest for hedge fund managers and their investors.
The interest is backed by recent statistics from the European Fund and Asset Management Association showing continued recovery and overall net inflows for Ucits since the turn of the year. At the end of May, total net assets within Ucits stood at EUR5.58trn, representing about 76 per cent of all European investment fund assets. While the alternative Ucits sector is currently a small fragment of the Ucits market, it is growing rapidly.
This trend is
Due to the combination of bruising market losses, high correlation among asset classes, unexpected illiquidity and epic scandals, the investment management industry faces a restless, empowered investor base.
In addition to a focus on transparency and liquidity, retail investors and their advisors – as well as smaller institutional investors – are increasingly focused on absolute returns and investment strategies uncorrelated with long-only equity and bond indices.
Consequently, asset allocation trends are accelerating demand for products that combine access to non-correlated strategies and asset classes with the liquidity and transparency of registered investment products.
With more than 50 per cent of
Nearly two years after the bankruptcy of Lehman Brothers brought home to the global financial industry the seriousness of the crisis that unfolded from the collapse of the US sub-prime mortgage market, the shape of the regulatory environment drawn up as a response to the past three years of turbulence is now taking shape, for better or worse. A major step came on July 21 with the signing into US law of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
For the alternative asset management sector in particular the Dodd-Frank Act, which covers a vast swathe of financial sector
Law firm Sidley Austin has appointed Alyssa A. Grikscheit as a partner in the Latin America and investment funds, advisers and derivatives practices.
She will be based in the New York office and will focus on cross-border transactions and alternative investment funds.
Grikscheit has significant experience representing clients in Latin American, emerging market and other cross-border transactions, including M&A, joint ventures and fund formation.
“Alyssa brings considerable experience in cross-border transactions in emerging and developed markets and fund formation, particularly for funds involving international investments and alternative asset classes,” says Carlos A. Rodriguez, a partner in the firm’s Latin America
CVC Capital Partners and Leslie’s Holdings have reached a definitive agreement for funds advised by CVC to invest in Leslie’s, a retailer of swimming pool supplies and related products in the US.
Existing equity holders, including affiliates of Leonard Green & Partners and management, will maintain large ongoing ownership stakes in the business.
Terms of the transaction were not disclosed.
Leslie’s operates 645 company-owned retail stores in 35 states throughout North America and also markets its products through mail order catalogues and an internet store.
Larry Hayward, chairman and chief executive of Leslie’s, says: "We are delighted to have CVC
Less than a quarter of private real estate fund investors made a commitment in the first half of 2010, research by Preqin shows.
Quarter two 2010 saw 20 private equity real estate funds raise an aggregate USD7.3bn, the lowest quarterly fundraising total since Q3 2004.
Forty two per cent of investors plan to commit to a fund in the next 12 months, while 19 per cent would consider doing so.
Of the investors surveyed, 73 per cent are below their target allocation to real estate.
Forty three per cent of active investors are targeting core real estate funds, with 38
NB Private Equity Partners’ unaudited net asset value increased by USD1.8m during the six months ended 30 June 2010 to USD9.50 per share.
This represents an increase of 0.4 per cent compared to the audited NAV per share of USD9.46 at 31 December 2009.
During the first half of the year, NBPE’s private equity investment portfolio had net realised losses of USD2.8m. The portfolio experienced net unrealised gains of USD8.9m associated with privately held investments and USD7.3m associated with credit-related fund investments.
The net unrealised loss for public equity securities was USD2.6m during the period. Investment income, operating expenses
The Alternative Investment Management Association is to engage with US policymakers and supervisors over the implementation of the Dodd-Frank Act.
Aima has set out several key areas of focus ahead of September meetings with US policymakers and supervisors regarding the Act.
These include the registration of hedge fund managers and the reporting of systemically relevant data in the interests of a broader financial stability assessment; how smaller managers may be impacted by the legislation; OTC derivatives; the revised Volcker Rule; potential tax issues; and the goal of global regulatory consistency.
Todd Groome, chairman of Aima, says: “Aima, as the
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