Month: March 2007

A State of Unpreparedness: MiFID, Best Execution and the FX Market

When surveys consistently show that at least 40% of firms are not aware of, or ready for, MiFID there should be concerns in the industry. Less than eight months before the legislation is due to come into force, people are comparing MiFID to Y2K ? something that is being exaggerated and that will have little […]

Merrill Lynch Hires Currency Strategist for Private Client Business

Merrill Lynch has strengthened its pan-European Global Private Client discretionary business with the appointment of Shireen Meyer de Stadelhofen as a currency specialist in the private investors team based in Geneva, Switzerland.  Previously, Meyer de Stadelhofen had developed her own business as an independent investment strategist and advisor for institutional and private clients. Before that […]

Rydex Launches First ETF to Track Movements of Yen on NYSE

The first yen-based exchange traded fund, the CurrencyShares Japanese Yen Trust has begun trading on the New York Stock Exchange.  One of eight currency-based ETFs sponsored by Rydex Investments, CurrencyShares Japanese Yen Trust tracks the daily price movement of the yen. The yen-based ETF joins a family of NYSE-listed CurrencyShares, providing investors with a way […]

Credit Suisse Appoints O?Malley as Head of UK Institutional Distribution

Credit Suisse has appointed Terry O?Malley as director and head of UK institutional distribution for asset management. He joins the bank from bfinance where he was director of business development. In his new role he will be responsible for institutional distribution and consultant relationships in the UK.  Based in London, he will report to John […]

BoNY Expands Valuations Service for Derivatives

The Bank of New York (BoNY) has expanded its independent valuation service for over-the-counter derivative products and asset classes to include European swaptions, foreign exchange options and OTC equity options. The bank already provides valuation services for interest rate swaps and credit default swaps. Clients have access to daily valuations of their global OTC derivative […]

Northern Trust Selects Markit for Derivatives Valuations

Northern Trust, a provider of investment management and banking services, has selected Markit Group to provide it with over-the-counter derivative valuations. Markit?s portfolio valuations service is aimed at mutual funds, hedge funds, traditional asset managers, fund administrators, custodians and banks and provides independent valuations for complex, illiquid instruments. The bespoke service for Northern Trust provides […]

AIMA Reinforces Supervision Message to G7

The Alternative Investment Management Association (AIMA), the hedge fund and alternative investment industry association, has responded to the statement on hedge funds following the G7 finance ministers meeting in Essen on 9/10 February 2007, which referred to the possible development of a voluntary code of conduct. AIMA says it believes that such an idea has […]

Morgan Stanley to Open Prime Brokerage Office in Singapore

Morgan Stanley plans to establish a prime brokerage team in Singapore later in 2007, adding to its existing teams in Hong Kong, Tokyo and Sydney. The bank?s announcement comes just weeks after Citigroup said it was opening a prime brokerage office in Singapore, (P&L Squawkbox, January 29) and reflects the stiff competition among brokers for […]

SGAM Appoints Head of Middle East

Société Générale Asset Management has appointed Pierre de Bonneville as head of the Middle East region. He replaces Patrick Peignon, who is moving to another position within the company. De Bonneville, who also retains his role as head of family offices, will be responsible for coordinating SGAM?s development in the area. Alan Clot, chairman and […]

Capricorn Adds New Currency Program

Currency manager Capricorn Asset Management has launched a new intra-month, systematic currency strategy, called the Capricorn FXMT (Growth) program. The firm says in light of the increasing interest in Capricorn?s existing currency strategy a new currency program was needed for investors. The new program incorporates Capricorn?s pure alpha seeking philosophy with an options strategy to […]