Month: February 2010

JPM, BNP Paribas Sue in K1 “Fraud”

Two banks involved in the collapse of German hedge fund K1 Invest in October have sued the fund’s founder Helmut Kiener for more than $150 million. JP Morgan, filing on behalf of Bear Stearns, is suing for $82 million while BNP Paribas is seeking more than $70 million in damages from K1 Invest which, it […]

Prime Rate to Launch Shariah-Compliant Liquidity Fund

Prime Rate Capital Management says it is launching an Islamic liquidity fund that will provide financial institutions with a pooling mechanism that can be used for investment of overnight, call and short term cash surpluses. The Islamic Liquidity Fund aims to offer investors a secure home for their cash holdings while also seeking to provide […]

MFA to Solicit Funds’ Data

The Managed Funds Association (MFA) is launching an initiative to gather key financial data from hedge fund, funds of funds and managed futures funds in a move to be a more effective lobbyist for an industry that is increasingly coming under the regulatory spotlight. The MFA says it will ask for data from managers using […]

China Hires Pimco’s Zhu for FX Post

China’s currency regulator, which oversees the world’s largest foreign exchange reserves at over $2 trillion, has appointed Pacific Investment Management Co (Pimco) hedge fund manager Changhong Zhu as its chief investment officer. Zhu will return to his native China in February to head the reserve management department of the State Administration of Foreign Exchange. He […]

Fleming to Join MSIM

Morgan Stanley says Gregory Fleming will join as president of its investment management business, including merchant banking, in February. He will also be responsible for global research. Fleming is currently a senior research scholar and lecturer in law at Yale Law School. Previously he was president and chief operating officer at Merrill Lynch and before […]

Lily Pond Hires FX Chief Strategist

New York-based Lily Pond Capital Management has appointed Robert Sinche, former head of strategy for global rates, currencies and commodities at Bank of America, as chief strategist. Sinche will analyse global economies, capital flows and monetary and fiscal policy with a focus on foreign exchange. Sinche, who has 33 years of experience in the FX […]

Nomura Launches Global Emerging Market Risk Index

Nomura has launched the Global Emerging Market Risk Index, GEMaRI, an early warning system for emerging market currency and balance-of-payments crises. GEMaRI calculates the risk of currency crises occurring in 35 emerging market economies in the year ahead and assigns a score to each country. The index incorporates 16 specially selected and weighted indicators which […]

Digital Vega Prepares for Launch

The subject of a multibank-to-client online trading platform for FX options has been bubbling under the surface for some time with the occasional report of companies studying the issue with a view to launching a platform. To date, little has happened. GFI Group sought to allow buy-side customers onto its ForexMatch platform in 2008, but […]

BNP Paribas Beefs Up e-Commerce Activity

In a parallel stream to its FX prime brokerage build-up, BNP Paribas has made several hires in its e-commerce group. The bank poached three members of rival Royal Bank of Scotland’s e-commerce team in Asia Pacific to help extend its business globally. In Tokyo, it has appointed Luke Waddington as head of e-commerce for the […]

BNP Paribas Opens FX PB Business

BNP Paribas made its debut in the foreign exchange prime brokerage arena in January, meeting launch targets that it set out last summer. Entering the market from two fronts, the French bank has gone live on Icap’s EBS currency platform as a prime bank and launched its own prime brokerage platform based on technology that […]