Wednesday, 17 September 2014
Last updated 2 hours ago
May 13 2010 | 9:42am ET
Millennium Management has set up a regulation and compliance board, tapping former heads of the Federal Bureau of Investigation and Securities and Exchange Commission to advise it.
The $7.8 billion New York-based firm said Louis Freeh, the director of the FBI from 1993 until 2001, and Harvey Pitt, chairman of the SEC from 2001 until 2003, will offer their insights on regulatory matters. They are joined on the new independent Regulatory and Compliance Advisory Council by a pair of former SEC commissioners, Aulana Peters and Joseph Grundfest, former federal judge and SEC Enforcement Division chief Stanley Sporkin, and former TIAA-CREF chief investment counsel Peter Clapman, Reuters reports.
In a letter to investors on April 30, Millennium founder Israel Englander said he plans to add two more members to the council, but that the group would begin working together right away as the council “has gotten to critical mass.”
“Our expectation is that the council will help us see the forest, and not just the trees,” Englander wrote.
Millennium’s move follows the establishment of similar compliance boards at hedge funds such as Pershing Square Capital Management. It is the latest step to reassure investors by a firm that already sends clients audited financial statements and detailed trading reports.
The hedge fund also took the opportunity to tell investors that it returned 3.97% in the first quarter. Millennium soared 17.4% last year.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
The Federal Reserve keeps baby-stepping toward a “normalization” of monetary policy. But just what is normal?