Tuesday, 1 December 2015
Last updated 19 hours ago
Jun 11 2010 | 11:28am ET
Just three months into his new job at the head of the Man Group’s former futures brokerage, former New Jersey Gov. Jon Corzine told a group of hedge fund managers that he opposes part of the controversial Volcker rule, which would bar banks from the alternative investments industry.
“The idea of prohibiting prop. trading or to spin off derivative books is not attacking the problem, because it is virtually impossible to separate prop capital from client capital,” the MF Global CEO told a Chicago meeting of the Managed Funds Association, a hedge fund lobbying group. “The troubling part is, if we get too aggressive,” some financial firms might move offshore.
Still, Corzine, a Democrat, said he is “more in favor of financial reform than if we did nothing or a lot less," Investment News reports.
The Volcker rule, one the key battlegrounds in the ongoing House of Representatives-Senate conference over the financial regulation reform bill, would ban bank holding companies from proprietary trading. It could also bar them from owning, investing in or sponsoring a hedge fund or private equity fund.
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…