Wednesday, 23 July 2014
Last updated 12 hours ago
Jun 2 2006 | 8:16pm ET
~ Fallen energy giant Enron announced this week that its assets were being acquired by three hedge funds in a deal worth $2.1 billion. London-based Ashmore Investment Management and U.S. fund managers Eton Park and D.E. Shaw have agreed to buy the assets of Prisma Energy, which serves as the holding company for Enron's assets. Ashmore will take on 60% of the assets, while the U.S. firms will each own 20%. The deal involves the three hedge funds taking on $800 million of Enron's debt.
~ In line with JPMorgan's push to become a dominant player in the hedge fund servicing industry, the firm's Hedge Fund Services unit has agreed to acquire Henderson Global Investors' middle and back offices. Under the agreement, JPMorgan HFS will take over Henderson's middle and back offices and its employees, who service 14 hedge funds representing approximately $2 billion of assets. The administration will be done out of JPMorgan HFS's London office. Two months ago JPMorgan HFS acquired the middle and back office operations of Greenwich, Conn.-based Paloma Partners
~ UBS will acquire ABN AMRO's global futures and options business for $386 million. The acquisition is expected to be completed in the third quarter. The deal will make UBS one of the largest execution and clearing services in asset classes such as commodities, equities, equity indices, interest rates and currencies. ABN AMRO's global futures and options business will be incorporated into UBS Investment Bank's Prime Services business.
~ Defunct hedge fund Bayou Management filed for Chapter 11 bankruptcy relief in New York on Tuesday. Law firm Jenner & Block said court-appointed fiduciary Jeff Marwil and lawyer Jeffrey Schwartz of Dechert will aim to recover assets for defrauded investors. The law firm also said Bayou filed lawsuits against former investors who allegedly received excess profits on their investments.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…