Monday, 20 October 2014
Last updated 3 days ago
Jan 7 2009 | 1:01am ET
At least one big hedge fund is offering what might be called a constructive response to the Bernard Madoff scandal: greater transparency.
New York-based Millennium Management has hired GlobeOp Financial Services to serve as an independent administrator for its three hedge funds. GlobeOp will provide independent confirmation of cash and position reconciliation, pricing and valuating, net asset value calculation, financial reporting, and share register and transfer agency services. The new arrangement took effect on New Years Day.
“We are sending a strong signal about our commitment to transparency and the independent validation of Millennium's portfolio positions, asset pricing and expense allocation by appointing GlobeOp as an independent administrator, and by increasing our online investor portfolio reporting,” said Terry Feeney, co-president and chief operating officer of Millennium.
GlobeOp is no stranger to Millennium, having provided valuation, share registry and transfer services to the Millennium International fund for more than two year.
Moves such as Millennium’s may be the closest thing to a silver lining in the suspected $50 billion Ponzi scheme that counts many hedge funds among its victims. But it’s also clear that Millennium saw the writing on the wall: The world’s largest hedge fund allocator, Union Bancaire Privée, announced last month that it would not invest with some hedge funds unless the appointed an independent administrator. Millennium was on the UBP blacklist, alongside fellow industry heavy hitters Caxton Associates, Citadel Investment Group, Cerberus Capital Management, Renaissance Technologies and SAC Capital Advisors.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...