Sunday, 29 March 2015
Last updated 1 day ago
Sep 14 2009 | 9:29am ET
Interdealer broker Tullett Prebon has launched a new transaction settlement and escrow service for the secondary hedge fund market aimed at reducing the risk of buying and selling hedge fund investment stakes.
“The secondary hedge fund market has been around for several years, but many institutional clients have been hesitant to utilize this market, in large part due to transaction settlement and transfer risks through the traditional OTC trade clearing process, which typically involves multiple counter-parties,” said Neil Campbell, head of alternative investments in London for Tullett Prebon.
“The solution we’ve developed strips away those layers to reduce transactional and transfer risks to offer peace of mind to our existing clients and to attract new counterparties to the market and increased liquidity,” Campbell said. “We are extremely pleased to be partnering with industry veteran, KAS BANK, who is highly respected for its expertise, risk management and transparency in securities services.”
The firm is offering the service in conjunction with KAS BANK, an independent European specialist in securities services, which will act as an independent administrator for Tullett Prebon’s institutional client transactions.
Requirements for utilization of the service are a signed escrow agreement between KAS BANK, the buyer and the seller; and an escrow account to be opened at KAS BANK by the buyer.
Tullett Prebon’s alternative investments team provides institutional investors with the opportunity to buy and sell secondary interests in hedge funds and private equity funds. Tullett Prebon became the first established brokerage to enter the secondary hedge fund market, by establishing its U.K. Alternative Investments desk in London in February of this year. The firm recently launched its U.S. alternative investments desk in New York.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…