Saturday, 28 November 2015
Last updated 1 day ago
Sep 30 2009 | 2:24am ET
Another firm is preparing itself for the inevitability of new hedge fund regulations in Europe by moving its hedge fund onshore.
Smith & Williamson plans to convert its £80 million Enterprise Hedge Fund into a UCITS III-compliant vehicle by the first quarter of next year. In addition, anticipating new restrictions on offshore funds, the firm plans to switch the Enterprise fund’s domicile from the Cayman Islands to Dublin, Ireland.
“We thought six months ago we would launch a new UCITS III fund to run alongside Enterprise, but as our discussions progressed we realized with the sea-change in attitudes taking place in clients and regulators it was much better to take the existing pot of assets and move into much more of a user-friendly environment,” Nick Hodgson, head of marketing and sales at the firm, told Investment Week.
The conversion, which would also change the fund from monthly to daily liquidity, requires both shareholder approval and that of Irish regulators.
“To us, it makes sense, because what is clearly driving the hedge fund world is liquidity and transparency, as well as regulatory oversight,” Hodgson said.
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…