The £126 million fine levied by the UK Financial Conduct Authority (FCA) on BNY Mellon in April for breaches of the rules on the safekeeping of client assets was the latest in a series of similar sanctions.
In case you’ve been living under a rock for the past couple of years, the Alternative Investment Fund Managers Directive (AIFMD) has landed. The EU-led legislation – designed to promote better standards and transparency within Europe’s alternative investment market – has essentially created a vast ‘Fortress Europe’. For the right to market their funds within Europe, managers of alternative investment firms must now become authorised under the Directive.
Guy Hands was the star turn at the Guernsey Fund Forum in London on Thursday. Having lived on the island for seven years, the chairman and CIO of Terra Firma Capital Partners has already proved that Guernsey is not just a tax haven. In fact, Hands told his London audience that the island is not a tax haven at all: it levies an income tax at a rate of 26 per cent.
Giulio di Cerbo was Italian, but not completely. He was raised from the age of four until he turned 18 entirely in England. It endowed him generously with that sense of humour the English prize above all else in a man.
Hedge funds are increasingly providing financing to small to medium sized enterprises (SMEs) as banks retreat from lending, according to a paper published by the Alternative Investment Management Association (AIMA).
Legacy systems in portfolio management or fund accounting platforms continue to exist at nearly three quarters (73 per cent) of asset managers, according to a survey of 70 European fund management houses by Advent Software.