(Editor’s note: Recently, a Canadian pension fund, the Public Sector Pension Investment Board (PSP) went public with a lawsuit alleging that hedge fund Saba Capital Management cheated PSP [click here to read], which benefits Canadian Mounties, during a $500 million redemption process. Boaz Ronald Weinstein, the founder, partner, and chief investment officer for Saba Capital,… Read More >>
Canadian Mounties’ Pension Fund Alleges Saba Capital Cheated Them
In a rare move by a pension fund, the Public Sector Pension Investment Board (PSP) is suing Saba Capital Management, alleging that the hedge fund cheated PSP, which benefits Canadian Mounties, during a $500 million redemption process. In response, Boaz Ronald Weinstein, the founder, partner, and chief investment officer for Saba Capital said in a… Read More >>
New SS&C GlobeOp Unit Tackles Hybrid Funds
SS&C Technologies, a provider of front, middle, and back-office solutions to the buy side, is rolling out the red carpet for hybrid funds, creating the new Hybrid Fund Services Group within SS&C GlobeOp, its fund administration arm, officials say. Rahul Kanwar, a senior vice president and managing director of Alternative Assets at SS&C GlobeOp, defines… Read More >>
Hedge Fund Founder Slain
Thomas S. Gilbert, founder and chief investment officer of Wainscott Capital Partners Fund, was found dead from a gunshot wound Sunday, Jan. 4, in his Manhattan home. His son Thomas Gilbert Jr. was subsequently charged with murdering his father, according to the New York City Police Department and media reports. Major media reports also cite… Read More >>
How to Spot and Avoid the Next Madoff
Operational risk is a sprawling, difficult and highly technical field, as many of the speakers and attendees at Financial Technologies Forum’s recent OpRisk NY event can attest. But one area that often gets overlooked amid the jumble of complex models and bureaucratic red tape of OpRisk at larger firms, is how alternative asset managers apply… Read More >>
AIMA Adds Two Council Directors
The Alternative Investment Management Association (AIMA), the London-based hedge fund industry association, has announced the appointment of two new directors to the AIMA Council, its global governing body, officials say. The two new directors are Martin Pabari, currently chief operating officer (COO) at CQS, and Fiona Carpenter, a partner at accounting and consulting giant Ernst… Read More >>
Abacus Group Debuts Dashboard for Key System
Abacus Group, a provider of hosted IT solutions for hedge funds and private equity funds, has launched Abacus Cloud Panel, a web-based portal intended to help CEOs and chief technology officers (CTOs) enhance the management of email via the AbacusFlex system, officials say. AbacusFlex serves as the host for IT infrastructures and applications, and offers… Read More >>
HITE Asset Management Sidesteps Vendor Hassles
When James Jampel founded HITE Asset Management in 2004 with $1 million in start-up capital, tinkering with back-office systems and processes wasn’t exactly at the top of his to-do list. Jampel and the employees who later joined HITE wanted to focus on one thing: investing. It’s fitting, then, that a decade later HITE has become… Read More >>
Calpers Dumps Hedge Funds
The highly influential pension fund California Public Employees’ Retirement System (Calpers) is exiting 24 hedge funds and six hedge fund-of-funds with a combined value of approximately $4 billion, officials say. Calpers officials announced that they are eliminating the hedge fund program, dubbed the Absolute Return Strategies (ARS) program, “as part of an ongoing effort to… Read More >>
CFTC Fines Morgan Stanley $280K for KYC Oversight
U.S. regulators have fined Morgan Stanley’s wealth management division $280,000 over failures in its know your customer (KYC) processes that led to a fictitious hedge fund – in reality the front for a U.K.-based Ponzi scheme – being able to open accounts despite numerous red flags, officials say. The CFTC fined Morgan Stanley Smith Barney… Read More >>
