Mosnews.com reports that Deutsche Bank filed a motion with a Houston federal court Tuesday afternoon to dismiss Yukos’ claim for bankruptcy protection. The investment firm said the Russian oil giant had tried to “artificially manufacture” a presence in the U.S. in order to seek bankruptcy protection. Yukos filed for Chapter 11 bankruptcy protection earlier this month to stave off a forced auction by Russian authorities of its major oil-producing assets to pay a tax claim.
But its chief asset, Yuganskneftegaz, was still forcefully auctioned off earlier this month to a previously unknown firm, Baikalfinansgroup. Deutsche Bank was one of a consortium of banks — including ABN Amro and Dresdner Kleinwort Wasserstein — that had intended to fund a $10 billion bid by Russian state-owned gas giant Gazprom to buy Yuganskneftegaz, which produces 60 percent of Yukos’ oil. Source
From HedgeWorld.com: The Commodity Futures Trading Commission settled a lawsuit over an unregistered commodity pool and the misappropriation of its funds, with defendants Paulino Rene Dias Jr. and Victor Smith, both California residents, and Krute Corp., Woodland Hills, Calif. The CFTC initiated this action in April 2003. Full article:
Source
The electronic repo markets of derivatives exchange Eurex continue to
enjoy strong growth, as Eurex Repo announced at the end of the year.
The average outstanding volume- the key figure for repo markets- as
well as the number of trading participants experienced further growth
in 2004.
The average outstanding volume on Eurex Repo as of end-November was
up around 21 percent y-o-y, totaling EUR52.4 billion. Eurex Repo succeeded in attracting new participants in 2004, as well. Eight new banks and financial services providers from the UK, France, Germany, and Switzerland were admitted, bringing the total number of
banks trading on Eurex Repo up to 155, from nine different countries.
This has allowed the company to further enhance its position as a pan-
European marketplace for repo trading.
As already announced, Eurex Repo is scheduled to launch its new
product, Euro GC Pooling®, on March 17, 2005. Euro GC Pooling will
allow the company to offer cash-driven, international trading of a
General Collateral Basket with over 9,000 ECB-eligible fixed-income
securities. Eurex Repo will therefore be able to raise efficiency in
the trading and collateral management of collateralized money market
transactions, and to help repo market participants optimize their use
of collateral. No online Source
Deutsche Boerse boss Werner Seifert is hoping for an early victory when the battle for control of the London Stock Exchange begins in earnest next week. He and his Euronext arch-rival Jean-Francois Theodore are competing for the affections of LSE chief executive Clara Furse who is meeting them both to hear detailed bid plans.
Editor's note: I saw a cartoon this morning where one Brit banker said to the other: "The good thing is that we'll annoy either the French or the Germans..." Source
From Globalmoneymanagement.com: The SEK40 billion (GBP3 billion) Sjunde AP-Fonden (AP7) has tendered for a SEK2.2 billion active European equity mandate. The new manager will replace IXIS Asset Management, which was terminated in November. The deadline to participate is Jan. 21.
Source
Israel's third largest insurance group, Harel Insurance Investments (TASE:HARL), controlled by the Hamburger family, is expanding its provident fund business, and preparing for the capital market reform equalizing the tax rate on Israeli and foreign securities, which comes into effect at the beginning of 2005.
Harel Insurance subsidiary Harel Investment House Ltd. (formerly Harel Capital Markets) has signed an agreement with Swiss bank Union Bancaire-Privee (UBP) to jointly manage the assets of the new financial products Harel is launching: Harel overseas provident fund, and Harel overseas advanced training fund. These funds will invest at least half their members' assets in developed markets, including the US, Europe, Japan, and Australia.
UBP, now controlled by the de Picciotto family, was formerly controlled by the Recanati family. It is one of the three largest Swiss private banks, managing over $50 billion in financial assets. UBP is also the world's second largest manager of hedge funds, with $12 billion. Full article: Source
From Gulf-daily-news.com: Bahrain's "remarkable" economic development is a continuing financial success story, said Prime Minister Shaikh Khalifa bin Salman Al Khalifa yesterday. While chairing a Bahrain Monetary Agency meeting, he revealed a rise in capital flow and investment profits and an increase in the high profitability of banks. He also hailed the expansion of financial activities and services and lauded the role played by the financial sector in reinforcing the national economy and Bahrain's financial status in the region. The board then agreed to grant a licence to the Turkish Development Bank to operate an external banking unit in Bahrain under the name of the Turkish Bank for Industrial Development (TBID).
Source
From the Bangkok Post: In equities in 2003, Thailand was Asia's number 1 and the world's third-best performing market. For most of this year it was the world's worst performing stock market, until over the last two weeks, the China Aviation Oil fiasco led to a re-pricing of China risk and hence China's Shenzhen and Shanghai markets got the prize of the World's Worst Performers this year. In 2004, the Egyptian Stock Market is the world's best performer, up 117%, followed by Turkey three points behind.
In 2005, Thailand offers very attractive risk/reward ratios and investment return. Most likely we will see a stock market rally going into the election. The terrible tsunami and its damage to the Thai economy most probably will be short-lived, while the problems in the South might persist but mostly have been discounted already. The SET hence offers a great buying opportunity. ``The big money is made when things go from being terrible awful to just awful,'' George Soros once observed. That might well apply to the Thai market over the next couple of months. Despite its impressive performance this year, my favourite emerging market in the world is still Turkey. Full article: Source
According to the BBC, Mr Soros uses his money to build democratic, market-based societies The Open Society Institute (OSI), financed by billionaire George Soros, has accused Kazakhstan officials of trying to close down its local office. A demand for unpaid taxes and fines of $600,000 (£425,000) is politically motivated, the OSI claimed, adding that it paid the money in October. The organisation has found itself in trouble after being accused of helping to topple Georgia's former president. It denies having any role, but offices have had to close across the region.
Source
China, India and Russia will continue their high growth rates and will provide investment opportunities in 2005, according to Franklin Templeton’s Mark Mobius reports Citywire-fmi.com. Veteran emerging markets specialist Mobius runs a stable of funds including the $1.28 billion Templeton Asian Growth fund and the $480 million Templeton Asian Growth fund, both of which are domiciled in Luxembourg.
Mobius says the potential for emerging markets to record another positive year is clearly present. ‘We see companies with growing earnings and strong balance sheets,’ he said. ‘Overall, valuations are still below the levels that we have seen in the past.’ Source
According to Globalmoneymanagement.com more than half of Asian institutional investors are planning to expand their fixed-income teams next year, following a sharp rise in bond investments and trading volumes in the region. Fixed income assets managed by fund managers in Asia, excluding Japan, increased by approximately 65% to USD676 billion (GBP351 billion) in the past 12 months, according to Greenwich Associates’ latest report.
The report, based on a poll of 524 investors in Asia excluding Japan, shows that more than half of the respondents are planning to hire fixed-income specialists next year. The hiring spree is expected to focus on areas such as risk management, research and portfolio management. Source
The Shanghai Stock Exchange will issue a new index on the first trading day of 2005 to track the 50 companies with the highest dividend payments, the exchange announced yesterday. The index takes 50 Shanghai-listed companies with stable dividend payments and solid liquidity as its constituents. The companies include large caps such as Sinopec, Baosteel and Shanghai Automotive, as well as medium-sized companies such as Laigang Corp and Xiamen Construction & Development.
Source
From RiskCenter.com: Merrill Lynch is in talks with China ’s Huaan Securities, a mid-sized brokerage, to set up an investment banking joint venture in a bid to become the latest foreign house to gain access to the country’s fast-growing but still restricted market. The partners are expected to win approval from Chinese authorities next year for the venture.
The deal will enable Merrill Lynch to play in the same league as competitors, Goldman Sachs and Morgan Stanley that already have similar joint ventures in China authorized to underwrite domestic stock and bond offerings. Full article: Source
Wachovia adds 600 brokers to its private client group
Wachovia Securities, the brokerage arm of Wachovia Corp., will expand its financial advisor force by 8-10% next year, adding about 600 brokers to its private client group. (InstitutionalInvestor.com)
Bank of Sharjah enters investment banking
The Bank of Sharjah is to set up an independent investment banking arm, General Manager Varouj Nerguizian told Gulf News. He said the bank was also looking at the acquisition of an insurance company in the region following its rights issue early last year which tripled its capital base. (AMEInfo.com) No online Source
GAIM USA 2005: January 18-20, 2005 * Boca Raton Resort * Boca Raton, FL
Register by January 7th and save $400:
Over 800 senior industry leaders are expected in 2005.
Book today, the hotel will sell out soon!
At GAIM USA 2005, the largest gathering of hedge funds in the USA , you will find assembled the most senior and expert industry leaders who will share with you their unique insights into how the industry is going to meet its challenges and where the strategic investment and business opportunities will be in 2005. There is no better place to get an early start to achieve many of your key objectives in 2005, and get incisive information on some of the most pressing questions facing the industry
Hear some of the world’s leading investors discuss the criteria they employ in considering future allocations to the hedge fund sector. You will get a good understanding of how you need to change or adapt your products and services to meet the needs of the institutional client.
Plus…over 12 hours of networking breaks, cocktail receptions and luncheons during the event!
Register by January 7th and save $400:
To Register or for more information, visit www.gaimusa.com
Please mention priority code: XUAMB
2 Day conference: 31 January – 1 February 2005, The Selfridge Hotel, London
10% REBATE for Alternative Market Briefing Readers (quote AMB) and FREE to attend for institutional investors.
Attend Finance IQ's Generating Absolute Returns for Pension Funds - a pension fund packed conference where huge opportunities exist for hedge fund providers who have established relationships with current and future investors.
Your clients - institutional investors - are coming so they can hear from top hedge fund experts such as Christopher Fawcett from Fauchier Partners LLP, Simon Ruddick from Albourne Partners, James Walsh from Hermes Pensions Management, Chris Mansi from Watson Wyatt, and many others regarding the changing nature of absolute return investment strategies.
The following organisations will also be presenting at this exciting event:
ABP Investments, Lloyds TSB Group Pension Fund, Asterias, Clwyd Pension Fund, EDHEC Business School, the Financial Services Authority, Lovells, Mercer Investment Consulting, Pacific Alternative Asset Management Consultancy, Sabre Fund management Ltd., Schneider Capital, Merseyside Pension Fund, Skandia life and Insurance Company.
To guarantee your place visit: www.iqpc.co.uk/GB-2314/amb email: enquire@iqpc.co.uk or call +44 207 368 9300
>
1 - 3 February, Steigenberger Frankfurter Hof, Frankfurt, Germany
Get the definitive facts on the German hedge fund market at Germany's premier hedge fund event for investors and fund managers.
Conference highlights include:
- Are the new rules presenting real opportunities?
- Analysis of local single hedge funds and funds of hedge funds trends
- How much money has actually been allocated to hedge funds in Germany?
- Focus on German investors - who are they and what are they really buying?
- How is Germany positioning itself against other major hedge fund markets
- Successful styles and strategies in challenging times
Top-level speakers include:
- Alexander Appelt, Senior Portfolio Manager, SwissLife Germany
- Ernst-Ludwig Drayss, Partner & CIO, Berlin & co. KGaA
- Fred Siegrist, Co-Head & CIO, RMF Investment Management
- Alberto Giovannini, CEO & Director, Unifortune SGR SpA
- Ulf Becker, Head of Equity Hedge Funds & Senior Portfolio Manager, Lupus Alpha
To obtain your 10% rebate as an Opalesque subscriber, call Naheed Sharmin on +44 (0) 20 7827 5980 or mailto:naheed.sharmin@terrapinn.com.
Website:
www.hedgefundsworld.com/2005/hfw_DE
>
Now that the SEC has voted to adopt Rule 203(b)(3)-2 requiring the mandatory registration of hedge funds, the industry is grappling to come to terms with its implications and the practical steps necessary for achieving compliance, while ensuring minimum disruption to day-to-day business. We will address not only the latest SEC developments, but will also provide essential tools for tackling operational and valuation challenges. Whether you are a registered or unregistered hedge fund or a fund service provider, this seminar offers you crucial and timely insights on how to succeed in today’s highly competitive and rapidly changing environment.
Whether you are a registered or unregistered hedge fund, an investment advisor, compliance officer, fund manager, prime broker, custodian, fund administrator or attorney, come to this event to improve your knowledge on:
- Dealing with the SEC: experiences from the front line and lessons learned
- Portfolio valuation strategies: best practices and case studies
- The use of soft dollars by hedge funds in the changing regulatory arena
NEW - Investor panel: How do institutional investors define hedge fund best practices
NEW - Best practices in operational risk management
NEW - Hedge fund roundtable: fund managers share their first-hand experiences
NEW - Best practices for marketing your hedge fund
PLUS – Post-Conference Workshop: Nuts & Bolts for Building an Effective Compliance Program. Opalesque readers will get a
10% rebate if they call the hotline and identify themselves.
http://www.iievents.com/default.asp?Page=12&lID=31&LS=Referrer%20-%20http://iievents.com
4th Annual Blue Ribbon Hedge Fund Symposium January 30- February 2, 2005
“The Premiere Meeting Place for Hedge Fund Managers and Institutional Investors
Fairmont Scottsdale Princess – Scottsdale, Arizona
Each January 200+ hedge funds, fund of hedge funds, pension plan sponsors, consultants, and other decision makers convene in Scottsdale to take stock of the burgeoning hedge fund industry. This year's focus is on how to obtain alpha through the investment strategies used by today's best and brightest managers.
www.srinstitute.com/cx551
6th annual Hedge Funds World Middle East 2005 at the Jumeirah Beach Hotel, Dubai, UAE
The Middle East's premier hedge fund event for investors and hedge fund managers: Be at the forefront of the Middle East’s lucrative hedge fund market in 2005!
With a strong and sound basis for exponential growth, the Middle East is fast becoming a real focus for international hedge funds. Hedge Funds World Middle East delivers on meeting the educational and business needs of the Middle Eastern investor. Indeed, last year an unprecedented 43% of all attendees were institutional investors!
6 important facts about Hedge Funds World Middle East:
- 425+ participants in 2004
- 43% investor audience in 2004
- 40+ expert speakers
- 8+ hours of networking
- 3 days of high-level content
- World-class venue
- ONE PRESTIGIOUS EVENT…
New for 2005: Television coverage on CNBC Arabiya, the Arab world’s first and only Arabic language business and financial news channel
DON’T MISS OUT! To receive your 10% rebate as an Opalesque subscriber contact Naheed Sharmin on: +44 (0) 20 7827 5980 or naheed.sharmin@terrapinn.com
GAIM - The World's Leading Alternative Investment Event Series Launches gaimAsia:
- 11 years track record of delivering the best. The GAIM team has an unrivalled reputation for developing winning programmes and forging enduring partnerships that attract in quantity, the most influential and successful high quality speakers and delegates that everyone wants to meet (1500 attendees at June GAIM 2004)
- Great choice of sessions with 3 concurrent streams daily
- The freshest talent and the most senior and respected speakers and delegates - more CEOs and top performing managers than at any other event
- 100+ speakers, including: Clifford Asness, Co-Founder & Managing Principal, AQR CAPITAL MANAGEMENT, Charles Gave, Chairman, GAVEKAL GROUP OF COMPANIES, Michael Sofaer, Managing Director, SOFAER CAPITAL, Masakazu Arikawa, President, SONY GLOBAL PENSION MANAGEMENT CORP. Jerry Wang, Chief Executive Officer, VISION INVESTMENTS , Professor Ross Garnaut, Executive Chairman, SEQUOIA CAPITAL MANAGEMENT, Matthieu Vermersch, Senior Managing Director, EVEREST CAPITAL, Moses Tsang, Chairman, AJIA PARTNERS (HK), Paul Calello, CEO Asia, CREDIT SUISSE FIRST BOSTON, Zhang Haitao, CIO, CITIC CAPITAL, Simon Ogus, CEO, DSG ASIA, Arthur J Samberg, CEO, PEQUOT CAPITAL MANAGEMENT and many more...
- Top level networking in Hong Kong during the week of the Rugby 7s!
Programme and registration details on
http://www.icbi-uk.com/r.asp?uID=221 or please call +44 20 7915 5197.
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ISSN Number: 1450-1953
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