October 2015


October 30, 2015 | Permalink
Richard Ketchum plans to retire from his roles as chairman and CEO of FINRA in the second half of 2016. He came to FINRA from the NYSE, where he was CEO of NYSE Regulation. He previously spent 12 years at NASD and The Nasdaq Stock Market, where he served as president of both organizations and was also the director of the SEC's Division of Market Regulation. FINRA's board of governors will conduct a search for his successor that will consider both internal and external candidates.
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October 28, 2015 | Permalink
Financial advisers should consider allocating investors' assets to liquid alternative strategies in order to buffer their portfolios ahead of the Fed's possible rate hike in December, according to a panel of experts at the recently held fifth annual InvestmentNews Alternative Investments Conference in Miami. With quantitative easing expected to come to an end, panelists said they expect credit and interest-rate environments to become increasingly volatile. Since alternative products are designed to decrease the effects of market volatility, an increased allocation to alts may benefit a client's portfolio, attendees at the event were told.
Related News:
How should advisers allocate to alts? It depends - InvestmentNews
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October 26, 2015 | Permalink
Exchange-traded funds focused on derivatives and alternative strategies have been the most popular strategies among ETF products launched in the first nine months of 2015, according to BNY Mellon. Liquid alt ETFs represented 25% of all new funds serviced by BNY Mellon, matching their share from 2014. BNY Mellon said alternative ETFs' popularity is based on investment advisers' desire for downside protection and investors seeking alternatives to fixed-income strategies in anticipation of higher interest rates in the near future.
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October 26, 2015 | Permalink
According to a BlackRock survey, 42% of insurance executives said they are likely to decrease their equity investments over the next 12 to 24 months, although the same number said they would maintain their equity exposure. Only 13% expect their allocations to increase, while 3% didn't respond. Meanwhile 45% said they will increase holdings of investment-grade fixed income during the period, with 26% indicating they would increase allocations to non-investment-grade fixed income. Among alternative asset classes, 27% expect to increase allocations of illiquid offerings, such as private equity, real estate and infrastructure, while 18% said the same for more liquid alternatives like hedge funds.
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October 22, 2015 | Permalink
Fund Name: Castlemaine Emerging Markets Opportunities Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Event Driven Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Long/Short Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Market Neutral Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
   
Fund Name: Castlemaine Multi-Strategy Fund
Adviser: Castlemaine LLC
Sub-Adviser(s): None
Fees: 1.24% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $1 million minimum initial investment
Filing Date: Oct. 13, 2015
Effective Date: Pending
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October 20, 2015 | Permalink
Financial regulators say that the increasingly electronic bond market may require reforms that emphasize stability over speed. While regulators increased scrutiny of the nearly $13-trillion Treasuries market following an unexplained flash rally in U.S. Treasuries on Oct. 15, 2014, some investors and traders also worry that the rise of high-frequency trading and algorithmic strategies could make such disruptions more common and hurt the securities' reputation for safety. The Treasury says its review of the market is in its early stages. Meanwhile, SEC Chair Mary Jo White suggested that closer oversight of algorithmic traders and firms, as well as rules requiring greater transparency for non-exchange trading systems, could be part of the solution.
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October 19, 2015 | Permalink
The Alternative Investment Management Association (AIMA) published a guide to setting up and managing a liquid alternative fund. The global industry group's document summarizes a range of issues fund managers face in setting up either a UCITS fund in Europe or a mutual fund registered under the Investment Company Act of 1940 in the U.S., outlining practical considerations for managers' consideration. Topics covered include major regulatory and tax developments, as well as the requirements and practices affecting liquid alternative funds domiciled in Ireland, Luxembourg and the U.S. A survey published earlier this year by AIMA, the Managed Funds Association and KPMG found that approximately one-in-four managers planned to launch at least one alternative UCITS fund over the next five years, while about 15% of managers said they planned to launch at least one '40 Act fund by 2020. read more
October 19, 2015 | Permalink
UBS Group agreed to pay $17.5 million to settle SEC charges that two of its firms failed to disclose that a closed-end fund they advise had changed its investment strategy to include risky credit default swaps. UBS Willow Management and UBS Fund Advisor both agreed to be censured, although UBS neither admitted nor denied the SEC's findings. The settlement includes more than $13 million to be returned to affected investors. The fund's investments were consistent with its strategy from 2000 through 2008, the SEC stated, however in 2008 it allegedly purchased large quantities of credit default swaps, which resulted in poor performance before it was ultimately liquidated in 2012.
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October 8, 2015 | Permalink
Fund Name: Palmer Square Strategic Finance Fund
Adviser: Palmer Square Capital Management LLC
Sub-Adviser(s): None
Fees: Not Specified
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $5 million minimum initial investment; $2,500 minimum subsequent investment
Filing Date: Sept. 21, 2015
Effective Date: Pending
   
Fund Name: Total Income+ Mortgage Fund
Adviser: Bluerock Fund Advisor LLC
Sub-Adviser(s): None
Fees: 1.5% Management Fee
Open- or Closed-End: Closed-End (Quarterly repurchase)
Investor Restrictions: $1 million minimum initial investment (Class I); $2,500 minimum initial investment for regular accounts; $1,000 minimum initial investment for retirement plan accounts (Class A and C)
Filing Date: Sept. 17, 2015
Effective Date: Pending
   
Fund Name: Ivy Apollo Strategic Income Fund
Adviser: Ivy Investment Management Company
Sub-Adviser(s): Apollo Credit Management LLC
Fees: 0.68% of net assets up to $1 billion; 0.62% of net assets over $1 billion and up to $2 billion; 0.58% of net assets over $2 billion and up to $3 billion; and 0.57% of net assets over $3 billion.
Open- or Closed-End: Open-End (Mutual Fund)
Investor Restrictions: $750 minimum initial investment.
Filing Date: Sept. 30, 2015
Effective Date: Oct. 1, 2015
   
Fund Name: Catalyst Hedged Commodity Strategy Fund
Adviser: Catalyst Capital Advisors LLC
Sub-Adviser(s): None
Fees: 1.75% Management Fee
Open- or Closed-End: Open-end (Mutual Fund)
Investor Restrictions: $2,500 minimum initial investment, $100 minimum subsequent investment
Filing Date: May 5, 2015
Effective Date: Aug. 14, 2015
   
Fund Name: Catalyst IPOx Allocation Fund
Adviser: Catalyst Capital Advisors LLC
Sub-Adviser(s): None
Fees: 1.50% Management Fee
Open- or Closed-End: Open-End (Mutual fund)
Investor Restrictions: $2,500 minimum initial investment, $100 minimum subsequent investment
Filing Date: May 5, 2015
Effective Date: Aug. 14, 2015
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October 1, 2015 | Permalink
Catalyst Funds added two new strategies to its lineup of alternative mutual fund products. The Catalyst IPOx Allocation Fund will primarily invest in the common stocks of newly-listed U.S. companies and will purchase stocks both at the time of listing and in post-IPO trading in companies across market capitalizations. That fund's portfolio is split between two components, the Core Long Component and the Dynamic Component, each of which will utilize a distinct investment strategy. The second fund, the Catalyst Hedged Commodity Strategy Fund, will typically invest in call and put options on physical commodities futures contracts, and short-term fixed income securities. Investments will be diversified across various commodity sectors including, but not limited to, agriculture, energy and metals. Positions will typically be held for under one year and will include cash and cash equivalents. This fund aims to produce returns uncorrelated with those of global equity or commodity markets.
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